Our Home Loan Process

Lake Area Mortgage is dedicated to making the entire home buying process smooth and simple from application through close!

  • Consultation & Pre-Qualification

    Set up a meeting with your mortgage loan officer to discuss your home financing needs, goals, and current fiscal situation. Be prepared to provide information on your current income, assets, and liabilities. You’ll also need to agree to a review of your credit report. We’ll use this information to provide a pre-qualification for a loan, including the loan amount that you qualify for.

    Shopping for a home with pre-qualification is shopping with confidence!

  • Application & Documents

    Your loan officer will provide you with a more detailed list of required documents for your official loan application. The documents required to approve and underwrite your loan can vary depending on program, credit score, and job type.

    During this step, you’ll also be looking to make an offer on your new home.

  • Processing

    Once your offer to purchase a home has been accepted, your loan officer and their team will begin processing your file for underwriting. During this time, we may request additional items that we need to approve your loan.

    Generally, your rate will be locked at this time and an appraisal will be ordered.

  • Underwriting

    Our in-house underwriting team will review the file to issue a loan decision. Your approval may require you to submit additional items. Once these extra items are submitted, we’ll be able to obtain final approval in 24 to 48 hours and your loan will be clear to close!

    After your loan is clear to close, you will be notified of the exact amount of money you will need to bring to closing.

  • Closing

    Once you sign the final loan documents, the transaction will be completed and closed.

  • Congratulations!

    If your loan was a purchase, you’re a new homeowner! Your real estate professional will have your house keys at closing or schedule a time to deliver them.

    If your loan was a refinance, enjoy the benefits of your new loan!

Questions about the process?

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Your Homebuying Timeline: 

2-4 Months

From Desired Move-In Date

✓ Develop a checklist including home features, locations, budget, and personal goals.
✓ Talk to us about your application & pre-qualifying.
✓ Choose a real estate agent and begin searching for properties.
✓ Need help finding an agent? We can offer recommendations.
✓ Do not apply for credit as it could negatively impact your score.
✓ Found the perfect home? Make an offer!

20-45 Days

From Closing Date

✓ Notify our mortgage team of accepted offer and provide all required documents.

✓ Schedule a home inspection.

✓ Call moving companies to make moving arrangements and schedule your move-in date.

7-14 Days

From Closing Date

✓ Notify us before buying anything costly on credit, as it could impact your credit score and loan approval.

✓ File address changes with financial institutions, creditors, insurance agency, post office, etc.

✓ Transfer utilities for your new home into your name.

24-48 Hours

From Closing Date

✓ Your mortgage loan officer and the title company will contact you to verify closing details.

✓ Your real estate agent will arrange a walkthrough of your new home.

✓ Verify any final mortgage details with us and confirm how much cash you need to bring to the closing.

Closing Day!

✓ Sign final loan documents at your closing.

✓ Get the keys to your new home.

✓ File Homestead Classification as soon as possible.

✓ Relax! You’re a proud new homeowner!

Exact timing of loan process may vary. Loans subject to credit and property approval.

© Copyright 2026 – Lake Area Mortgage®, a division of Royal Credit Union – NMLS ID# 543781  

1200 West County Road E, Suite 200 | Arden Hills, MN 55112
Phone  : (651) 209-2900 | Fax: (651) 209-2929