Consider Your BudgetThis is the first and most important step in purchasing a new home - how much can you afford? The cost of the home is just the beginning, as you will also want to consider property taxes, insurance, utilities, and HOA fees. You will also want to plan for the additional items like furnishings, seasonal gear (dock and boating accessories, water toys, etc.), kayaks, and more.
One easy way to figure out how much home you can afford is by getting the process started with a pre-approval. You can visit our website at www.yourlakeloan.com, fill out the application, and when we have finished running the numbers, we will let you know the maximum amount you can spend on a new property.
Take Advantage of the Interest RatesIf you have been thinking about purchasing a home, there really is no time like the present. The reason you should make the consideration now is that the mortgage rates are exceptional. While this may not be a great reason to make a sudden decision to buy a home (but it is still a consideration!), it is a good reason to change your timeline if you have been considering it, but just were not sure when you wanted to take the leap. For all the people buying homes, we are also seeing a large surge in people refinancing their homes, so knowing what is happening in the interest rate world should play a role in your thought process when buying a vacation home at Lake of the Ozarks.
Consider Your Long-Term GoalsWhen you are planning on buying a home in 2020, it is important to think about long-term goals. Will you want a place to retreat to on the weekends, or are you looking for a place to get out and enjoy time with friends and family. Are you looking for an investment property? Or you are planning for a potential retirement home? Thinking about your future plans for the property will not only help you know what type of home to get and where, but can also help with the type of loan that you will choose as well. Investment properties can have different requirements, so if you are planning on going that route, it is better to know in advance.
2020 Is Your YearIf you have been dreaming about buying a home at Lake of the Ozarks, this could be the year for you. We invite you to visit our website and learn more about our mortgage division at Lake of the Ozarks, as well as fill out an application for a pre-approval. We look forward to working with you and helping you secure the home of your dreams a Missouri mortgage. Happy house hunting!
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Senior Loan Officer
NMLS #: 493712
4655 B Osage Beach Parkway
Osage Beach, MO 65065
**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.