Monday, January 27, 2025

COMMON MORTGAGE TERMS

Whether you have started your homebuying process or are still considering taking the first step, you may hear a lot of different terms passed around from friends, family, real estate agents and lenders.


 

Whether you are looking for your first house or your fifth house, homebuying terms and phrases can still be confusing!  Our quick and easy guide can help you out during the process.  Below is a list of terms you want to know:

 

Appraisal:  a required property assessment completed by an independent appraiser to measure the property’s value and condition.

Amortization:  the repayment schedule on a loan, or the gradual paydown on a loan.

Closing costs:  fees associated with finalizing your loan.  Each of these fees may not apply to your unique situation, and closing costs vary and may include the appraisal fee, lender fees, credit fees, attorney fees, and more.

Debt-to-Income Ratio (DTI):  a calculation used to identify the amount of debt you have in comparison to your monthly income.  This includes all debt, not just a home loan.  The lower your DTI, the easier it can be to obtain a home loan.  You can calculate your DTI using the equation:  total recurring monthly debt / gross monthly income = DTI.

Deed:  a document that legally transfers ownership of real estate.

Down payment:  a portion of your mortgage paid upfront.  While some types of loans do not require any money down, you can often expect to pay a down payment on your mortgage.  This can be any percentage of the mortgage and helps reduce your monthly payment amount.  Down payments can show that you have money prepared to dedicate to your home loan.

Earnest money:  a deposit that ensures your sincerity about the home transaction.  The amount often varies, but it can be anything decided upon by the buyer and seller.  It may be a percentage of the home price, or it may be a specific dollar amount.  This deposit is held in an escrow account until closing, at which point it will be applied to the cash needed for closing.

Escrow:  a third-party account that holds money for taxes and insurance paid through your monthly mortgage payments.

Equity:  the amount of the home’s value owned by the homeowner, less any liens against the property.

Inspection:  an optional examination of a property that is often performed to spot any issues that did not come up during the appraisal.

Interest rate:  the price of borrowing money from a lender.  The base rate is set by the Federal Reserve and then customized per borrower based on credit score, down payment, property type, and points the buyer pays to lower the rate.

Loan Estimate or Closing Disclosure:  a document outlining the terms and costs related to your mortgage.  You will receive an initial disclosure at the time of your application, as well as an updated disclosure when any significant changes are made to your rate or terms.  Prior to closing, you will receive a final Closing Disclosure representing all the final costs, rate and terms for your loan.

Private Mortgage Insurance (PMI):  insurance designed to protect the lender if the homeowner defaults on the loan.  PMI is often paid on conventional loans where less than 20% is put down.

Pre-approval:  a step that leads into the mortgage process where documentation is officially reviewed, though a full approval comes later in the process.

Pre-qualification:  helps buyers get a sense of how much home they can afford before starting the loan process.  It is a snapshot of finances to show a preliminary budget.

Underwriting:  all your documentation is reviewed and approved or denied by the lending company based on current program guidelines.


Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with 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.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!





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, January 20, 2025

Closing Expectations

Closing is the final step when purchasing or refinancing a home, where all aspects of the transaction are officially completed.   


Buying or refinancing a home is a significant milestone for any borrower. However, for those unfamiliar with the process, navigating the mortgage journey can feel overwhelming. Team Lasson is committed to empowering our borrowers with the knowledge they need to navigate the home loan process. Here’s what you can expect during closing:

Payment

At closing, you’ll need to bring a certified or cashier’s check to cover your down payment, if applicable, and closing costs. Some closing agents may require wire transfers instead of a physical check. It’s important to confirm these details ahead of time with your lender or closing agent to ensure a smooth process.

Who's attending?

Depending on where you’re closing, you may see a variety of people involved in the transaction, including:

  • The closing agent
  • Your lender or their representative
  • The seller (if you’re purchasing a home)
  • Your real estate agent
  • A title company representative, who ensures the property title is transferred correctly

What Happens at Closing

  • Review and sign all necessary loan documents, which will include the deed of trust or mortgage, promissory note, and Closing Disclosure.
  • Submit a certified or cashier’s check (unless a wire was already sent) for the down payment (if required), along with closing costs, prepaid interest, taxes, and insurance. The lender will provide you with the total amount due prior to closing.
  • The lender will transfer the funds for your home loan to the closing agent.
  • Once all legal documents are signed and required payments are made, you’ll receive the keys to your new home.

Preparing for Closing Costs

There are costs associated with closing. Knowing about these can help the closing process run more smoothly. The total amount of closing costs is usually between 3-5% percent of the loan amount.

Appraisal and Inspection Fees – These fees, often paid before closing, are necessary to confirm the home’s market value and assess its condition

Title Insurance – Title insurance is a crucial one-time cost that safeguards you against any legal disputes or claims on the property. Though it’s an upfront expense, it offers long-term peace of mind about your ownership rights.

Loan Origination Fees - Most lenders charge an origination fee. This fee covers the administrative work involved in processing your loan and is paid at closing.

Closing or Settlement Fees - The closing agent or settlement company charges a fee for managing the distribution of funds and overseeing the required documents during the closing process.

Government and Recording Fees - These fees cover the cost of filing the necessary legal documents with the appropriate government offices to record the sale or refinance of the property.

Third-Party Loan Costs - Additional third-party fees may include charges for flood certification, credit reports, and verification services. These costs vary based on the property and loan type.

Property Taxes and Homeowners Insurance - At closing, you’ll prepay your first year of homeowners insurance premiums. Additionally, if your loan requires an escrow account, you may need to make an initial deposit to cover future property taxes and insurance.

Private Mortgage Insurance (PMI) - If your down payment is less than 20%, PMI may be required. Depending on your lender, this could be a one-time payment at closing or included in your monthly mortgage costs.

Closing is an exciting and essential step in the homebuying or refinancing process. Team Lasson with Flat Branch Home Loans is here to ensure you feel confident and informed every step of the way. By understanding what to expect, you’ll be well-prepared to finalize your home loan and step into your new chapter with ease.

Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with 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.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!



 

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, January 13, 2025

Creating a Home Wellness Space: Design Tips for Mental and Physical Health


Feeling overwhelmed? Creating a dedicated space at home for wellness can be a great way to manage stress and prioritize mental health. Whether it's for meditation, yoga, or unwinding with a good book, a wellness space can bring balance and tranquility into your daily life. Here are some simple design tips to create your personal retreat:

Start by decluttering: Clear out unnecessary items and use multifunctional storage solutions to keep essentials organized and out of sight. An open, airy environment provides the perfect foundation for a calming wellness space.

Incorporate natural lighting: Sunlight has a positive effect on mood and energy levels. If possible, choose a spot with natural light, such as a room with large windows. If natural light is limited, opt for soft, warm lighting that mimics daylight to create a peaceful ambiance.

Integrate greenery: Bringing plants into your space adds life and a touch of nature. Plants can improve air quality, reduce stress, and promote a sense of calm. Low-maintenance options such as snake plants or pathos can help create a refreshing atmosphere.

Prioritize comfort: Select comfortable furnishings that encourage relaxation, such as cozy chairs, soft rugs, and plenty of pillows. Ensure there's enough space for activities such as yoga or stretching. Using soft, natural materials for furniture and decor can further enhance the overall comfort of your wellness space.

Create a mindfulness corner: Set up a small corner with items that support mindfulness and meditation, such as a yoga mat, meditation cushion, or a collection of wellness books. Adding elements such as candles, incense, or essential oils can make this area even more inviting.

With a few thoughtful design choices, you can create a personal retreat that nurtures both your mental and physical well-being.

Sources: Sarahjacquelyninteriors.com, Sansainteriors.com

Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with 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.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!





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, January 6, 2025

Winter Credit Score Health

 The winter season is a busy time. Between holiday shopping, family gatherings, and travel plans, it’s easy for financial priorities to take a back seat. However, winter is the perfect time to assess your credit health and prepare for the year ahead.

For those interested in becoming a homeowner, credit scores can impact interest rates and monthly costs associated with a loan. Team Lasson is committed to educating our borrowers on the critical part credit plays in the homebuying process. Here are a few helpful tips to keep your credit health up during the winter months.

Travel Tips:

  • Monitor Your Accounts: Keeping an eye on your credit score will help promote healthier spending habits. Plus, checking your credit score often is a smart way to help avoid fraud - as a sudden change in credit score could indicate identity theft.
  • Consider a Credit Freeze: If you’re not planning on opening new credit accounts, a credit freeze can add a layer of protection against identity theft. You can easily unfreeze it when you’re ready to shop for a home loan.

Post-Holiday Debt Recovery:   

  • Make a Plan to Pay Off Debt: Focus on paying down holiday-related credit card balances as quickly as possible to avoid high interest charges. The snowball method (paying off the smallest balances first) or the avalanche method (targeting the highest-interest debts first) can help you stay organized and motivated.
  • Avoid Making Minimum Payments: Paying only the minimum can stretch your debt into months or years, increasing the total cost of your purchases. Try to pay as much as you can each month to reduce balances faster.
  • Consolidate or Transfer Debt: For those with high-interest credit cards, consolidating debt with a personal loan or taking advantage of a 0% APR balance transfer offer can lower costs. Just be mindful of transfer fees or promotional period deadlines.
  • Reassess Your Budget: Review your spending habits from the past few months and identify areas to cut back. Direct any extra savings toward your credit card balances to recover faster.

Take Control of Your Credit This Winter

Maintaining strong credit health during the holiday season will set you up for success, especially if you’re considering buying a home in 2025. By staying mindful of your spending, protecting your credit, and planning for the future, you can start the new year in a strong financial position.

Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with 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.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!




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, December 30, 2024

New Year’s Eve Happenings around the Lake

As 2024 draws to a close, Team Lasson would like to extend our warmest wishes for a Happy New Year and a prosperous 2025. Whether you're out celebrating with friends or enjoying a quiet evening at home, we hope your celebrations are filled with joy. Who knows... maybe we’ll run into you at some of the exciting activities listed below:

 

Dinner at HK’s Restaurant & Bar with a DJ and After Party in the Thirst Lounge

Where:  315 Four Seasons Dr, Lake Ozark, MO

When:  4 – 10 p.m. for Dinner; 7 – 10 p.m. for the After Party

Entrees include choice of Prime Rib, Beef Medallions, Seafood Diablo, Seared Salmon and Chicken Oscar “HK Style”.

Sax Man Mike Byington will play from 7 – 10 p.m. in the Restaurant

Reservations are required – call (573) 365-8009 for more information.

 

Dinner at Pebble Bay Club

Where:  100 Pebble Bay Club Dr, Camdenton, MO 65020

When:  6:00 p.m. – Midnight

There will be an amazing four course meal with your choice or steak or lobster, party favors, and a champagne toast

Music provided by Wendy & Dan from 8 – 11 p.m.

Call (573) 317-4999 for reservations

 

New Year’s Eve Party at H. Toad’s @Camden on the Lake

Where:  2359 Bittersweet Rd, Lake Ozark, MO

When:  6:00 p.m.

Live Music Roundup:

               6 p.m. – 10 p.m.              Rob Wilson

               9 p.m. – 1 a.m.                 Five Turn Knot

               1 a.m. – 3 a.m.                 DJ Lou

The Horny Toad Entertainment Complex is home to some of the best nightlife at Lake of the Ozarks


New Year’s Eve Party at Margaritaville Lake Resort

Where:  494 Tan Tar A Dr, Osage Beach, MO

When:  7:00 p.m.

Their New Years Eve package offers everything you need for a night filled with fun, glamour and unforgettable moments:

·        One night accommodations

·        Open Bar

·        Dinner Buffet

·        Two Live Bands – Butch Wax and The Cherry Pistols

·        Champagne Toast and favors at midnight

·        Costume Contest – Theme:  Speakeasy Soiree (wear your best roaring 20’s costume)

Call (573) 348-3131 for Reservations

 

New Year’s Eve Party at The Encore Lakeside Grill & Sky Bay

Where:  3076 Bagnell Dam Blvd, Lake Ozark, MO

When:  5:00 p.m. – 1:00 a.m.

Join them for an evening of dinner, drinks and live music!  They have a four course meal along with music by Gracia, Marcus Words, Jordan Isakson and The Mikey Needleman Band.

Call (573) 693-9973 for more information and reservations.

Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with 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.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!













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, December 23, 2024

Christmas Lights at the Lake 2024

 

It’s almost time for the family gatherings and celebrations to commence!  Once you have finished your shopping, wrapping and baking, it’s finally time to enjoy the holiday with your family and friends.  Christmas Lights are Team Lasson’s favorite during this time of the year and below are several displays that are worth checking out: 


CHRISTMAS LIGHT DISPLAYS

Drive through holiday light parks are a popular tradition for many. The Lake of the Ozarks Area is blessed with some amazing light displays. Check out when & where you can catch a display this Holiday season:

 

Enchanted Village of Lights

Now through January 1, 2025

Laurie Fairgrounds

Hours of Operation:

Nightly 5:00 pm - 9:00 pm (until 10:00 pm on weekends and holidays)

 

Unity of Lights

Now through December 31, 2024

Versailles City Park

 

St. Patrick's Festival of Lights

Now through January 5, 2025

St. Patrick Church - Laurie, MO

Hours of Operation:

5 pm - 10 pm Daily

 

Team Lasson is wishing everyone a very Merry Christmas!  If you've been dreaming of making this area your primary home, second home or buying an investment property, we'd love to be a part of your home purchase at the Lake of the Ozarks! Call (573) 216-7258 or visit our website at www.yourlakeloan.com for more information.

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, December 16, 2024

Where Will Rates Close in 2024?????

 

As another year races by, what will the markets be watching as we bring 2024 to a close?

Let's take a look. Inflation pressures have somewhat eased, but one metric, the Core Consumer Price Index year over year, remains stubbornly sticky at 3.3%. The core rate strips out volatile food and energy. The headline Consumer Price Index hit a 40-year high of 9.1% year over year in June of 2022 but has fallen to 2.6%. The rate of inflation has declined, but prices are still rising.

Borrowing costs fell from multi-year highs in September but have pushed above those lows and look to remain near current levels for the remainder of the year and into early next year. The 30-year fixed-rate mortgage is currently just below the 7% level, as would-be home buyers try to hold off on one of their biggest investments as they seek a lower monthly cost.

The Federal Reserve will hold its Federal Open Market Committee meeting on December 17th-18th, where it is expected it will cut the short-term Fed Funds Rate by 0.25%. This is despite Fed members saying the economy is strong and the job market remains solid. But don't get too excited; a Fed Rate cut doesn't equal lower borrowing costs. At the time of the Fed Rate cut of 0.50% on September 18th, the 30-year fixed rate was just above 6% and has since climbed to 6.81%.

Over in the stock markets, investors will be looking for the Santa Claus rally, which is the sustained increase in the stock market that occurs around the Christmas holiday on December 25th. Most estimate these rallies happen in the week leading up to the Christmas holiday, while others see trends that begin on Christmas Day through January 2nd. The closely watched S&P 500 stock index is currently near an all-time record high.

Bottom line: Stocks, bonds, interest rates, borrowing costs, inflation, home buying ... and along with everyday life, so much for the American consumer to juggle. For those in the quest for homeownership, we know that there are many hurdles to jump, but they are easier when you know you can achieve the American Dream.

Source: Mortgage Market Guide

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