Friday, December 11, 2020

The Most Wonderful Time of the Year… to Finance a Lake Home

The gift-giving season is in full swing, and what better gift to give yourself than a new home. There are many advantages to buying a home at Lake of the Ozarks this time of year. Tax incentives motivated sellers and low-interest rates are just a few of the advantages you'll find. So, if you're into the idea of obtaining a mortgage at Lake of the Ozarks, Team Lasson is ready to assist in any way possible. Read on to learn how we make this process as seamless and smooth as possible!

The Mortgage Process

The mortgage process can be a daunting task, even for experienced buyers. However, when you work with true mortgage professionals at Lake of the Ozarks, you will be carefully guided through the process. There are many steps involved in obtaining a mortgage, so we thought it fitting to shed a little light on each step. This way you know what to expect and what is going on at each stage of the game.

Appointment/Interview

The interview stage is the initial step in the process. You will speak with your lender and discuss what you're looking for in a mortgage, discuss income and employment, assets/reserves, legal items, and property addresses (if applicable at the time). You'll be requested to fill out an application with said information, which can be completed on our website at www.yourlakeloan.com. Once the application has been completed, your file will move to the pre-qualification stage.

Pre-Qualification

The pre-qualification stage involves verifying the information you submitted on your application with official documentation, such as pay stubs, tax returns, bank account/retirement statements. Your lender will pull a credit report to verify debts and various liabilities or risk factors to the loan. Once the analysis of the documentation and the loan has been prequalified, you'll move to the contract and ordering stage.

Sales Contract & Ordering

At this stage, the lender will typically ask for a copy of a signed sales contract and begin ordering title work, appraisal, and other third-party items needed for proper closing. You have the right as the buyer to choose your own title insurance and homeowners' insurance. At this step in the process, you will likely be awaiting reports from the third parties. Leaving this time open to collect other miscellaneous documents requested for the final underwriting stage.  

Disclosures

Throughout the process, you will be receiving loan disclosures. The loan estimates are non-binding documents for you to sign, acknowledging receipt and understanding of the loan terms. The closing disclosure will show what you can expect at the closing table with regard to fees related to your transaction and the final terms of your loan. The closing disclosures is required to be signed and received no less than 3 business days prior to closing.

Underwriting

Underwriting of the file will occur once proper required documentation has been received. As you submit the requested documentation and return the signed disclosures, the lender and their team will submit your file to an underwriter. The underwriter checks the loan file and documents to ensure that the loan is compliant with federal and state regulations, as well as being accurate. Once the underwriter approves the loan file submitted, you're ready for the closing table.

Closing

This is the stage we've all been waiting for, the BIG DAY. Here, you get to see the fruits of your labors as you sit down with your settlement agent, loan officer, and real estate agent to sign the final set of closing documents, funds are exchanged, and you are now a proud owner of a new home!

At Team Lasson, we understand the wants and needs of our clients. Therefore, we strive to educate and provide exceptional mortgage lending services at Lake of the Ozarks. We've had much success in our many years of mortgage lending, using our tried-and-true methods! We hope that, if you're in the market for a new home this holiday season, you'll consider using the best mortgage company at the Lake, Team Lasson.




Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065






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

1 comment:

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