FAQ About Applying For A Mortgage Loan

Almost everyone needs to take out a mortgage when they buy a house at the Lake of the Ozarks (or anywhere else, for that matter). While it certainly works hand in hand with buying a home, taking out a mortgage loan is an entirely separate process in and of itself. You will have to work with a mortgage lender to get a complete understanding of the process, but the team at Eagle's Nest Realty is here to answer a few general questions about applying for a mortgage loan.

What Is The Difference Between An Adjustable Rate Mortgage And A Fixed And Mortgage?
An adjustable rate mortgage (ARM) guarantees a fixed interest rate for a certain number of years, after which the interest rate will adjust to match the current market rate. Conversely, a fixed rate mortgage guarantees a fixed interest rate for the duration of the loan. Because they are fixed for shorter periods of time, adjustable rate mortgage loans typically offer lower interest rates than fixed rate mortgages; however, you run the risk of the rate substantially increasing when it does ultimately adjust. For this reason, adjustable rate mortgages are typically only recommended for individuals who only plan to be in their new home for a few years.

How Much Is Required For A Down Payment?
There is no set down payment amount; how much you are required to provide will depend greatly on the type of mortgage loan you get (which, in turn, depends on your overall financial situation). As a general rule, however, the days of needing to provide 20% down are long gone. Nowadays, some mortgage loans offer as little as 10%, 5%, 3.5%, and even 0% down.

What Determines My Interest Rate?
Interest rates are predominantly governed by the current market, and the way they rise and fall is rather impossible to predict. Currently, interest rates are continuing to hover around near-historic lows. The exact interest rate you qualify for will depend on a couple of different factors, however, such as your credit score and debt-to-income ratio.

What Does It Mean To Be "Prequalified"?
Prequalification is the first step in the mortgage approval process. In order to be prequalified, your lender will ask you a series of questions about your financial situation and will provide you with a verbal statement of the loan amount he/she thinks you will be able to qualify for based on the information you provided.

What Does It Mean To Be "Pre-Approved"?
Pre-approval is the second step in the mortgage approval process. In order to be pre-approved, you must submit all of the required documentation required to provide your lender with a complete overview of your financial situation. Upon reviewing this information, your lender will provide you with a formal written agreement stating the loan amount you have been pre-approved for.

What Documents Do I Need To Provide?
Each lender requires slightly different documentation, but in general you will be required to provide proof of income, assets, debts, and other financial aspects. Examples of the required documents include tax returns, bank statements, and pay stubs. 

What Are Closing Costs?
Buying a home require the careful cooperation and coordination of several different parties. Closing costs cover the fees associated with these various third parties and their services (with the exception of the real estate agents' commissions, as the seller pays these out of the sale price). Typically, closing costs range from about 2-5% of the home's total purchase price.

Buying A House At The Lake? We Would Love To Talk To You!
Located in Sunrise Beach MO, Eagle's Nest Realty is one of the premier real estate agencies at the Lake of the Ozarks. If you are thinking about relocating to the Lake, downsizing, upgrading, or moving to a new home for any other reason, we would love the opportunity to help you make your real estate dreams come true. Visit our website for more information about Eagle's Nest Realty, Inc.!

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4 Things Your REALTOR® Wants You To Know

Your real estate agent in Sunrise Beach MO will be right there by your side for the entire process of buying or selling a home at the Lake of the Ozarks. For buyers, we'll be there to help you hunt for the perfect home, extend your offer, negotiate on the final sale price, and walk you through the closing. For sellers, we will be there to help you stage and list your home, aggressively market your property to get it in front of as many buyers as possible, negotiate the sale price, and assist with the closing.

As your advocate, guide, and confidant, it is our job to make the entire process easier. In this vein, here are a few things we want everyone to know about real estate at the Lake of the Ozarks.

1. SELLERS - Your House Might Not Be Ready For Listing Photos

If you have never sold a home (or haven't in several years) you may not be up-to-date on everything that needs to happen before taking listing photos and marketing your home. EVERYTHING needs to be deep-cleaned, and ALL clutter needs to be removed or, at the very least, hidden - all the way down to the magnets and pictures covering your refrigerator. Any work you may have already done to prepare your home for listing photos will be hugely helpful, but be prepared for your agent to prescribe a few other tasks before photos are taken.

2. BUYERS - You Won't Be Able To Afford Every House

Your real estate agent can show you any home you want, but ultimately it is entirely up to your mortgage lender to determine how much house you can afford. Consequently, we strongly encourage our buyers to talk with a lender before they begin searching for homes in earnest. By getting prequalified or pre-approved before seriously beginning the home search, you will be able to have a realistic understanding of the price points will be able to afford. Once you know your price parameters, your agent will be able to help you find homes within that price range.

3. SELLERS - No One Can Actually Predict How Quickly Your Home Will Sell

The market is hot right now and most homes are selling quickly, but it is impossible to truly predict how quickly a buyer will extend an offer that you wish to accept. It will depend on the quality of the offers you receive, how much foot traffic and general visibility your home gets, and how much effort your agent puts into marketing your home. A good agent will go out of his or her way to ensure that your property gets in front of as many buyers as possible, but again - it is impossible to predict exactly how quickly things will happen.

4. BUYERS - Just Because You Can Afford To Buy A House Doesn't Mean That You Should

Your lender will tell you how much house you can afford to purchase based on your debt-to-income ratio. The debt-to-income ratio looks at how much of your monthly income is tied up going to preexisting debts and the new debt you will have once you take out a home loan; typically, lenders will want to make sure that your total debts will not equate to more than 40-42% of your gross income. However, they don't take into account the myriad of other expenses you will have to face as a homeowner, such as repairs, maintenance, upgrades, utilities, etc. Buying a cheaper home with a smaller mortgage payment will leave more room for these other (sometimes unpredictable) expenses.

Eagle's Nest Realty Will Be Here For You Every Step Of The Way!

No matter where you are at in your real estate journey, the team at Eagle's Nest Realty, Inc. would be more than happy to assist you in any way possible! Our goal is to make selling or buying real estate at the Lake of the Ozarks as stress-free and rewarding as possible. Contact us to get started!

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4 Costs You Should Expect To Cover When Buying A Home

Are you saving up to buy your first home? If you are preparing to buy a house at the Lake of the Ozarks, you have probably been calculating what you will need to provide as a down payment and what your monthly mortgage payments will be after the home is yours. However, it's important to remember that you will be responsible for more expenses than just the down payment and mortgage payments. Eagle's Nest Realty, Inc. is here to give you a realistic look at some of the other expenses associated with buying real estate at the Lake of the Ozarks.

1. Earnest Money
Earnest money is an unexpected cost for many first time buyers. Essentially, earnest money is a deposit that you include when you submit your offer to the sellers. By including a check with your offer, you show the sellers that you are serious (or "earnest") about buying their home. The amount of earnest money you should include varies, but it generally ranges between 1-3% of the home's purchase price. If the sale goes through, the earnest money you provided will be applied to your closing costs. If it falls through due to a failed contingency, you should get the money back without any penalty.

2. Home Inspection
The home inspection is a crucial part of the home buying process. This is when a certified home inspector evaluates the property from top to bottom and provides a detailed report on the current condition of everything in your home (foundation, walls, ceilings, roofs, HVAC system, plumbing, septic system, etc). The inspection report should reveal any potential issues with the property that may require expensive repairs. By getting these out into the open before the sale, you have the option of negotiating the cost of these repairs with the sellers into the sale or potentially back out of the purchase agreement altogether. At the very least, you will be able to move into the home well aware of any required maintenance. As the buyer, you will be expected to hire the home inspector.

3. Home Appraisal
The home appraisal is another crucial part of the home buying process (and another cost the buyer is expected to cover). The appraisal is an official assessment of the home's current market value, as determined by an appraiser. The appraiser performs a thorough walk-through of the property, evaluating everything that could add to or detract from the home's value. The amount of finished square footage, the amount of unfinished square footage, the location, the condition of the property, the quality of the construction, the amount of storage space, the quality of the landscaping, and the actual sale price of comparable properties are all examples of factors that can affect a home's appraisal value. The cost of the appraisal can usually be covered upfront or can be incorporated into the closing costs.

4. Closing Costs
Finally, you will be expected to cover the miscellaneous closing costs associated with a home purchase. The closing costs include the various expenses, fees, and costs accrued throughout the home buying process. Examples of these expenses may include:

• Title search
• Lender's policy title insurance
• Owner's policy title insurance
• Survey fee
• Credit report
• Closing fee
• Attorneys' fees (if applicable)
• Property tax
• Courier fee
• Pre-paid mortgage interest
• Homeowners association transfer fees (if applicable)
• Underwriting fee

They obviously vary from transaction to transaction, but the total closing costs generally range from 2-5% of the home's purchase price. In some cases, you may be able to negotiate with the sellers so that they will help cover some or all of these costs.

More Questions About Buying A House? We Can Help!

If you are considering purchasing real estate at the Lake of the Ozarks, contact Eagle's Nest Realty! With over forty years of combined real estate experience, our team has helped hundreds of buyers through successful closings. We would be more than happy to answer any questions you may have about the process!

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New Year, New Home!

What are your plans for 2016? Are you hoping to find a new career? Start a family? Travel to a foreign land? No matter what your dreams are, Eagle's Nest Realty wishes you all the best in your endeavors. If you are thinking about finding a new home at the Lake of the Ozarks in 2016, our real estate agent in Sunrise Beach MO would be honored to help you turn that dream into a reality!

New Year, New Home!

The start of a new calendar year is the perfect opportunity to begin a new chapter in your life. If your needs have changed and your current home or apartment no longer fits your lifestyle, it's time to consider buying a new home. There are many different reasons why buying a new house at the Lake of the Ozarks might be a great option, such as...

• Finding a bigger home to accommodate your growing family.
• Finding a smaller home to adjust to your "empty nest."
• Finding a home that is closer to your work.
• Finding a home that is on/off the water as a way to shake things up.
• Finding a home that is on the other side of the country to start a new adventure.

No matter what your reasons are for moving to a new home, Eagle's Nest Realty is here to help you turn that dream into a reality.

Find Your Dream Home At The Lake!

The Lake of the Ozarks is a wonderful place to live, no matter what age you are. Osage Beach and Lake Ozark residents can enjoy easy access to shopping and attractions, and those who live in Camdenton and Sunrise Beach can enjoy quiet serenity that cannot be found anywhere else. No matter what you're looking for, we're sure to be able to help you find your dream home at the Lake of the Ozarks! 

Here are just a few examples of some of the great properties we currently have for sale:

33439 Evanston Road , Sunrise Beach MO ~ $139,900

This duplex has 1 bedroom and 1 bathroom in each unit, plus an extra bonus room that can be used as another bedroom or game room. The building can easily be converted into a 3-4 bedroom home, or you can keep it as a duplex and rent out one/both sides for some additional income. 

84 Hendrix Haven, Sunrise Beach MO ~ $499,000

This waterfront home has everything you could possibly want - an incredible view, a quiet location at the end of a cul-de-sac, 130 feet of lakefront, large 2-well dock, martini deck with water slide, and a gentle, level lot. Located at the 10 MM. Recently reduced by $50,000!

30358 Gray Wolf Drive, Gravois Mill MO ~ $106,000

Quaint, cozy, and very homey. This waterfront home features a dock, lift, and martini deck - the perfect location for fishing and enjoying everything the Lake of the Ozarks has to offer. Don't forget about the screened porch overlooking the water!

Contact Eagle's Nest Realty To Schedule A Showing!

2016 is almost here, and your new home is waiting for you! Interest rates are still low, but they are on the rise. Contact our real estate team at the Lake of the Ozarks to find your home today! 

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5 Crucial House Hunting Tips

There's nothing quite like searching for your new home! Walking through all the different homes is always a lot of fun (and a great way to get some new home decor ideas), but if you're not careful, it can become very time-consuming very quickly. Is there a way you can make your home search more productive? The team at Eagle's Nest Realty is here to help you out with these tried-and-true home hunting suggestions!

Tip #1: Take Notes. A LOT Of Notes.
Once you tour more than three or four homes, it will become very hard to remember which specific characteristics belonged to which home. Bring a notepad with you and take notes on each of the different homes you see. Write down anything - good or bad - that stands out to you about each home, such as carpet that needs replacing, unusual features in the kitchen, glass railings in the stairway, etc. You will rely on these notes more heavily than you might think!

Tip #2: Pay Attention Each Home's Surroundings.
Keep in mind that you won't just be buying your new house - you'll also be buying the neighborhood, the view, and the surrounding area. As you tour each potential home, take note of its surroundings. Is it located right next to a noisy street or highway? Are the neighboring homes in poor condition? Is there a lot of construction going on nearby? Add these observances to your notes about each property. While some of these things might not affect you directly, it's important to look at all of the variables when buying a home.

Click here to see more about this home for sale in Sunrise Beach.

Tip #3: Drive By Potential Homes Before Scheduling Showings.
The way homes look online tend to differ greatly from the way they look in real life. You can save yourself (and your Lake of the Ozarks real estate agent) a great deal of time by driving by the homes you want to tour before scheduling any showings. Sometimes, driving past the front of the home will reveal deal-breakers that you couldn't see from the online listings. Driving past the homes first will help you ensure that you only schedule tours of the homes that have legitimate potential!

Tip #4: Differentiate Your Needs From Your Wants.
Do you need a home with vaulted ceilings and a tile shower? Probably not, although it would certainly be a nice perk! On the other hand, you probably do need a home with enough bedrooms to give you and your family places to sleep. Taking the time to identify what you need in a new home versus what you want will help you stay organized and focused during your home search. It's certainly okay to get swept away by the dazzling features of each home you tour (that's half the fun of buying a house at the Lake of the Ozarks!), but you want to make sure you only do so after you make sure the home will meet your needs.

Tip #5: Be Realistic About What You Can Afford.
Unfortunately, the loan amount you may be approved for does not necessarily indicate how much you can afford to spend on your new home. Your monthly mortgage payment is only part of the picture; once you have moved into your new home at the Lake of the Ozarks, you will also have to pay for utilities (electricity, water, trash, etc), repairs, any association fees, and the upgrades you wish to make. All of these extra expenses tend to add up quickly! Protect yourself and your investment by creating a budget that outlines your income and projected expenses. Don't forget to add in the other costs of livings, such as groceries and fuel.

Want More Home Hunting Help? Contact Eagle's Nest Realty!
Buying real estate at the Lake of the Ozarks is big undertaking; it's important to make sure you go about it the right way! If you are looking for a Lake of the Ozarks REALTOR® to help you through the process, we hope you'll keep us in mind. We would love to help you find your new home!

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Buying Homes at the Lake of the Ozarks

There are few things as exciting as the search for a new home! Buying a new house is your chance to start a new chapter, and the possibilities are limitless. Do you want a spacious condo on the Lake of the Ozarks? A quiet interior home? A gorgeous waterfront home? It's up to you!

Getting Equipped For Your Home Search

As you begin your search for homes for sale at the Lake of the Ozarks, it's important to make sure you are fully prepared. It doesn't matter whether you're moving across the country or down the street; moving to a new home is a big process that requires lots of time, energy, and resources.

In order to make sure you are ready for everything that will come your way, ask yourself these questions:

• Is my budget in order? Do I know how much I can afford for a down payment and subsequent monthly payments?
• Do I have a clear picture in mind of what I'm looking for in my new home?
• Have my children been mentally prepared for the move and everything that will entail?
• Have I educated myself on the process? Do I know what to expect?

Buying a home at the Lake of the Ozarks is a big undertaking, but it doesn't have to be challenging if you are properly prepared. 

Eagle's Nest Realty Can Help!

If you're buying your first home (or even if you're a repeat buyer), you may understandably be a little overwhelmed by all of the little details that need attention. Hiring a professional Lake of the Ozarks real estate agent to help you along the way can make a huge difference! The team at Eagle's Nest Realty has the experience you need and the expertise you can count on to guide you through the process from start to finish.

We also have several resources available to buyers on our website. Prospective buyers can:

• Use our free mortgage calculator to get an idea of what their future monthly payment will be
• Subscribe to receive alerts when new properties become available and/or when prices drop
• Search all of the homes for sale at the Lake.

We also offer a free buyers' guide with valuable information for anyone looking for a home. You can access all of the resources by visiting www.eaglesnestrealty.net/home-buyers.html

We Look Forward To Working With You!

If you're ready to begin actively searching for homes or if you simply have a few broad questions you would like to get answered, we would love to talk to you! Give us a call to set up a meeting today.

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