Your Favorite Real Estate Team

Everyone is looking for a home to buy at Lake of the Ozarks right now.  As fast as houses are selling, it is absolutely essential to have your loan pre-approved before you start looking for one.  Pre-approval involves providing your lender with all the documentation to determine exactly what amount you are qualified to borrow.  This approval amount will be good for a specific period of time, for example, 60-90 days. Not only will having your pre-approval letter make sellers more willing to take you seriously as a buyer, without it, the home you are looking at is likely to be long gone before you can get that process completed. So here is how to start. 1) Proof of Income. To put it simply, your lender needs to see that you have the ability to make your mortgage payments. That is why the bank wants to know how much your household income is, your employment history, and the assets you have as well.  You should be prepared to provide 1 or 2 years of tax returns.  The lender will want

Obtaining financing or re-financing for your home will always involve an appraisal.  But what exactly is that and how do you prepare?  At Your Favorite Real Estate Team, we are experts in real estate at the Lake of the Ozarks and guide people successfully through the process every day. We thought we would share some tips about the appraisal process to help you understand how to bring out the most in your home’s value. What is it, and who orders it? A real estate appraisal is in inspection by a licensed professional to determine the true market value of a home.   It is required by lenders to ensure that they are not lending more than the property is worth, and it also benefits the buyers by letting them know they are not paying too much for the house they are buying.   Generally, it is the lender who orders the appraisal, and the buyer who pays for it. What is it based on? To determine the true worth of a home, the appraiser will look at several things.   While looking at the h

So many people want to buy a home at Lake of the Ozarks because of everything the Lake has to offer.  But each person comes here for something specific.  That may be boating, or fishing, or nature, or work … some are seeking a peaceful and beautiful view, others are interested in the fun and adventure. Your Favorite Real Estate Team specializes in matching their clients with the perfect lake home and using their expertise to guide clients through the home buying process here at the Lake. Here are some things to consider when buying a home at Lake of the Ozarks . Photo Credit: Fun Lake MO Lifestyle Where you want to spend your time outside of the home is an important factor here at the Lake.   Working on the east side of the lake but living on the west side can cost a lot of drive time, mileage, or toll bridge expenses, and that is something you want to balance when starting your home search. There is also quite a bit of diversity based on what part of the lake you are.   Some areas

An HOA is an association established for the purpose of collectively managing areas and amenities in a community.  The association is usually run by a volunteer board of homeowners who manage the community and its budget.  The association will take care of maintenance, repair, and future development regarding common areas, roads, wells, pools, fences, infrastructure, and the like.  Of course, HOAs vary in how much they govern, so before you buy a home at the Lake of the Ozarks , you will want to look at the covenants and by-laws to understand how your HOA will affect you if you are a member of the community. 1) Amenities. One of the biggest advantages to living in an HOA is that there will usually be amenities available. For instance, there may be a community dock with a swim deck.   The cost of purchasing a slip in the community dock is much less than it would cost to have a private dock with an equal sized swim deck.   But you will have to share the community dock and abide by any