Real Estate Lake of the Ozarks

We have all heard the terms "Pre-Qualified" and "Pre-Approved", but what do they really mean? Is there a difference between the two? Yes ... and we think you should understand the difference before  buying a Lake of the Ozark Home! So let's take a look at the differences... What it Means to be Pre-Qualified This gives you an idea of how much you might qualify to borrow. This process usually requires that you provide information to your mortgage lender but the information has yet to be verified. You have not actually applied for the loan yet, the information has not been verified, your credit history has not been reviewed and the loan is NOT guaranteed. A pre-qualification letter merely states that you MIGHT be approved for the mortgage amount. What it Means to be Pre-Approved When you are "pre-approved" for a loan, your mortgage lender has received, checked and verified your income, as well as assets and liabilities information. A copy of your...

Whether you're a first-time home buyer or a seasoned professional at this point, your future mortgage payment is going to be one of your top concerns. The mortgage payment is the monthly payment homeowners make, which goes towards the principle and the interest of their home loans.  If you're considering buying a home at the Lake of the Ozarks , you should begin to educate yourself on some of the factors that influence your mortgage payment. Home Price and Down Payment One of the main factors that influence your mortgage payment is the price of your home and what percentage of the price you put down as a down payment. The more expensive the home, the greater your loan will be and, thus, the greater your monthly payment. If you make a down payment of less than 20%, you will have to pay for Private Mortgage Insurance (PMI), which protects the lender from the losses that can occur if a borrower defaults on a loan. If your down payment is 20% of the total price of the ...

We have all heard the terms "Pre-Qualified" and "Pre-Approved", but what do they really mean?  Is there a difference between the two? Yes ... and we think you should understand the difference before   buying a Lake of the Ozark Home !! Pre-Qualified - This gives you an idea of how much you might qualify to borrow.  This process usually requires that you provide information to your mortgage lender but the information has yet to be verified. You have not actually applied for the loan yet, the information has not been verified, your credit history has not been reviewed and the loan is NOT guaranteed.  A pre-qualification letter merely states that you might  be approved for the mortgage amount.  Pre-Approved -  When you are "pre-approved" for a loan, your mortgage lender has received, checked and verified your income,  as well as assets and liablities information.  A copy of your credit report has likely been reviewed to check your credit hi...