Answers to the Most-Asked Mortgage Questions: Here's What You Need to Know

If you're in the market to buy a home, you've likely had a mortgage question you weren't quite sure who to ask.  

Should I have saved money before talking to a lender? Will my weird bank statements hurt my chances? Does it actually matter which loan officer I choose? Conventional or FHA loans? What about USDA? And how much money do I actually need to bring to a closing? 

These are questions potential homebuyers ask when it comes to this process, and they are also questions that appear frequently online. 

 

What Should I Do Before Meeting with a Loan Officer?  

Loan officers are here to help guide you through the mortgage process and it's good to have a lot of the necessary document ready to go, but you don't have to have everything before talking to a Loan Officer about your options.  

One of the first things a loan officer will look at is your overall financial picture. Before meeting with them, consider:  

• Your monthly debts and financial obligations  
• Your household income 
• How much you have saved 
• What monthly mortgage payment would feel comfortable for your budget 
• Any questions or concerns you have about your credit or finances 

They will help you understand what you may qualify for, but you can take the first step and determine what fits comfortably within your budget.  

Getting pre-qualified is about understanding what a potential home purchase could look like financially, not just finding the biggest loan amount you can qualify for.  

Will My Bank Statements Affect My Mortgage? 

Not necessarily.  Lenders want a full picture of your cash flow. Transfers between your own accounts generally aren't a problem when there's a clear paper trail.  

Problems can arise when there are unexplained large deposits or undisclosed transfers and debts appear on your bank statements. If there are doubts, reach out to a loan officer to discuss rather than assuming something will hurt your application.  

Does My Loan Officer Choice Matter? 

100%. Sure, rates and loan terms are important, but there is more to consider when it comes to homeownership. Your loan officer will help guide you through one of the biggest financial decisions you'll make, so communication, availability, and experience matter.  

Look for a loan officer you trust who will answer your questions, explain your options, and keep the process moving.  

Can a Loan Officer Help Me Prepare to Buy? 

Yes! You don't have to be ready to buy tomorrow to talk to a loan officer. A consultation can help you better understand the financial options and decisions that are involved with buying a home.  Doing this process first will also help you set realistic goals with what you can afford in a house payment, so you don't get your heart set on a property that doesn't work in your budget.

What is DTI? 

Debt-to-income ratio. It's your monthly debt payments to your gross monthly income. It's pretty important to determine whether you qualify for certain mortgage programs.  

Conventional or FHA: Which is Better? 

There's no one-size-fits-all answer.  

There are multiple factors when it comes to deciding which loan program is best for you. Credit profile, down payment, and overall financial situation can all affect which loan program may be a good fit. Some eligible first-time homebuyers may qualify for a conventional loan with as little as 3% down, while FHA loans can offer another option for qualified borrowers.  

Depending on where you live and your circumstances, you may also qualify for down payment assistance programs.  

Team Lasson is ready to look at your complete financial picture to help you decide which options are best for you.  

What Other Questions Should I Ask?  

There are two major questions a potential homebuyer should ask:  

"How much money will I need to bring to closing?" 

And 

"What will my monthly payment be?" 

Your down payment is not the only cost associated with buying a home. Closing costs can add to the amount you'll need upfront, although seller contributions may sometimes help cover certain costs.  

It's also important to understand your estimated monthly payment so you can make sure the home fits comfortably within your budget.  

How Long Does the Mortgage Process Take? 

Once you're under contract, a typical purchase may take around 30 days to reach closing, although every closing is different.  

Being prepared and working with a responsive mortgage team can help keep things moving.  

Still Have Questions?  

That's exactly what your loan officer is there for!  

Whether you're ready to buy or just starting to plan, asking questions early can help you understand your options and prepare financially.  

Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with your financial goals. 

The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

 **The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc.

For more licensing information, visit NMLSConsumerAccess.org

Manufactured vs. Modular Homes: Understanding the Differences and Whether One Is Right for You

If you're in the market to buy a new home, deciding which style of house you're interested in will help narrow your options. Two types of properties that have grown in popularity are manufactured and modular homes. While it's common for people to use these terms interchangeably, there are some key distinctions between manufactured and modular homes that you'll want to understand before you start shopping. 

The term "manufactured home" is a bit of a rebrand. These buildings were commonly referred to as mobile homes in the not-so-distant past. Manufactured homes tend to be relatively affordable and come in several styles, including single-wide, double-wide, and triple-wide varieties. Modular homes are built in factories and carefully transported to properties on flatbed trucks. These buildings are highly customizable and arrive as segments of rooms that are then assembled on-site. They can have multiple stories and typically take between eight and 14 weeks to build.

Now that we have the basic definitions down, let's explore a few key differences to help you decide which option is right for you.

Financing: If you plan to purchase a manufactured house, you may need to explore separate lending categories that fall outside of traditional home loans. However, modular homes fall under the same loan and refinancing criteria as homes built on-site.

Land Ownership: It's common for manufactured home owners to lease the property they reside on from mobile home parks or private owners. If you plan to purchase a modular home, you will also need to purchase a piece of property to place it on and ensure the construction meets the same building code regulations as a home built on-site.

Depreciation vs. Appreciation: Manufactured homes tend to lose value over time since it's difficult to make substantial improvements, and transportation can be a resale challenge. On the other hand, some reports indicate that manufactured homes are actually more durable than traditionally built homes, which may increase their resale value.

If you're still on the fence, consult a local real estate agent with first-hand knowledge of modular and manufactured homes. They can show you different properties in person and help you weigh the pros and cons so you feel confident in your decision. 

Sources: nachi,org, claytonhomes

Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with your financial goals. 

The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

 

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc.

For more licensing information, visit NMLSConsumerAccess.org

Flooring Upgrades That Deliver the Best Return on Investment

If you're planning to invest the time and money into upgrading your floors, it's worth researching which options provide the best return. After all, there's a reason so many homebuyers swoon over real hardwood. Even if you're not planning to sell, you'll want a material that's durable and impresses guests. Let's compare some of the most popular options so you can choose a style that fits your budget and aesthetic while offering long-term value.

Carpet
Average Cost: $0.75 to $12 per square foot

Carpet can last between 15 and 18 years if it's well maintained. However, it's prone to stains and snags, especially in homes with pets or small children. While many buyers prefer carpet in bedrooms, it's often less desirable in other areas and usually doesn't provide a strong resale boost.

Tile
Average Cost: $4.00 to $10.00 per square foot

Tile flooring is extremely durable and can last up to 30 years if cared for properly. It's a popular choice in moisture-prone areas like bathrooms, kitchens, and high-traffic areas. For the best return on your investment, opt for neutral colors to give each space a timeless look.

Luxury Vinyl Plank
Average Cost: $2.00 to $7.00 per square foot

Luxury vinyl plank can last 20 years or more, making it a strong option for mid-priced homes. It also comes in a wide range of styles that mimic hardwood at a more affordable price point. Buyers often appreciate the look of luxury vinyl plank and how easy it is to maintain, which can boost resale value.

Hardwood 
Average Cost: $2.00 to $14.00 per square foot

It's no surprise that hardwood flooring is still the most desirable flooring choice. With a lifespan of 30 years or more, it's a durable option that can even be refinished when it starts to show signs of wear. Overall, hardwood floors provide the best resale value. 

To estimate your flooring budget, measure each room you plan to upgrade. Then add about 10% to the square footage you calculate to give yourself a buffer. Finally, multiply this number by the low-end and high-end cost of your desired material and divide by two to get the average. If you're planning to hire a flooring contractor, request multiple quotes and compare them against your estimate to get the best deal on your next remodeling project. You'll be happy you spent a little time researching and calculating costs upfront once your new flooring is installed. 

Sources: usatoday/moneyhomes

Team Lasson is here to assist with all of your home buying or refinancing needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help or if you already own and need to discuss options for those property upgrades or remodel projects, we can help you there too.  Contact us today to explore which loan program aligns best with your financial goals. 

The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com 

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc.

For more licensing information, visit NMLSConsumerAccess.org

The Truth About As-Is Home Sales: What Buyers and Sellers Need To Know

Whether you're selling or buying a property, the phrase "as-is" can raise eyebrows, but it doesn't necessarily mean you should steer clear. Before you dismiss (or pursue) an as-is home listing, let's explain what this label means and what steps you can take to make an informed decision.

Selling a home as-is usually means the seller doesn't plan to complete repairs or offer the buyer any credits toward necessary improvements. In short, the property is available in its current state with the expectation that the buyer will assume responsibility. It's worth noting that this arrangement can simplify negotiations. However, it doesn't eliminate disclosure requirements. Sellers still need to share any known issues, and the buyer retains their right to inspect the property.

If you're the one buying, it's wise to bring in a professional to inspect the foundation, roof, and key systems such as heating and cooling. Keep an eye out for water damage and any safety issues that might affect your ability to get financing. If the property seems unkempt, it's probably a good idea to move on.

Conversely, if you're thinking about selling your home without making any repairs, keep in mind that you'll probably have to price it lower than comparable properties nearby. Homes sold as-is do find buyers, particularly those interested in renovations. However, it's wise to leave some room for negotiation.

In the right circumstances, an as-is sale can be a win-win for everyone. The seller benefits from a shortened sales timeline, while the buyer might snag a great deal. Just make sure you have a trustworthy real estate agent and property inspector representing your best interests so you feel confident signing the contract.

Sources: Firstchoicehomebuyers.com, Realtor.com, Zillow.com

Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with your financial goals. 

The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

 

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc.

For more licensing information, visit NMLSConsumerAccess.org

Mastering Financial Literacy: A Guide to Smart Money Management

In today's world, financial literacy is more important than ever. Yet, many people struggle with financial concepts, leading to financial stress and insecurity. Whether you're just starting your journey to financial independence or looking to enhance your money management skills, there are many simple and easy changes you can make to take control of your finances.

Before diving into financial strategies, it's essential to learn the fundamentals. This includes understanding concepts such as:    

• Budgeting
  
• Saving
• Investing
• Managing debt

Budgeting creates the foundation of financial stability, helping you track your income and expenses to ensure you're living within your means.

Saving allows you to build an emergency fund and work towards your long-term financial goals, while investing helps grow your wealth over time.

Managing debt wisely is crucial to avoiding high-interest payments that can derail your financial progress.

A comprehensive financial plan that aligns with your goals and values is essential to having a good long-term financial strategy. Start by setting specific, measurable, achievable, relevant, and time-bound (SMART) financial goals. Whether it's buying a home, saving for retirement, or starting a business, having clear objectives will guide your financial decisions and keep you focused.

Next, establish an emergency fund to cover unexpected expenses such as medical bills or car repairs. Aim to save three to six months' worth of living expenses in a savings account or within other assets. Additionally, prioritize paying off high-interest debt, such as credit card balances, to reduce interest payments and free up more money for savings and investments.

Investing is a powerful tool for building wealth over the long term, but it can be intimidating to start. Begin by educating yourself about the different investment options available, such as stocks, bonds, mutual funds, and exchange-traded funds (ETFs), or consider working with a financial advisor who can help you develop an investment strategy.

Financial literacy is essential for achieving financial security and independence. By understanding the basics of budgeting, saving, investing, and managing debt, you can build a solid financial foundation and work towards your long-term goals. Remember that financial literacy is a lifelong journey, so continue to educate yourself and adapt your strategies as needed. With dedication and discipline, you can take control of your finances and create the future you want!

Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with your financial goals. 

The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com 

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. 

For more licensing information, visit NMLSConsumerAccess.org

How To Design a Backyard That Functions as an Extra Room

 

Whether you live down south where it's warm and sunny year-round or farther north where you enjoy the beauty of all four seasons, you probably want to spend as much time as possible outside when the weather is nice. By turning a portion of your backyard into a living space, you can do just that. Here's how to add a seamless extension onto your home that combines the great outdoors with the modern comforts you enjoy.

Cover With a Pergola

Even if you love soaking up the sun, a pergola is a worthwhile investment. These stunning structures create a defined space that transforms a simple patio or deck into an outdoor room. Add optional coverings for extra protection from the elements and to create a cozy lounge area.

Add an Outdoor Kitchen

When it's a beautiful day outside, the last thing you want to do is spend it cooking and preparing meals indoors. Move your kitchen outside by installing a built-in grill. You can also add countertops, a mini-fridge, and a sink to your outdoor setup so you have everything you need to whip up an amazing dinner al fresco. 

Install Weatherproof Flooring

If you don't already have a deck or concrete patio to build off of, you'll want to add weatherproof flooring to your new outdoor space. Interlocking deck tiles are easy to install because they snap together. They also come in a wide range of styles designed to mimic hardwood, stone pavers, and composite wood.  

Incorporate Lighting

For a finishing touch, add ambient string lights or lanterns. Depending on your budget, you might even opt for built-in fixtures. Incorporating lighting will elevate the atmosphere of your outdoor living space and make it the perfect place to curl up with a good book long after the sun goes down.

With a little work, you can transform your backyard into a functional living space that boosts your potential resale value. More importantly, you'll have a beautiful place to unwind in the evening, host cookouts in the summer, and enjoy every season to its fullest. 

Sources: bellscarpets, cavasotne, bobbykdesigns

Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with your financial goals. 

The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com 

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc.

For more licensing information, visit NMLSConsumerAccess.org

Seller Concessions: How To Negotiate Closing Cost Help From the Seller

When buyers are looking for homes, it's not uncommon for them to get so preoccupied with the down payment that they forget about the closing costs. If you find yourself in this situation, negotiating seller concessions might be the right move to reduce your up-front expenses. If a seller agrees to these concessions, it means they're willing to cover part of the buyer's closing costs. Let's take a closer look at what you can ask for, when a seller might be considering this type of arrangement, and how you can position yourself for the best possible outcome.

What Do Seller Concessions Cover?

Seller concessions cover a portion of the buyer's closing costs, which may include loan fees, title costs, appraisal fees, prepaid taxes, or insurance. However, some limits may apply, depending on the type of mortgage loan you choose. For example, conventional loans usually set a percentage of the total purchase price as the cap for what you can request in seller concessions. FHA and VA loans typically have higher concession amounts, but make sure to contact your loan officer for specific details.

Why Would a Seller Agree To Pay Closing Costs?  

Sellers who are eager to close quickly are more likely to agree to concessions, especially if it's a slow market or their home has been listed for a while. Sometimes, builders will also offer seller concessions to attract new residents to the neighborhoods they've designed. Of course, if any issues reveal themselves through the home inspection process, this gives you leverage to ask the seller for concessions as well.

How Can I Negotiate Seller Concessions Successfully?

The most important thing to keep in mind when you request concessions is that you'll need to be flexible and strategic about how you structure your request. Work closely with your loan officer and real estate agent to make sure you understand your full closing costs before negotiating. Then, prioritize the concessions that matter the most. 

Remember, concessions aren't free money. The goal is to help you preserve cash at closing as the buyer. In some cases, the seller may agree to concessions but only in exchange for a higher purchase price. However, this situation can still work out in your favor by reducing the up-front costs and spreading other expenses out over time by rolling them into your mortgage. Make sure to review the property appraisal thoroughly, and rely on your real estate agent's expertise to make the right decision for you.

Sources: nar.realtor, zillow

Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with your financial goals. 

The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com 

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc.