A Step-By-Step Guide To The Mortgage Loan Approval Process
If you haven't figured it out already, applying for a mortgage loan will be a huge aspect of buying a house at the Lake of the Ozarks. While this prospect can seem a little daunting at first, it doesn't have to be! Your friends at Arrowhead Title, Inc. are here to help you get a better understanding of how the loan process works.
Step 1: Application
First and foremost, your lender will have you fill out a loan application. Once he/she has your application, he/she will work with you to obtain all of the pertinent documentation to avoid any unnecessary problems and/or delays.
Step 2: Documentation
Within twenty-four hours of submitting your application, your lender will request specific documentation from you to verify the information your provided. These documents will include prior tax returns, pay stubs, bank statements, etc.
Step 3: Loan Submission
Once all of the necessary documentation has been gathered, your lender will submit your application (along with the documentation) to the the underwriter so the approval process can begin.
Step 4: Loan Approval
Once the underwriter reviews all the pertinent paperwork, he/she will make a decision about whether or not to approve the loan. All involved parties will be notified when the decision has been made.
Step 5: Loan Documents
After the loan has been approved (typically within three days or less), the loan documents will be completed and sent to your chosen escrow officer - like our title company at the Lake of the Ozarks! We will then set a date for you to stop by our office and sign all the final loan and escrow papers.
Step 6: Funding
Once all of the loan documents have been signed, they will be returned to the lender so he/she can conduct a final review process. If the package passes this final review, the loan funds will be deposited in your escrow account.
Step 7: Recording
When the loan funds have been deposited in your escrow account, your Lake of the Ozarks title company will record the deed of trust and the title at the county recorder's office.
Questions About How Arrowhead Title, Inc. Can Work For You?
Give us a call! Our team of experienced title and escrow professionals at the Lake of the Ozarks would be honored to help you buy your Lake of the Ozarks home. We look forward to helping you through the process!
Contact Arrowhead Title, Inc. to begin your title insurance process today!
The Lake of the Ozarks' Most Trusted Title Company
Step 1: Application
First and foremost, your lender will have you fill out a loan application. Once he/she has your application, he/she will work with you to obtain all of the pertinent documentation to avoid any unnecessary problems and/or delays.
Step 2: Documentation
Within twenty-four hours of submitting your application, your lender will request specific documentation from you to verify the information your provided. These documents will include prior tax returns, pay stubs, bank statements, etc.
Step 3: Loan Submission
Once all of the necessary documentation has been gathered, your lender will submit your application (along with the documentation) to the the underwriter so the approval process can begin.
Step 4: Loan Approval
Once the underwriter reviews all the pertinent paperwork, he/she will make a decision about whether or not to approve the loan. All involved parties will be notified when the decision has been made.
Step 5: Loan Documents
After the loan has been approved (typically within three days or less), the loan documents will be completed and sent to your chosen escrow officer - like our title company at the Lake of the Ozarks! We will then set a date for you to stop by our office and sign all the final loan and escrow papers.
Step 6: Funding
Once all of the loan documents have been signed, they will be returned to the lender so he/she can conduct a final review process. If the package passes this final review, the loan funds will be deposited in your escrow account.
Step 7: Recording
When the loan funds have been deposited in your escrow account, your Lake of the Ozarks title company will record the deed of trust and the title at the county recorder's office.
Questions About How Arrowhead Title, Inc. Can Work For You?
Give us a call! Our team of experienced title and escrow professionals at the Lake of the Ozarks would be honored to help you buy your Lake of the Ozarks home. We look forward to helping you through the process!
Contact Arrowhead Title, Inc. to begin your title insurance process today!
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
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