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!
