Wednesday, January 13, 2016

The Home Loan Process in a Nutshell

While the home financing process can seem overwhelming, it's your mortgage lender's job to ensure you get a home loan at the Lake of the Ozarks as quickly and easily as possible. As your Lake of the Ozarks mortgage lender, I'll provide you with regular updates. Anytime you need assistance, I'm just a phone call away - I'll be with you every step of the way! Let's take a look at what you can expect during the home loan process:

STEP 1: Pre-Approval

To get started, just give us a call at 573-746-7211. By providing us with some general financial information, we can determine how much you will be able to borrow. During the pre-approval process, we will also review your credit report and evaluate your debt-to-income ratio. By getting a pre-approval before you start your home search, you may have more buying power and the ability to negotiate the purchase price.

STEP 2: Application 

Once you have selected a property and have a contract with the seller, it's time to put in your loan application. This can easily be done on the First State Bank Mortgage website or just give your mortgage lender at the Lake of the Ozarks a call for assistance in filling out the application. At this time, you will need to have all your documents in order and send them in along with your application. These documents can include: pay stubs & W2's, tax returns, investment & retirement income documentation, bank statments, purchase agreement, etc.

STEP 3: Processing 

During this step, the mortgage lender will review the documentation and provide a loan package for the underwriter. At the appropriate time, we will order an appraisal for you. Keep in mind that applying for a mortgage is an ongoing process that takes into account everything you do up until the day of closing. It is very important that during this processing time, you don't make any big changes such as: incurring new debts like getting a new car or a new credit card, or making any lifestyle changes that could hinder your loan approval. Ask your mortgage lender for recommendations to ensure a quick and smooth loan closing process.

STEP 4: Loan Approval 

Now, the underwriter determines whether the information provided is acceptable to offer the applicant the loan. The underwriter will evaluate your credit, assets, debts and the property appraisal. If more information is needed, you will be contacted to supply it.

STEP 5: Funding 

Your real estate agent or the seller will designate an escrow/title company to handle the funding of your loan. This company will also handle all the other factors that make your purchase go smoothly. For example, they will check the title to make sure it is free of liens associated with any previous owners. During this step, a closing date is scheduled.

STEP 6: Closing 

The loan closing is a meeting where you will complete the paperwork to finalize the purchase of the home from the seller. You'll sign the mortgage documents and receive the deed and keys to your new home!

That is our loan process - Simple, Straightforward, Cost-Effective, and FAST! For more information on getting a mortgage loan at the Lake of the Ozarks, give Lakelender Lasson a call at 573-746-7211. When it comes to your financing needs, I'll discuss options, offer competitive 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
Sr. Residential Mortgage Lender
NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049

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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