Financing your Lake Condo
Financing a Lake of the Ozarks condo is a bit different than buying or refi-ing your home. The first thing you need to know is that you need to use a local Lake of the Ozarks bank for your purchase. I hear all of the time that "my bank did a great job just doing a refi" on buyer's homes, but this is a condo purchase. You will get the same rate as a home, and you must provide the same documentation.
There is an extra step in a Condo purchase, and as they say, the devil is in the details. Your bank will not be accustomed to the nuances of Condo financing, such as FEMA flood maps and the condo questionnaire. The lack of experience in these matters can mean delays in closing and intense stress on you, the buyer. I have seen it more often than not, and if you must use an out of the area lender, you have been forewarned.
I can make available to you a list of approved condo lenders here at the Lake of the Ozarks. I will constantly monitor your loan to make sure we stay within the framework of our purchase agreement, and make sure you get the best loan for lowest cost possible. The stress of a missed closing date is very unpleasant, and quite unnecessary, if you use the right agent (hint - John Garrett), and the right lender.