Your Lake of the Ozarks Mortgage Lender: mortgage tips

Wednesday, October 16, 2019

How to Get Smart About Credit

Homeownership rates in the United States have been steadily increasing over the last decade. This is especially true over the last few months as housing prices are doing well and the interest rates have been low. October 17th is Get Smart About Credit Day, and it’s a great time to take a look at where your finances are and figure out where they need to be. If you are buying a home at the Lake of the Ozarks, whether it’s your first real estate purchase or you are a seasoned buyer, being smart about your credit is always important. Here are a few tips from Team Lasson for ways to improve your credit and give you the best possible chance for success when applying for a mortgage.

#1. Know Your Credit Score

It only takes a few minutes to learn about your credit score, in fact, many credit card companies make it easy to learn about inside your account. Surprisingly, there are many future home buyers who never review their scores or their credit history before submitting a home loan application, and they just assume that they will qualify. Before applying for a mortgage, it’s always smart to look at your credit report. Your scores and credit activity can have a major impact on your mortgage approval, and a minimum credit score is required for most loan programs. Several things that can affect your mortgage approval, other than your credit score, are missed payments, frequent late payments, and other derogatory credit information. Take time to clean up your credit history before applying for a mortgage and you could save some time and the additional effort of having to apply again later.

#2. Build Up Your Savings

Having money set aside before beginning your mortgage process can really help your application status. While several lenders have options for a zero-down mortgage loan, having a downpayment can be a huge advantage. The minimums will vary depending on the mortgage that you are applying for, but having money set aside can be a great advantage when starting the application process. Of course, down payments aren’t the only expense that you have to prepare for there will also be closing costs, inspections, appraisal, title search, credit report fees - and other expenses. You can expect that closing costs will be roughly 3%-5% of the mortgage balance.

#3. Stay At Your Job

If you want to buy a home, keeping your job through closing is extremely important. Any changes to your employment or income status can stop, or at the very least, delay the mortgage process. Lenders will approve your home loan based on the information provided in your application. Changing jobs, choosing a lower-paying career, or quitting your job entirely to become self-employed can greatly impact the plans, and lenders will have to reevaluate your finances to determine if you still qualify for the loan.

Getting a Lake of the Ozarks Home Mortgage

Getting your mortgage can feel a little intimidating at first, but when you are working with Team Lasson, we can help you evaluate your finances and establish a good goal to either work towards or to shop for when you start the home search. If you are ready to get smart about your credit and start the mortgage process, visit our website! You can fill out the pre-approval paperwork, and begin securing your Lake of the Ozarks mortgage. We can’t wait to begin working with you!

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.

Friday, September 9, 2016

How To Ruin Your Mortgage Approval

Are you applying for a mortgage at the Lake of the Ozarks? There are a lot of factors involved in whether or not you get approved for a home loan. In today's blog, your Lake of the Ozarks mortgage lender offers some advice on what not to do! Here are a few ways that you could ruin your chances at an approved mortgage.

1. Incurring More Debt.

One of the worst things you can do while going through the mortgage process is incur more debt. Avoid making any large purchases. This includes buying a new car or even just purchasing furniture for your new home. You need to wait until after the closing to make any purchases because your lender will not only pull your credit at the beginning of the process, but also just before closing to make sure nothing has changed. Your debt to income ratio is a big factor in determining both the amount of the loan and whether or not you get approved altogether. Generally, lenders require that your housing, plus any other debt, does not exceed 43% of your income.

2. Making a Career Change.

When you get a mortgage, the lender trusts you are able to pay back this loan over a certain period of time. One factor mortgage companies consider is the length of the present employment; they are partial to stability. Your current income and debts are used to determine how much of a monthly payment you should reasonably be able to afford. A career change in the middle of the approval process is almost certain to alter your debt to income ratio and could impact loan approval.

3. Being Involved in a Court Case.

Whether you're dealing with a divorce or a lawsuit, being involved in a court case will not help your chance of loan approval. When it comes to divorce, lenders want to avoid being caught in the middle of the battle over marital property. In these situations, it's hard to tell whether or not the loan will be paid back and by whom. Being sued or suing someone can also interfere with your mortgage approval. If you lose the case, you will either have to pay a settlement or attorney fees. This extra expense could make it harder to make your mortgage payment. Lenders see these situations as quite risky. Be sure to let your lender know up front if you are involved in any of these types of situations.

If you're thinking about purchasing a home at the Lake of the Ozarks, call 573-746-7211. When it comes to your financing needs, I'm committed to working with you every step of the way. I'll discuss your options, offer competitive rates and offer advice on how not to ruin your mortgage approval. Let me help you open the doors to 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