3 Major Reasons Banks Reject Mortgage Loans

Compared to a few years ago, getting a home loan at the Lake of the Ozarks can be tough. Lenders only accept about 55% of all mortgage applications.  If you're thinking about purchasing a home in the near future, now is the time to start your research and make sure you are prepared to do everything you can to get approved.  Here are 3 major reasons banks reject mortgage loan applications from DailyFinance.com:

1. Improper Income Documentation

Having great credit doesn't automatically mean that you will be approved for a Lake of the Ozarks mortgage loan.  If you can't prove your income and back it up with tax records, you won't be able to get a loan. Some income related activities to avoid if you're planning to apply for a mortgage loan would include job hopping, gaps in employment, not having two consecutive years in the same industry or moving from a salaried position to commission-based work.  All of these activities make it difficult to document your track record and true earnings history.

2. Lack of Strong "Compensating Factors" 

In mortgage industry lingo, a "compensating factor" is a positive aspect in your mortgage application to offset other negatives.  Examples of these factors would include:

• A large down payment, more than 20%
• Lower than normal loan-to-value ration, less than 80%
• Lots of cash reserves, 12 months or more
• High credit score, above 740

If your application has some issues and you're on the borderline of qualifying because maybe your debt-to-income ration is a little high, compensating factors could help strengthen the application.

3. Property Type

Many Lake of the Ozarks mortgage lenders can be leery of certain types of properties such as second homes and investment properties.  There are funding options for these types of properties; however, they carry more stringent terms such as bigger down payments and more cash reserves. Newly developed condos can also fall in this category.  Many banks won't lend money on condos unless 70% or more of the units have been sold and lenders won't issue mortgages on condos that aren't on the FHA's approved list of condos.

For the full article with additional reasons, please visit: http://www.dailyfinance.com/2010/05/17/7-reasons-banks-reject-mortgage-applications-and-how-to-get-app/

When it comes to your financing needs, I'm committed to working with you every step of the way. I'll discuss financing options, offer competitive interest rates and back it up with the FIRST Class Service you deserve and I guarantee.  Contact me today at 573-746-7211 to get started on a mortgage for your new home at the Lake of the Ozarks!

For Lake area news, resources and tips on financial services, please 

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Michael Lasson

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com

The Home Loan You Deserve

VA Home Loans

With favorable terms, competitive interest rates and no monthly mortgage insurance premium, VA Loans at the Lake of the Ozarks are designed to make homeownership more affordable for qualified U.S. veterans.  VA Home Loans are provided by private lenders, such as your Lakelender Michael Lasson. However, the VA guarantees a portion of that loan, enabling the lender to provide more favorable terms.  You served our country and now we'd like to serve you!

Benefits of a VA Loan

If you're eligible for a VA-guaranteed loan, you've earned several major benefits, including:

• 100% Financing
• NO monthly mortgage insurance premiums due
• NO pre-payment penalties
• Low closing costs
• In-house processing and underwriting

A Team of Professionals

Our team of knowledgeable lenders, processors and underwriters work to extend competitive rates on the best mortgage product for you.  We use reputable local appraisers to provide you with a quick and accurate appraisal, and we are committed to providing a smooth and timely closing process for your home loan at the Lake of the Ozarks! 

Getting Started

You can help speed along your loan process by collecting the following information: 

• Current drivers license
• Pay stubs covering the last 30 days
• W-2 forms for the past two years
• Two year's tax returns
• Bank statements for the past 2 months (or any other statement regarding stocks, bonds, 401(k)s, mutual funds, etc.) 
• *Additional documents may be required

As your Sr. Residential Mortgage Lender at the Lake of the Ozarks, I'm committed to working with you every step of the way.  I'll discuss financing options, offer competitve interest rates and back it up with the first class service you deserve and I guarantee. Give me a call today at 573-746-7211 to get started!

For Lake area news, resources and tips on financial services, please 

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com

5 Mortgage Loan Tips for Prospective Home Buyers

The home buying process all starts with a mortgage loan. Most people don't have enough money lying around to pay cash for a new home at the Lake of the Ozarks.  Whether you're a first time buyer or just looking to refinance, Lakelender Michael Lasson is here to help!  My Mortgage Insider wrote a great article with tips from some of the most influential real estate and mortgage professionals on Google+. Here are some of the top mortgage loan tips pulled from their article:

1. Do Your Homework. 

If you're looking to refinance a home at the Lake of the Ozarks, it's important to do your homework first. You want to make sure you make the best decisions for your investment.  Here are some questions to ask your mortgage lender before getting started:

• What are your fees? 
• What loan programs do you offer? 
• What interest rates are you offering? 
• Can you lock in my rate and if so, for how long? 
• What are my estimated monthly payments? 
• How much can I expect to pay in closing costs? 
• What percentage of refinance loans do you close on time? 

2. Get Pre-Approved for a Loan

When buying a home, many people think you should start with searching for a home. That's where they're wrong.  The first step in buying a home is to find a reputable mortgage lender at the Lake of the Ozarks and get pre-approved for a loan.  By getting pre-qualified, you will get a ballpark idea of how much you can afford, while a pre-approval will tell you almost precisely what you can afford.  To get pre-qualified takes about 5-10 minutes of just talking with a loan officer.  A pre-approval however takes a little longer because you have to provide all the necesssary documents showing your financial situation.  Once you've been approved, now is the time to start looking for the perfect house within your budget.  Talking to a loan officer accomplishes many things:

• Helps you identify credit issues up front to give you time to fix things if necessary. 
• Gives you guidance in terms of what monthly payment you qualify for. 
• Knowing what you qualify for gives you guidance for what home pricing you should be looking at. Often what you qualify for is different than what you know you can (or want to) pay on a housing payment.

3. Keep Trying If You're Denied. 

If at first you are denied for a home loan at the Lake of the Ozarks, get your ducks in a row and apply again. For tips on re-applying after you've been denied, check out our blog titled 5 Tips to Get a Mortgage Loan If You've Been Turned Down.  Every mortgage lender uses some variation of the official mortgage guidlines. This means you could have been turned down for a credit score that was too low, maybe your debt to income ratio wasn't the best, or various other reasons could be the case.  Be sure to talk with your lender about the issue so you can correct it before you apply again. 

4. Interest Rates are More Important Than Home Prices. 

Don't put too much importance on the price of the home without considering the interest rate.  A 1-2% increase in the interest rate could end up adding an extra $50,000 over the life of the loan.  Rather than trying to wait until home prices are falling, pay attention to how interest rates are doing.  Even if you're spending a little more on the home, you could end up saving money with the right interest rate! 

5.  Be Prepared. 

Before you start looking to buy a house, you want to be prepared financially.  You need to make sure your credit and debit situation is in order.  Is your loan file the kind that mortgage lenders want to see?  You also need to ensure your credit score and credit profile are good enough.  Here are some tips to be prepared to get that loan:

• Check your credit reports at least 6 months before you plan to start looking for a home. For this purpose it's ok to use an online service since you're just beginning the process and looking for an idea of your credit scenario. Later, you will want to talk with a mortgage professional. 
• If you see any mistakes or errors, or missing information on your credit reports, now is the time to address them. Don't wait until you've found your dream home and are applying for a mortgage. 
• Address all derogatory information that is pulling your credit score down. 
• Be proactive to build up your credit score. There are ways to increase your score significantly in the 6 months leading up to your home search.Tthere are also many things that can bring your score down. Check out our blog titled Things Not To Do When Getting a Home Loan. 
• If financially possible, pay down any credit card balances below 30% of your limit, called your revolving credit utilization ratio: the ratio of balance to limit.

For the complete article, please visit: http://mymortgageinsider.com/tips-from-top-25-real-estate-and-mortgage-pros-on-google/

As you're Lake of the Ozarks mortgage lender, I'm here to help you every step of the way!  I would love the opportunity to help you manage your mortgage loan or refinancing at the Lake of the Ozarks.  Give me a call at (573) 746-7211 or send me an email at mlasson@fsbfinancial.com with any questions you may have!

For Lake area news, resources and tips on financial services, please 

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com

 

The 2014 Eldon Turkey Festival is this Weekend!

Join us for the 29th Annual Turkey Festival in Eldon!  There will be a parade, music, food, car show, demolition derby, figure eight derby and much, much more!  Don't forget to bring a canned food item for the food drive to benefit the Eldon Food Pantry.  Check out the events schedule below for some family fun you won't want to miss!

Turkey Festival Schedule

Friday, September 26 

Little Mr. and Miss Gobble / Little Mr. and Miss Turkey

• 6 PM - Royalty will be crowned at the Eldon South School stage. 

Saturday, September 27

5K Turkey Trot and Gobble Wobble - 7:30 AM

• 6:45-7:15 AM - Registration in front of pool at the Eldon Airpark 
• 7:30 AM - 5K Turkey Trot and Gobble Wobble Begins

Eldon Turkey Festival Parade - 10 AM 

• 8:30 AM - Parade lines up at the Eldon High School parking lot
• 10 AM - Parade begins

Eldon Community Center - 9AM

• 9 AM - Quilt show begins in the gym
• 11 AM - Art show in rooms A and B, 
• University Extension show in lobby
• Lions Club eye exams

Eldon Community Center Parking - 11 AM

• Mashburn ponies with pony rides
• Eldon Fire Department Fire House
• Emergency Management Trailer
• Missouri State Water Patrol water boat
• Phil Scritchfield Scottish Highlander Cattle
• The Car Bash 
• Staff for Life helicopter (near community center) 
• Wonder Bubbles (near community center)

First Annual Five Alarm Chili Cook-Off - 11 AM

• Join the Eldon Fire Auxiliary for their Chili Cook-Off. 
• Try some of the best chili made by 5 local fire departments. 
• $5 Admission lets you taste each chili and FILL THE BOOT for your favorite. 
• Drinks and desserts available for $1. 
• Childrens games. 

Gerbes Parking Lot - 11 AM

• Crown Power and Osage River Antique Power Association exhibits

Main Stage (Located on Maple Street next to Eldon Drug and Clotworth Building) 

• 11AM - American Gymnastics
• 11:30 AM - Maple Street Dancers
• 12:30-2 PM - Helen Russell
• 2-3:30 PM - Jake Russell

Gospel Stage (Located at the corner of North and Maple Street) 

• 11 AM - Golden Oldies
• 12 PM - Eldon First Assembly of God K Club 
• 12:30 PM - New Lift Assembly of God 
• 1 PM - Brian Mace and Co. 
• 2 PM - Rex and Missy 
• 3 PM - The Stone Sisters
• 4 PM - Jeff and Kayla

South Stage (Located at the corner of North and Maple Street)

• 11 AM - Youth Stage featuring: 
• Mule Kickers
• Eldon Gymnastics
• Several area dance and cheerleading groups
• Members of the Eldon High School Concert Choir and EHS Jazz Band
• 11:30 AM - Little Mr. and Miss Turkey & Mr. and Miss Gobble announced

Demolition Derby (Located at the Eldon Fairgrounds) 

• 3 PM - Car registration begins
• 6 PM - Demolition Derby sponsored by SkillsUSA

With great events like these, why wouldn't you want to own a home at the Lake?  As your Lake of the Ozarks mortgage lender, I would love the opportunity to help you manage your mortgage loan or refinancing at the Lake of the Ozarks.  Give me a call at (573) 746-7211 or send me an email at mlasson@fsbfinancial.com with any questions you may have!

For Lake area news, resources and tips on financial services, please 

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com

   

7 Places to Find New Clients

Finding clients isn't just a struggle for new business owners.  All business owners have to regularly and frequently search out new clients to keep new business coming in. Depending on the industry you're in, sometimes you have to do this more often than others. Lake of the Ozarks mortgage lenders fall into that category because once a client gets a home loan at the Lake of the Ozarks, they're not likely to need your services again for awhile. So the big question is, how do you get these new clients? Here are 7 places to start looking for potential new clients for your business.

Places to Find Potential Clients

1. Referrals

The best place to start is with your current or past clients.  Reach out to them and ask if they know anyone in need of your services.  Maybe you have a recent success story you can share with them that they can relate to. Maybe they know of someone in a similar situation to the one you're describing and can pass you a referral.  

2. Friends and Family 

Think about who you know.  Maybe your immediate friends and family don't need your services, but maybe someone in their personal network could be a potential client for you.  You could even consider offering a referral program with some type of reward for those who bring you referrals.

3. Personal Activities

What do you do in your spare time? Look for potential customers at the gym or at your local coffee shop. If you're a parent, consider their friends' parents to be potential new clients. Make it a habit to talk to those other parents when you attend shool functions or sporting events.

4. Business Organizations

Visit different business organizations in your area and consider joining one.  Referral based organizations, such as Busniess Network International, present the perfect opportunity for gaining new clients.  Be sure to bring business cards to pass out, but remember to focus on building new relationships rather than bringing just a strong sell message.

5. Local Events 

By sponsoring local events, you can get your name out there in front of tons of potential clients. Keep your eyes out for upcoming events that you can associate yourself with or consider hosting an event yourself.  Be sure to think about what makes a good client for you and try to find events that those types of people will be attending.

6. Meetings and Seminars

Local chambers of commerce, trade associations, special interest groups, fairs and symposiums are a great way to meet new prospects.  One of the most efficient ways to get a group of prospects in one place is public speaking.  Consider offering a Q&A session or offer to be a presenter at their next function to let potential clients get a sense of your skills and personality.  If you're not the one hosting the event, you will get third party credibility from those who are hosting it.

7. Advertising

After going through all the above networks to find new clients, it's time to start advertising.  Reach outside your current networks and try to make new connections.  You can do this through traditional advertising or with online marketing.  You'll want to decide who your best potential customers are, figure out where they are and then decide which medium is best to reach them with.  If you're going for a younger demographic, Social Media marketing is a great way to reach out to those prospects.

Business development should be incorporated in your day to day work flow.  Keep in mind that approaching everyone you meet with a sales type attitude isn't the best way to gain new clients. You want to first build a relationship with these prosects because you want them to know they can trust you.  When it comes to mortgage lending, Lakelender Michael Lasson is here to help you every step of the way.  Dedication and first class service is guaranteed!

I would love the opportunity to help you manage your mortgage loan or refinancing at the Lake of the Ozarks.  Give me a call at (573) 746-7211 or send me an email at mlasson@fsbfinancial.com with any questions you may have!

For Lake area news, resources and tips on financial services, please 

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com

    

Things NOT to Do When Getting a Home Loan

Once you have been approved for a home loan at the Lake of the Ozarks, it should be smooth sailing right?  Not exactly.  While the hard work of building up good credit and saving for a down payment & closing costs is behind you, the process isn't complete. It's important to remember that your lender will recheck your credit just before the settlement date and verify details such as employment to make sure nothing has changed throughout the mortgage process. Here are a few things to avoid during this time to ensure a smooth settlement.

Things to Avoid During Home Buying Process

1. Don't deposit any cash into your bank accounts.
2. Don't buy any furniture or appliances.
3. Don't apply for any new credit cards.
4. Don't close any credit cards or lines of credit.
5. Don't consolidate debt onto one credit card.
   
6. Don't max out or go over your credit card limit.
7. Don't pay off any loans, unless required by lender.
8. Don't open new bank accounts or change your existing ones.
9. Don't make any major purchases such as a car, boat, pool or jewelry.
10. Don't transfer any balances into different accounts.
11. Don't finance any elective medical procedures.
12. Don't open a new cell phone account.
13. Don't dispute any credit issues; if an account shows disputed on your credit report, it must be paid off.
14. Don't skip a payment or make a late payment.
15. Don't change jobs if you can help it.
16. Don't co-sign on a loan for someone else. 

Purchasing a new home at the Lake of the Ozarks can be a very exciting time.  You probably want to get everything in order financially and start purchasing new items to go in your home. However, its better to wait until after the settlement to make any changes that will affect your credit score or anything else that pertains to deciding whether or not you can make payments on your new home.

Sources:
http://mymortgageinsider.com/tips-from-top-25-real-estate-and-mortgage-pros-on-google/
http://www.realtor.com/advice/eight-things-avoid-buy-home/
http://blog.credit.com/2014/01/the-worst-things-you-can-do-before-buying-a-home-74570/

I would love the opportunity to help you manage your mortgage loan or refinancing at the Lake of the Ozarks.  Give me a call at (573) 746-7211 or send me an email at mlasson@fsbfinancial.com with any questions you may have!

For Lake area news, resources and tips on financial services, please 

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com

5 Things You Must Know About Moving Companies

When its time to move to your new home at the Lake of the Ozarks, you want to make sure your stuff is in good hands.  Before hiring the first moving company you can find, be sure to check them out.  Kiplinger.com has a great list of things you should consider and check out before hiring someone to move your stuff.

1. Beware of Crooks. 

The Better Business Bureau received more than 9,300 complaints about movers in the U.S. in 2013. One of the most common complaints was a bait-and-switch tactic.  The mover would quote a specific price and then hold your possessions hostage unless you paid some unexpected fee.

2. Get Everything in Writing. 

Before hiring a mover, you should get estimates from at least three different companies and be skeptical if one is much lower than the others.  Movers should offer to visit your home in order to assess the job.  The cost for an instate move is typically dependent on the number of hours it will take.  If you're moving across state, the weight and distance will most likely be used to calculate the cost.  Be wary if the mover is not interested in details, requires a large deposit or accepts cash only, which leaves no record of a transaction.

3. Check Out Their Reputation

Don't rely entirely on word of mouth.  Start by going to the Better Business Bureau's website to see if any complaints have been made against them and if they have been resolved. If you are moving to a different state, your mover should be licensed by the Federal Motor Carrier Safety Administration (FMSCA).  You can go to www.protectyourmove.gov to search for movers registered with the Department of Transportation or use www.moving.org to get quotes from companies that have passed the American Moving and Storage Association's background checks and licensing and insurance requirements.

4. Update Your Insurance Coverage. 

Call your homeowners or renters insurance provider to see whether your policy covers your belongings while they're in transit.  You'll most likely find that your policy covers the same things it would if your items were in your home.  For example, if the truck bursts into flames, your policy may reimburse you.  However, if your items are broken or damaged by the mover, you probably won't be covered.  Interstate movers are required to offer two kinds of supplementary liability insurance.  These include released value coverage at no extra cost which ensures you a rate of 60 cents per pound or you can purchase full value insurance which will cover the repairs or replacement of the damaged items.  You have 9 months to file a claim if you discover something is broken or scratched while unpacking.

5. Call for Help. 

If a mover is holding your stuff hostage, call the FMCSA at 888-368-7238.  For any other type of complaint, you can contact the National Consumer Complaint Database of the FMCSA.  To find local consumer protection offices go to www.protectyourmove.gov.

If you're planning a future move to the Lake, I'm here to help with all your Lake of the Ozarks home loan needs.  When it comes to your financing needs, I'm committed to working with you every step of the way. As your Lake of the Ozarks mortgage lender, I'll discuss financing options, offer competitive interest rates and back it up with the FIRST Class Service you deserve.  Give me a call at (573) 746-7211 or send me an email at mlasson@fsbfinancial.com with any questions you may have!

For Lake area news, resources and tips on financial services, please 

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com