Common First-Time Homebuyers' FAQs

When you are ready to buy your first home at the Lake of the Ozarks you may have some questions about the entire process. Taking on a mortgage and caring for a home is a new responsibility. By working with a REALTOR® at the Lake of the Ozarks who is willing to answer any questions you have along the way, you can be prepared and make informed decisions. It is exciting to buy your first home, and Devine & Associates can answer a number of questions about your first home purchase. Below we have answered some common questions to prepare you for homeownership:


Why Should I Buy Instead of Rent?


Unlike renting, owning a home is an investment. The check you write each month for rent goes to your landlord, whereas the interest from your mortgage payments can be deducted from your federal income taxes. You can also deduct your property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Eventually, you will have something that is all yours - a home that you own. 

How Much Can I Afford?


Having a practical estimate of how much home you can afford will help you move forward with your house search. There are some online tools that can give you an idea of what the mortgage payment is likely to be, based on the value of the property, the interest rate, and your down payment. However, your income, credit score, debt ratio, and desired location will all become a part of the calculation. Property taxes and homeowners insurance should also be taken into consideration. They can generally be rolled into your mortgage payment, but should be added into your home budget. You will want to find a home you are happy with that you are able to afford.


How Do I Find A Lender? 


You can finance a home with a loan from a bank, a savings and loan, a credit union, a private mortgage company, or various state government lenders. You can save money if you take some time to research the best prices. Different lenders can offer quite different interest rates and loan fees. A lower interest rate can make a big difference in how much home you can afford. Talk with multiple lenders before you decide. Devine & Associates can refer you to a lender in the lake area, so that you can find a rate that you feel comfortable with.


What Happens at Closing?


Closing is your final step before you become a homeowner. You will sit at a table with your real estate agent at Devine & Associates and the closing agent. There will be a stack of papers for you to sign. While you are given a basic explanation of each paper, you may want to take the time to read each one and/or consult with your real estate agent to make sure you know exactly what you're signing. Before you go to closing, your lender is required to give you a booklet explaining the closing costs, a "good faith estimate" of how much money you owe at closing, and a list of documents you will need. If you don't get those items, be sure to call your lender before you go to closing.


Devine & Associates Can Help First-Time Buyers Find A New Home


It’s only natural for a first-time homebuyer at the Lake of the Ozarks to have questions. For many of us, buying a home is the largest financial decision we make. It’s important to be prepared and confident in whatever choices you make. Knowing these answers can help start you off on your homebuying journey. Next, contact Devine & Associates at (573) 392-990 to find the right neighborhood and home that suits your needs!

Devine & Associates Real Estate

Where Your Best Interests and Our Best Efforts Meet!

(573) 392-9900
203 E. 10th St., Eldon, MO 65026

(573) 207-8407
213 N. Main St., Laurie, MO 65037
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