FAQs About Closing Costs

Buying a home at Lake of the Ozarks is a big undertaking that can feel so rewarding when you finally sign all of the paperwork and get your keys! Of course, there is still one more piece of the puzzle that you will also do on closing day and that is to finalize your costs. If you aren’t sure what is involved in closing costs, we are going to take a look at a few frequently asked questions about closing costs and what they are!

Q: What Do Closing Costs Cover

A: If you’re curious about what closing costs cover, you’ve come to the right place! They are made up of a combination of payments to vendors, government entities, and your lending institution. All of these businesses played a role in helping you get your new home, which is why the closing costs are there. Closing costs are payable with your down payment, but they are separate fees.

Here are some of the most common fees that could be included with the closing costs:

• Appraisal Fee
• Attorney Fees
• Closing Fees
• Credit Report Fee
• Discount Points
• Document Preparation Fee
• Escrowed Deposits for Property Taxes and Insurance
• FHA Up-Front Mortgage Insurance Premium
• Flood Determination Fee
• Home Inspection
• Home Warranty
• Homeowner’s Association (HOA) Fees
• Homeowners Insurance Premium for first year
• Miscellaneous State and Local Fees
• Notary Fee
• Owner’s and Lender’s Title Insurance Policy
• Origination Fee
• Pest Inspection
• Prepaid Interest Fee
• Private Mortgage Insurance Fee (PMI)
• Property Tax
• Real Estate Agent Commission
• Recording Fees
• Settlement Fee
• Survey Fee
• Title Company Title Search Fee
• Title Insurance and Binder
• Title Search
• Transfer Taxes
• Wire Transfer Fee
• VA Funding Fee

Q: How Much Are Closing Costs?

A: It’s hard to pin down exactly how much the closing costs are going to be, but they generally range between 2-5 percent of the total sales price.

Q: When are Closing Costs Due?

A: You can anticipate that the closings costs are due on the day of closing, however some purchases and fees may be paid independently of closing.

As you can see, there are a lot of processes that go into the purchase of a home and the costs involved. This is not a comprehensive list, and you will need to talk with your lender to determine an estimate of what your specific closing costs will be.

For more information about what's involved with financing a home at Lake of the Ozarks, give Lakelender Michael Lasson a call at 573-746-7211. I'm committed to working with you every step of the way. I'll discuss your financing options, offer competitive interest rates, and back it up with the first-class service you deserve!

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.

5 Necessities for a Mortgage Pre-Approval

If you're thinking about purchasing a home, the place to start is a mortgage pre-approval. What do you need to get a Lake of the Ozarks mortgage pre-approval? Today's blog from the best mortgage lender at the Lake of the Ozarks offers a list of necessities you'll need for a pre-approval.

1. Identification. 

The first step in a mortgage pre-approval is providing proof of identity. Your mortgage lender will require a copy of your driver's license or passport and your social security number.

2. Proof of Income. 

After you've provided your identification, you'll need to show proof of income. Generally, you will need to provide recent pay stubs, W-2 forms, bank statements, copies of tax returns for the past two years, investment account statements, 1099-forms, etc. Essentially, your mortgage lender is going to want to see verification for every form of income. The bank will want to verify that you have stable, regular income that makes you a low risk for default on your Lake of the Ozarks home loan.

3. Proof of Assets. 

In addition to proof of income,your lender is going to need to see proof of any major assets you have. He or she needs to ensure that you have sufficient assets and reserves to handle a down payment and closing costs, as well as enough cash reserves to make payment for a certain period (typically one year).

4. Good Credit Score. 

Be prepared for your Lake of the Ozarks mortgage lender to run your credit report. Your credit score is one of the major determining factors for mortgage approval and the interest rates made available to you. If your credit score is poor or you have excessive debt, you may want to improve those areas first. Lower credit scores may require greater down payments or higher interest rates, and in some cases could result in being denied for a mortgage.

5. Low Debt-to-Income Ratio. 

Not only does your lender want to make sure you pay your bills and that you pay them on time, but also that you don't have too many debts. Your lender will determine your debt-to-income ratio, which is also a factor in determining approval, interest rate and the price range of homes you can afford. You need to make sure that your debts aren't too high in comparison to your income, otherwise you will be seen as a higher risk borrower.

If you're currently in the market for purchasing a home at the Lake of the Ozarks, talk with me about getting the pre-approval process started! Give me a call at 573-746-7211 to discuss Lake of the Ozarks home financing options today. I'm here to work with you every step of the way, offering the first-class service you deserve!

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

Fax:(866) 397-0318

Email:  mlasson@fsbfinancial.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.

4 Reasons to Get a Pre-Approval for Your Home Loan

When buying a home at the Lake of the Ozarks, there are a lot of things to consider. One of the first things you should consider as a home buyer is getting a mortgage pre-approval. In today's blog we offer a few reasons why it's important to get a pre-approval on your Lake of the Ozarks mortgage before you start shopping for your dream home.

1. To Know What You Can Afford. 

Making the decision to buy a home is an exciting time. The first thing you will want to do is jump online and start browsing what's for sale. However, if you don't know what you can afford in a home purchase, you may be wasting your time. You could find a home you love, only to later realize it's too expensive. By getting a pre-approval, you can sort your home options by price and find your new home much quicker.

2. To Have a Better Chance of Offer Acceptance. 

Once you find your dream home, it's time to make an offer. Homeowners and realtors are less likely to accept offers from borrowers without a pre-approval. Chances are they will move on to the next offer and you'll be out of luck. However, if you've been pre-approved, you have the advantage. Sellers and realtors want someone they know is serious about buying, and only want to accept offers they don't think will fall through. The pre-approval is your way of showing that.

3. To Have Room to Bargain. 

When you have a pre-approval, you have an advantage over the seller. You have room to bargain. The owner of the home knows you have the finances and is ready to sell, so you may be able to get a better deal. Sellers are more willing to work with pre-approved buyers. This could be anything from lowering the asking price to throwing in appliances or helping cover the closing costs.

4. To Reduce Stress During the Buying Process. 

Opting to skip the pre-approval can easily increase your stress level throughout the whole process. If you aren't pre-approved, you'll spend more time house hunting than you would otherwise. In addition, you could waste not only your time, but also the time of the sellers and realtors involved by putting in an offer that you actually can't make because you don't have the finances. By getting a Lake of the Ozarks mortgage pre-approval, you have less to worry about. You don't have to worry about the money side of things anymore and you can focus on the fun stuff, like picking out the perfect home!

I'm here for all of your Lake of the Ozarks home financing needs! Give me a call at 573-746-7211 to get started on your pre-approval. As your mortgage lender at the Lake of the Ozarks, I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve. Getting a pre-approval means you're one step closer to purchasing your dream home at the Lake of the Ozarks!

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

Fax:(866) 397-0318

Email:  mlasson@fsbfinancial.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.

4 Tips to Finding the Perfect Home

Are you in the market for a new home? Whether you're a first-time home buyer, looking to downsize or find something larger, there are a lot of things to consider before you start your search. In today's blog, your favorite mortgage lender at the Lake of the Ozarks offers a few tips to help you find your dream home!

1. Know Your Budget. 

One thing that can really put a damper on the home buying process is finding a home you love, only to find out you can't afford it. When purchasing a home at the Lake of the Ozarks, your first step should be to get a loan pre-approval. Once you know how much you're able to borrow, you'll be able to create a realistic budget. In addition, you'll want to consider how much you can afford to pay monthly. Just because you get approved for a large loan amount, doesn't mean you can comfortably make those payments each month. The price of the home you purchase is a large factor that should be considered carefully.

2. Find a Great Real Estate Agent. 

If you don't have a real estate agent in mind, your Lake of the Ozarks mortgage lender can recommend one. While you may feel like you can find a home on your own, a real estate agent brings expertise in the industry that you don't have. They are familiar with the local market, have access to properties just coming on the market, are good at negotiating and can walk you through the entire process, avoiding added stress during your home search. With the help of a real estate professional, you'll find the perfect home in no time.

3. Make a Features List. 

After price, features are the next thing you'll want to consider. It's unlikely that you will find a home that has everything you want within  your price range. Therefore, it's a good idea to create a features list before you start your shopping. You'll want to divide this list into sections: features you require and features you could do without if you had to. Consider the size of the home, the number of bedrooms and number of bathrooms. Be sure to keep your interests top of mind throughout the home buying process.

4. Consider the Location. 

While the house itself may be most important, you'll also want to consider where it's located. How far is the home from your work? What school district is the home in? Is it considered a "safe" neighborhood? Consider the distance of the home from various activities you like to participate in. Do you want a home within walking distance to a park? Location is an important factor to be considered. Long commutes can add extra expenses that could possibly be avoided when purchasing a home in a different location.

If you are ready to start your home search, call 573-746-7211 to discuss a Lake of the Ozarks mortgage pre-approval. When it comes to your Lake of the Ozarks home financing needs, I'm committed to working with you every step of the way. I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve!

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

Fax:(866) 397-0318

Email:  mlasson@fsbfinancial.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.