Real Estate Lake of the Ozarks

When  buying a home at the Lake of the Ozarks , there are several factors to take into consideration. One of the things is your mortgage. With all of the lending opportunities available, it's easy to become overwhelmed and just go with the first choice without even asking questions about your mortgage payment responsibilities. That's why the  Fran Campbell Team  has come up with a list of questions that you should be asking your lender before signing off on a mortgage commitment. Take a look: 1. What is the interest rate? The first thing you should ask your lender for is a direct interest rate quote, as well as the corresponding annual percentage rate for the loan. The interest rate, along with your mortgage balance and loan term will determine your real monthly payment. A loan with a smaller balance or lower interest rate will make for smaller monthly payments. If you're not sure about the interest rate your lender has quoted you, don't hesitate to shop around wi...

As a first time homebuyer, buying a home at the Lake of the Ozarks is a very exciting time. It can also be a very stressful time - especially when you're trying to figure out your financing options. For those who don't have the best credit or a lot of money saved back to put toward a down payment, buying a home can seem impossible. Fortunately, there are several programs available to first time buyers that provide them with great mortgage opportunities . This week, we'll look at 6 common lender programs that help first time homebuyers get into their first home: 1. FHA loan In an FHA loan, the Federal Housing Administration, an agency within the U.S. Dept of Housing and Urban Development, insures the mortgage. The FHA’s backing offers lenders a layer of protection, meaning that your lender won’t experience a loss if you default on the mortgage. FHA loans typically come with competitive interest rates, smaller down payments and lower closing costs than conventional l...

If you've never purchased a home before (and even if you have!) the process can be rather confusing. A successful real estate closing requires effective cooperation between several parties, including the buyers, sellers, lenders, real estate agents, title insurance company, and the builder and homeowners' association (if applicable). Each party has its own list of things to do and requirements to meet in order to play their role in the process. Today, our local real estate agents at the Lake of the Ozarks are here to help you make sense of one particular aspect of the home buying process: the mortgage loan. We are not mortgage lenders (nor do we aspire to be), but we have been through enough real estate transactions to have a basic understanding of how the process works. Here are some general answers to a few of the questions we hear our clients most often ask about mortgages. What Will My Interest Rate Be? Unfortunately, it is impossible to provide any sort of accurat...