What First Time Home Buyers NEED To Know
Buying a home at the Lake of the Ozarks is a big step, especially if you are a first-time home buyer. When you hire a trusted Lake of the Ozarks REALTOR, they can help you every step of the way from house hunting to closing day. However, there are still a few things you should know before you begin the home buying process.
How Much Can You Afford?
As a first time home buyer, it's important to not only know how much money you can borrow for your new home but also how much you can actually afford. Just because you are allowed to borrow a certain amount, it doesn't mean that you should necessarily borrow it all, as you may not be able to afford it. One of the tough realities of being a first-time homebuyer is the frustration of finding the perfect home, only to discover it's not in the right price range. Knowing how much you can afford can help you avoid this frustration and find your dream home in the perfect price range.
Should You Get Pre-Qualified or Pre-Approved?
Mortgage lenders will often tell potential home buyers that they are "pre-qualified" for a loan. This can be a bit confusing for first-time home buyers, as this doesn't mean they are will actually qualify for this amount, as little information about your finances are actually verified at this stage. A pre-approval is the best way to figure out how much you can afford for your first home. With a pre-approval, you're also in a better position to negotiate, as the seller knows your offer is more solid and you will also avoid looking at homes that are outside your price range.
What's Your Credit Score?
First time home buyers should obtain a copy of their credit report and review it. Your mortgage company will pull your credit, but it helps tremendously to review it before you start your home buying process. Sometimes, there are errors on credit reports that could hinder your credit score. It's much easier to fix these mistakes before a house has been found, rather than dealing with it during the closing process.
Should You Have A Home Inspection?
It's always a good idea to have a home inspected before placing an offer. Buying a home is one of the biggest purchases you will make in your life so you will want to know as much about it as possible. The best way to do this is with a home inspection. The home inspector will provide a detailed summary report listing the condition of each item and recommended repairs. It's best to be present during the home inspection, as you can ask questions and learn more about the condition of the house and how everything works. If problems are found, the seller may adjust the purchase price of the home or repair the problems before closing.
What Are Closing Costs?
All mortgage lenders are required to disclose in writing your estimated closing costs and fees so you will know how much you will have to pay in closing costs ahead of time. Before closing, you will have a document that will outline the actual costs you'll pay at closing. Before you close, be sure to ask for a final walk-through of the property to be sure the home is in the condition you expect it to be.
If you need help buying a home at the Lake of the Ozarks, contact me at 573-216-8439. I would love to help you find your perfect Lake home. Whether you're looking for a home for full-time lake living or a vacation home to enjoy time off at the Lake, I would love to help!
As a first time home buyer, it's important to not only know how much money you can borrow for your new home but also how much you can actually afford. Just because you are allowed to borrow a certain amount, it doesn't mean that you should necessarily borrow it all, as you may not be able to afford it. One of the tough realities of being a first-time homebuyer is the frustration of finding the perfect home, only to discover it's not in the right price range. Knowing how much you can afford can help you avoid this frustration and find your dream home in the perfect price range.
Should You Get Pre-Qualified or Pre-Approved?
Mortgage lenders will often tell potential home buyers that they are "pre-qualified" for a loan. This can be a bit confusing for first-time home buyers, as this doesn't mean they are will actually qualify for this amount, as little information about your finances are actually verified at this stage. A pre-approval is the best way to figure out how much you can afford for your first home. With a pre-approval, you're also in a better position to negotiate, as the seller knows your offer is more solid and you will also avoid looking at homes that are outside your price range.
What's Your Credit Score?
First time home buyers should obtain a copy of their credit report and review it. Your mortgage company will pull your credit, but it helps tremendously to review it before you start your home buying process. Sometimes, there are errors on credit reports that could hinder your credit score. It's much easier to fix these mistakes before a house has been found, rather than dealing with it during the closing process.
It's always a good idea to have a home inspected before placing an offer. Buying a home is one of the biggest purchases you will make in your life so you will want to know as much about it as possible. The best way to do this is with a home inspection. The home inspector will provide a detailed summary report listing the condition of each item and recommended repairs. It's best to be present during the home inspection, as you can ask questions and learn more about the condition of the house and how everything works. If problems are found, the seller may adjust the purchase price of the home or repair the problems before closing.
What Are Closing Costs?
All mortgage lenders are required to disclose in writing your estimated closing costs and fees so you will know how much you will have to pay in closing costs ahead of time. Before closing, you will have a document that will outline the actual costs you'll pay at closing. Before you close, be sure to ask for a final walk-through of the property to be sure the home is in the condition you expect it to be.
If you need help buying a home at the Lake of the Ozarks, contact me at 573-216-8439. I would love to help you find your perfect Lake home. Whether you're looking for a home for full-time lake living or a vacation home to enjoy time off at the Lake, I would love to help!
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573-216-8439
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