Showing posts with label Mortgage Professional Lake of the Ozarks. Show all posts
Showing posts with label Mortgage Professional Lake of the Ozarks. Show all posts

Friday, August 10, 2018

How to Obtain a Mortgage Pre-Approval

One of the very first steps in the home buying process is obtaining a mortgage pre-approval. Essentially, a pre-approval is a promise from the lender that you're qualified to borrow a certain amount of money at a specific interest rate, subject to a property appraisal and other requirements. Keep reading for some tips and information about getting a mortgage pre-approval at the Lake of the Ozarks.

Information Required for a Pre-Approval 


In order to get a mortgage pre-approval, you will need to submit some personal and financial information to your Lake of the Ozarks mortgage lender. This can include:

Identification Documentation
You'll need to provide personal information such as social security number, driver's license, current address, etc. There's a lot of paperwork involved in obtaining a mortgage pre-approval, so be prepared to fill everything out thoroughly and quickly to get through the process smoothly.

Proof of Income & Assets
In order to determine how much you qualify for in a home loan, your lender is going to need proof of how much money you make. Borrowers will need to show W-2 statements from the past 2 years, recent pay stubs, proof of any additional income and the two most recent years' tax returns (personal and business, if applicable).

Acceptable Credit Score
The better your credit, the better the interest rates you'll qualify for. Too low of a score could cause you to be denied for a mortgage. If your credit score is less than desirable, your lender will typically work with you to find ways that you can improve your score and better your chances at a mortgage approval down the road.

Employment Verification
Not only will your lender want to see recent pay stubs, but they will call your employer to check on your employment status and your salary. If you have recently changed jobs, your lender may want to talk with your previous employer. During the mortgage process, it's important that you don't change jobs. Any changes in employment and/or salary, could delay or even deny your approval. Self-employed borrowers will need to provide additional paperwork concerning their business and income.

Once you've provided all this information, your lender will evaluate your situation and determine what loan options, loan amount and interest rate you can qualify for. They will present this information to you in a pre-approval letter that is typically good for 60-90 days. Then you're ready to start house hunting!

Tips for Getting Pre-Approved

Not everyone can get approved for a mortgage. However, there are some things you can do to better your chances.

1. Gather Your Documents Early. 
Before making an appointment with your lender, be sure to gather up all the necessary documentation. Having all this information together and handy can speed up the process. If your lender asks you for any additional documentation, the sooner you can get it to them, the quicker the process of obtaining your mortgage pre-approval.

2. Improve Your Credit Score. 
Your credit score plays a big role in your mortgage pre-approval. If you're planning to apply for a home loan in the near future, it's a good idea to start taking a look at your credit now. Many people don't even know what their credit score is. Once you know your score, you can improve it by making sure to pay your debts on time, not opening any new credit accounts and scanning your report for any errors that may be on it.

3. Lower Your Debt-to-Income Ratio. 
Your debt-to-income ratio also plays an important part in a mortgage pre-approval. As a general guideline, you want your debt-to-income ratio to be 36% or less. Decrease your overall debt to improve your debt-to-income ratio.

4. Increase Your Down Payment. 
The amount of cash you have available for a down payment also comes into play when getting a mortgage pre-approval. Having a larger down payment can sometimes make up for less than desirable credit scores or other issues that could prevent you from obtaining a home loan.

Getting a mortgage pre-approval shows sellers and real estate agents that you are a serious buyer. Sellers have the confidence that you will be approved for a home loan at the Lake of the Ozarks after they accept your offer. If you have any questions about obtaining a mortgage pre-approval, please don't hesitate to reach out. If you're ready to get started on your mortgage pre-approval today, give me a call at 573-746-7211. As your mortgage professional at the Lake of the Ozarks, I'll discuss your options, offer competitive interest rates and back it up with the first-class service you deserve.

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.


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Location: Osage Beach, MO 65065, USA

Thursday, March 8, 2018

When Should You Talk to a Mortgage Professional?

The excitement of purchasing a home at the Lake of the Ozarks can easily get in the way of how you proceed with the process. Most people start house hunting before they even think about how they are going to fund their investment. When you make the decision to buy a home, the first thing you should do is talk to a Lake of the Ozarks mortgage lender. Keep reading to find out why.


BEFORE You Start House Hunting 


Why should a mortgage professional be the first person you talk to during the home buying process? Not only can you get a realistic picture of what type of Lake of the Ozarks home financing is available to you, but it makes you more attractive to sellers and real estate agents alike. Having a mortgage pre-approval sets you apart from the rest of the buyers in the market. If you're serious about getting into the home of your dreams, finding a mortgage lender is the place to start!

Setting Realistic Expectations 


There's nothing more disappointing than finding the home of your dreams, and then realizing it's just outside of your financial reach. By talking with a mortgage lender, you can get a realistic idea of how much you will qualify for in a home loan at the Lake of the Ozarks, and then you can determine how much you feel comfortable paying in a monthly mortgage payment. You'll get an idea of the price range of homes you should be looking at, and then you can weed out the ones that don't fit in that price bracket when you do start house hunting. Remember that you're going to have more than just the price tag of that home wrapped up into your monthly mortgage payments. You need to consider taxes, homeowners insurance and possibly private mortgage insurance if you don't have 20% to put down.

Having a Competitive Edge 


Whether you're talking with a real estate agent or a potential seller, coming to the table with a mortgage pre-approval shows you're serious about buying a home. You want to present yourself as a hassle-free buyer, not someone who's just shopping. Real estate agents have more of a desire to work with those buyers that are serious. Having a pre-approval can also make you more appealing to sellers because they know you're ready to sign a check. If multiple offers come in, your pre-approval could set you apart from the rest of the buyers in the pool.

Getting a Jump Start on Paperwork 


Purchasing a home involves a lot of paperwork, especially when it comes to the financing. By getting a pre-approval, you have a big chunk of the paperwork done before you even find your home. You will have already provided all the necessary documents to get your mortgage approval completed, and that can greatly decrease the amount of time it takes to close on the home once you do find that perfect place. This also reduces the likelihood of the seller pulling out due to mortgage complications.

If you're considering a home purchase in the near future, now's the time to contact a mortgage professional at the Lake of the Ozarks. I'm here to work with you every step of the way, from the pre-approval, to the closing and beyond. I'll discuss your financing options, offer competitive interest rates and back it up with the first-class service you deserve. Give me a call at 573-746-7211 to get started today!

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.

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Location: Osage Beach, MO 65065, USA

Tuesday, January 30, 2018

The Income-Assets-Credit Triangle

To obtain a mortgage at the Lake of the Ozarks, you'll need to satisfy requirements in three financial aspects: income, assets and credit. These components make up what is known as the "Mortgage Approval Triangle." While each type of loan program has different requirements, when these three factors are balanced, a mortgage approval is likely. Keep reading to learn more about each of these categories and how to balance the triangle.

The "BIG 3" of Lending


When it comes to mortgage lending on purchase transactions, the "BIG 3" is usually income, assets and credit. For the income portion, your Lake of the Ozarks mortgage lender will take a look at your debt-to-income (DTI) ratio. This is your monthly taxable income versus your monthly household debt. For the assets portion, your checking, savings, investment and retirement accounts will be reviewed for down payment funds and reserves. For the credit portion, your lender will pull your credit report and take a look at your credit score, along with other information contained in the report. Depending on the type of loan you are applying for, you'll have minimum requirements to meet in each of these categories. Your lender will be able to help you find the loan product that fits best with your financing needs.

Compensating Factors


Ideally, every mortgage applicant would have a strong income, large amount of assets and great credit. In all reality, this is usually NOT the case. Don't worry! If you have poor credit or limited assets, you're not necessarily going to be denied for a loan. This is where compensating factors come into play. Compensating factors are strengths in a person's mortgage application that will compensate for a weakness. As an example, if a borrower has low income, but also has amazing credit and ample assets,there's a chance that person may still be approved. Everyone's situation is different, and that's why it's so important that you work with a qualified mortgage professional at the Lake of the Ozarks to discuss your personal situation.


To learn more about or to get started with the mortgage loan approval process, call 573-746-7211. Whether you're in the market for your first home, looking to upgrade or maybe refinance your current home, I'm committed to helping you make that happen! When it comes to your Lake of the Ozarks home financing needs, I'll discuss your options, offer competitive interest rates and back it up with the personal and professional service you deserve.

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.







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Location: Osage Beach, MO 65065, USA
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