Wednesday, February 15, 2023

A Basic Guide to the Loan Process

Buying a home is a major milestone and one that may seem intimidating. Our team of mortgage lenders at Lake of the Ozarks is here to make the process much easier to tackle! Whether it's the first home you're buying or you've purchased several homes throughout the years, Team Lasson is here for you. We know the process can be overwhelming but we're here to break down the basics and help you feel more at ease about your big purchase!

Mortgage Pre-Approval

The first step of buying a home is getting pre-approval on your mortgage. This step is important as it gives you an idea of a loan amount you can afford, therefore helps drive your home search. It also comes in handy as you're in negotiations since a seller will typically lean toward a buyer with a pre-approval in hand. 

Find Your Home & Make an Offer

Once you know how much you can afford in a home based on your pre-approval, you are ready to start looking for properties within your budget. It can help to have a list of wants and needs in a home to help drive your property search, as well. Once you find the right home, you make an offer. 

Application & Processing

After your offer is accepted by the seller, you will officially apply for your mortgage and your information will go into loan processing. The next step is underwriting. Your loan information will be sent to underwriting for final approval. 

Loan Approval, Funding, & Closing

Once your loan is approved, you will move into the Closing and Funding stages. The final step is closing! This is where you officially sign for the purchase of your home and gain rightful ownership of the property! 

The Escrow/Title Company designated in your Sales Contract will typically handle the closing process with the buyer and seller to ensure all parties have presented the agreed-upon amounts and completed the terms of the contract and loan. Team Lasson is usually present for all in-person closings to assist the buyer with any questions they may have with regard to the loan paperwork. After the closing process has been completed by all parties, you are now the proud owner of your new property!

These steps may seem overwhelming at first but our experienced team of mortgage lenders in Lake Ozark, MO is here every step of the way. Our team guides you through each step of the process for a smooth and seamless transaction! If you are ready to get started on a pre-approval for your mortgage, give us a call at (573) 746-7211 or visit our website at!

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Michael Lasson
Senior Loan Officer
NMLS #: 493712

First State Bank Mortgage – Michael Lasson 
2751 Bagnell Dam Blvd Suite B 
Lake Ozark, MO 65049

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