First State Bank Mortgage Loan Programs

Whether you're dreaming of a new home or looking to lower your monthly mortgage payments, we can help! As your Lake of the Ozarks mortgage lender, I am here to help you find the perfect loan for your situation. First State Bank Mortgage provides a full portfolio of fixed and adjustable-rate mortgage products. Here is a breakdown of the loan options availble when you choose me for all your Lake of the Ozarks home financing needs!

Conventional Loan Program – Traditional Mortgage

Conventional loans offer flexible terms and competitively-priced rates. With a conventional loan, you can get financing for up to 95% of your home's value. Whether you're looking to buy a new home or finance your current one, a traditional mortgage is a great option. Benefits of a Conventional Loan include:

• Flexible Terms from 10-30 years available
• Fixed and adjustable-rate mortgages available
• Down payments as low as 5% of sales price
• Multiple options for Mortgage Insurance, if applicable
• Competitive rates on new home purchases and refinances
• In-house processing and underwriting

FHA Loan Program

An FHA loan is a loan that is insured by the Federal Housing Administration. FHA loans offer competitively-priced rates and a low down payment option. Benfits of an FHA Loan include:

• 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, rural housing loans are designed to make homeownership more affordable for those borrowers living 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 include:

• 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

VA Home Loans

VA Loans are designed to make homeownership more affordable for qualified U.S. veterans. They offer favorable terms, competitive interest rates and no monthly mortgage insurance premium. If you’re eligible for a VA-Guaranteed Loan, you’ve earned several major benefits including:

• 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

The "First Place Loan" offers a great financing option for first-time homebuyers. The program gives first-time homebuyers 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 a MHDC First-Time Homebuyer Loan include:

• 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 homebuyer requirements are waived for qualifying veterans and for homes purchased in targeted areas

Rehab Home Loan Program

With the brand-new Rehab Loan Program, qualified homebuyers can now buy the home of their dreams and borrow additional funds dedicated to improving or upgrading the property. This is a fixed-rate mortgage that allows the homeowner to have rehabilitation construction completed on their single family property. Funds may be used to make necessary cosmetic or functional improvements to the home.

For more information on which Lake of the Ozarks home loan options you may be eligible for, contact Lakelender Michael Lasson at 573-746-7211. I'm committed to working with you every step of the way. When you choose First State Bank Mortgage and the BEST mortgage lender at Lake of the Ozarks, owning a new home can go from dream to reality!

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

Mortgage Insurance 101

When purchasing a new home at the Lake of the Ozarks, there are lots of things to consider. While buying may make more sense than renting in your situation, sometimes it is difficult to come up with a 20 percent down payment. This is where mortgage insurance can help you out! You can secure a Lake of the Ozarks mortgage loan with less than 20 percent down if you purchase mortgage insurance.

What is Mortgage Insurance? 

Mortgage insurance, also known as mortgage guarantee or home loan insurance, is an insurance policy that compensates lenders or investors for losses due to the default of a mortgage loan. If a borrower stops payment on  a mortgage, the insurance company ensures that the lender will still get paid in full. With mortgage insurance, the borrower pays the premiums, but the lender is the beneficiary.

Mortgage Insurance FAQs 

1. Who is required to have mortgage insurance? 

Typically, if the down payment is less than 20 percent of the value of your home, you are required to carry mortgage insurance. You usually pay those insurance premiums until your loan-to-value ratio (LTV) hits 80 percent. The LTV is simply the amount of money you borrowed divided by the value of the property you bought. Once you have that 20 percent of home equity built up, you can usually cancel your mortgage insurance policy.

2. Are there different types of mortgage insurance? 

In general, there are two types of mortgage insurance: public and private. Public mortgage insurance is bought from the government, designed for those with FHA or VA loans. For conventional loans, the insurance is bought from the private sector and is called Private Mortgage Insurance (PMI). The type of mortgage insurance required will depend on the type of home loan at the Lake of the Ozarks you are getting.

3. How much does mortgage insurance cost? 

Insurance premiums for conventional loans can vary. Typically, the lower your down payment and/or the lower your credit score, the higher your premium will be. Premiums can range anywhere from $30-$70 per month for every $100,000 borrowed. On FHA loans, there is an upfront MIP (mortgage insurance premium), as well as an annual premium that is collected monthly. On VA loans, you have an upfront fee (funding fee) and no annual or monthly premiums. Your Lake of the Ozarks mortgage lender will be able to provide you with insurance costs for your specific situation.

4. Is there a way to avoid paying for mortgage insurance? 

If you make a down payment of 20 percent or more when you buy a home, you can typically avoid paying mortgage insurance on a conventional loan. Even if you are required to purchase mortgage insurance when you first get your loan, you can often request to cancel it after a certain period of time. As mentioned above, once you've built up a certain amount of equity in your home (usually 20 percent), you can most likely stop paying for the mortgage insurance.

If you're thinking about purchasing a new home and don't have enough for a 20 percent down payment, contact the best mortgage lender at Lake of the Ozarks at 573-746-7211 to discuss your options. When it comes to your financing needs, I'm committed to working with you every step of the way!

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

5 Ways to Get Your Mortgage Unapproved

Now you're probably thinking, why would I want to get my mortgage unapproved?  Well, you don't and that's the point. Many people do things to jeopardize their loan approval without even realizing it!  Your Lake of the Ozarks mortgage lender is here to help you make sure you don't make a mistake that could cost you your dream home. Here are 5 things that could cause your mortgage loan at the Lake of the Ozarks to get unapproved:

1. Buying a New Car. 

The purchase of a new car increases your debt, changing your debt-to-income ratio. Your debt-to-income ratio is a large contributing factor in the loan approval process. The bank wants to make sure that you will be able to make your mortgage payments. Lending money is a risk and the bank wants to do everything they can to minimize that risk.

2. Quitting or Changing Jobs. 

Steady income is important for any new home buyer. Your mortgage lender needs to know that you have enough money coming in to make your mortgage payments on top of your other monthly bills. You definitely do not want to switch from a salaried position to a heavily-commissioned job. Lenders want employment stability and favor applicants that stay in the same industry.

3. Making Large, Random, Undocumented Deposits. 

The federal government, banks and lenders get really nervous when they see large sums of cash being deposited, especially just before applying for a mortgage. If a relative or someone gives you a large cash gift, be sure to fill out the proper paperwork to justify that income. The same goes for transferring large sums of money between bank accounts. While often times you have a legitimate reason for the deposit, it will raise questions. If you need to make large deposits or transfers during the home buying process, be prepared to answer a lot of questions and provide documentation as well.

4. Forgetting to Pay Your Bills. 

Not paying your bills on time or even at all doesn't look good. Any signs that show you might not be able to pay your mortgage has you on your way to being unapproved. Failing to pay your bills also puts your credit score in jeopardy. Collection accounts have a negative impact on your credit standing, even after you pay the debt. While making on-time payments won't directly improve your credit score, not making them can get you into trouble.

5. Opening or Closing Credit Cards.

Your credit report is another high contributing factor in getting a home loan at the Lake of the Ozarks. Too many credit inquiries over a relatively short period of time are never a good thing for your credit score. Your mortgage lender will actually view any unused lines of credit more similar to unsecured "loans." Beware of those tempting deals to save 10% or more at your favorite department store by opening up a line of credit through them. You also don't want to close any accounts. While it seems like a smart idea to close accounts that you don't use, you can actually increase your debt-to-credit limit ratio. If you have balances, your percentage of credit "utilization" is going to increase. This is very bad from a lender's perspective.

The loan process takes time, time where you could easily make one of these mistakes. Remember that your mortgage lender at the Lake of the Ozarks will verify your employment and your credit report just before closing. If there has been a change, there is a possibility that you will no longer qualify for a Lake of the Ozarks mortgage loan. If you have any other questions regarding the loan approval process, contact Lakelender Michael Lasson at 573-746-7211.

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

Join us on the Bagnell Dam Strip for Lake Race 2015!

The event you've all been waiting for, the first big boating event of the season is here! Lake Race 2015 is this weekend. Join us for some family-fun at the Lake! Your Lake of the Ozarks mortgage lender is here to keep you in the know about awesome events all season long. Here's the details on this year's annual boat race:

Lake Race Schedule

Friday, June 5 
9 AM - The lower Bagnell Dam Strip area will be closed to traffic and Race Village setup will begin.
6 PM - Lake Race Street Party on Historic Bagnell Dam Strip begins. Open to the public to enjoy a family fun area, meet with the Race Teams and see the boats up close.
8:30 PM - Entertainment on the Street with The Patrick Lentz Band from Kansas City.

Saturday, June 6 
9 AM - Crane starts operating and Bagnell Dam is closed to traffic so spectators can view the race.
11:30 AM - Honorary Chairman Emeritus Dave Scott will take the ceremonious first lap of Lake Race 2015.
11:55 AM - Opening Ceremony on the Docks at Beavers at the Dam
Noon - Powerboat Racing at its best begins; 3 hours of live TV and radio coverage begins on Fox KRBK TV.
4 PM - Racing concludes and Bagnell Dam is reopened to traffic.
8 PM - Lake Race Party at Beavers at the Dam with Disco Dick and the Mirrorballs on stage.

Sunday, June 7
10 AM - Crane starts operating and Bagnell Dam is closed to traffic for spectators to view the race.
11:55 AM - National Anthem
12 Noon - Powerboat Racing Begins
4 PM - Racing concludes and Bagnell Dam is reopened to traffic.
5:30 PM - Awards Ceremony on stage at Beavers at the Dam
6 PM - Lower Bagnell Dam Strip is reopened to traffic.

As a second homeowner at the Lake of the Ozarks, you could experience as many of these annual events as you like. If purchasing a home here at the Lake has been on your mind, contact your mortgage lender at the Lake of the Ozarks today at 573-746-7211. We can discuss financing options and you're on your way to a new Lake home!

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