5 Tips for Getting Through the Mortgage Approval Process

One of the biggest investments you'll ever make in your life is purchasing a home. To get there, you're going to have to go through the mortgage approval process. This can be long and confusing if you're not working with the right mortgage lender at the Lake of the Ozarks. In today's blog, we offer a few tips for getting through the mortgage approval process, quickly and painlessly.

1. Review Your Credit Report. 

The first big hurdle in the mortgage approval process is your credit score, which is a big determining factor in your mortgage. A low credit score could affect your interest rate, costs or even cause your application to get denied. Before you start the Lake of the Ozarks home loan process, be sure to review your credit report. Make sure you are aware of what your credit score is. Talk to your mortgage professional about correcting any mistakes that may have been made on your credit report and if there are any ways you can improve your score before you take the next step in the home buying process.

2. Have Your Documents in Order. 

Your credit score is just one of the factors that a Lake of the Ozarks mortgage lender will take into account. Your lender is going to need documentation on your income, assets and monthly debt payments. Your debt-to-income ratio also plays an important role in the mortgage approval process. You can improve your chances by paying off some debts prior to applying for a mortgage loan. Talk this over with your mortgage lender at the Lake of the Ozarks first. However, if that's unrealistic, just ensure you don't take on any new debts while going through the mortgage process.

3. Get a Mortgage Pre-Approval. 

One of the first steps in the mortgage approval process is getting a pre-approval. It is very important to understand the differences between a pre-qualification and a pre-approval. A pre-qualification is a preliminary determination that you should be able to get approved, and this can be done at any time. The purpose is to determine how much of a loan you could be approved for and the down payment you would need to make; however, a pre-qualification is not binding, it's more of a hypothetical situation. A pre-approval is more attractive to sellers and real estate agents because it demonstrates that you would be a good candidate for loan approval because you've already done the necessary credit check and other financial evaluations. On a pre-approval, all your information and documentation has been obtained and reviewed by an underwriter to determine that you qualify for the loan program you applied for.

4. Don't Change Employers. 

Once you've begun the mortgage approval process, be careful that your activities don't do anything to jeopardize it. Not opening any new credit accounts or taking on any new debt was mentioned earlier, but you also don't want any changes in income, which includes changing employers. Your lender wants to see a steady income from the same employer. Changing jobs, even if it's within the same industry and roughly the same pay or more, is not a good idea. You, and the lender, don't know if this new job is going to work out the way you expect it to. Refrain from making any changes to your job or income as it can have a major effect on your mortgage approval. Stability is very important in the mortgage approval process.

5. Have the Home Appraised. 

The home appraisal plays a critical role in the mortgage approval process. A mortgage lender is not likely to lend more money than what the property is worth. If the appraisal determines that the property is not worth the asking price, you will either have to renegotiate with the seller, bring in additional funds at closing or find a different property.

If you're ready to start the mortgage approval process, give me a call today at 573-746-7211. When it comes to your Lake of the Ozarks home financing needs, I'm committed to working with you every step of the way. I'll discuss financing 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 

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Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

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

4 Reasons to Get a Pre-Approval for Your Home Loan

When buying a home at the Lake of the Ozarks, there are a lot of things to consider. One of the first things you should consider as a home buyer is getting a mortgage pre-approval. In today's blog we offer a few reasons why it's important to get a pre-approval on your Lake of the Ozarks mortgage before you start shopping for your dream home.

1. To Know What You Can Afford. 

Making the decision to buy a home is an exciting time. The first thing you will want to do is jump online and start browsing what's for sale. However, if you don't know what you can afford in a home purchase, you may be wasting your time. You could find a home you love, only to later realize it's too expensive. By getting a pre-approval, you can sort your home options by price and find your new home much quicker.

2. To Have a Better Chance of Offer Acceptance. 

Once you find your dream home, it's time to make an offer. Homeowners and realtors are less likely to accept offers from borrowers without a pre-approval. Chances are they will move on to the next offer and you'll be out of luck. However, if you've been pre-approved, you have the advantage. Sellers and realtors want someone they know is serious about buying, and only want to accept offers they don't think will fall through. The pre-approval is your way of showing that.

3. To Have Room to Bargain. 

When you have a pre-approval, you have an advantage over the seller. You have room to bargain. The owner of the home knows you have the finances and is ready to sell, so you may be able to get a better deal. Sellers are more willing to work with pre-approved buyers. This could be anything from lowering the asking price to throwing in appliances or helping cover the closing costs.

4. To Reduce Stress During the Buying Process. 

Opting to skip the pre-approval can easily increase your stress level throughout the whole process. If you aren't pre-approved, you'll spend more time house hunting than you would otherwise. In addition, you could waste not only your time, but also the time of the sellers and realtors involved by putting in an offer that you actually can't make because you don't have the finances. By getting a Lake of the Ozarks mortgage pre-approval, you have less to worry about. You don't have to worry about the money side of things anymore and you can focus on the fun stuff, like picking out the perfect home!

I'm here for all of your Lake of the Ozarks home financing needs! Give me a call at 573-746-7211 to get started on your pre-approval. As your mortgage lender at the Lake of the Ozarks, I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve. Getting a pre-approval means you're one step closer to purchasing your dream home at the Lake of the Ozarks!

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

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(866) 397-0318

Email:  mlasson@fsbfinancial.com

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

The Best Time of Year to Buy a Home

You've probably heard that spring is a busy time in the real estate world. People are jumping to get out and enjoy the outdoors after being cooped up all winter. Are those buyers really serious about buying a home at the Lake of the Ozarks though? In today's blog, your Lake of the Ozarks mortgage lender will discuss when the best time of year to buy is and why.

Buying a Home in the Spring

While spring is hands-down the busiest time in real estate, it's not necessarily the best time to buy. Why is that? Inventory might be at an all year high, but competition is also higher. With the increase of competition, comes higher home prices. Getting in a bidding war with other home buyers can easily cause you to pay more for that home than you would have if competition was lower. Home sellers are less likely to negotiate when multiple offers are coming in. According to data from RealtyTrac, April is the worst month to buy a house.

Buying a Home in the Fall 

According to data from RealtyTrac, the month where buyers get the best deal is October. It's true that inventory might be lower during the fall season. However, buyers looking in the fall are more serious about buying. Competition is lower during the fall months and that makes negotiating easier. Those listing their homes in the fall are more motivated to sell, which makes it easier for you to get a home at a lower price than you might in the spring.

Pros and Cons to Buying in the Fall 

Just like with everything in life, there are pros and cons to buying a home in the fall. Take a look at a few of them to determine if purchasing a home at the Lake of the Ozarks during the fall season seems like a good choice for you:

Pros

1. Sellers are serious. If they weren't, they would wait until the spring to put their home on the market. Motivated sellers means more flexibility during negotiations.
2. You'll have less competition from other buyers. Families, in particular, don't normally like to move during the fall season because school is in session. You'll have more time to look and more time to work out a deal without rushing to beat other offers.
3. Inventory is low. This could be looked at as a pro and a con. Lower inventory means that you have less homes to choose from, but that also makes it easier to narrow down your list of potential homes to buy. 

Cons

1. You could experience bad weather. You're not going to want to get out and look at houses in bad weather. From rain to snow and sleet, nasty weather can easily put a damper on your house hunting.  
2. Days are becoming shorter. Due to daylight savings time, buyers are forced to either take off work early or house hunt on the weekends to get it done before it gets dark out.

Summer is winding down and fall is just around the corner! Now is the time to get your mortgage pre-approval at the Lake of the Ozarks so you're ready to start house hunting. For all your Lake of the Ozarks home financing needs, give me a call at 573-746-7211. I'm here to help you every step of the way and get you into your dream home!

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

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Sr. Loan Officer

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com

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