Thursday, March 8, 2018

When Should You Talk to a Mortgage Professional?

The excitement of purchasing a home at the Lake of the Ozarks can easily get in the way of how you proceed with the process. Most people start house hunting before they even think about how they are going to fund their investment. When you make the decision to buy a home, the first thing you should do is talk to a Lake of the Ozarks mortgage lender. Keep reading to find out why.

BEFORE You Start House Hunting 

Why should a mortgage professional be the first person you talk to during the home buying process? Not only can you get a realistic picture of what type of Lake of the Ozarks home financing is available to you, but it makes you more attractive to sellers and real estate agents alike. Having a mortgage pre-approval sets you apart from the rest of the buyers in the market. If you're serious about getting into the home of your dreams, finding a mortgage lender is the place to start!

Setting Realistic Expectations 

There's nothing more disappointing than finding the home of your dreams, and then realizing it's just outside of your financial reach. By talking with a mortgage lender, you can get a realistic idea of how much you will qualify for in a home loan at the Lake of the Ozarks, and then you can determine how much you feel comfortable paying in a monthly mortgage payment. You'll get an idea of the price range of homes you should be looking at, and then you can weed out the ones that don't fit in that price bracket when you do start house hunting. Remember that you're going to have more than just the price tag of that home wrapped up into your monthly mortgage payments. You need to consider taxes, homeowners insurance and possibly private mortgage insurance if you don't have 20% to put down.

Having a Competitive Edge 

Whether you're talking with a real estate agent or a potential seller, coming to the table with a mortgage pre-approval shows you're serious about buying a home. You want to present yourself as a hassle-free buyer, not someone who's just shopping. Real estate agents have more of a desire to work with those buyers that are serious. Having a pre-approval can also make you more appealing to sellers because they know you're ready to sign a check. If multiple offers come in, your pre-approval could set you apart from the rest of the buyers in the pool.

Getting a Jump Start on Paperwork 

Purchasing a home involves a lot of paperwork, especially when it comes to the financing. By getting a pre-approval, you have a big chunk of the paperwork done before you even find your home. You will have already provided all the necessary documents to get your mortgage approval completed, and that can greatly decrease the amount of time it takes to close on the home once you do find that perfect place. This also reduces the likelihood of the seller pulling out due to mortgage complications.

If you're considering a home purchase in the near future, now's the time to contact a mortgage professional at the Lake of the Ozarks. I'm here to work with you every step of the way, from the pre-approval, to the closing and beyond. I'll discuss your financing options, offer competitive interest rates and back it up with the first-class service you deserve. Give me a call at 573-746-7211 to get started today!

For Lake area news, resources and tips on financial services, please 

Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

1 comment:

  1. We offer the best home Loans in Reno NV to make your homeownership dreams come true. We are looking forward to working with you and financing your dream home.