Your Lake of the Ozarks Mortgage Lender: How Long Does it Take to Buy a House?

Home buying season at Lake of the Ozarks is still in full swing. If you have been considering owning a home at Lake of the Ozarks, now is the time to get started. Whether you are a seasoned home buyer, or still just learning the ropes, it can be helpful to become more familiar with the process. Here is a quick overview of how long it takes to buy a home, and how Team Lasson will do what we can to make this a quick and seamless process!

Photo Credit: Fun Lake

The Home Buying Process

Buying a home takes a lot of planning and preparation. To map out your home-buying timeline, here is a closer look at the steps along the way.

Getting Pre-approved for a Mortgage

Completing your pre-approval first can show that you are a serious homebuyer. It can also show how much you are approved to borrow. Your lenders at Lake of the Ozarks will typically ask for documentation to verify your assets, income, and credit history. During the process you will want to do a few things, like preparing a down payment, avoid taking out new loans, do not switch jobs, continue managing your monthly payments, and gathering the documents that you will need to submit.

Finding a Home

After you have been pre-approved for a mortgage at the Lake of the Ozarks, you can start looking for the home of your dreams. It is time to find your real estate agent who can assist you in the search for the perfect home in your price range. The house-hunting process can go quickly, or it can take some time, just depending on your tastes, the location, season, the buying competition, and available homes for sale.

Negotiating a Contract

After you have found the home you are ready to purchase, your real estate agent will help you put in an offer. Negotiations with the seller could be quick or could take some time to reach a point where are parties are in agreement. Your agent will help guide you down this path.

After your contract is accepted, it will be time to schedule a home inspection, termite inspection and any other inspections you and your real estate agent deem necessary. Check with your lender as well on inspections as some government loans may require certain inspections for that program. If anything shows up during the inspection, this could add additional time to the timeline.

The Closing Process

Once the inspections have been completed, your Lake of the Ozarks lender will then move the loan into underwriting. It may be necessary to submit additional paperwork during this process, and an appraisal will also need to be checked off of the list.

After your mortgage has been approved, your lender will give you a copy of your closing disclosure at least three business days before the closing date. The will include loan details, fees, and terms, as well as what you’ll need to pay in closing costs to finalize the purchase.

The Timeline is Undetermined

As you can see, many different moving pieces make up the completion of a home purchase. In general, it can be done in as little as a month, but with other purchases, it could take a few months. If you are hoping to buy a home before the end of 2021, now is the time to get started. You can start the process to get pre-approved with Team Lasson by visiting our website (www.YourLakeLoan.com), and from there we can help you move towards the next step. We look forward to hearing from you and helping you purchase your dream home!

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn