Your Lake of the Ozarks Mortgage Lender: Completing Your Loan Application

When you're ready to buy a home at the Lake of the Ozarks, one of the first steps in getting financing is filling out the loan application. Today's blog from your Lake of the Ozarks mortgage lender offers some guidance on completing that application.

Meeting with Your Lake Lender

The first thing you want to do when applying for a mortgage is talk to your local lake lender. Together you will go over everything needed for your loan application. After your application is filled out and has been pre-approved, your lender may ask for additional information to complete the mortgage process. To give you an idea of what to expect, we've put together a document checklist for your review. By gathering as much of the information and documents as possible before sitting down with your lender, you'll be able to speed up the process and likely avoid delays.

Mortgage Document Checklist

The following information and documents are usually required during the Lake of the Ozarks home loan process. To speed along the process, you'll want to start gathering the information now.

Personal Information:

Social Security Number
Date of Birth
Current driver’s license or photo ID
Current and previous addresses
Names and information of any co-signers or co-borrowers

Income & Employment Information:

Most recent two years W-2
Current pay check stub reflecting year-to-date income of 30 days or more.
Present employer’s name, address and phone number. Length of employment, position and salary. If employed less than two years, please provide previous employer’s name, address and phone number to cover two consecutive years. Exact dates are required.
Last two months’ bank statements for all accounts. Please provide explanations of any deposits larger than normal paycheck.
If self-employed or paid any commission or have any business income, please bring complete copies of your federal tax returns along with all schedules and W-2s for the past two years. Include corporate or partnership returns, if applicable, for your business. Also include a year-to-date Profit & Loss statement.
Verification of other income needed to qualify, such as retirement, rental, interest or dividend income. If receiving Social Security or pension income, please bring current awards letter.

Other Information/Documents:

If applying for an MHDC grant, the past three years’ federal tax returns are required.
Evidence of child support payments for the last 12 months, if applicable, along with divorce decree and court order for child support payment and alimony.
Divorce decree order or any financial obligation incurred through a court order, if applicable.
If you have a property for sale, please bring the accepted offer to purchase or copy of listing contract.
If you own investment properties, please provide address, name of mortgage lender, mortgage statement and lease agreement on properties.
If any judgments or bankruptcy has been filed, please supply a copy of the judgment or bankruptcy discharge and petition. Also, furnish a letter of explanation of the same.
For a VA Loan, please provide a certificate of eligibility and a copy of DD 214.
Copy of the trust papers if you want the property held in a trust
Copy of accepted contract signed by purchasers and sellers, copy of earnest money check

Please keep in mind that some documents may not apply to you or may be difficult to provide. If you have questions about these items, or have trouble collecting them, please contact your mortgage lender at the Lake of the Ozarks for assistance.

As your local lake lender, I'm committed to working with you every step of the way! I'll discuss your Lake of the Ozarks home financing options, offer competitive interest rates and back it up with the first-class service you deserve! Give me a call today at 573-746-7211 to discuss your home financing needs.

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