7 Steps to Take Before the House Hunting Begins

You're thinking about buying a new home at the Lake of the Ozarks. This is an exciting time, but make sure you don't get too swept up in that excitement of finding the house of your dreams. Before you even start looking at houses, you should follow these steps:

1. Start Saving for a Down Payment. 

Depending on the loan program you are looking to obtain, you don't necessarily have to have the traditional 20% down payment these days, however, the more you can put down, the better off you'll be. Not only will you start this transaction off with a little equity in your home, but you're also likely to get better rates and terms if you have a nice size down payment.

2. Check Your Credit. 

Your credit score plays a big role in getting approved for a mortgage at the Lake of the Ozarks. If you don't have any idea what your credit score is, it's a good idea to take a look. There might be ways you can improve that score before you apply for a mortgage. You'll also want to check your credit report for any mistakes. If you're worried about your credit score, talk to your mortgage professional for advice on how to work on repairing it.

3. Get a Mortgage Pre-Approval. 

Before you dive into the house hunting process, it's important that you talk to a mortgage lender at the Lake of the Ozarks and get a mortgage pre-approval. The pre-approval is the first step any serious home buyer should take. Not only does the process help you determine what you can afford, it shows both sellers and real estate agents that you're serious about buying a home. Real estate agents will be more eager to work with you and sellers will likely be willing to negotiate and/or accept your bid over those who don't have a pre-approval.

4. Come Up with a Budget. 

Once you have your pre-approval, you'll know how much you'll be able to borrow. You can use this information to come up with an affordable budget for your homeowner expenses. Remember that you need to consider more than just your monthly mortgage payment. You need to consider taxes, homeowner's insurance and any emergency expenses that may arise. You no longer have a landlord to take care of all the home maintenance issues that can come up unexpectedly.

5. Find a Good Real Estate Agent. 

With all the resources available today, it might seem fine to start your home search on your own. While you might be able to find the perfect home by browsing listings online, you don't have the expertise on how real estate transactions work. Your agent does so much more than just show you homes you would be interested in. They're there to work with you through the process to help you understand the paperwork and transaction details, as well as answer any questions you may have. They can also help with negotiations and ensure the entire process runs smoothly.

6. Make a Needs and Wants List. 

Another step you should take before looking at properties is to make a list of things you need in a home and things you would want in a home. Unless you're building your own home, you're likely not going to find one that has everything you desire. You're going to have to determine what's most important and then make some compromises. Making a list will help you narrow down the properties that you will go look at, and keep you from wasting any time.

7. Prepare Yourself Emotionally. 

Buying a home can be an emotional process. It's important that you don't let your emotions cloud your judgement. Buying a home is one of the largest purchases you'll ever make in your life. It's important that you make financially responsible decisions in regard to a home purchase. Therefore, it's a good idea to prepare yourself emotionally before you start looking at homes. You don't want to get attached to something you can't afford.

If you're ready to start the home buying process, give me a call at 573-746-7211 today! As your Lake of the Ozarks mortgage lender, I'm here to help you with everything from the pre-approval to the closing. I'll discuss your options, offer competitive interest rates and back it up with the first-class service you deserve!

For Lake area news, resources and tips on financial services, please 

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Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

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

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!

For Lake area news, resources and tips on financial services, please 

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

Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

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

4 Things to Do Before Starting Your Home Shopping

Have you been thinking about purchasing a home at the Lake of the Ozarks? Buying a home is one of the biggest investments you'll ever make and it's important that you don't just jump right in. Your Lake of the Ozarks mortgage lender is here to help by providing you with a list of things you should do BEFORE you start your home shopping.

1. Talk to a Mortgage Lender First. 

When you're ready to buy a home, what's the first thing you think about? You might say that you need to find a real estate agent to help you find the perfect home. While eventually you will want to find a reputable real estate agent, you need to talk to a mortgage lender first. You need to know how much you can qualify for and how much you can afford in monthly mortgage payments. Not getting pre-approved for a mortgage loan is the most common mistake home buyers make.

2. Create a Proper Budget. 

You have to remember that your mortgage payment is not the only expense you have to consider when purchasing a home. You need to create a budget that also factors in taxes, insurance, homeowners association fees (if applicable), home maintenance and repair expenses that may arise, etc. Be sure you consider everything involved and make sure you are comfortable making all those monthly payments and that you have enough in savings to cover unexpected emergencies related to owning a home.

3. Determine Exactly What You Want. 

In addition to knowing how much you can afford, you need to determine what exactly you're looking for in a home. You may already know that you need at least 3 bedrooms and 2 bathrooms, but what other features do you need your new home to have? Make a list of necessities vs wants, so that you can check them off as you're looking at potential homes to buy. Having this list will make it easier to compare different homes during your search.

4. Save Money and Get Your Assets in Order. 

If you've been thinking about buying a home for awhile now, chances are you've already started saving money. However, if you haven't, now is the time to start. While you are getting a loan to cover the cost of the house, you're going to need cash for some upfront expenses, such as a downpayment, closing costs, escrow accounts, reserves, etc. The more money you're able to offer for a downpayment, the better terms you can get for your loan. The more money you have saved up in reserves, the less likely you are to default on your loan. Having your finances in order is one of the most important aspects of buying a home.

After you've done these steps, now you can talk to a real estate agent and start your home search. You, your mortgage lender and your real estate agent will all work together throughout the entire home buying process. There's a lot that goes into getting a home loan at the Lake of the Ozarks and making that purchase. As the best mortgage lender at the Lake of the Ozarks, I'm here to help you every step of the way. Give me a call at 573-746-7211 to get started on your pre-approval today!

For Lake area news, resources and tips on financial services, please 

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

Michael Lasson

Sr. Loan Officer

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com

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