7 Common Causes of Mortgage Delays

There are a variety of situations that can lead to delays in finalizing your mortgage at the Lake of the Ozarks. Make sure you know how to avoid these delays before buying a home at the Lake of the Ozarks, to prevent any issues with your home purchase. Keep reading for a few of the most common causes of mortgage delays: 

1. The borrower is slow to submit the requested documents to the lender.

When applying for a mortgage, you're required to provide a variety of different documents. Taking too long to get these to your mortgage lender will delay the processing and increase the time it takes for you to get approved.

2. The borrower delays signing the e-consent and initial loan disclosures.

By not quickly signing the required forms, you delay everything. Without your signature, your Lake of the Ozarks mortgage lender cannot continue to process your mortgage application. 

3. The processing and underwriting are not done in house.

While some mortgage companies have in-house processing and underwriting, others do not. When not done in-house, you have to wait for the paperwork to be sent off and then returned by whomever is doing the processing and underwriting.  

4. The home inspection & appraisal are not done quickly.

Be sure to schedule a home inspection as soon as possible. That has to be done before the appraisal can be ordered, and the appraisal can take a week or more to come back. Stay on top of everything to avoid delays. 

5. The borrower makes purchases on credit after going under contract on a home.

Always ask your Lake of the Ozark mortgage lender before buying any new cars, washers, dryers, furniture, etc. These large purchases will affect your credit, and your lender will be required to check your credit again before the closing.

6. The borrower deposits large amounts of cash into his or her account.

Cash deposits are hard to track the source. Your lender needs to document where any new funds come from. Large deposits need to be sourced as well, so be prepared to provide a copy of each check to your lender.

7. The borrower's driver's license or valid ID is expired. 

In order to close on a home, your ID must not be expired. Sometimes the closing date can get pushed back later than expected, so if your ID is close to expiring, it's a good idea to go ahead and get it renewed.

If you're thinking about purchasing a home, give me a call at 573-746-7211. I'm here to assist with all your Lake of the Ozarks home financing needs. From going over the different loan options to offering competitive interest rates, I'm here to work with you every step of the way. Let me help you get into your dream lake home!

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Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(866) 397-0318

Email:  mlasson@fsbfinancial.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.