Answer: The answer is yes! The first step in the home buying process is to talk to a mortgage lender and get a mortgage pre-approval. Not only does a pre-approval help you determine how much you can afford in a home, but you’ll also be one step ahead of other buyers. Having a pre-approval tells both your REALTOR® and the seller that you are serious about purchasing a home at the Lake of the Ozarks.
2. Do I Really Need a REALTOR® When Buying a Home?
Answer: While many people feel they can cut costs by not hiring a Lake of the Ozarks REALTOR®, that’s usually never the case. Local real estate agents have the knowledge and expertise to find you a great deal. They know the market, they know what homes are worth and they know how to negotiate with buyers. Attempting to buy a home without a real estate professionals help can make the process quite difficult. Plus, in most cases, the seller pays the REALTOR® fees.
3. What Kind of Credit Score Do I Need to Buy a Home?
Answer: The better your credit, the better deal you’re going to be able to get. Your credit score is one of the biggest determining factors in what interest rate your mortgage lender will offer you. While there are programs out there to help those with low credit scores, having a score above 620 is going to be best. Different loan programs will have minimum requirements for credit score, so talk to your lender about what options are available to you.
4. How Much Money Do I Need for a Down Payment?
Answer: Traditionally, you were required to put down at least 20% when buying a home. Today, programs are available to help people get into homes with as little as 3-5% down. Just keep in mind that the more money you can put down, the better deal you’re likely to get and the more equity you already have built up in your house. You’ll also want to know that anything less than 20% down typically requires you to pay PMI, or private mortgage insurance. This is an insurance that protects the lender if you default on the loan.
5. How Many Homes Should I Look at Before Making an Offer?
Answer: The answer is simple; there’s no set number of homes you should look at before making an offer. Some people find their home within hours, while others search for months. When you find a home that you like, at the right price, go ahead and make an offer. Your trusted real estate agent at the Lake of the Ozarks will be able to offer you advice about making an offer on the particular home you are looking at. If someone else is interested in the same house, you’ll want to make an offer as soon as possible, not waste time looking at other homes.
Whether you are moving down the street or relocating to the Lake of the Ozarks, Eagles Nest Realty has the expertise and resources to help you find the perfect home! We work closely with our clients to understand your real estate needs, and to answer all your questions about the home buying process. Our goal is to help you find the best home at the best possible price. Give us a call at 877-452-5338 to get started today!
Call (573) 374-0769 to schedule a showing today!