Why Realtors Choose Michael Lasson, Mortgage Lender at Lake of the Ozarks

There are many different Mortgage Lenders at Lake of the Ozarks to choose from - so what sets First State Bank Mortgage apart from the rest?   Here are a few things to consider when determining which Mortgage Lender is right for you!

As your Lake of the Ozarks Mortgage Lender, I strive to go beyond simply providing buyers with a loan;  I help them choose a beneficial long-term financial situation that is right for each buyer.  Even after the buyer closes the loan, I can work with your buyer to help them manage their debt over time.

My team has direct access to hundreds of loan products, we can provide the most efficient way to obtain financing tailored to each buyer's specific financial goals.  We are an Equal Opportunity Lender and we are a Member FDIC insured bank.

Our Points of difference:

• We believe that everyone deserves the opportunity to purchase real estate;  whether they are buying a primary home, buying a second home at Lake of the Ozarks or buying an investment property.  We can help your buyers achieve their goal!
• We understand that you and your buyer have many choices when choosing a Mortgage Lender and we want to earn your business and respect.  We work hard to go above and beyond your expectations by providing customer service that is top notch!!

How We can Help the Realtor:

• There are literally thousands of variables that can affect the outcome of the Lake of the Ozarks mortgage transaction.  That's why buyers will receive their own personal mortgage team to act as a liaison between the title and escrow company, appraiser, credit agency, attorneys and you, the Realtor!  We will also assist in any other services that may affect the transaction.
• It's our job to offer you and your buyers peace of mind as we escort their loan application through the entire process.  We will wade through all the options for the loan to find the most cost-effective and convenient loan for your buyers!

Convenience:

• Your buyers can apply for their loan on line 24 hours a day 7 days a week at www.yourlakeloan.com.  Depending on the situation, the pre-approval process can be completed in as little as 30 minutes after receiving the fully completed loan application. Contact the Michael Lasson Team today at teamlasson@fsbfinancial.com.

I hope this information is helpful to you but I realize you may need more information.  Feel free to give us a call - we can set up a time to answer all of your questions!  

For resources and tips on financial services, please 
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Michael Lasson
Sr. Residential Mortgage Lender

2140 Bagnell Dam Blvd, Suite 303B
Lake Ozark, MO 65049
Direct:  (573) 746-7211
Cell: (573) 216-7258

Fax:(573) 693-9141
Email:  mlasson@fsbfinancial.com
NMLS #: 493712

The Benefits of VA Loans and First Time Home Buyer Loans

Last week, I discussed the benefits of the FHA Loans and the USDA Loans - this week I will continue the theme by discussing the benefits of VA Home Loans and First-Time Home buyer Programs. Each loan has it's benefits and will be applicable to different scenarios.  As your Lake of the Ozarks Mortgage Lender, I can discuss your options and help you choose the right loan program for your situation.

VA Home Loans - with favorable terms, competitive interest rates, and no monthly mortgage insurance premium, VA Loans are desig
ned to make home ownership more affordable for qualified U.S. veterans.

Benefits of a VA Loan:

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

First-Time Homebuyer Program - Our First Place Loan program gives first-time home buyers and qualified veterans the edge they need to purchase a home.  Affordable interest rates, in combination with additional incentives offered by the Missouri Housing Development Commission (MHDC), allow prospective buyers to obtain mortgage financing in a competitive market.

Benefits of MHDC First-Time Homebuyer Loans:

• 3% cash assistance loan for down payment and closing costs
• Fixed-rate mortgage
• FHA, VA, USDA Rural Development, Fannie Mae qualified
• In-house processing and underwriting
• First-time home buyer requirements are waived for qualifying veterans and for homes purchased in targeted areas

I hope this information is helpful to you but I realize you may need more information.  Feel free to give us a call - we can set up a time to answer all of your questions and discuss which Home Mortgage Loan option is right for you!!   My contact information is listed below!  

Be sure to check out last weeks blog where I covered the benefits of  - I will covered the benefits of the FHA Loans and the USDA Loans!

For 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

2140 Bagnell Dam Blvd, Suite 303B
Lake Ozark, MO 65049
Direct:  (573) 746-7211
Cell: (573) 216-7258

Fax:(573) 693-9141
Email:  mlasson@fsbfinancial.com
NMLS #: 493712

Benefits of USDA Loans and FHA Loans

First State Bank Mortgage provides a full portfolio of fixed and adjustable-rate mortgage products - whether you’re a first-time homebuyer or are looking to refinance a current loan.  There are different types of loan that will be applicable to your situation - as your Lake of the Ozarks Mortgage Lender, I will help you determine the right loan for your home purchase.   

This week I am going to cover FHA Loans and USDA Home Loans. 

FHA Loan Programs offer competitively-priced rates and a low down payment option – whether you’re looking to purchase a new home or refinance your current loan.

Benefits of an FHA Loan:

• Flexible credit and underwriting standards
• Low closing costs
• Fixed and adjustable-rate mortgages available
• Down payments as low as 3.5% of sales price
• Competitive rates on new home purchases and refinances
• In-house processing and underwriting          

USDA Rural Housing Loans, sponsored by the U.S. Department of Agriculture, are designed to make home ownership more affordable for borrowers in rural communities. For qualified borrowers, a Rural Housing loan can provide up to 100% financing with competitive rates and terms.

Benefits of a USDA Home Loan:

• Up to 100% financing
• NO monthly mortgage insurance premiums due
• Low closing costs
• Affordable fixed rates
• Flexible credit and qualifying guidelines
• Available on new or existing homes

I hope this information is helpful to you but I realize you may need more information.  Feel free to give us a call - we can set up a time to answer all of your questions and discuss which Home Mortgage Loan option is right for you!!   My contact information is listed below!  

Be sure to watch for next week's blog - I will cover the VA Home Loans and First Time Homebuyer Programs.  

For 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

2140 Bagnell Dam Blvd, Suite 303B
Lake Ozark, MO 65049
Direct:  (573) 746-7211
Cell: (573) 216-7258

Fax:(573) 693-9141
Email:  mlasson@fsbfinancial.com
NMLS #: 493712

What Documents do I need to Apply for a Mortgage Loan??

The loan process can cause a little anxiety for home buyers that are excited to purchase their home.  The best way to help your Mortgage Lender finalize your loan quickly is to provide all of the pertinent documents needed to verify your information.  

Please keep in mind that some documents may not apply to you or may be difficult to provide.  If you have questions about these items, or have trouble collecting them, please contact me so that I can assist you in this process. 

1. Current driver’s license or photo ID
2. Copy of the trust papers if you want the property held in a trust. 
3. Copy of accepted contract signed by purchasers and sellers, copy of earnest money check
4. Check for $395.00 for application fee (covers appraisal and credit reports fees).  Please make the check payable to First State Bank Mortgage.  With pre-approvals, there is no money collected upfront.
5. Present employer’s name, address and phone number.  Length of employment, position and salary. If employed less than two years, please provide previous employer’s name, address and phone number to cover two consecutive years.  Exact dates are required.
6. Most recent two years W-2
7. Current pay check stub reflecting year-to-date income of 30 days or more.
8. If self-employed or paid any commission or have any business income, please bring complete copies of your federal tax returns along with all schedules and W-2s for the past two years.  Include corporate or partnership returns, if applicable, for your business.  Also include a year-to-date P & L statement.
9. Evidence of child support payments for the last 12 months, if applicable, along with divorce decree and court order for child support payment and alimony.
10. Verification of other income needed to qualify, such as retirement, rental, interest or dividend income.  If receiving Social Security or pension income, please bring current awards letter.
11. If applying for MHDC grant, the past three years’ federal tax returns are required.
12. Last two months’ bank statements for all accounts.  Please provide explanations of any deposits larger than normal paycheck.
13. If you have a property for sale, please bring the accepted offer to purchase or copy of listing contract.
14. If you own investment properties, please provide address, name of mortgage lender, mortgage statement and lease agreement on properties.
15. Divorce decree order or any financial obligation incurred through a court order, if applicable.
16. If any judgments or bankruptcy has been filed, please supply a copy of the judgment or bankruptcy discharge and petition.  Also, furnish a letter of explanation of the same.
17. For a VA Loan, please provide a certificate of eligibility and a copy of DD 214. 

If you have any trouble getting the documents that are mentioned above or if you have questions about the loan process, please call me for help!!  I enjoy helping people work through the loan process and want to make it as simple and pain-free as possible!!

For 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

2140 Bagnell Dam Blvd, Suite 303B
Lake Ozark, MO 65049
Direct:  (573) 746-7211
Cell: (573) 216-7258

Fax:(573) 693-9141
Email:  mlasson@fsbfinancial.com
NMLS #: 493712

Providing a Simple Process for your Lake Of the Ozarks Mortgage!!

The home financing process can be an overwhelming task, as your Lake of the Ozarks Mortgage Lender,  it is my job to ensure that you receive the best loan for your situation as quickly and easily as possible!

How Do I Help You Get the Best Loan??

Customer service is my highest priority.  Throughout the loan-application process, I will provide you with regular updates on your loan process. You can also e-mail me with questions or new information anytime. If you need immediate assistance, I am just a phone call away!  I do my very best to be available to answer any questions that you may have about your mortgage loan process.

Here's an overview of the loan application process

1. STEP ONE - Pre-Approval  Call me first.  Why?  By giving me some general financial information, I can help you determine how much you will be able to borrow.  Having a pre-approved mortgage loan could give you more power when you're looking for a  home and negotiating the purchase price.  I will also review your credit report and evaluate your debt-to-income ratio.  This information will allow you to make an educated choice for your future financial security.
2. STEP TWO - Application & Processing  When you've made your decision on a home or property and have a contract with the Seller, the next step is to complete your loan application.  I try to make this process very simple by allowing you to complete this process online or in our office.  If you choose to do it online, you select "Full Application" from Apply Now drop-down menu on the left sidebar of my website and complete the application.  For those clients that are not comfortable completing their application, we will set up a time that is convenient and complete the process in our office.
3. STEP THREE - Loan Approval, Funding & Closing Your Real Estate Agent or the Seller will designate an Escrow/Title Company to handle the funding of your loan, along with many other factors which make your purchase go smoothly.  The Loan Closing is an exciting meeting where you will complete the final paperwork to purchase the home from the seller, sign your mortgage documents and receive the deed and keys to your new home!  We will coordinate with the escrow team and you'll sign the final papers at their office.

That's the loan process in a nutshell: Simple, Straightforward, Cost-Effective, and FAST!  As your Lake of the Ozarks Mortgage Lender, I will work hard to help you buy your next home or property.

For 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

2140 Bagnell Dam Blvd, Suite 303B
Lake Ozark, MO 65049
Direct:  (573) 746-7211
Cell: (573) 216-7258

Fax:(573) 693-9141
Email:  mlasson@fsbfinancial.com
NMLS #: 493712

photo credit: Philip Taylor PT via photopin cc

Home Purchases 101 - The Basics of Purchasing your Home

Congratulations to those that have made the decision to buy a new home and happy planning to those still considering!! There are many important things to consider throughout the process, especially if you're a first-time home buyer.   Here is some information that will help keep you on track .

In General....

• A home purchase may be your largest financial transaction to date, so it's important to make the right decisions and to keep an eye on the details. With the assistance of your Residential Mortgage Lender and real estate agent, it should be an efficient, pleasant, and ultimately rewarding experience.

Count On Your Real Estate Agent To:

• Preview available homes to weed out those that are overpriced, or undesirable in some other way.
• Present the homes that suit your needs as you've defined them.
• Help you determine the difference between a "good buy" and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future.
• Negotiate the best deal for you. Once you are Pre-Qualified for your loan, your Real Estate Agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the Seller, and may make the difference between the Seller accepting your offer or someone else's -- even if your offer is lower!

Count On Your Loan Officer To:

• Assist you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars throughout the years!)
• Keep you informed of your loan status throughout the entire process.
• Keep your Real Estate Agent informed of our loan progress (Note: your personal information is always kept confidential between you and us; only deal points and progress are shared).
• Get the appropriate loan for you at the best rates and fees. This will save you significant money "up front" and throughout the years to come.

Count On Yourself To:

• Keep your Real Estate Agent informed of any questions or concerns as they develop.
• Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.
• Enjoy purchasing your home, but do remain objective throughout -- to make the business decisions that are best for you.
• Make sure you get pre-approved for your home loan as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.

For 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

2140 Bagnell Dam Blvd, Suite 303B
Lake Ozark, MO 65049
Direct:  (573) 746-7211
Cell: (573) 216-7258

Fax:(573) 693-9141
Email:  mlasson@fsbfinancial.com
NMLS #: 493712

The Borrower's 10 Commandments for a Smooth Loan Process!

Congratulations if you have finally found your dream home!!  One of the next steps is applying for your mortgage loan.   This is an ongoing process and there are a few "dos" and "don'ts" that can play a huge factor in how smooth this process will be.  

Now, I can't promise everything will be perfect, but I can tell you that if you follow these simple "10 Commandments", your loan process will be much easier!!

The Borrow's Ten Commandments

1. Thou shall postpone any career moves until after your closing.  If at all possible, try not to make a career move during the time between your mortgage application and the closing on the home you are purchasing. One of the factors mortgage companies consider is the length of the present employment; they are partial to stability.
2. Thou shalt not apply for new credit.  Why not? Because applying for new credit changes what is called “debt-to-income ratios” (the relationship of your income to your debt). This could impact your ability to qualify for your mortgage loan and may initiate a new round of paperwork. 
3. Thou shalt not incur new debt such as purchasing or leasing a new vehicle. This should go under the general heading of “no new debt.” As with any debt, this will change your “debt-to-income ratios” and may cause you not to qualify for your mortgage.
4. Thou shalt not charge up your credit card balances.
5. Thou shalt not make a very large deposit or withdrawal from your bank account.
6. Thou shalt not change your mind after locking a rate.
7. Thou shalt not co-sign for someone else’s loan.
8. Thou shalt not spend your down payment money.
9. Keep holy thy closing date and paperwork.  Please try to schedule vacations for AFTER your closing date. If you have started packing for a move, remember to keep out any bank statements,  tax returns, or other important paperwork. 
10. Thou shalt not file for divorce prior to closing.  I know this is a sensitive subject, but filing for divorce affects your marital status in a court of law and this change of status may sometimes complicate the process when paperwork is being finalized.

If you have questions about any of the “Borrower’s Ten Commandments,” please call me.

For 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

2140 Bagnell Dam Blvd, Suite 303B
Lake Ozark, MO 65049
Direct:  (573) 746-7211
Cell: (573) 216-7258

Fax:(573) 693-9141
Email:  mlasson@fsbfinancial.com
NMLS #: 493712