4 Things You Didn't Know About Buying A Home
Buying a house is a complex process, and one you should rarely venture into alone. Every house is different, with its own set of advantages and challenges. Even if you have bought a house before, you probably did not encounter all of the things that may be awaiting you the next time you prepare to buy a house at the Lake of the Ozarks. You should work with a real estate agent for guidance along the way, but Arrowhead Title, Inc. is here to help you prepare by filling you in on a few things you may not have been aware of previously.
1. Finding The Right Home Is Only Half The Battle
When most people think about buying a house, they imagine browsing available homes online and touring different properties until they find the right one. However, finding the home is only half the process. There are still countless other factors that must be addressed - the loan application process, title search, property inspection, and property appraisal are just a few of the other factors that must be handled before the closing date.
2. You Should Talk To A Lender Before Browsing Properties
Securing financing for your home at the Lake of the Ozarks is an in-depth process that will most likely take a minimum of thirty days - and sometimes much longer. However, depending on the home you find and whether or not other buyers are in the mix, you may need to close on your new home in much less time than that. By talking to a lender and getting prequalified or preapproved before beginning the home search in earnest, you may better set yourself up for success.
3. Buying A House Is Like Buying A Car; You Need To Take It For A Test Drive
You wouldn't buy a car without taking it on a test drive first to see how it runs, how it turns, how it handles, and how you feel behind the wheel. While you probably won't be allowed to stay overnight in the home before your purchase it, it is still important to run it through similar tests. Flush the toilets, turn on the heat and the air conditioning, and run water through the sinks, tubs, and showers. Performing some of these normal tasks will give you a better chance of identifying any major issues while there is still time to address them.
4. You May Not Need As Big Of A Down Payment As You Thought
Traditionally, you had to be able to provide a 20% down payment before you had any hope of buying a house. However, that is often no longer the case. Some government-funded loan options (such as those through the VA or USDA) advertise the possibility of providing 0% down. Other avenues advertise 10%, 5%, or 3% options. Your lender will be able to work with you to determine what option will be the best for you.
Remember Arrowhead Title When You Are Ready To Buy Your Home!
Your real estate agent will be able to help you with the front-end efforts of buying a home (searching for properties, negotiating contracts, etc). Once the contract is in place, the team at our Lake of the Ozarks title insurance agency will begin our work. We will conduct a thorough title search, write the lender's and owner's title policies, and handle the escrow and other details that go into buying a home. Visit our website to learn more about how we can help you buy property at the Lake of the Ozarks!
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
1. Finding The Right Home Is Only Half The Battle
When most people think about buying a house, they imagine browsing available homes online and touring different properties until they find the right one. However, finding the home is only half the process. There are still countless other factors that must be addressed - the loan application process, title search, property inspection, and property appraisal are just a few of the other factors that must be handled before the closing date.
2. You Should Talk To A Lender Before Browsing Properties
Securing financing for your home at the Lake of the Ozarks is an in-depth process that will most likely take a minimum of thirty days - and sometimes much longer. However, depending on the home you find and whether or not other buyers are in the mix, you may need to close on your new home in much less time than that. By talking to a lender and getting prequalified or preapproved before beginning the home search in earnest, you may better set yourself up for success.
You wouldn't buy a car without taking it on a test drive first to see how it runs, how it turns, how it handles, and how you feel behind the wheel. While you probably won't be allowed to stay overnight in the home before your purchase it, it is still important to run it through similar tests. Flush the toilets, turn on the heat and the air conditioning, and run water through the sinks, tubs, and showers. Performing some of these normal tasks will give you a better chance of identifying any major issues while there is still time to address them.
4. You May Not Need As Big Of A Down Payment As You Thought
Traditionally, you had to be able to provide a 20% down payment before you had any hope of buying a house. However, that is often no longer the case. Some government-funded loan options (such as those through the VA or USDA) advertise the possibility of providing 0% down. Other avenues advertise 10%, 5%, or 3% options. Your lender will be able to work with you to determine what option will be the best for you.
Remember Arrowhead Title When You Are Ready To Buy Your Home!
Your real estate agent will be able to help you with the front-end efforts of buying a home (searching for properties, negotiating contracts, etc). Once the contract is in place, the team at our Lake of the Ozarks title insurance agency will begin our work. We will conduct a thorough title search, write the lender's and owner's title policies, and handle the escrow and other details that go into buying a home. Visit our website to learn more about how we can help you buy property at the Lake of the Ozarks!
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
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