The ABC's of Buying Your New Home!
Insurance, Inspectors and Lenders....oh, my!

Lenders: Homebuyers should always get prequalified for a loan before beginning the search for a new home. By getting prequalified, you know exactly which homes are in your budget.

Once that decision is made, it is important to shop around before you decide which lender to use. Homebuyers should consider not only interest rate, but also buyer's closing cost, prepays, and what types of loans fit their needs. What loan you get depends on your credit score, how long you plan on owning the house, and if you have money to put as a down payment. A good lender can advise you as to what loan would be the best for you.

Following are some lenders in or near our area. You might want to give them a call and have them prequalify you over the phone.

• American Home Mortgage Corp., Chad Bell, (cell) 1-417-818-3365
• Union Planters, Travis, (cell) 1-417-818-5057
• Security Bank of St. Robert, David Johnson, 1-573-336-4444
• Mid-America Bank, Kathy Brandt, 1-573-336-7777
• Liberty Mortgage, Chad Bell, 417-875-5288 or 417-818-3365(CELL) CBELL@THERISINGSTAR.COM
• Regions Bank, Travis Bell 417-882-2222 or 417-818-5057(CELL)
• Allied Home Mortgage, Karen Snyder, 573-336-0204 or 573-512-0708(CELL)

Third Party Inspections: A Third Party Inspection is the home buyer's friend. It tells you, as the buyer, the condition of the property in which you are interested. Buyers have so many days, according to the real estate contract, to have a 3rd Party Inspection done. This is considered the responsibility of the buyer and is not included in their closing costs. The 3rd Party Inspection should be done by a certified, qualified person, and normally costs between $150 and $350. After the inspection report is reviewed buy the buyer, the buyer has to put in writing what items they wish to have repaired.

At this point, the seller can decide which items they will correct. The contract can be broken if the seller refuses to make the repairs requested by the buyer. However, the buyer can choose to proceed with the contract even if the seller will not make the repairs. In this case, the seller's refusal to make repairs can sometimes be used as a bargaining tool in lowering the price.

A Third Party Inspection is a step taken after you have narrowed down your home search and you find a property with which you are comfortable. (See Chapter Three: Finding your new home)

Following are a few Third Party Inspectors in or near our area:

• Randy L. Mayo, P.E. 573-578-8522, 573-364-7498
• Mike Gyoval, 573-426-4663
• Amerispec Home Inspection Service, 1-888-302-1801

Termite Inspections:
Three Pines Pest Control, Johnny Brown, 573-765-4318

Well, Water, Septic, Lagoon Inspections:
Harold Wells (cell) 573-364-9356

Homeowner's Insurance: Insurance needs to be considered as you near the completion of the purchase of your new home. Part of the buyer's closing costs is the purchasing of insurance. This insurance protects your home in case of fire, or other situations. Again it is important to shop for a company that will provide the kind of coverage that you need along with a fair premium (payment). You will need to ask the following:

• How much coverage do I need?
• What are the deductibles?
• What is the yearly premium?

You will be required to pay one year's insurance upfront (part of the buyer's closing costs), and then escrows will be required as well, depending upon the tim of year that you close.

Following are a few of the Homeowner's Insurance companies in or near our area:

• State Farm Insurance, Brian Shelton, Agent, 1-573-336-3990
• Farmer's Insurance Group, Linda Tanner, 1-573-336-5120
• Farm Bureau, 1-573-336-3779
• American Family Insurance, 573-774-2745
• Geico Direct, 1-573-336-2252 or 1-800-841-3000

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