Things NOT to Do When Getting a Home Loan

Once you have been approved for a home loan at the Lake of the Ozarks, it should be smooth sailing right?  Not exactly.  While the hard work of building up good credit and saving for a down payment & closing costs is behind you, the process isn't complete. It's important to remember that your lender will recheck your credit just before the settlement date and verify details such as employment to make sure nothing has changed throughout the mortgage process. Here are a few things to avoid during this time to ensure a smooth settlement.

Things to Avoid During Home Buying Process

1. Don't deposit any cash into your bank accounts.
2. Don't buy any furniture or appliances.
3. Don't apply for any new credit cards.
4. Don't close any credit cards or lines of credit.
5. Don't consolidate debt onto one credit card.
   
6. Don't max out or go over your credit card limit.
7. Don't pay off any loans, unless required by lender.
8. Don't open new bank accounts or change your existing ones.
9. Don't make any major purchases such as a car, boat, pool or jewelry.
10. Don't transfer any balances into different accounts.
11. Don't finance any elective medical procedures.
12. Don't open a new cell phone account.
13. Don't dispute any credit issues; if an account shows disputed on your credit report, it must be paid off.
14. Don't skip a payment or make a late payment.
15. Don't change jobs if you can help it.
16. Don't co-sign on a loan for someone else. 

Purchasing a new home at the Lake of the Ozarks can be a very exciting time.  You probably want to get everything in order financially and start purchasing new items to go in your home. However, its better to wait until after the settlement to make any changes that will affect your credit score or anything else that pertains to deciding whether or not you can make payments on your new home.

Sources:
http://mymortgageinsider.com/tips-from-top-25-real-estate-and-mortgage-pros-on-google/
http://www.realtor.com/advice/eight-things-avoid-buy-home/
http://blog.credit.com/2014/01/the-worst-things-you-can-do-before-buying-a-home-74570/

I would love the opportunity to help you manage your mortgage loan or refinancing at the Lake of the Ozarks.  Give me a call at (573) 746-7211 or send me an email at mlasson@fsbfinancial.com with any questions you may have!

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Michael Lasson

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com