Why Buy a Second Home at The Lake
So many people have bought second homes or vacation homes here over the years! The Lake of the Ozarks is an AMAZING place to visit. Buying a second home here shows that you truly know that already. If you're looking to join these people and buy your very own second home at the Lake of the Ozarks, call our Mid-Missouri mortgage lenders today. MHQ - Mortgage Headquarters can be reached at 573-302-9990.
Why Do People Buy Second Homes Here?
Some may be looking to retire here.
Many people choose to retire to the Lake of the Ozarks. It can be a truly peaceful place with a very affordable living cost. This area comes with a very nice "away from the hustle and bustle" type of feeling.
The know this is a FANTASTIC vacation area.
The Lake of the Ozarks is a very popular vacation destination, meaning if you ever do decide to sell your vacation home here, you may end up making a significant profit on your investment. Location is everything and people will likely pay for the best lake view they can find! Keep this in mind when searching for that perfect vacation home at the Lake of the Ozarks.
To have guaranteed lodging whenever they visit.
When you go on your vacation to the Lake of the Ozarks, you want to relax and make unforgettable memories with your family and friends. You don't want to be worrying about who's going to be booking the hotel room next to yours or whether or not the property manager on your vacation rental has kept up with keeping this particular rental maintenance issue free. When you own your own vacation home, you don't have to worry about these types of things because you can be your own property manager and you can stay in your own vacation home versus looking for a hotel.
Thinking Of Buying A Second Home At The Lake of the Ozarks?
Get Pre-Approved
If so, we suggest getting PRE-APPROVED first. Before you begin to shop for a new second home, you should set up a time to meet with us so we can figure out how much you can afford. This will put you in a better position as a buyer. That’s when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house.
Pre-Qualified
To get pre-qualified for a loan, we will collect information about your debt, income, and assets. We’ll look at your credit profile and assess goals for a down payment and get an idea of different loan programs that would work for you. We will issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow.
It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend. Getting pre-approved for a loan gives you competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount.
To get pre-approved, you will complete a mortgage application and provide me with various information verifying your employment, assets and financial status such as W-2 forms, bank records and credit card statements. We’ll review your mortgage options and submit your application to the lender that best meets your needs. Once the application process is complete you will receive a pre-approval letter indicating the amount your lender is willing to lend you for your home.
A pre-approval letter is not binding on the lender; it is subject to an appraisal of the home you wish to purchase and certain other conditions. If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly.
We understand this is a lot of information to take into consideration, so please contact us with any questions you may have.
Comments
Post a Comment