Your Lake of the Ozarks Mortgage Lender: 7 Questions To Ask Your Mortgage Lender

Whether this is your first home purchase at the Lake of the Ozarks, or you’re financing a vacation home at the Lake of the Ozarks - we know you will have questions, and we look forward to answering them. Here are a few popular questions, with answers to get you started. Do you have more questions? We would love to chat with you!

#1. Which mortgage type is best for me?

This question can only be answered after we have some basic information about your finances. Team Lasson can help you evaluate which is better for you. We can talk to you about the pros and cons of different types of mortgages.

#2. How much down payment will I need?

By putting a minimum of 20% down, you can avoid Private Mortgage Insurance, but there are several choices and options available for many buyers. Some qualified buyers can find mortgages for as little as 3% down while others may be able to secure a mortgage with zero down. Second Home purchases will typically require a minimum of 10% for down payment.

#3. What will my interest rate be?

While this may differ between lenders a bit, you are going to find that there is a ballpark interest rate that you will qualify for as an individual. Team Lasson can help you find your interest rate after taking a look at your finances, as well as figuring the type of Lake of the Ozarks mortgage that you will be getting.

#4. Will I have to pay mortgage insurance?

If you will be putting less than 20% down, the answer is most likely yes. Your next question should be to ask what types of options are out there or what you can do to eliminate the need for it. Most likely, the answer will be to make a bigger down payment or look into other loan programs that you could qualify for.

#5. What is my monthly payment going to be?

This is an important question, whether this is your first and only mortgage, but it may feel even more important if you will be getting a second home mortgage at the Lake of the Ozarks. We can easily figure up your monthly payment after we know what your interest rate will be. Another question that is important to ask is if there are any prepayment penalties if you pay the mortgage off early.

#6. What other costs will I pay at closing?

At closing, there are generally other costs involved than just your down payment. These can include the costs for an appraisal, title company fees, property taxes, home owner’s insurance, and other closing costs. These costs will be paid at the time of the loan signing.

#7. How - and how often will I be updated on my loan’s progress?

While the biggest part of the work around your loan will happen at the beginning, getting updated about the progress of your loan is also important. Team Lasson will send you updated status reports throughout the process and you will also be able to access your loan online and check the status any time you want.

Ready to Get Started?

Team Lasson has been helping buyers get their dream homes for over 17 years. We are big on communication with all necessary parties so that they are up to date on the status of their file. We always try to answer all questions as quickly as possible. If you are ready to buy a home at the Lake of the Ozarks, Team Lasson is here to help. NOW is a great time to buy a Lake of the Ozarks home, and we are ready to assist. Visit our website to learn more about our mortgage services at the Lake of the Ozarks or give us a call! We look forward to working with you.

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