Understanding the Home Mortgage Process

When buying a home, one of the first steps to need to look at is getting pre-qualified for a home. Your pre-qualification will give you an idea of what you can afford, and help you know exactly what you're looking for in your next home. There can be many complicated factors to your mortgage, and we want to help you feel at ease through the entire process. The entire eXp Realty team is proud to help you through this exciting process of finding a home, whether it's your first, or you are a seasoned home buyer. Here are a few things you'll need to know about home mortgages to help you understand them better.

What are Closing Costs?

Your closing costs will vary from property to property. It can include items like title insurance fees, pre-paid interest, and documentation fees. Your type of mortgage and location can make a difference in these closing costs, so you'll want to talk with your lender and Lake of the Ozarks real estate agent.

What Documentation Will I need to Provide?

Every lender will ask for different paperwork. While some may ask for your financial information, tax info, employment history, and asset verification, others will not look into anything at all. To help make this process easier, you can organize all of your papers and files so that when you need to pull pay stubs and tax documents, you can find them quickly and easily.

What is Mortgage Insurance, and Will I Need It?

Mortgage insurance protects the lender in the case that you stop making payments. It is required on homes where little to no downpayment is made. There are some loans available where you don't have to pay a downpayment or insurance, but you have to meet specific requirements, and only certain homes are permitted. Your real estate agent at the Lake of the Ozarks can help you decipher between homes and find something that will match your mortgage requirements.

How is my Monthly Mortgage Payment Applied to My Mortgage Loan?

Your mortgage payment includes a payment to the principal balance, interest, and escrow. This is also known as P.I.T.I (principal, interest, taxes, and insurance).

What is the Difference Between Pre-Qualification and Pre-Approval

Pre-qualification is when a lender assesses your ability to make payments on your mortgage, based on your income, assets, and employment history. Pre-approval is the underwriting decision that you are qualified with conditions and is subject to the lender's review of your completed application, verification of your income, and more. You'll need to be pre-approved in order to finalize the details on your home.

Buy A Lake of the Ozarks Home

At eXp Realty, we take the time to work with you on the home that will be perfect for you and your family. We can suggest lenders in the area who will work just as hard to ensure that you successfully complete the mortgage process, and get you into your home fast. If you're ready to make your next step in the home buying process, we can help you find the home of your dreams!

2011 REALTOR Salesperson of the Year
Missouri Association of Realtors

752 Bagnell Dam Blvd., Suite A
Lake Ozark, MO 65049

Office | 573.365.1555
Fax | 573.365.1766


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