Friday, September 6, 2019

Steps to Mortgage Approval

It’s the perfect time to buy a home at the Lake of the Ozarks! If the change of season has you anticipating new goals, and looking for fun opportunities, then buying a vacation home at the Lake of the Ozarks may be for you. Buying a home in the Fall is prime time, not just because interest rates are looking better than ever, but also because the busy Summer season is over and it is time to soak in the crisp breeze as everyone prepares for the Winter. If you are ready to purchase a home at the Lake, the first step is getting approved for a mortgage, and that’s where Team Lasson comes in. Here are a few steps about the mortgage process, and how we can assist you with the home buying process.

Submit Your Application

This is the most important step you will take in starting the process. Many house hunters will wait until they have found the perfect home, try to get approval, and then find out that the home is way more than they can afford. By starting with your application, you can get a pre-approval. This will give you a more solid answer as to how much you should be spending on a home right now - plus it can make the mortgage process go smoother when you have a pre-approval in hand.

Avoid Taking On New Debt

While your loan is in process, it’s important to avoid certain actions like opening new credit cards or making other financial changes. New loans will change your debt-to-income ratio and could impede your mortgage approval.

Plan for a Home Inspection

Once you have found a home that you love, it’s time to schedule a home inspection as soon as possible. Many times, your real estate agent will handle this for you, but asking about it and knowing who they recommend is important. This will give you adequate time before your closing date to negotiate with the seller if the inspection proves to be less than what you expected.

Check Your Methods of Contact!

After you applied and are qualified for a mortgage, you’ll receive your conditional approval. Keep your alerts turned on, your phone handy, check emails regularly and be ready to respond promptly for any additional documentation that may be needed or documents that may need your signatures, such as the preliminary Closing Disclosure. This can help keep your application moving forward.

Look Into Homeowner’s Insurance

Proof of insurance is a requirement for the mortgage process. It is a good idea to start this process as soon as you have found a property. Waiting until the last minute could cause a delay in your closing. If you don’t know who you would like to use for your homeowner’s insurance, just ask! We have some incredible referrals.

Review the Documents

You’ve had your loan approved, passed your inspection, the appraisal and title search are complete, and the lender has set a closing date. Take a look at the documents, make sure you have everything, and prepare the money you’ll need for the closing!

Buying a Lake of the Ozarks Home

This is such an incredible time to buy a home, and we aren’t the only ones saying it. A quick search on the web will show that for many buyers, the rates are incredible and the homes are available. If you are looking to purchase a new property, this is an amazing time to do it. Visit our website to learn more about our mortgage company at the Lake of the Ozarks, as well as start your first application. We look forward to helping you achieve your home-owning dreams!

For Lake area news, resources and tips on financial services, please 

Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211

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

1 comment:

  1. I read your blog on daily basis. This is really great and informative post. Thanks for sharing.
    First Start Mortgage