First Bank of the Lake: Am I Ready to Buy a Home?

Are you tired of renting and just ready for something more permanent? We understand. It is quite the feeling to have a home to really call your own, but are you ready? Buying your first home is a BIG step and not only do you need to be ready financially but it's a HUGE commitment. First Bank of the Lake is here to give you a few things to consider before buying your first home. If you find that you are ready to purchase your first home and need a mortgage at the Lake of the Ozarks, call our bank in Osage Beach at (573) 348-2265. When you work with a local bank like First Bank of the Lake, loan approvals and other key decisions are made locally by people who live in your community and who may even know you already.

Do you make enough money?

A good rule of thumb is if the total monthly cost of the home, including but not limited to:

HOA fees
Homeowners Insurance
Mortgage Interest and Principal
Taxes

...is over 32% of your income, then you should discuss this with a mortgage lender to determine the viability of buying the home.

Are you prepared to put down a down payment?

The more you can put down the better off you are, it can help you to get a better rate. The best thing to do would be to sit down with a mortgage loan officer at the Lake of the Ozarks, explain how much you have to put down, and see what is possible mortgage wise.

How is your credit?

If you have little to no credit, you may take some more time to build up your credit before trying to buy a home. Get a credit card and start to use it responsibly to build up credit if you have none. If you have credit and it is just bad credit, start to work out a payment plan for your current debt (if that's the case) before you plunge yourself into more debt by buying a home.

Are you ready to stay in one place?

Mortgages are typically for 30 years, buying a home can be a major time commitment and we would only suggest buying a home if you plan to live there for quite some time. That being said, you can always sell your home and move, but that can take a lot of work and if you are planning on moving somewhere in a couple years, you may just be better offer continuing to rent until you move.

See If You Are Ready to Buy a Home with First Bank of the Lake!

There are great advantages when you choose to bank locally and get your mortgage at a bank in your own community. Loan decisions are then made by your neighbors or people that you see in the grocery store in the week, it can make a difference. See what we mean and stop in for a visit at First Bank of the Lake.

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First Bank of the Lake - Striving For Excellence

Member FDIC. Equal Housing Lender.