Friday, July 23, 2021

5 Ways to Help Speed Up the Mortgage Process

One of the biggest investments you will ever make in your life is purchasing a home. To get there, you are going to have to go through the mortgage approval process. The mortgage process can often feel like a long and daunting event, but it does not have to be. While there are always aspects of the mortgage process that cannot be controlled, there are so many things that you can set the pace for. Team Lasson wants to help you purchase your Lake of the Ozarks Vacation home, and we want to help you get everything in order as fast as possible. This real estate market has been busy, to say the least, so anything that you can do to help speed it up on your end is going to be very helpful.

1. Review Your Credit Report

The first big hurdle in the mortgage approval process is your credit score, which is a big determining factor in your mortgage. A low credit score could affect your interest rate, costs or even cause your application to get denied. Before you start the Lake of the Ozarks home loan process, be sure to review your credit report. Make sure you are aware of what your credit score is. Talk to your mortgage professional about correcting any mistakes that may have been made on your credit report and if there are any ways you can improve your score before you take the next step in the home buying process.

2. Have Your Documents in Order

Your credit score is just one of the factors that a Lake of the Ozarks mortgage lender will take into account. Your lender is also going to need documentation on your income, assets, and monthly debt payments. Your debt-to-income ratio also plays an important role in the mortgage approval process. You can improve your chances by paying off some debts prior to applying for a mortgage loan. Talk this over with your mortgage lender at the Lake of the Ozarks first. However, if that is unrealistic, just ensure you do not take on any new debts while going through the mortgage process.

3. Get Pre-Approved

This can speed up your mortgage process exponentially. When you have a pre-approval letter in your hand while house hunting, you are essentially saying “this is how much my lender is willing to lend me right now.” This means that your lender has reviewed your information and has decided that you would be approved based on some initial basic information about your financial status.

4. Finalize Negotiations Quickly

This will be done with your real estate agent, but it can really slow down the buying process if both parties aren’t communicating quickly. There will be a variety of negotiations that happen between the buyer and seller, and as you get these notifications from your agent, it’s important to respond quickly and not let these things sit around for too long. Properties are selling quickly these days, and it’s important to keep this process moving - there are plenty of other buyers ready to swoop in.

5. Have the Home Appraised

The home appraisal plays a critical role in the mortgage approval process. A mortgage lender is not likely to lend more money than what the property is worth. If the appraisal determines that the property is not worth the asking price, you will either have to renegotiate with the seller, bring in additional funds at closing or find a different property.

Don’t Forget to Stay In Touch

When you are in the process of purchasing a home, one of the most important things you can do is stay in touch with your mortgage lender at Lake of the Ozarks. We want to help you close on this home as quickly as possible, but if there are delays in communication, this can slow things down.

If you are ready to buy a home at Lake of the Ozarks, we are ready to assist! This has been an amazing time to buy and refinance homes - and if you are looking for a good rate, it may be worth it to do it now. You can visit our website to submit an application or learn more about our company, we look forward to working with you, and helping you close as fast as possible!

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Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

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

Monday, July 12, 2021

Reasons to Refinance in 2021

Refinancing your home at the Lake of the Ozarks can be beneficial for reducing the length of the loan, lowering your monthly payment, or improving your rate terms. When done correctly, refinancing can save you a lot of money and could be the best financial step for you to take. If you have ever considered refinancing your home, then you need to think about it, and see if it is the right option for you! Your Lake of the Ozarks mortgage lender is here to help, so we have 6 reasons why refinancing may be the best step for you.

#1. It Can Lower Your Interest Rate

Did you know that if you can lower your interest rate by at least 1% (or 0.5% on higher loan amounts), you should consider refinancing? Interest rates are incredibly low right now, and the chances that you can get a better rate by refinancing now are much better than in previous years. This is a huge asset because you could end up saving a lot of money in interest paid throughout your loan.

#2. Switch Your Loan Type

There are many different loan types available for homes, some are better for certain people than others. If you currently have an adjustable-rate mortgage (ARM), you may want to switch to a fixed-rate mortgage (FRM). This can allow you to lock in a low rate for the entire term of the loan instead of just a few years! It might also be feasible to drop from a 30-year mortgage to a 20 or 15 year. With the lower rates, you could have close to the same payment you currently have but shorten the term of the loan. This is something you can discuss with your mortgage lender at the Lake of the Ozarks!

#3. Be Aware of Balloon Payments

Some mortgages have a large payment due at the end of the loan term - usually, 5-7 years, called a “balloon payment.” This type of mortgage is a short-term loan that is set up like a long-term loan for the first few years. You may need to refinance your loan to avoid paying this large expense.

#4. Stop Paying Private Mortgage Insurance

When more than 80% of the home's sale price is borrowed, sometimes the borrower is required to purchase private mortgage insurance (PMI). If the home's value has increased, you can use this amount to refinance and stop paying that PMI.

#5. Cash Out Home Equity

Home equity is often used as a way to finance a remodeling project, college tuition, car purchase or a vacation. If your home's value has increased, you can refinance to cash out that extra amount. You would actually be refinancing your mortgage for more than you currently owe on it and then pocketing the difference.

#6. Consolidate Debts 

If you have a lot of high-interest debts, you may be able to save money by consolidating those debts into a mortgage. Auto loans, credit cards, second mortgages, and other debts that typically have a higher interest rate can all be included in your refinance.

Photo Credit: Fun Lake

Do you have more questions about refinancing a Lake of the Ozarks home? Team Lasson would be glad to answer your questions! You can start by filling out an application on our website ( so that we have an idea of your financial position. We look forward to helping you decide if refinancing is the right choice for you!

LIKE my Facebook PageFollow me on Twitter or Connect on LinkedIn

Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

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