Here are our top recommendations:
Pay All Bills on Time
Your credit score is one of the most important factors in qualifying for a home loan. Even one late payment on a credit card, loan, or utility bill can cause your score to dip at a critical time. Staying consistent with your payments ensures your credit remains stable and helps you qualify for the best loan options available.
Return All Requested Documents Quickly
Your loan officer will need various documents throughout the process, such as
pay stubs, bank statements, or tax forms. The faster you provide these items,
the faster we can move your loan forward. Having your paperwork ready to go and
responding quickly to requests keeps everything on track and avoids unnecessary
delays.
Continue Saving
Many buyers focus only on saving for the down payment, but additional costs
like closing expenses, moving costs, and small home improvements can add up
quickly. Continuing to save during the mortgage process ensures you’re
financially prepared for every step and able to comfortably transition into
your new home.
Keep Documentation to Source All Funds
Lenders are required to verify where your money is coming from. Whether it’s a
bonus from work, a gift from a family member, or funds from selling an asset,
keeping clear records is essential. Providing documentation for every deposit
helps us confirm your funds and avoids last-minute issues.
Don’t Open or Apply for New Accounts
Opening a new credit card, loan, or even a bank account can negatively affect
your credit and complicate the approval process. New accounts often trigger a
credit inquiry, which can lower your score. It’s best to wait until after
closing to make any changes to your financial accounts.
Don’t Use Cash or Money Orders for Earnest Money
When it comes to earnest money, transparency is key. Using cash or money orders
makes it difficult to track the source of funds, which is required for your
loan approval. Always involve your loan officer so we can ensure earnest money
is properly deposited into an escrow account.
Don’t Change Jobs, Become Self-Employed, or Quit
Lenders must verify your income and employment to approve your loan. Changing
jobs, becoming self-employed, or leaving your position during the mortgage
process can cause major delays or even disqualify you. To keep things moving
smoothly, plan on maintaining your current employment status until after
closing.
Don’t Purchase Large Items
It can be tempting to start shopping for furniture, appliances, or even a new
car before you close, but large purchases can change your debt-to-income ratio
or drain the funds you’ve set aside. Hold off on major purchases until your
loan has closed to protect your approval status.
While it may seem obvious, it’s worth emphasizing—do not touch the funds you’ve earmarked for closing or your down payment. These amounts are calculated and spending them elsewhere could create a shortfall that delays or prevents closing. Keeping these funds intact ensures you’re fully prepared for the big day.
Have questions or need help navigating your loan? Reach out
to Team Lasson today—we’re here to you every step of the way!
Team Lasson is here to assist with
all of your home buying needs! If you’re
considering taking the leap into home ownership in the near future, we’re here
to help. Contact us today to explore
which loan program aligns best with your financial goals.
The first step in preparing for your big purchase is to get
pre-approved for a mortgage at Lake of the Ozarks. Visit www.yourlakeloan.com or
call us at (573) 216-7258 to get started today!
Michael Lasson
Senior Mortgage Banker
NMLS #: 493712
Flat Branch Home Loans – Team Lasson
2882 Bagnell Dam Blvd
Lake Ozark, MO 65049
Cell: (573)
216-7258
Email: teamlasson@fbhl.com
Website: www.yourlakeloan.com
**The
postings on this site are my own and do not necessarily represent Flat Branch
Home Loans positions, strategies, or opinions.
Flat Branch Home Loans
NMLS 224149. A Division of Flat Branch Mortgage Inc.
