Lake of the Ozarks Real Estate

You've decided to take the plunge and you are ready to buy a home at the Lake of the Ozarks . Now all that's left to do is find the right home, get a mortgage loan, close on the sale, and move in... right? Well, more or less. Buying a home can be a little more complicated than that, but the process can run smoothly with the guidance of an experienced Lake of the Ozarks real estate agent  and mortgage lender. Today, the team at Gattermeir Davidson Real Estate is here to help you gain some background information on the different types of home loans available and how to decide which one could be right for you. Fixed Rate Mortgages Fixed rate mortgages are exactly what their name implies: they have a fixed interest rate throughout the entire term (typically fifteen, twenty, or thirty years). The benefit to fixed rate mortgages is that you can trust the interest rate to remain consistent the whole time you are paying back your loan - your monthly payment will never incre...

You're probably familiar with the concept of buying a home , but what about the concept of refinancing a home loan? Refinancing a mortgage loan is essentially the process of taking out a new loan to pay off your old loan, and people choose to do this for several different reasons. Here are a few examples of reasons why people might choose to refinance their homes at the Lake of the Ozarks . Getting A Lower Interest Rate This is often the first reason that comes to mind when people think about refinancing their mortgages. If interest rates have dropped significantly since you purchased your home, refinancing and locking in a lower interest rate may save you a significant amount of money in the long run. Locking In A Stable Interest Rate Say you purchased your home thinking that you would only be there for a few years, so you went with an ARM (adjustable rate mortgage). ARM loans have a fixed interest rate for the first few years, and then the interest rate adjusts to ...