Gather Your DocumentsThis is one of the first things you can do to get a head start and help speed up the mortgage process. Getting your loan approved will require a series of documents, and if you have them ready at a moment's notice, the pre-approval process will be much smoother and faster. Here are a few documents that you will want to dig out of your files.
- Social Security Number
- Date of Birth
- Current driver’s license or photo ID
- Current and previous addresses (two year history)
- Names and information of any co-signers or co-borrowers
Income & Employment Information:
- Most recent two years W-2
- Current paycheck stub reflecting a year-to-date income of 30 days or more.
- Present employer’s name, address, and phone number. Length of employment, position, and salary. If employed less than two years, please provide a previous employer’s name, address, and phone number to cover two consecutive years. Exact dates are required.
- Last two months’ bank statements for all accounts. Please provide explanations of any deposits larger than a normal paycheck and please include all pages, even if blank.
- If self-employed or paid any commission or have any business income, please provide complete copies of your federal tax returns along with all schedules and W-2s for the past two years. Include corporate or partnership returns, if applicable, for your business. Also, include a year-to-date Profit & Loss statement.
- Verification of other income needed to qualify, such as retirement, rental, interest, or dividend income. If receiving Social Security or pension income, you will need to provide the current award letters.
Get Pre-ApprovedThis can speed up your mortgage process exponentially. When you have a pre-approval letter in your hand while house hunting, you are essentially saying “this is how much my lender is willing to lend me right now.” This means that your lender has reviewed your information and has decided that you would be approved based on some initial basic information about your financial status. You can apply for this pre-approval on our website (www.YourLakeLoan.com), and while we are a mortgage company based out of Lake of the Ozarks, we can assist you anywhere across the country with your next mortgage.
Finalize Negotiations QuicklyThis will be done with your real estate agent, but it can really slow down the buying process if both parties aren’t communicating quickly. There will be a variety of negotiations that happen between the buyer and seller, and as you get these notifications from your agent, it’s important to respond quickly and not let these things sit around for too long. Properties are selling quickly these days, and it’s important to keep this process moving - there are plenty of other buyers ready to swoop in.
Schedule the InspectionsYour home will require a variety of inspections. If you schedule these well in advance of the closing date, you are giving yourself plenty of time to react to these inspections.
Avoid These Slow DownsThere are a few things you can do that will really slow down the mortgage process. If at all possible refrain from doing any of these things while purchasing a home:
- Changing jobs
- Applying for new credit cards
- Changing bank accounts
- Missing payments or bouncing checks
- Transferring money within your accounts
- Make large deposits
- Co-sign on any new accounts
- Pay off or close debts
Don’t Forget to Stay In TouchWhen you are in the process of purchasing a home, one of the most important things you can do is stay in touch with your mortgage lender at Lake of the Ozarks. We want to help you close on this home as quickly as possible, but if there are delays in communication, this can slow things down.
If you are ready to buy a home at Lake of the Ozarks, we are ready to assist! This has been an amazing time to buy and refinance homes - and if you are looking for a good rate, it may be worth it to do it now. You can visit our website to submit an application or learn more about our company, we look forward to working with you, and helping you close as fast as possible!
For Lake area news, resources and tips on financial services, please
Senior Loan Officer
NMLS #: 493712
4655 B Osage Beach Parkway
Osage Beach, MO 65065
**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.