Buying a home for the first time is a big step! Like many life changes, it can seem intimidating to purchase a home. As an experienced mortgage lender in Osage Beach, MO, we've assisted many first time home buyers at the Lake of the Ozarks. If you're thinking about getting a home loan at the Lake of the Ozarks, check out these helpful tips to get started on the right foot!
Save for a Down Payment
Before buying a home, it's important to set some money aside for a down payment. Most loans require some sort of upfront payment to show you are committed to purchasing the home. As a first time home buyer, there are some options that don't require a down payment. It all depends on your unique situation and our lender will be able to best advise you on the loan type that will fit your wants and needs.
Get Pre-Approved
A pre-approval is a huge step in buying a home. This is where you present all of your statements and financial information to a lender to see what the loan company will lend you for a home. A letter of pre-approval is a great bargaining tool when it comes to making an offer on a home, as well. It shows that you've already taken the steps to make sure you have the financing available, and the home seller may be more likely to go with your offer based on your pre-approval status.
Stick To Your Budget
It can be very tempting to look at a home that is outside your budget, especially in the current real estate market. Just don't do it! You'll likely fall in love with the home that is too expensive and then you'll always be comparing the homes in your price range to that property. At the end of the day, it's important to have a monthly payment you are comfortable with rather than to be pinching pennies for the next 30 years!
Avoid Major Purchases
A big purchase can temporarily ding your credit. Once you've been pre-approved, avoid major purchases. Push off buying that car, appliances for your new home, or other significant purchase until after you've closed on the home. If you do have a major purchase in your very near future, let your lender know this information upfront so they can be aware of potential changes and advise you on the best next steps through the home purchasing process!
It's best to be prepared for everything that may be thrown your way during the home buying process. As a first time home buyer, it's nearly impossible to know every possible situation that may arise. That's where our Lake of the Ozarks mortgage lender comes into play! We have a great deal of experience helping home buyers in the area. If you're ready to get started on your home buying journey, contact Team Lasson today! Call (573) 746-7211 or visit our website at www.yourlakeloan.com for more information.
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