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The Mortgage Process
Five Easy Steps
Lakeside Mortgage Corp. will keep your loan process as easy as it should be.
Step One: Pre-Qualification
You will talk to a loan officer (over the phone, in person, or via email) to discuss your needs. The loan officer will then ask you about your financial history, pull your credit, and review your options.
If you are purchasing a home, the loan officer will also be able to let you know if you are pre-qualified, and send a pre-qualification letter to you.
Step Two: Application
Your loan officer will meet with you at your home. At this time, the loan officer will walk through the loan application, and may ask for the following documents:
- Last 2 years W2’s or complete tax returns
- Pay Stubs
- Bank and asset statements
- Copy of your driver’s license
- Bankruptcy papers, divorce decree, child support documentation (if applicable)
If you are purchasing a home, the loan officer will also need:
- Signed offer to purchase
- Copy of the earnest money check
- 12 months cancelled checks (if you are currently renting)
When the loan officer leaves your home, he/she will review the documentation collected, submit your application to the lender, and order an appraisal for your home. If there are any questions or concerns regarding your loan, the loan officer will review them with you before proceeding.
Step Three: Underwriting
Once your loan, along with your appraisal, has been submitted to the lender, an underwriter will review your materials. The underwriter will evaluate your loan to determine any risk involved for the lender, your creditworthiness, and the quality of your property.
Step Four: Final Conditions
Your loan officer will contact you for any additional information required by the lender, review the loan again with you, and set up a closing time.
Step Five: Closing
If you are refinancing your home, the title company will come to you. Make sure you have your driver’s license with you. If you are purchasing a new home, generally the seller or selling agent of your new home will choose a Title Company for you. Make sure to bring a drivers license, and a cashier’s check made out to the Title Company.
Your closing will approximately take 45-90 minutes.
Your loan officer may or may not be present at your closing, but will always follow up with you!
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