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Monday, February 27, 2017

Join us at the St. Charles Boat Show March 9-12

The 2017 St. Charles Boat Show will take place March 9-12 at the St. Charles Convention Center. This is the premiere show for boating enthusiasts across the Midwest, and especially the St. Louis market. Be sure to stop by our booth and learn more about getting approved for a mortgage at the Lake of the Ozarks!

2017 Boat Show Details


Join all of your favorite marine dealers, as well as other vendors, from the Lake of the Ozarks at this annual boat show event! See the latest in cruisers, runabouts, performance boats, pontoons, ski boats, personal watercraft, docks, lifts, boating accessories and everything else associated with boating and living at the Lake of the Ozarks all in one place! This year's show will feature more boats, more exhibitors and more fun!

Photo From: St. Charles Boat Show Website

Boat Show Hours 


March 9th: 3 pm to 9 pm
March 10th: 12 pm to 10 pm
March 11th: 10 am to 9 pm
March 12th: 10 am to 5 pm

Admission is $9 for adults and $5 for children ages 6-12. Children 5 & under get in free.

Second Homes at the Lake of the Ozarks


If you frequent the Lake area, now's the time to consider investing in a second home at the Lake of the Ozarks! Not only would you have a comfortable place to stay each time you visit, but you have a place to store your boat and other boating accessories. No more pulling that trailer and all your boating accessories down to the lake every time you want to visit. The Lake of the Ozarks, due to it's central location and great variety of activities available, is a great place to invest in real estate.

As your Lake of the Ozarks mortgage lender, I'm here to work with you every step of the way. From the moment you decide you want to look at vacation homes to the closing process, I'm here to answer all your questions. When it comes to your financing needs, I'll discuss your options, offer competitive interest rates and back it up with the first class service you deserve. To learn more about securing a home loan at the Lake of the Ozarks, give us a call at 573-746-7211. 

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct:  (573) 746-7211

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.


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Friday, February 24, 2017

Understanding the Steps for Mortgage Processing

Trying to close on your home can be frustrating. The lender and title company need a lot of documents from you and answers to a lot of questions. Thankfully, the best mortgage lender at the Lake of the Ozarks is here to help you understand the behind the scenes process, so you're able to be proactive and make sure deadlines are met. So what does the lending process look like? Keep reading to find out.

Pre-Approval


First things first, you need to understand that a pre-qualification and a pre-approval are NOT the same thing. A pre-qualification is based off of unverified information and is a rough estimate of what you could qualify for. A pre-approval requires a credit check and financial and employment verification, which provides a more solid approvable loan amount. Once you know this, you can start shopping for your dream home at the Lake of the Ozarks!

Processing


You have found the home of your dreams, worked out an agreement and the contract has been signed. Once your Lake of the Ozarks mortgage lender has the completed purchase agreement, they will begin processing your loan application for approval. They'll look into your credit, employment, and financial history in more detail to come up with a loan estimate. This is not an approval or denial, but a statement of terms and estimated fees.

Loan processors will also look into property information. An inspection and/or appraisal will be ordered to determine that the value of the property covers the loan request amount. If it's determined that the value of the property doesn't meet or exceeds the requested loan amount, the loan may be denied. This doesn't necessarily mean that the deal falls through though, it just means that the purchase contract may need to be revised if all parties agree to move forward.

A title search will also be ordered to make sure there aren't any outstanding liens or judgements on the property that may hinder the underwriting process. This process also brings to light any easements or encroachments that may pose potential ownership issues in the future. The data collected during a title search helps to reduce risk of title problems and brings peace of mind to the buyer.

Underwriting


This is the decision-making step. The underwriter reviews all documentation from the loan processor to make sure the borrower and property match eligibility requirements. All information is double checked for accuracy and red flags. Once they've thoroughly gone through everything, they will either approve or deny the loan. The underwriter may give an approval with conditions such as requiring further documentation on a specific item on your credit report. This happens often and can continue to come up until all conditions are satisfied. Once all conditions have been met, the underwriter can approve the loan.

Closing


Your loan is approved! Now the lender will provide you with a closing disclosure to review and return completed at least three days prior to closing. This document is extremely important because it is an overview of the monetary aspects of the closing, so review it carefully! Once the lender receives this back, they can begin processing the loan documents to be sent to the escrow company for your completion. The escrow company then sends the closing packet back to the lender for final review. Once the lender approves the documents, they will wire funds and give instruction for recording the vesting deed and deed of trust. It's official - you've closed!

A lot of these steps go unseen by the buyer until something is needed by the lender or underwriter, but we feel that it is important for buyers to understand the process so they are prepared. While we hope that all closings go smooth and have very few catches, we know that things happen and there are no guarantees. You can trust that we will guide you in the right direction for all of your Lake of the Ozarks home financing needs.

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct:  (573) 746-7211

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.


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Monday, February 13, 2017

6 Things That Can Negatively Affect Your Mortgage Deal

If you're thinking about purchasing a home at the Lake of the Ozarks, chances are you're going to need financing. Many factors affect the loan approval process, some positively and some negatively. In today's blog, your Lake of the Ozarks mortgage lender addresses a few things that can negatively affect your mortgage approval.

1. Unstable Work History.


When applying for a mortgage, one of the most important things is showing proof that you can make your payments. Having a stable work history and a stable income is one way to do that. Attempting to get a job with less than two consecutive years in the same occupation or field might affect your chances of loan approval. Any relatively recent gaps in employment are also a red flag in the mortgage process. Avoid changing jobs during the mortgage process as this can affect the loan approval as well.

2. Past Foreclosures or Bankruptcy.


Foreclosures, no matter how old they are, can hurt your mortgage deal. Foreclosures negatively affect your credit score, making it harder to obtain credit in the future. Having a foreclosure on your credit history also means you can expect higher interest rates if and when you do get approved. Numerous bankruptcies can also negatively impact your ability to obtain a mortgage. Bankruptcy seriously hurts your credit score and can stay on your credit report for up to ten years. Managing your new debts and giving your credit score time to improve is the best way to work past this.

3. Non-Sufficient Funds.


To ensure that a borrower has their finances in order and can handle having a mortgage payment each month, the underwriter scrutinizes bank statements. Any non-sufficient funds on those bank statements could raise a red flag in the approval process. Having all of your funds "gifted" to you can also make it more difficult to obtain a mortgage. Proper documentation of any gifted funds is crucial to the loan transaction.


4. High Debt-to-Income Ratio.


In addition to your credit score, mortgage underwriters also take a look at your debt-to-income ratio. One common occurrence here at the Lake of the Ozarks that creates a high debt-to-income ratio is when a borrower tries to keep their current residence while obtaining a mortgage. There are a lot of second homeowners at the Lake of the Ozarks, as this is a top vacation destination in the Midwest. Talk to a mortgage professional to see if your finances, credit score and debt-to-income ratio are good enough to obtain a second home.

5. Late Payments & Open Collections.


One factor that can seriously affect your chances at a Lake of the Ozarks home loan approval is how you manage your debts. Late payments are a big red flag for mortgage underwriters. If you have anything that has gone to collections, your ability to obtain a mortgage becomes a lot more difficult. Be sure to make your payments and do so on time to avoid issues during the mortgage process.

6. Large Increase in Housing Expenses. 


Whether you're selling your home and upgrading to a larger one or transitioning from renting to buying, having a large increase in housing expenses is a red flag in the mortgage approval process. If a borrowers payments are near doubling, a mortgage approval is going to be difficult. Again, the mortgage professionals want to make sure that you can handle the monthly mortgage payment - and owning a home comes with more expenses than just the mortgage.

To discuss your current situation in detail with a mortgage professional at the Lake of the Ozarks, call 573-746-7211. When it comes to your Lake of the Ozarks home 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 


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct:  (573) 746-7211

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.



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Monday, February 6, 2017

Saving for a Home: 5 Money-Saving Tips

When you decide you're ready to take the plunge and purchase your first home, you need to think about saving for a downpayment. Buying a home at the Lake of the Ozarks is a big investment and the more you can put down upfront, the more you can save on your home purchase. In today's blog, your favorite mortgage lender at the Lake of the Ozarks offers a few money-saving tips to help you start working on that downpayment.


1. Establish Goals.


Figure out how much you need to save for a down payment. It’s easier to save with a goal in mind than to just save a little here and there. Talk to a mortgage lender about a pre-approval, so that you know about how much you can borrow. You also want to think about how much of a monthly payment you can easily afford. Once you determine the price range of homes you'll be in the market for,  you'll know about how much you should save for a decent downpayment.

2. Set a Time Frame.


How soon do you want to be in your new house? If you know how much you need to save and how long you have, you’ll be able to set monthly savings goals. Make sure your time frame is realistic. Saving enough money for a downpayment in just a couple of months probably isn't going to work. Give yourself enough time to start out slowly and work your way up to enough savings to purchase a home at the Lake of the Ozarks.

3. Find a Safe Place to Store Money.


A jar in your bedroom might not be the best place to store your savings, as you can easily dip into it. You also don't want a lot of cash sitting around where it could easily be lost or stolen. Consider a typical savings account or a CD, something without much risk. While other investment options might offer a better return on your money, you don't want to risk losing your savings either. Consider talking to a financial advisor about your best options.

4. Make Room in Your Budget.


You might have to cut back on some expenses in order to save enough each month to meet your goals. If you don't thoughtfully create room in your budget for savings, that money can easily just get spent on something else. Think about the things you buy each week; of those things, what items are unnecessary wants? Do you want those things more than you want a house? Think about that each time you want to buy something. Prioritize your purchases and add that extra savings to your house fund.

5. Set Up an Automatic Savings Plan.


You could allocate a certain amount or percentage of each paycheck to go directly into your chosen savings account. Many banks offer a savings plan where money will be automatically transferred from your checking account to your savings account at the beginning of the month. You can set the amount to be transferred depending on how much you can afford to set back each month.

If you're currently saving for a home, talk to your Lake of the Ozarks mortgage lender about your options. The pre-approval process is the first step in a successful home buying experience. As your local lender, I'll work with you every step of the way! Give us a call today at 573-746-7211 to get started.

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct:  (573) 746-7211

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.

at No comments: