Thursday, May 11, 2023

Step Into the Lake Home of Your Dreams – Tips for Buying a Second Home

Buying a second home at Lake of the Ozarks may seem like a daunting task but with Team Lasson on your side, it’s not at all! Our thorough explanation of your options and consistent communication throughout the entire process makes buying a breeze! If you're ready to start looking for your vacation home at Lake of the Ozarks, check out our tips below. 

Save for a Down Payment

A down payment is often a requirement for a second home purchase. Sometimes more of a down payment is needed than a first home. It all depends on the mortgage option that works best for your financial situation. It's best to be prepared and have a down payment saved up ahead of time. 

Evaluate Debt to Income 

Your debt to income ratio is a major factor in a mortgage loan. You'll want to evaluate your current situation and start making improvements in areas you can. Our team can also take a look at your finances and make suggestions on how to best set yourself up for approval on a second home mortgage. 

Consider Additional Budgetary Factors

While the mortgage payment is likely the largest cost of buying a second home, you'll want to consider the other factors you may not have with your primary residence. Security, maintenance, a dock, and special insurance for waterfront properties are all additional costs you'll want to factor into your overall budget. 

Get Pre-Approved!

The most important step in starting the search for your second home is getting pre-approved. A pre-approval gives you an idea of how much of a home you can afford. It also gives you a leg up on the competition when it comes time to make an offer on your dream lake home!

With more homes coming on the market every day, now is the time to get serious about your second home search. Get your home buying journey started on the right foot and get pre-approved for a mortgage at Lake of the Ozarks today! To get started, give us a call at (573) 746-7211 or visit our website at!

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Michael Lasson
Senior Loan Officer
NMLS #: 493712

First State Bank Mortgage – Michael Lasson 
2751 Bagnell Dam Blvd Suite B 
Lake Ozark, MO 65049

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