Wednesday, July 31, 2024

A Guide to Your Mortgage Interest Rate

 

A Guide to Your Mortgage Interest Rate  


Mortgage interest rates are a reflection of how much risk a borrower and their new home can possibly carry. The less risk your lender feels, the likelihood of you receiving a positive interest rate will increase.

But hey, no worries, you’re more in control than you think. Beyond external forces like the housing market and general inflation, listed below are the ingredients of a mortgage interest rate that you have complete control over.

Credit Scores

The best-known detail of a mortgage rate is your FICO credit score. Before you start any mortgage shopping, check it out and review your credit reports for errors. Certain slip-ups can lead to a lower score, preventing you from qualifying for better loan rates and terms. Make sure to check this early in the process. Lenders are looking to offer mortgages to those with high credit scores, and the higher your score, the lower the rate you might qualify for.

Below is a recap of what affects your score:

  • Late payments: If you don’t pay things on time, had an account sent to collection or declared bankruptcy, these all can negatively impact your credit score.
     
  • Length of time on open trade lines: Sometimes a short history can have a negative impact, but if you’re making payments on time and have low balances, you can offset that negative impact
     
  • Number of inquiries in a short period of time: It might sound ruthless, but too much uncertainty about the state of your score can affect it negatively.
     
  • Sprawling debt: If you’re spending too close to the limits, this could negatively affect your score as well. A healthy expenditure means you should use less than 20-30% of your available credit, keep good-standing accounts open for long periods of time and avoid opening too many new accounts.






Total Loan Amount

The size of a mortgage loan and, to a degree, the price of a home, is another influencer. Loans too large or small are perceived as bigger risks.

  • Danger zone: If your loan exists in the sweet spot between $100,000 and $766,550, then you’ll have fewer chances of a spike in your interest rate. Living outside those lines might cost an extra nickel. 

Home Location

One of the more overlooked factors is the health of the housing market within a state or county. If a lender is less worried about the area’s risk of default, you’ll likely see a lower rate. The surrounding house prices can also make an impact. Living near water (more expensive) or in a rural area (less expensive) could change the amount of your mortgage and put you into the zone where lenders may charge a higher rate.

Loan Term & Type

Or, in other words, promptness and assistance.

Your loan’s term is how long you have to pay back the loan. Usually, you'll find that short-term loans have lower interest rates but do have higher monthly payments.

Regarding the types of loans, there are several broad categories of assistance, such as conventional, FHA, USDA and VA loans. Rates significantly differ based on which type you choose. Conventional loans require anything between a 3-20% down payment, while FHA needs as little as 3.5%, and it can offer more attractive interest rates. A similarity between the two is that conventional loans and FHA loans require homeowners to purchase private mortgage insurance (PMI), but with conventional loans, you only need PMI if you don’t pay the full 20% down payment. PMI helps protect the lender against default should a buyer not make a payment. Different loans can yield different rates and results.

For both terms and types, be sure to ask your lender to compare the options for you.

Finally...

When shopping for mortgage rates, be aware that the one you get over the phone could be completely different in a matter of minutes. Lenders can’t always guarantee a locked-in rate until they have a fully executed contract on the home you’re purchasing.

It’s not just one ingredient over the other — each factor contributes to the overall recipe that’s personally refined by you. All you need to do is keep these five major components under your scrutiny and your long-term wealth will rest much easier.

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.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.


Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org

 


Wednesday, July 24, 2024

Property Taxes - How They're Determined & What You Need to Know

 

Property Taxes | How They're Determined & What You Need to Know

Property taxes are a significant consideration for homeowners and potential buyers, as they contribute to the cost of owning a home. These taxes are typically used to fund local services such as schools, public safety, infrastructure, and community development. Understanding how property taxes are determined can help homeowners plan their finances better and avoid surprises.   


How Property Taxes Are Determined

Property taxes are generally calculated based on the assessed value of your property, which includes both the land and any structures on it. Local government assessors evaluate the property’s market value, considering factors such as location, size, use, and comparable property sales in the area. The assessment process may vary depending on the jurisdiction, but it usually involves a periodic appraisal, often conducted annually or biannually.

Once the assessed value is determined, local tax rates, known as millage or mill rates, are applied. These rates are set by local government entities, such as city councils or school boards, and can vary widely depending on the area’s budgetary needs. The mill rate is typically expressed as a dollar amount per $1,000 of assessed value. For example, if the mill rate is 20 and your property is assessed at $200,000, your annual property tax would be $4,000. It’s important to note that these rates can change over time, reflecting the financial needs of the local government or changes in property values.

Factors Influencing Property Taxes

Several factors can influence the amount of property taxes you pay:

1.      Property Location: Taxes can vary significantly based on where the property is located, as different municipalities have different tax rates and levies.

2.     Property Improvements: Any improvements or additions to the property, such as building a new room or upgrading the kitchen, can increase the assessed value and, consequently, the tax amount.

3.     Market Conditions: Property values fluctuate based on real estate market conditions. In a booming market, property values—and taxes—may rise, while a downturn could lower them.

4.     Local Government Budget: The tax rates are influenced by the financial needs of local government services. If there is a need for increased funding, tax rates may rise accordingly.

5.     Exemptions and Relief Programs: Many areas offer property tax exemptions or relief programs for certain groups, such as senior citizens, veterans, or low-income homeowners. These can significantly reduce the overall tax burden.

Understanding Your Property Tax Bill  


Your property tax bill will detail how your taxes are calculated and provide a breakdown of where the funds are allocated. It’s crucial to review this bill carefully and understand each component. If you believe your property has been overvalued or the tax amount is incorrect, you have the right to appeal the assessment.

Understanding property taxes is essential for homeowners to effectively manage their finances and avoid unexpected costs. By understanding how property taxes are determined and what factors influence them, you can make informed decisions about buying, maintaining, or improving your property. Keeping an eye on local government activities and budgetary needs can also help anticipate potential changes in your tax obligations.

Sources:

TaxFoundation.org

Investopedia

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.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.




Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org


Tuesday, July 16, 2024

Mastering Financial Literacy: A Guide To Smart Money Management

 

Mastering Financial Literacy: A Guide to Smart Money Management

In today's world, financial literacy is more important than ever. Yet, many people struggle with financial concepts, leading to financial stress and insecurity. Whether you're just starting your journey to financial independence or looking to enhance your money management skills, there are many simple and easy changes you can make to take control of your finances.

Before diving into financial strategies, it's essential to learn the fundamentals. This includes understanding concepts such as:


· Budgeting

· Saving

· Investing

· Managing debt

Budgeting creates the foundation of financial stability, helping you track your income and expenses to ensure you're living within your means.

Saving allows you to build an emergency fund and work towards your long-term financial goals, while investing helps grow your wealth over time.

Managing debt wisely is crucial to avoiding high-interest payments that can derail your financial progress.

A comprehensive financial plan that aligns with your goals and values is essential to having a good long-term financial strategy. Start by setting specific, measurable, achievable, relevant, and time-bound (SMART) financial goals. Whether it's buying a home, saving for retirement, or starting a business, having clear objectives will guide your financial decisions and keep you focused.

Next, establish an emergency fund to cover unexpected expenses such as medical bills or car repairs. Aim to save three to six months' worth of living expenses in a savings account or within other assets. Additionally, prioritize paying off high-interest debt, such as credit card balances, to reduce interest payments and free up more money for savings and investments.

Investing is a powerful tool for building wealth over the long term, but it can be intimidating to start. Begin by educating yourself about the different investment options available, such as stocks, bonds, mutual funds, and exchange-traded funds (ETFs), or consider working with a financial advisor who can help you develop an investment strategy.

Financial literacy is essential for achieving financial security and independence. By understanding the basics of budgeting, saving, investing, and managing debt, you can build a solid financial foundation and work towards your long-term goals. Remember that financial literacy is a lifelong journey, so continue to educate yourself and adapt your strategies as needed. With dedication and discipline, you can take control of your finances and create the future you want!

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.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.





Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com


**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org


Monday, July 8, 2024

Choosing the Right Mortgage Lender

 

Choosing the Right Mortgage Lender: Your Financial Partner for Life

Embarking on the journey to homeownership is an exciting and significant time in your life. While it may seem like a minor detail in the grand scheme of things during the homebuying journey, your choice of lender can make all the difference in the mortgage process and overall homebuying experience.This choice isn't just about finding someone to fund your home purchase; it's about choosing a financial partner who will be with you for the long haul.

Here's how to ensure you're making the best choice for your financial future:

Assess Your Needs: Understand your financial situation, including your credit score, income, and savings. Determine what type of mortgage you need and what terms are most suitable for your circumstances.

Research Lenders: Take the time to research different lenders. Look beyond just interest rates and fees; consider their reputation, customer service, and expertise in the industry.

Seek Recommendations: Ask friends, family, and real estate agents for recommendations. Personal referrals can provide valuable insights into a lender's reliability and service quality.

Transparency Matters: Choose a lender who is transparent about their rates, fees, and closing costs. Avoid hidden charges or unclear terms that could lead to financial surprises down the road.

Think Long-Term Relationship: Remember that your relationship with your lender extends beyond the closing process. Look for a lender who views you as a long-term financial partner, offering support and guidance beyond the initial transaction.

Evaluate Communication: Effective communication is key to a smooth mortgage process. Choose a lender who is responsive, communicative, and willing to address your concerns promptly.

Check Reviews: Read reviews and testimonials from past clients to gauge their satisfaction with the lender's services. Positive reviews indicate a track record of reliability and customer satisfaction.

Trust Your Instincts: Ultimately, trust your instincts when choosing a lender. If something doesn't feel right or if you're not comfortable with the terms, don't hesitate to explore other options.

Remember, your mortgage lender is more than just a financial institution; they are your partner in achieving homeownership and securing your financial future. Our team possess the expertise and have well-rounded experience within the mortgage industry to serve you with a loan product that is cost-effective and best fits your lifestyle. We work diligently with everyone involved in any transaction to make it a seamless process and further improve the customer experience.  

Let’s Get You Home.  

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.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.


Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com


**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org

Tuesday, July 2, 2024

4th of July Happenings - 2024

 

4th of July Happenings at Lake of the Ozarks

 

Are you ready to enjoy some of the Lake’s best Fireworks for the upcoming holiday?  Team Lasson loves this time of the year to get out and enjoy the best the Lake has to offer.

Whether you are up for being on or off the water, below are some of the great activities going on for the holiday:    

 Thursday - JULY 4th 

Bear Bottom Resort @ 9:45 p.m.

Featuring live music by Dirt Road Addiction from 7 - 11 p.m.

View by Water at the 38 Mile Marker

Parking is limited; Arrive early.

Call for details: 573-374-6905

---

City of Eldon

7 a.m. - 5K Run/Walk 

10 a.m. - Parade 

12 to 2 p.m. - Free Swim @ Eldon Aquatic Center

4 p.m. - Airpark opens

Fireworks begin at dark!

---

Lake Valley Country Club @ Dusk (Around 9:15 p.m.)

WHERE: 367 CC Blair Dr, Camdenton

Call 573-346-7218 for more info.

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Lodge of the Four Seasons @ Dusk (Around 9:15 p.m.)

***Open to the public at the Lake View patio area***

View by water at the 13 MM

Call for details: 573-365-3000

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Margaritaville Lake Resort @ Dusk

*** Viewing by land on the Margaritaville property reserved for resort guests only ***

View by water at the 26 MM

Call for details: 573-348-3131

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Point Randall Resort @ 9:15 p.m.

WHERE: 1584 Susan Rd., Lake Ozark, MO

*** Viewing by land on the Point Randall Resort property reserved for resort guests only

View by water at the 2 MM (McCoy Branch Cove)

Call for details: 573-365-2081

Friday, July 5th 

Boondockz Lakefront Bar & Restaurant @ Dusk

WHERE: 267 Runaway Drive, Climax Springs

View by water at the 45 MM or on land at Boondockz

Call for details: 573-345-4590

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Captain Ron's @ Dark (Around 9:15 p.m.)

Parking is limited; Arrive early.

View by water at the 34.5 MM or on land at Captain Ron's

Call for details: 573-374-5852

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City of Linn Creek

WHEN: July 5, 2024 @ Dusk (Around 9:15 p.m.)

WHERE: Lake Ozark Soccer Association Fields, Cape Woods Rd. 

Bring a blanket and/or chairs and sit beneath the stars for the fun!

Call for details: 573-346-6200


 Saturday, July 6th 

Bear Bottom Resort @ 9:45 p.m.

Featuring live music by Dirt Road Addiction from 7 - 11 p.m.

View by Water at the 38 Mile Marker

Parking is limited; Arrive early.

Call for details: 573-374-6905

---

ETX Party People from 11:00 am – 5:00 p.m.

WHERE: CG’s Mini Mart & Godfather’s Pizza, Sunrise Beach

This includes two bounce houses and foam parties throughout the day ending with a Red, White and Blue Foam Party!

Call for details: 573-374-4433

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Encounter Cove from 1-10 p.m.

WHERE: 1650 Koehler Dr, Roach

View by water at the 7 MM on the Niangua Arm 

This July bash includes free admission for a bounce house, foam party, sand volleyball, disc golf, mini golf, and fireworks show at dark. There'll also be food trucks and vendors!

Call for details: 573-346-5200 

  FIREWORKS CRUISES   

Tropic Island Cruises

WhenJuly 4, 2024 

Where: Margaritaville Lake Resort

Fireworks Cruise boards at 8 p.m. & cruises from 8:30 - 10 p.m. 

Call 573-348-0083 for reservations

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Celebration Cruises 

When: July 6, 2024

Summer Fireworks Series: Boarding starts at 8 p.m. from Bagnell Dam, departs at 8:30, and returns at 9:30 p.m. after fireworks show. 

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.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.

     


Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org