Buying a home is a big step! Our team of experienced mortgage lenders at Lake of the Ozarks knows it can seem intimidating to take on such a big financial task, especially when buying a home for the first time. We have helped many first time home buyers at Lake of the Ozarks find their perfect first home. If you are thinking about buying a home for the first time, be sure to check out the tips below to help you be even more prepared for your future purchase!
Determine Your Budget & Get Pre-Approved
While the house hunting process can be super exciting, do not jump in too soon. You'll first want to make sure you know how much you can afford in a home. The best way to do this is to get a mortgage pre-approval. Keep in mind that just because you are approved for a certain amount, that doesn't mean you should spend that much on your house. Make sure that you are comfortable with what the monthly mortgage payment will be after taxes, insurance, etc. are added in.
Consider Your Credit when Making Financial Decisions
Your credit score has a big impact on your mortgage approval and the rates that you qualify for. Not only do you want to check your credit before applying for a mortgage to make sure there are not any mistakes on your report, you want to ensure your credit situation doesn't change during the process. That means pausing any credit activity until after the closing on your new property. New credit inquiries can ding your credit and increased credit limits can affect your debt-to-income ratio. Make sure you don't rack up a bunch of purchases, like buying new furniture or incurring additional charges on your existing credit cards until after you've closed on your home. Changes like this could cause delays or complications with your mortgage approval.
Know Your Buying Options
There are many home financing options out there. Our team can help you determine what the right program is for you. Together we will discuss your options and choose the best mortgage for your situation.
Find The Right Real Estate Agent
Finding a good real estate agent is just as important as finding the right lender. You will be working closely with both your lender and agent during the home buying process and you want to make sure you're working with people you can trust. You want a buyer's agent that has the experience, is highly skilled, motivated to work for you, and is knowledgeable about the area. A good buyer's agent will help you find a home that meets your needs and fits your budget. You will also want someone that is willing to negotiate for you and is good at it.
Have Grace Throughout the Process
When it comes to buying a home at the Lake of the Ozarks, it's easy to get swept up in all the excitement. Make sure that you are making your decisions based on more than just your emotions. Be willing to compromise when needed. While you do not want to be too picky, you also need to be realistic. When your funds are limited, you might have to take some items off your wish list. Be sure that you're not lacking vision. If you find a home that meets your needs, you can always change the paint color or replace the flooring down the road. Don't let minor physical imperfections turn you away from a great deal on a new home.
Invest in a Home Inspection
The home inspection is something that, as a buyer, you do not want to skip. You want to make sure you know exactly what shape the house is in before you close on it. One of the worst things that can happen to a first-time home buyer is to close on a home and then find some major problems after the fact that could be costly. If something major comes up on the inspection, you will have saved yourself the headache of investing in a home that has some costly repairs in the near future.
Buying your first home can seem intimidating but we are here to make the process easier. Our team is happy to answer any questions you have along the way and to make sure you are fully prepared for your big purchase! If you are ready to get started buying your first home at Lake of the Ozarks, give Team Lasson a call at (573) 746-7211 or visit our website at www.yourlakeloan.com!
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