Your Lake of the Ozarks Mortgage Lender: 4 Steps to Take Before House Hunting Begins

Deciding to make a new home purchase is an exciting experience, so exciting that you can get swept up in scouring the internet for listings. It's important to take a step back and get all your ducks in a row before starting your search for the perfect home. In today's blog, your Lake of the Ozarks mortgage lender offers advice on the steps you should take before house hunting begins.

1. Review Your Financial Situation.

Investing in a home is one of the largest purchases you'll make in your life. Before getting carried away looking at houses online, it's important to know where you stand financially. Are you financially capable of making a home purchase at this time in your life? How much can you afford in a new home? The best place to start is to find a mortgage professional at the Lake of the Ozarks. Together, you can go over your financials to determine your options. Doing this early will give you the opportunity to get into the best financial shape possible before starting the loan process.

2. Build a Strong Savings Account.

If you haven't already started saving for a home purchase, start now! While there are programs now that offer lower down payment options, you're still going to need cash for a variety of things. From inspections and closing costs to future maintenance and repairs, it's important to have a healthy amount of money in savings. Find ways to cut spending and eliminate unnecessary costs or consider picking up a side job to increase the savings fund quickly.

3. Get Pre-Approved for a Loan.

Once you are comfortable with your financial situation, it's time to get a Lake of the Ozarks mortgage pre-approval. While not necessarily required, a pre-approval will help you determine how much of a home you can afford. This helps you avoid falling in love with a home that's outside of your price range. Knowing what you can afford before you even start looking at homes will save you a lot of time and energy. In addition, a pre-approval shows buyers that you are serious about making a purchase, giving you leverage in negotiations.

4. Find a Good Realtor.

While you could browse the internet all day long for new home listings in your area, working with a real estate agent has a lot of advantages. Not only will a good realtor with local market knowledge be able to help you narrow your search, he or she will also be valuable during negotiation. Having someone with expertise in the entire home buying process will save you a lot of frustration and help you get into your new home sooner.

If you're well prepared, by following the steps above, the home buying process will be much smoother. Talk to a lender today to learn about your home loan options at the Lake of the Ozarks. Call Lakelender Michael Lasson at 573-746-7211 to discuss your finances and start the process today!

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