Wednesday, December 13, 2023

Mortgage Technology - Moving Forward in 2024

 

Mortgage Technology – Moving forward in 2024

Do you remember the days of having to physically go to an office, be it a title company, lawyer’s office, or banking center to spend an hour or more signing documents to purchase or refinance your home or condo?  Sometimes you’d spend half the day waiting for the funds to be wired in and disbursed so you could get on with your day and go enjoy your new property.

Well, those days are over!  Team Lasson has been using the hybrid closing system offered by First State Bank Mortgage for quite some time, and it’s fantastic!  This system not only streamlines the process but also significantly reduces the time spent at the actual closing.  Here’s how it works:

·         A few days prior to the closing, the borrowers receive an electronic copy of their closing documents through our secure client portal.

·         Upon receipt, the borrowers should review these documents in case they have any questions or to notify us of any errors prior to the closing. 

·         The morning of closing, the documents that can be signed electronically are sent to the client portal to be electronically signed by all borrowers. 

·         At the closing, borrowers sign documents that require a “wet” signature.  This includes the Note and other documents which require a Notary Public. 

Sometimes borrowers are unable to be present for their closing and need to do it remotely.  We have a couple of solutions for that as well.  The first option is to have a mobile Notary meet with the borrowers to sign the closing documents in person.  This can also be done in conjunction with the Hybrid closing mentioned above.  This process is usually completed the day before the actual closing date so the Notary can overnight the original packet back to the title company or lender on or before the date of the closing so funds can be disbursed on time.

The second option is a newer process called Remote Online Notarization or “RON” Closing.  In this online digital closing, the Notary and borrowers meet through an audio-video application, enabling the signing and notarization of documents in an electronic format. While the fundamental elements of this closing resemble those of any other closing, specific requirements must be met. These conditions typically include:

·         Notary must be physically present and licensed in the state of the property

·         The RON technology platform must offer multi-factor authentication and knowledge-based identification to verify the identity of the signers

·         The RON platform must have the ability to scan a government-issued ID for the Notary to verify the identity of the signer and the validity of their ID

·         Documents must be digitally stamped and tamper-sealed to prevent interference with the authenticity and security of the notarial ceremony

·         The notary must keep a video recording as well as an electronic journal as backup files of the notarial ceremony.  These must be kept for a period specified by the state law (if not specified, the standard is 7 years)

Please Note: Not all the states allow for RON closings, and each state has its own laws regarding them. Be sure to check with your lender, title company, and attorney to determine if this is a feasible option for you.


Team Lasson is here for all your home buying needs! If you're thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan programs works best for your financial goals. The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks. To get started, visit www.yourlakeloan.com or give us a call at (573) 746-7211!










Michael Lasson

Senior Loan Officer

NMLS #: 493712

First State Bank Mortgage – Michael Lasson 

2751 Bagnell Dam Blvd Suite B 

Lake Ozark, MO 65049


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.



 


Thursday, November 30, 2023

December Happenings Around the Lake

 

December Happenings Around the Lake 

WOW, it’s almost the end of 2023 already!  This year has flown by in a flash.  Hopefully, you can make some time to get out and visit some of the great holiday activities the Lake Area has to offer for December.  Team Lasson wants to wish everyone a very Merry Christmas and Happy New Year!!!


Friday, December 1st

Christmas on the Square

Location:         Camdenton

Time:   5:30 – 7:00 p.m. – Tree Lighting Ceremony

 

Saturday, December 2nd 

School of the Osage Holiday Bazaar

Location:         High School, 636 Hwy 42, Osage Beach, MO

Time:   9:00 a.m. - 3:00 p.m.  

43rd Annual Holiday Bazaar Fundraiser. Over 100 booths are projected to register and will be offering a variety of handmade crafts, home d├ęcor, jewelry, clothes and other specialty holiday items. Attendees can also expect to find items like personalized ornaments, favorited graphic tees, custom tumblers, original art, beautiful woodwork and more.


Christmas on the Square

Location:         Camdenton

Time:   10:30 a.m. - 1:00 p.m. Christmas Festivities and Santa arrives

 

7th Annual Eldon Lighted Christmas Parade & Celebration

Location:         Eldon

Time:   10:00 a.m. – Horse Drawn Carriages and Christmas Tree Lot at the historic Randles Court

            11:00 a.m. – Santa will be at the Community Center for pictures

Maple Street Holiday Craft & Gift Bazaar, Carol Singers, Living Nativity Scene, 

Roasted Chestnuts and Ornament Decorating for kids

Dusk – Lighted Christmas Parade in Downtown Eldon, with Annual Christmas

Tree Lighting at Rock Island Park

 

Friday, December 8th

Christmas Carols Performance

Enjoy the heart-warming sounds of live Christmas Carols with a talented choir.

Location:         Country Crossroads

                        5831 Osage Beach Pkwy

                        Osage Beach, MO

Time:   2:00 – 3:00 p.m.

 

Saturday, December 9th

39th Annual Lake of the Ozarks Christmas Parade

Location: Bagnell Dam Strip, Lake Ozark

Time:  1:00 p.m.

This year's theme for the Annual Lake of the Ozarks Christmas Parade is "Christmas in Paradise".  Bring the whole family and join us immediately after the Parade at Luby's Plaza where Santa will greet all the kids on Luby's Stage with gifts for each. Enjoy the Sweets Table and Holiday Cheer!!


Saturday, December 16th

Christmas Cooke Contest with Santa benefitting CADV

Bake your best to win the cookie trophy! Enter your different delicious cookies and get pictures with Santa.  The cookies will be donated to CADV along with other donated items to families at CADV.

Location:         Country Crossroads

                        5831 Osage Beach Pkwy

                        Osage Beach, MO

Time:   10:00 a.m. – 5:00 p.m. with Santa appearing and judging at 2:00 pm.

 

Old Tyme Christmas at Linn Creek & Children’s Play

Bake your best to win the cookie trophy! Enter your different delicious cookies and get pictures with Santa.  

The cookies will be donated to CADV along with other donated items to families at CADV.

Location:         Camden County Museum

                        206 S Locust

                        Linn Creek, MO

Time:   11:00 a.m. – 3:00 p.m. Lunch with Santa, crafts, games, tours, play 

 

Christmas Light Displays around the Lake

Enchanted Village of Lights – Fairgrounds in Laurie, MO

Enchanted Village of Lights in Laurie Missouri is one of the most amazing light display around the area. If you have not made it out to see the lights you are really missing out. This 27 acres of lights is a sight to see. With over 250 displays.

Lights open Friday, November 17, 2023 and runs until December 31, 2023

5 pm to 9 pm Sunday thru Thursday

5 to 10 Friday and Saturday, Thanksgiving, Christmas Eve, and Christmas night.

 

St. Patrick’s Festival of Lights – Shrine of St. Patrick’s Church, Laurie, MO

The Festival of Lights at the Shrine of St. Patrick, Hwy 5, Laurie, is the oldest light park in the area. It was started in 1981 with hundreds of lights decorating the buildings and grounds and has continued to grow each year. With 4,000 strings of lights, over 60 automatic timers and more than 350 extension cords, the Festival of Lights has turned into one of the major places to see. Instead of animated displays, the focus is on the true meaning of Christmas, Jesus and His Mother, Mary.

St. Patrick Festival of Lights will be open daily from 5 – 10 p.m. from Thanksgiving through January 7th. There is no charge for this beautiful light display, it is simply our gift to the community.

 

Osage Beach Holiday Light Park – City Park, Hatchery Rd, Osage Beach, MO

Drive-thru Light Park runs December 1st through December 31st, 5:00 – 9:00 p.m.

 

Versailles Unity of Lights – City Park, Versailles, MO

Versailles Unity of Lights Drive-Thru Light Park runs November 23rd through January 1st


Greater Lake Area Chorale Christmas Concerts


December 2nd at 2:00 p.m.     Our Lady of the Lake Catholic Church, Lake Ozark, MO

December 3rd at 2:00 p.m.      Our Savior’s Lutheran Church, Camdenton, MO

December 9th at 2:00 p.m.      Morgan County Performing Arts Center, Versailles, MO

December 10th at 2:00 p.m.    Christ the King Lutheran Church, Lake Ozark, MO

December 17th at 2:00 p.m.    First Baptist Church, Eldon, MO


Team Lasson is here for all of your home buying needs! If you're thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan programs works best for your financial goals. The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks. To get started, visit www.yourlakeloan.com or give us a call at (573) 216-7248!









Michael Lasson

Senior Loan Officer

NMLS #: 493712 

First State Bank Mortgage – Michael Lasson 

2751 Bagnell Dam Blvd Suite B 

Lake Ozark, MO 65049

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.

 

Wednesday, November 8, 2023

 

VA Home Loan Advantages

 

If you are a military veteran, you proudly served us, and now it is our turn to serve you!  Team Lasson has always supported our veterans, and we appreciate the opportunity to assist you in obtaining a new home.  Michael has taken the initiative and time to complete the training to become a Certified Military Home Specialist with the Boots Across America program to ensure that we offer the highest quality of service to our Veterans and active military personnel.


Veterans Affairs loans (VA) are issued by private lenders and guaranteed by the United States Department of Veterans Affairs. VA loans are a no-down payment mortgage option with low interest rates for active or retired veterans to purchase a primary residence or refinance an existing mortgage. There are different regulations and standards the home must meet to be processed and approved through the VA appraisal and underwriting process compared to conventional loans. So, be sure that the type of home you're looking to buy fits within these standards by speaking to your lender upfront about your plans.

 

VA Loans are designed to assist veterans and active military service members purchase new primary residences at an affordable cost.  The most significant advantages for this program are:

            ✔ Lower interest rates

            ✔ Lower closing costs

            ✔ Higher debt ratios allowed

            ✔ No private mortgage insurance

            ✔ 100% financing available

            ✔ No VA Funding Fee, if applicable

            ✔ No pre-payment penalty


Who is eligible?  Active-duty servicemembers and Veterans with honorable discharges, National Guard and Reserve service members, certain eligible spouses, and other uniformed service personnel.


We are able to assist with lending in all 50 states, which makes it easier for you when searching for your new primary home while also using your VA benefits.

Team Lasson is here for all of your home buying needs! If you're thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan programs works best for your financial goals. The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks. To get started, visit www.yourlakeloan.com or give us a call at (573) 746-7211!


Michael Lasson

Senior Loan Officer

NMLS #: 493712

 

First State Bank Mortgage – Michael Lasson 

2751 Bagnell Dam Blvd Suite B 

Lake Ozark, MO 65049

 

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.

 

 


Monday, October 23, 2023

What is a JUMBO Home Loan?



What is a JUMBO Home Loan?

A jumbo home loan is a mortgage loan that is in excess of the conforming loan limit set by the Federal Housing Finance Agency (FIFA), which was $726,200 for a one-unit residence in 2023.  These loans are usually obtained to finance a luxury home or a property that is located in a high-cost area where the conforming loan limit is typically below the median home price for that area.  

Qualifying for a jumbo mortgage follows the same process as a conforming loan where the lender will still review your credit history, credit score, income, assets, reserves and debt ratio.  Some of the requirements for jumbo loans are more stringent than conforming loans, such as requiring more reserves after closing (12 months versus 2-6 required for conforming loans).


Jumbo loans are available with a fixed rate term or an adjustable interest rate, depending on the factors on the loan (i.e., credit score, loan-to-value, etc.  These loans are also considered riskier for lenders because they are not guaranteed by Fannie Mae and Freddie Mac, which means the lender is not protected from losses if a borrower defaults on their mortgage.

Team Lasson is here for all of your home buying needs! If you're thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan program works best for your financial goals. The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks. To get started, visit www.yourlakeloan.com or give us a call at (573) 746-7211!

 




Michael Lasson
Senior Loan Officer
NMLS #: 493712

First State Bank Mortgage – Michael Lasson 

2751 Bagnell Dam Blvd Suite B 

Lake Ozark, MO 65049


Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318




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

Monday, October 16, 2023

Is an FHA Home Loan Right for you?

 

Is an FHA Home Loan Right for you?

FHA loans are an option for homebuyers that haven’t saved up for a large down payment to purchase their new Primary home. An FHA Loan is a mortgage that is insured by the Federal Housing Administration.  The program allows borrowers to finance a new primary home purchase with a low down payment and will typically carry a lower interest rate, cheaper Mortgage Insurance, and will allow for a lower credit score.











FHA lenders will review your credit history to determine if you qualify for the program.  Even if you have less than stellar credit, you may still qualify for an FHA Loan.

Bankruptcy:  you must be at least two years out from the discharge date of a Chapter 7 bankruptcy and you must have established good credit or not have incurred any new credit obligations since the discharge

Late Payments:  you need to have a minimum of 12 months of payments on current obligations that are made on time

Foreclosure:  these are considered on a case-by-case scenario and will depend on the circumstances that led to the foreclosure

Collections, Judgments and Federal Debt:  Typically, collections and judgments must be paid off prior to or at the time of closing, except for medical collections

No credit history:  In some instances, you can provide documentation to build non-traditional credit such as insurance payments, cell phone bills, electric bills, etc.  Your lender can assist you with what is needed to complete this

 

FHA Loans will also allow for Gift Funds to assist with the down payment requirement and closing costs.  These funds can come from any of the following sources:

·         Borrower’s family member

·         Borrower’s employer or labor union

·         A close friend with a clearly defined and documented interest in the borrower

·         A charitable organization

·         A governmental agency or public entity with a program providing homeownership assistance to low- or moderate-income families or first time homebuyers

 

There are also maximum loan amounts for different parts of the country.  These have been calculated by FHA and are known as FHA lending limits.  These are calculated and updated annually.  Below are the 2023 limits.

 

 

LOW COST AREA

2023 FHA Limits

Single

Duplex

Tri-plex

Four-plex

$420,680

$538,650

$651,050

$809,150

 

HIGH COST AREA

2023 FHA Limits

Single

Duplex

Tri-plex

Four-plex

$970,800

$1,243,050

$1,502,475

$1,867,275

 

 

 

 

 

Team Lasson is here for all of your home buying needs! If you're thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan programs works best for your financial goals. The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks. To get started, visit www.yourlakeloan.com or give us a call at (573) 746-7211!

 

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Michael Lasson

Senior Loan Officer

NMLS #: 493712

 

First State Bank Mortgage – Michael Lasson 

2751 Bagnell Dam Blvd Suite B 

Lake Ozark, MO 65049



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.