Things That Come Up in the Mortgage Process & How to Overcome Them

Buying a home at the Lake of the Ozarks can be one of the most rewarding and enjoyable choices, but it still comes with some responsibility, and may even have a few bumps in the road. As you make your real estate purchase, it is important to have a team of professionals who can help you overcome obstacles through the process. Team Lasson is here to help you through the process of obtaining a mortgage at the Lake of the Ozarks. Below are a few things that could come up in the process and how you can work through them!

The Home Inspection

It is not a common issue, but there are times when the borrower may decide to back out of the deal based on something that was found during the inspection. The downside is that there is not much your lender or real estate agent can do if there is an unfixable problem with the property. The best way to try and avoid this situation is to ask the seller many questions in the beginning stages to ensure that everything is disclosed as early as possible. Many times, these issues could have been discovered early on but are not, due to any number of miscommunications.

The Appraisal Valuation

If the home is appraised higher or lower than the valuation in the initial offer, this can be another challenge that may come up. However, this is less common in popular markets, and it typically only comes up when there are not comparable sales. Working with a good real estate agent can help deter these issues early in the process.

The Application Issue

While some loan closings are prevented due to the actual property, more often than not the issue arises from the loan application. Sometimes the documentation does not match the information provided on the original application. One common error on the application is the amount of qualified income of a self-employed borrower. The income listed on the application needs to match what is listed on the borrower's tax return. Obtaining a pre-approval is a great way to avoid some of the application issues that could arise later in the game. You can visit our website (www.YourLakeLoan.com) to fill out your application and get started on this process!

The Borrower’s Credit

The underwriting process relies on the borrower's credit, and this can play a role in common home purchasing challenges. If the borrower has a bad track record for repaying money loaned, the underwriting will unearth this and affect the loan process. Another thing is if the borrower has too much debt relative to their income, problems will arise during the underwriting process. The debt-to-income ratio is one of the most important factors in mortgage underwriting. If you have considered purchasing a home at the Lake of the Ozarks, now is the perfect time to take a look at your credit and make sure it is in order so that you can avoid potential challenges later.

Just Bad Timing

Mortgage loan closings can also fail due to timing issues caused by last-minute changes. These seemingly simple changes could require the lender to issue a new disclosure statement, therefore delaying the closing. If the seller included a contingency that the closing must occur by a specific date, such delays can be problematic for both the buyer and the seller. Another timing issue can occur when the borrower does something to alter his or her financial standing. Buyers should avoid making any other large purchases or switching jobs during the loan process.

As with any big life change or major decision, there will always be situations that could arise through the process. The good thing to remember though is that with a good team on your side, you can work through the challenges and before long, own the home of your dreams. One of the easiest ways to avoid challenges during your home purchase is to disclose as much information as you can from the beginning, even if you think it may not be necessary - we can use that information to create the best plan for you. Also, remember to keep your team updated with any changes during the process that could affect your loan.

Be sure to ask your Lake of the Ozarks mortgage lender and your real estate agent as many questions during the beginning of the process and make sure to get a pre-approval before moving ahead with an offer on a house. If you are considering purchasing a home at the Lake of the Ozarks soon, give me a call at 573-746-7211.

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

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Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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 Team Lasson for the 2020 Overland Park Boat Show!

Every year, the Overland Park Boat Show is the prime place to go when you want to find high-quality boats, accessories, and learn more about vacationing at the Lake of the Ozarks. Team Lasson considers it a great privilege to be one of the vendors at the event. We get to share our love for the Lake area and talk to guests about how easy it can be to get a vacation home mortgage at the Lake of the Ozarks. If you have not been to the Overland Park Boat Show before, here are a few things you may want to know about the event!

About the Lake of the Ozarks Marine Dealers Association

LOMDA (Lake of the Ozarks Marine Dealers Association) is made up of over 40 Lake of the Ozarks area marine dealers. These businesses make up all of the top lines of boats, marine accessories, docks, personal watercraft, and many other ways to promote fun on the water. The Lake of the Ozarks is a boater’s paradise in the Midwest, so recreational boating is a big deal here. LOMDA sponsors four large boat shows per year in Overland Park, Kansas, in January, St. Charles, Missouri, in March, Lake of the Ozarks In-Water show at Dog Days in April, and the September In-Water Show at Captain Ron’s.

Overland Park Boat Show Details

Location:
Overland Park Convention Center
6000 College Blvd
Overland Park, KS 66211

Schedule:
Thursday, January 23rd, 12pm - 9pm
Friday, January 24th, 12pm - 9pm
Saturday, January 25th, 10am - 9pm
Sunday, January 26th, 10am - 5pm

Admission Prices:
$9.00 for adults
$5.00 children age 6-12
Children 5 and under are free

$1.00 of each paid adult admission is donated to Kids’ Harbor Child Advocacy Center.

Overland Park Boat Show Exhibitors

There are some amazing exhibitors at the Overland Park Boat Show this year. If you are looking for a new boat, boat accessories, or other vendors specializing in lakefront activities, these exhibitors will have your back.

• Advantage Marine
• All About Boats
• Big Thunder Marine
• Bridgeport Sales & Rental
• Formula Boats of Missouri
• Iguana Marine Group
• Kelly’s Port
• Marine Concepts
• Marine Max
• Marty’s Marine
• PDQ Marine Services
• Performance Boat Center
• Poly Lift Boat Lifts
• Premier Motor Sports
• Summerset Boat Lifts
• Surdyke Yamaha
• Village Marina & Yacht Club
• Yacht Club Powersports

There will be many other vendors at the event as well. From businesses specializing in dock repair to the Chamber of Commerce, Convention and Visitors Bureau, and more. Of course, don’t forget that your favorite mortgage lenders at the Lake of the Ozarks will also be there!

Diving Into Lake Of the Ozarks Real Estate

If you have been considering purchasing a home at the Lake of the Ozarks, 2020 is your year! This has been an incredible time for homeowners to purchase a second home, whether it be an investment property or a vacation home. If you have been thinking about this decision, and you’ll be at the Overland Park Boat Show, we want to see you! Stop by our table and talk with us, we would love to meet you. If you are a go-getter, you can fill out the application on our website (www.YourLakeLoan.com) and get started on your pre-approval! Happy boat show weekend!

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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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.

Tax Tips For Homeowners

Tax season is here, and if you are a homeowner, this can be an important time of year! It’s always important to touch base with your tax professional when you have questions about your taxes, but if you need to know what questions to ask or what to start thinking about, here are a few tax tips to keep in mind in as you get ready.

Start Looking Back and Planning Ahead

It’s time to start thinking about last year’s tax season in preparation for this year. You can dig out your 2018 tax return if you would like to review the detailed information of what you collected last year. There are things you will need to collect again this year regarding itemized deductions, business use of home or car and equipment depreciation. If you have questions about this, you can schedule an appointment with your tax professional or visit: https://www.irs.gov/.

Get Organized

Receipts, invoices, canceled checks, online bill pay or automatic deduction logs, mileage logs and other documents are needed to substantiate deductions. If applicable, you'll need to gather documentation for the following:

• Charitable Gifts
• Equipment Purchases
• Memberships to Professional and Trade Organizations
• Mileage for Business
• Mileage for Volunteering
• Office Supplies
• Phone and Data Bills
• Subscriptions to Professional and Trade Publications
• Utility Bills (for Business Use of Home)

Start organizing your paperwork now so that when you need something specific you can find it.

Start Thinking Ahead for Next Year

If this year has you feeling frenzied, you can start an organization method to make next year easier. Start by creating a meaningful and easy-to-follow record system. Having one place to keep your documents can make it so much easier. Of course, that’s the easy part - the hard part is dutifully putting invoices, receipts, and other documentation in there as it comes in. You can utilize a file folder or box to make them easily accessible. Another option is to make use of electronic scanning and storage to help keep things in an easy to find location - but it could be a bit more time consuming if you don’t have a plan in place.

The Basics: Tax Benefits of Home Ownership In 2020

There are tax benefits available for people who buy or sell a home - and it can make it a great financial decision. There are various tax benefits put in place by the government to encourage consumers to purchase homes, which means that buying could be a great choice for you this year. There are two big areas where homeownership can really save money:

Interest Expense: Did you know that homeowners can deduct interest expenses on up to $750,000 of mortgage debt from their income taxes? Keep in mind that when you itemize these deductions, you forgo other deductions available - if you need the specifics, you can speak with your financial advisor or visit www.MortgageCalculator.org

Capital Appreciation: While the home increases in value during ownership, these gains are not taxed at the federal level. This means that homeowners can utilize exclusions in home appreciation when figuring capital gains.

Ready to Buy a Home in 2020?

If a plan for 2020 was to buy a vacation home at the Lake of the Ozarks, this is where Team Lasson can help. We have been assisting homeowners for over 20 years, and we are proud to help homeowners at the Lake of the Ozarks make their purchase. Whether you are planning to buy a vacation home or a primary residence, we would like to help you get started. Visit our website to learn more about our company as well as fill out the application! 2020 is going to be a great year to make your real estate dreams come true, and Team Lasson is looking forward to helping!

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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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.

2020 Mortgage Considerations

2019 was a great year for buying a home, but if you weren’t able to make your purchase, all hope is NOT lost! 2020 is continuing on with the great interest rates, and awesome reasons to buy a home at the Lake of the Ozarks. Team Lasson wants to help you get your vacation home at the Lake of the Ozarks purchased and ready for you to enjoy as soon as possible, so here are a few things to keep in mind about mortgages in 2020, we think it’s pretty exciting!

Rates Are Still Low

If you were watching rates in 2019, you know that they were amazing. The good news is that rates are continuing to stay around the same low levels. There is no way to really predict exactly what the rates will do throughout the year, the only thing you can be sure of is what they are today and what you do about it.

The Home Search Could Be Hard

Realtor.com is predicting that in 2020, home inventory could reach a historic low as a steady flow of demand, especially for entry-level homes. If you’ve been considering purchasing a home at the Lake, NOW is the time to get started. Start by visiting our website at www.yourlakeloan.com and applying for your pre-approval, then find your real estate agent and start looking for your dream property. If there is going to be a shortage of homes and condominiums on the market this year, getting started early could be a huge advantage.

Get Prepared

The first and best thing you can do is to start getting prepared. This can include tracking your spending, saving up for the down payment, improving/maintaining your credit score, and getting pre-approved with Team Lasson. Start gathering documents like your tax returns, paychecks stubs, bank and asset statements, and W-2 information. If you want more information about preparing financially for your real estate purchase at the Lake of the Ozarks, you can check out our blog: New Year’s Resolutions that Help with Homebuying.

Now is a Great Time to Purchase

Mortgage rates have been at historic lows which makes it a great time to buy real estate. Team Lasson has enjoyed helping many homebuyers become homeowners over the past few months, and there’s still time to make that happen for you. If you have been hoping to buy a home at the Lake of the Ozarks, this really is a great season for it. With rates looking good, and a few more months before Summer starts, you can have the vacation home of your dreams just in time!

Visit our website (www.YourLakeLoan.com) to learn more about our business, as well as submit your application. We look forward to working with you!

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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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.

New Year’s Resolutions that Help with Homebuying

2020 is here, and if you have been considering purchasing a new home at the Lake of the Ozarks we would love to assist. As people finalize their resolutions, set goals, and think about what they want to achieve in 2020, this is a great time to start planning for your vacation home at the Lake of the Ozarks. Here are a few things to keep in mind as you prepare for, start, walkthrough, and finish the mortgage process!

1. Evaluate Your Finances

If you considering a real estate purchase in 2020, the very first step is to take a look at your finances and start working with your mortgage lender at the Lake of the Ozarks. Take a look at what you earn, your expenses, and how much you have in savings. This can help you determine whether you are ready to buy a home or what you need to do to be ready.

2. Be Smart With Credit

Your credit score will be key when determining your interest rate. Taking the appropriate steps to improve your credit can make a huge difference when it comes to buying a home. Set up a meeting with your mortgage lender to discuss the different steps you can take to help with your credit score.

3. Keep Your Goal in Sight

Once you have evaluated your finances, you can see where there is room for improvement, or get the green light to pursue your purchase. If you are saving money for your downpayment, you can start by reducing optional expenses at the start of the year, and set up a monthly automatic deposit into your savings account.

4. Start the Pre-Approval Process

Even before starting the house-hunting process, the most important thing you can do is secure your pre-approval letter from your Lake of the Ozarks lender. The information in the application will allow us to determine the maximum amount you are qualified to borrow for a home loan. When you have your pre-approval letter prior to looking for a property, it can make the process smoother, faster, and it can be very helpful in competitive markets.

5. Organize Your Paperwork

There can be a lot of paperwork involved when buying a home, so it’s important to get organized as early as possible. When you are applying for your home loan, you’ll want to have copies of your tax returns, paycheck stubs, bank and asset statements and W-2 information. There may be additional documents that you will need, so having a system for organizing your paperwork can be key.

6. Build a Team You Trust

When you are purchasing a home, the team that you count on to help you through the process can make all of the difference. You can count on Team Lasson to help you navigate the home buying process! Our team has over 20 years of experience helping individuals purchase the home of their dreams, and we look forward to helping you through the process.

2020 Is Your Year!

Owning a home at the Lake of the Ozarks is a dream come true for so many homebuyers! If you have been thinking about making an investment in a vacation home, there is no time like the present! In fact, now is one of the best times to purchase a home! The market has been great for our homebuyers and we want you to be one of them. Visit our website to learn more about our mortgage company at the Lake of the Ozarks, and you can also fill out your pre-approval application as well (www.YourLakeLoan.com). Happy New Year from Team Lasson! We look forward to working with you this year!

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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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.