Tuesday, December 22, 2020

A New Home for the New Year!

 Now is the time of year when people make big changes for the year to come.  If you're looking to buy a home at Lake of the Ozarks, Team Lasson here is here to help! Whether you're interested in relocating into a new primary residence or capturing a vacation home at Lake of the Ozarks, our team of mortgage professionals would be happy to assist you with your home financing needs!

Mortgage Rates

2020 has been a phenomenal year for interest rates, hitting near record lows and remaining there. This means that you could potentially lock-in a stellar interest rate on the purchase of a new home! So, if you've been considering a new home for 2021, now's a great time to get pre-approved! 

Loan Options:

At First State Bank Mortgage, we provide a wide scope of mortgage products, offering both fixed and adjustable-rate products with varying terms. Here are some of the loan options we have available:

Conventional Loans

A conventional loan offers competitively priced rates on up to 97% of the value of the home. These rates are fixed over the term of the loan.

USDA Loans

Rural Housing loans are designed to make homeownership more affordable for borrowers in rural areas. Sponsored by the U.S. Department of Agriculture, these programs are able to provide a qualified borrower with up to 100% financing with competitive rates and terms.

VA Loans

Qualified U.S. veterans can make use of this program, offering favorable terms, competitive interest rates, and without mortgage insurance premiums. A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs. The program is for American veterans, military members currently serving in the U.S. military, reservists, and select surviving spouses and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes, and new construction. The VA does not originate loans but sets the rules for who may qualify, issues minimum guidelines and requirements under which mortgages may be offered, and financially guarantees loans that qualify under the program.

FHA Loans

This loan program offers low-down-payment options with competitive rates as well.FHA insured loans are a type of federal assistance. They have historically allowed lower-income Americans to borrow money to purchase a home that they would not otherwise be able to afford. Because this type of loan is more geared towards new house owners than real estate investors, FHA loans are different from conventional loans in the sense that the house must be owner-occupied for at least a year. Since loans with lower down-payments usually involve more risk to the lender, the home buyer must pay a two-part mortgage insurance that involves a one-time bulk payment and a monthly payment to compensate for the increased risk.

The Team That can Make it Happen!

Now that you know a little more about your options for financing a home at Lake of the Ozarks, we encourage you to reach out to Team Lasson with any mortgage inquiries! We're passionate about the Lake lifestyle and enjoy being able to share the experience with new neighbors. So, if you're interested in securing a mortgage at the Lake of the Ozarks, our Team is always here to help!

Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

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

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