Choosing the Right Mortage Loan for You

When you choose to work with the best mortgage lender at the Lake of the Ozarks, you'll have a variety of loan options available to you. Whether you're a first-time homebuyer or are looking to refinance your home at the Lake of the Ozarks, we'll discuss your needs and find the best mortgage product for you! Today's blog takes a look at several of the different products we provide our clients:

Conventional Loans

Conventional loans offer competitive rates and flexible terms. Downpayment requirements can vary from 5-20% down. These loans are available from 10-30 years and can be fixed or adjustable-rate. Whether you're looking to purchase a new home or refinance your current one, conventional loans can be a great option. If you have great credit and a substantial amount for a downpayment, then a conventional loan is the way to go! 

USDA Loans 

The United State Department of Agriculture (USDA) loan requires no downpayment and is available to borrowers with lower credit. This is the only zero-down loan available to those without a military service history. These loans typically come with very low interest rates and less expensive mortgage insurance, keeping the monthly payments down and beating the affordability of even FHA loans. Compared to other loan products, the USDA loan has a lower upfront and monthly costs. This makes the USDA loan more affordable for families on a tight budget. These loans are restricted to homes in "rural" areas, and the homes are usually modest in design, size and cost.  

FHA Loans

The Federal Housing Administration is the largest insurer of residential mortgages in the world. FHA loans typically require higher income and credit qualifications than USDA loans. The minimum downpayment can vary, but most of the time a 3.5% downpayment applies to FHA loans. The terms of FHA loans are flexible, and closing costs are typically low. Whether you're purchasing a new home or refinancing, the FHA loan offers competitive rates.

VA Loans

In order to qualify for a VA loan, you must be a veteran or active duty military. Like the USDA loan, VA loans do not require a downpayment. If you qualify, the VA loan is a great option as it offers low interest rates and no downpayment. This program was designed to make homeownership more affordable for qualified US veterans. Closing costs are generally low on these loans and there are no pre-payment penalties - and while there's no downpayment requirement, you still don't have to pay monthly mortgage insurance premiums.

First-Time Homebuyer Program

In addition to the above products, our company offers a First-Time Homebuyer Program to help you get in a home faster and easier. The First Place Loan Program gives first-time homebuyers the edge needed to purchase a home. These loans offer affordable interest rates, as well as a 3% cash assistance loan for downpayment and closing costs. Incentives offered by the Missouri Housing Development Commission (MHDC) allows prospective buyers to obtain a Lake of the Ozarks mortgage in a competitive market.

With all the loan options available, it might be hard to find a place to start. As your Lake of the Ozarks mortgage lender, I'm here to work with you every step of the way. Give me a call at 573-46-7211 to discuss your needs and I'll help you find the perfect loan option for your situation.

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Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(866) 397-0318

Email:  mlasson@fsbfinancial.com

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