Pages

▼

Friday, May 30, 2014

Credit Scores that Lenders Use

Your credit score is a number that influences the amount of credit that is available to you. When it comes to taking out a loan, your credit score is a vital factor in the terms your Lake of the Ozarks mortgage lender will offer you.  When you apply for credit, whether it be a credit card, car loan or home loan at the Lake of the Ozarks, lenders want to know the risk they will be taking by loaning money to you. A credit score is a number that summarizes your credit risk and helps the lender evaluate your credit report. "FICO Scores" are the most commonly used credit scores among lenders. Beware of those companies offering you a free credit score online because the majority of them are not true FICO scores and can vary a lot.

FICO Scores  


The most widely used credit score is one created by Fair Isaac Corporation.  Lenders use this score to help them make billions of credit decisions each and every year.  The FICO score is based solely on information in consumer credit reports maintained at the credit reporting agencies.  These scores range from 300 to 850 and is calculated by a mathematical equation that evaluates many types of information from your credit report.  By comparing this number to the patterns of hundreds of thousands of past credit reports, the FICO Score is able to estimate your level of future credit risk.

For more information on understanding FICO Scores visit: http://www.myfico.com

What Makes a Good FICO Score


When it comes to the FICO Score, the higher the score, the lower the risk.  However, no single score can tell you whether a specific candidate will be a "good" or "bad" customer.  While many mortgage lenders at the Lake of the Ozarks use the FICO score to help them make a lending decision, each lender has their own strategy. There is no single "cutoff" score number that says you will or won't get a loan.  Many other factors go into determining your actual interest rates.  Along with your credit score, the credit reporting agency will provide up to five reasons of why your score is what it is.

For information on how to improve your FICO Score visit: http://www.myfico.com

Calculating FICO Scores


In order to calculate your FICO Score, there has to be enough information regarding your credit. Generally, you must have at least one credit account that has been open for at least six months and at least one account that has some recent activity (within the last six months) that's been reported to the agency.  You will actually have 3 different FICO Scores, one for each of the credit bureaus: Equifax, TransUnion and Experian.  Each score is based on the information that the respective bureau has for you, meaning that each of these numbers can differ.  As your credit information changes over the years, so will your current credit score.  Therefore the FICO Score you got a month ago is probably not the same score a lender would get from the credit reporting agency today.      

For more information on how credit scores can change visit: http://www.myfico.com

Although the FICO Score is an important factor when determining your Lake of the Ozarks interest rates, lenders will not base their decision on this number solely.  If you have more questions on your credit score or about qualifying for a mortgage loan at the Lake of the Ozarks, give Michael Lasson a call at 573-746-7211.  When it comes to your financing needs, he's committed to working with you every step of the way!

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


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






at 2 comments:

Thursday, May 22, 2014

Remember the True Meaning of Memorial Day this Weekend!

Memorial Day Weekend marks the start of the Season here at the Lake of the Ozarks! With all the hustle and bustle of Summer fun though, we can get distracted from the real meaning of the holiday. Your Lake of the Ozarks mortgage lender wanted to share some Memorial Day history with you in preparation for this weekends festivities.

Memorial Day, formerly known as Decoration Day, was established following the Civil War as a time to remember those who died in service and to decorate their graves with flowers.  It was not until after World War I, however, that the day was expanded to honor those who have died in all American wars.  In 1971, Memorial Day was declared a national holiday by Congress and the date was moved to the last Monday in May.

The First Memorial Day Celebrations 


One of the first observances occurred in Columbus, Mississippi on April 25, 1866, when a group of women visited a cemetery to decorate the graves of Confederate soldiers who had fallen in battle at Shiloh.  Many cities in the North and South today claim to be the birthplace of Memorial Day.  Macon and Columbus, Georgia, as well as Richmond Virginia all claim the title.  While Boalsburg, Pennsylvania claims the holiday began there two years earlier.  A cemetery stone in Carbondale, Illinois, the wartime home of General Logan, carries the statement that the first Decoration Day took place there on April 29, 1866.  Approximately 25 places, most being in the South where most of the war dead were buried, have been named in connection with the origin of Memorial Day.  

The Official Birthplace of Memorial Day Declared 


In 1966, President Lyndon Johnson declared Waterloo, New York the "birthplace" of Memorial Day. A ceremony was held on May 5, 1866 to honor local veterans who had fought in the Civil War. Businesses closed and residents flew flags at half-staff.  Supporters of Waterloo's claim say the earlier observances mentioned above were either informal, not community-wide or one-time events.  By the end of the 19th century, Memorial Day was being celebrated throughout the nation on May 30.  State legislature passed proclamations designating the day and the Army & Navy adopted regulations for proper observance at their facilities.

Some States Still Have Confederate Observances   


Many Southern states also have their own days for honoring the Confederate dead.  These states include Mississippi, Alabama, Georgia, North & South Carolina, Louisiana, Tennessee, Texas and Viginia.

Confederate Memorial Day
  • Mississippi - last Monday in April 
  • Alabama - fourth Monday in April 
  • Georgia - April 26
  • North & South Carolina - May 10 
  • Louisianna - June 3 
  • Virginia - last Monday in May 
Confederate Decoration Day 
  • Tennessee - June 3 
Confederate Heroes Day 
  • Texas - January 19 

The first Memorial Day Ceremony held at Arlington National Cemetery of about 5,000 people is approximately the same size crowd that still attends today.  Each year, small American flags are placed on each grave, a tradition that has spread to many other national cemeteries today.

“Not only are they commemorated by columns and inscriptions, but there dwells also an unwritten memorial of them, graven not on stone but in the hearts of men.” - Pericles

To ensure the sacrifices of America's fallen heroes are never forgotten, the US Congress passed "The National Moment of Remembrance Act" in December 2011 which created the White House Commission and the National Moment of Remembrance.  The commissions charter is to "encourage the people of the United States to give something back to their country, which provides them so much freedom and opportunity."  The National Moment of Remembrance encourages all Americans to pause wherever they are at 3 PM local time on Memorial Day for a minute of silence to remember and honor those who have died in service to the nation.  "It's a way we can all help put the memorial back in Memorial Day" - Carmella La Spada, Moment of Remembrance Founder

For more information on the history of Memorial Day please visit: http://www.va.gov

I would love the opportunity to help you manage your Lake of the Ozarks Mortgage Loan or refinance.  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 


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







at No comments:

Thursday, May 15, 2014

5 Common Mortgage Loan Pre-Approval Myths Debunked

Many first time home buyers have concerns, not only about finding the right home, but also about the Lake of the Ozarks mortgage loan pre-approval process.  If you haven't gone through the process before, its completely normal to be apprehensive.  Often times you hear things about the process, that probably aren't even true and then have this preconceived idea that the whole process is going to be a nightmare. HomeSourceDallas.com has a great list of common myths about mortgage pre-approvals, as well as to why they are false.  Join us as we debunk some of these common myths below!

1. "Having a mortgage lender pull my credit will hurt my credit score." 


According the developers of the FICO scoring model that lenders use, the score ignores inquiries made in the past 30 days.  Even if that wasn't true, the pre-approval process is inevitable at some point unless you are paying cash or have another form of non-traditional financing arranged.

2. "I don't want to commit to a particular lender, I want to shop around for the best deal/rate on a mortgage." 


Obtaining a pre-approval from a lender gives them the opportunity to earn your business, but it does not commit you to working with them.  A the time of pre-approval, the lender will not ask you to sign anything that commits you to use them for your loan.  In fact, you aren't fully committed to a lender until you sign the documents at closing.  That being said, you want to make sure you have picked a lender well before the closing date.


3. "Having multiple mortgage lenders pull my credit will hurt my credit score."


This would have to be one of the most circulated pre-approval myths out there.  Some lenders will even insinuate this to instill fear into buyers so they won't shop around for other lenders.  The FICO credit score model's company specifically states on their website that mortgage inquiries are treated differently than other types of credit inquiries.  As mentioned above, the score ignores inquiries made within the last 30 days of scoring.  Therefore, if you find a loan within 30 days, the inquiries won't affect your score while you are rate shopping.  Also all credit inquiries made within either a 14 day period for the old scoring model or a 45 day period for the new model are only counted as one credit inquiry.

4. "I already know my credit is good so that means I will be approved for a loan." 


Simply having a good credit score, even a perfect score doesn't necessarily mean you will be approved.  There are many other factors that lenders look at when approving a loan such as income, including the debt-to-income ratio, credit depth, down payment and reserves.

5. "Its easier to find a house first and then worry about getting a mortgage afterwards."


You can find many reasons as to why this statement is false.  The pre-approval process isn't just about getting the approval letter, its about getting important questions answered ahead of time. You need to know the expected down payment, monthly payment, interest rate, expected closing date and how the loan process will work in general before you commit to buying a home.  Without having at least an estimate of these numbers, you run the risk of committing to purchase a home that you cannot afford.  Most sellers and agents will require a pre-approval, they aren't going to take their house of the market if they don't know that you will qualify for a loan; they could miss out on a buyer that is qualified already.

The pre-approval mortgage loan process at the Lake of the Ozarks is actually very simple.  Give me a call today to discuss 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.  Michael Lasson, Your Lakelender opening the doors to your new Lake Home!

I would love the opportunity to help you manage your Lake of the Ozarks Mortgage Loan or refinance.  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 


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






at No comments:

Monday, May 5, 2014

How to Easily Create a Home Inventory List

Whether you have owned your home for decades or are new to homeownership at the Lake of the Ozarks, this information is for you! Imagine the nightmare of having your home damaged or destroyed; now to make matters worse, imagine trying to remember every valuable item in your home to report to the insurance company.  Would you even be able to remember all the contents of your home?  Thousands of Americans find themselves in this situation every year and now's the time to make sure it doesn't happen to you!

Why do you need a home inventory? 


When you make an insurance claim, you will be required to provide information about everything that was lost.  This can be extremely difficult while you are experiencing a loss.  For example, if someone broke into your home and robbed you, you're going to be stressed out, worried it might happen again and feeling unsafe.  This is not the time you want to be trying to remember everything that was in your house so you can report what is missing.  Some things such as a TV may be obvious, but other items like jewelry may not be as noticeable.  Having a list of everything in each room of your home will allow for a speedier process so you can get your life back to normal as quickly as possible.


How do you create a home inventory? 


For starters, you could take a video of your home including each room and all the major items in them. This will get you by until you have time to compile a detailed list of inventory information. You now need to decide how you are going to store the inventory information you collect. Thanks to the Insurance Information Institute, you can easily create a home inventory list with their free "Know Your Stuff" software.  The software is user-friendly, takes just four easy steps and provides free, secure online storage.  You can even access your inventory list from your phone through their smartphone app.  After you set up an account, you create a name for each room and simply add the items contained in that room.  The program also provides you with all the specific information your insurance company is going to want to know when a claim is filed. You can even upload images of the items as well as receipts to prove the value of large ticket items.  

Now that you have a home inventory, be sure to keep it up-to-date as much as possible.  If you invest in a new purchase or get a nice gift for your birthday or other holiday, be sure to add it to the list.  You should update it at least once a year and more often if you make any expensive purchases such as a TV or furniture.  Spending some time to keep your inventory up-to-date will relieve some future stress if something were to happen to your home. You will also want to make sure your insurance covers all your personal property.  Go over your completed list with your insurance agent to ensure you have proper coverage.  A home inventory is a very inexpensive and easy way to save yourself a headache and valuable time down the road, so do yourself a favor and start one today!

I would love the opportunity to help you manage your Lake of the Ozarks Mortgage Loan or refinance.  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 


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









at No comments: