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First of all, the Lake Ozark area has a particularly unique market right now. Local lenders understand the market. They have contacts in place to help make your transaction smooth.
Another reason a local lender is important is an out-of-town lender will not have a full understanding of condominium financing. Michael handles this every day. The condo market is different from condos in bigger cities because this is a resort area. There aren’t many full-time condominium owners here; they’re mostly part-time, so the rules are a little different.
Not only that, local lenders like Michael have experience working with local businesses to expedite the process. They know insurance people who can make your transaction go smoothly, as well as appraisers who make sure we’re following the regulations set by Fannie Mae or Freddie Mac.
Boat docks also come into play during the transaction, and these can be tricky. In a standard home loan transaction, Michael is able to include the boat dock into the transaction so a value doesn’t have to be assigned to the boat dock. If you’re getting a condo, lenders are not allowed to give value to the boat slip because it’s usually owned by the association. There is a value with the boat slip as you make the purchase. An out-of-town lender won’t know how to navigate this kind of transaction.
If you would like to get a pre-approval, you can start one with Michael by going to www.yourlakeloan.com. Michael can close a loan in an average of 32 to 35 days. If you have any other questions for him, give him a call at (573) 746-7211 or email him at MLasson@FSBFinancial.com.
As always, if you have any real estate questions, give us a call or send us an email. We would be happy to help you!
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