Your Lake of the Ozarks Mortgage Lender: Prepping for Your Mortgage Application

While the mortgage application process may seem daunting, tedious and time-consuming, don't let that stop you from getting started. If you're in the market to purchase a home at the Lake of the Ozarks, I'm here to help. Start early and prepare properly, applying for a mortgage will be easier than it looks. As your Lake of the Ozarks mortgage lender, I'm here to work with you every step of the way!

Start Early

The earlier your start preparing for the mortgage application process, the better off you'll be. If you know that a home purchase is coming in the near future, start getting yourself ready. One of the first things you can do is be aware of your credit score by reviewing your credit report. Your credit score is an important determining factor when applying for a home loan at the Lake of the Ozarks. Not only do you want to be aware of your score, but you also want to check your report for any errors that may be on there. If you find that you have a low credit score, now's the time to start repairing your credit before you apply for a loan. Your mortgage lender can advise you on the best steps to take in this situation. Communication with your lender is key to a successful mortgage process; you don't have to go through this alone.

Repair Your Credit

If you have credit card debt, start paying down that debt. Your debt-to-income ratio plays a big role in your mortgage approval. Keep in mind though, that you don't want to drain your savings trying to pay off your debt. You need to have cash for a down payment, closing costs and an emergency fund. Whether you have debts or not, it's important that you also don't open any new credit accounts or make any large purchases on credit right before you apply for a home loan or during the loan process. The new furniture and household items can wait to be purchased after you close on your new home at the Lake of the Ozarks.

Gather Your Documents

Not only do you need to be aware of your financial situation, but your lender is going to need verification of your income, assets and debts. By gathering these financial documents ahead of time, you'll save yourself the headache of searching for them later, which could delay your mortgage approval. Gather your recent pay stubs, statements for bank accounts/investment accounts/retirement accounts, the last two years of tax returns, along with W-2s, 1099s and K-1s.

Know Your Numbers

Before you start house hunting, it's important to know how much you can afford. To determine this, you'll want to get a mortgage pre-approval from your mortgage professional at the Lake of the Ozarks. Together you will be able to determine how much you qualify for and how much you can comfortably afford for your monthly mortgage payment. You can also discuss how much money you will need for a down payment and closing costs. Having all these numbers in mind before you start the process will ensure a successful home buying experience. Finding a home you love that you can't afford would be the worst.

As your local mortgage lender, I'm here to work with you every step of the way. I'm here for all your Lake of the Ozarks home financing needs. I'll discuss your options, offer competitive interest rates and back it up with the first-class service you deserve. If you're thinking about purchasing a new home in the near future, talk to me today - call 573-746-7211!

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