Tuesday, September 29, 2020

Reasons Getting Prequalified Benefits You as a Buyer

So, you've decided that you're ready to purchase a home at Lake of the Ozarks and are rip-roaring and ready to get the house hunt started. This is a large, special investment! So before you get too far into your search, let us tell you how contacting a mortgage expert at Lake of the Ozarks and getting prequalified BEFORE you house hunt can help ease the entire process.

It Sets Realistic Expectations

We've all likely perused Zillow, Trulia, or some other online real estate site to check out the available listings on the market. It can be exhilarating to browse hundreds of gorgeous homes and find "the one" that strikes us right between the eyes. "I have to own THIS HOME," you think, before taking into account the monthly payment obligation that may be stretching you too thin, or the price tag that is a little out of your financing ability. Well, when you speak to a mortgage lender at Lake of the Ozarks before starting any serious searching, you'll be able to determine exactly how much you can qualify to borrow, as well as how much of a monthly mortgage payment you can afford. Having this knowledge up front is vital for ensuring you don't get your hopes up on a home that was never really "in your market." It's much more satisfying searching for homes that you KNOW you can own, letting you house hunt with confidence!

It Shows the Seller You're Serious

A mortgage prequalification letter from a lender is a great way to prove to your sellers that you have taken serious steps towards actually owning the home and securing financing, rather than the random onlooker that "just likes your home." From the seller's point of view, they are taking a large step when listing their home for sale and may have contingencies themselves based on the pending sale of their home. So, they want to ensure that you can afford their home and aren't likely to back out on the sale, prohibiting or hindering their next endeavors. It's a win-win situation when you get prequalified prior to home searching. It's been shown that a prequalification letter can be the difference between a seller accepting your offer over a buyer without a prequalification letter.

Get Ahead on the Paperwork

Obtaining a mortgage loan at Lake of the Ozarks consists of a lot of paperwork, both to sign and to submit for documentation. Speaking to a lender to start the prequalification process gives you a head start on the documentation collection/submittal as well as signing some of the initial disclosures and getting an idea of what the loan will look like before the purchase. This will alleviate some of the pressure on hitting the closing date, because you've already taken pertinent steps towards completing the loan and securing the home. It sets a good tone to build a lasting relationship with your lender, which can be mutually beneficial down the road. With that said, be sure you select the right lender for you when beginning this process.

If you're considering purchasing a home at Lake of the Ozarks let Team Lasson and our years of outstanding lending expertise and second-to-none customer service navigate you through the mortgage process, and into your new lake home!

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

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

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