Doing Your Homework: 3 Financial Items to Handle Before House Hunting
There's much excitement when it comes to buying a home at the Lake of the Ozarks. However, you'll have the best experience if you take care of a little business before you set out house hunting and seeing all these beautiful lake homes. In this week's blog, The Fran Campbell Team is here to give you 3 financial items that you'll want to ensure you have taken care of BEFORE finding your dream home. Read on to learn more!
The Power of a Pre-Approval
A pre-approval letter is a powerful tool when buying a home. It will allow you to set realistic expectations for your price range as you house shop. There are few things worse than finding your dream home only to find out it's not within your financial reach. This also helps your agent pinpoint a great selection of homes based on your preferences and purchasing power, saving valuable time when the market is this hot!
Research Mortgages & Interview Your Officer/Broker
Not all mortgages are the same. You'll want to research the market to get an idea of what the mortgage process looks like, rate estimates, closing costs, etc. It's always advised to shop rates at several different mortgage companies to ensure you're getting the best rate on your investment. You'll also want to sit down/speak with a mortgage lender/broker to simply ask them about their turn-times on mortgages to ensure it fits within your needed timeframe. Another important question, "who will be servicing my loan?" This tells you whether you'll be working with a 3rd party after the mortgage process once the loan is sold, or if it will stay with your officer. You'll be able to get more personalized service with the latter.
Doing Your Homework on the Real Estate Market
Just like the mortgage, it's wise to do some research on the real estate market as well. This will tell you some of the sales trends on recently sold homes in the area. This can be a great asset when it comes to choosing neighborhoods, making offers, and inevitably your experience living in that area. Knowledge is power, so be sure you're somewhat familiar with key terms and area information to get the best results.
The Team That Makes It EASY!
Of course, you could always contact the best real estate agents at the Lake of the Ozarks to simplify this process! We have the expertise and connections in the mortgage industry, real estate industry, and market that will prove invaluable to your homebuying experience at the Lake of the Ozarks. We'll help you navigate the Lake to get you the best results and service possible. So, if you're looking to buy a home at the Lake, give our team a call!
Lake of the Ozarks BEST Realtor