5 Things First-Time Buyers Don't Know
Buying a house is a rather involved process, and first-time buyers (or repeat buyers, for that matter) can't be expect to know everything about the process ahead of time. Working with a real estate agent at the Lake of the Ozarks can be a great way to get ahead of the game and educate yourself on every important aspect of the process. Here are are a few things you may not have known about buying a house at the Lake of the Ozarks.
1. It's Not As Hard As You Think
Believe it or not, finding the right house is a relatively easy process. I work with my buyers to get an in-depth understanding of what they're looking for in their new homes, and then I scour the MLS to find properties that match their descriptions. We then visit each one in person until we stumble across the right home, at which point we submit an offer. My assistance does not stop there; I will continue to work with you as we negotiate with the sellers.
2. You Should Talk To A Lender Before You Begin Shopping For Homes
3. A Cheaper Home Isn't Always Better
1. It's Not As Hard As You Think
Believe it or not, finding the right house is a relatively easy process. I work with my buyers to get an in-depth understanding of what they're looking for in their new homes, and then I scour the MLS to find properties that match their descriptions. We then visit each one in person until we stumble across the right home, at which point we submit an offer. My assistance does not stop there; I will continue to work with you as we negotiate with the sellers.
2. You Should Talk To A Lender Before You Begin Shopping For Homes
The idea that you should wait to talk to a mortgage lender until after you have found your ideal home is a common misconception. Real estate professionals strongly encourage you to meet with a lender before you even begin the process of touring homes for sale at the Lake of the Ozarks so you can get prequalified or pre-approved. This information will help you shop for homes in your viable price range and can give you more authority in the negotiation process.
All buyers want to save money on their purchases, but it's important to be wary of homes that are priced too low. If a home is priced well below the market rate, it could be likely that the home is damaged or in need of significant repairs. Purchasing a fixer-upper is not necessarily a bad move, but it's important to go into the process with your eyes open. It may be impossible to predict all required repairs in advance, and the expenses may add up over time.
4. You Don't Necessarily Need To Provide A Down Payment
Traditionally, buyers had to be able to provide a 20% down payment in order to buy a house at the Lake of the Ozarks (or anywhere else, for that matter). While some conventional loans still require 20% down, there are many loan options now touting as little as 10%, 5%, or 3% down. If you qualify for a USDA or VA loan, you may even be able to secure a loan with a 0% down payment. Your lender will be able to help you evaluate your options to determine what's best for you.
5. Just Because You Can Afford A House Doesn't Mean You Should Purchase It
Your lender will look at your current income, assets, and liabilities to determine how much you can afford to spend on a monthly mortgage payment. This amount is determined based on your debt-to-income (DTI) ratio. Every lender is different, but most won't authorize home loans that would tip your total monthly debt (mortgage loan, car loans, student loans, credit card debt, etc) beyond 40-43% of your gross monthly income. While a mortgage loan may fit within the required DTI ratio, however, it may not leave much money leftover in your budget to cover utilities and maintenance on top of the normal everyday costs of living.
Contact Me When You Are Ready To Buy A House At The Lake!
If you've been thinking about buying a home at the Lake of the Ozarks, I would love to talk to you. I have been buying and selling real estate for ten years, and I would be more than happy to help you with the process. Visit my website to learn more about how I may be able to help you.
Contact Me When You Are Ready To Buy A House At The Lake!
If you've been thinking about buying a home at the Lake of the Ozarks, I would love to talk to you. I have been buying and selling real estate for ten years, and I would be more than happy to help you with the process. Visit my website to learn more about how I may be able to help you.
Here For All Your Real Estate Needs At Lake Of The Ozarks!
573-365-1555
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