Showing posts with label applying for a mortgage. Show all posts
Showing posts with label applying for a mortgage. Show all posts

Wednesday, January 8, 2020

2020 Mortgage Considerations

2019 was a great year for buying a home, but if you weren’t able to make your purchase, all hope is NOT lost! 2020 is continuing on with the great interest rates, and awesome reasons to buy a home at the Lake of the Ozarks. Team Lasson wants to help you get your vacation home at the Lake of the Ozarks purchased and ready for you to enjoy as soon as possible, so here are a few things to keep in mind about mortgages in 2020, we think it’s pretty exciting!


Rates Are Still Low

If you were watching rates in 2019, you know that they were amazing. The good news is that rates are continuing to stay around the same low levels. There is no way to really predict exactly what the rates will do throughout the year, the only thing you can be sure of is what they are today and what you do about it.

The Home Search Could Be Hard

Realtor.com is predicting that in 2020, home inventory could reach a historic low as a steady flow of demand, especially for entry-level homes. If you’ve been considering purchasing a home at the Lake, NOW is the time to get started. Start by visiting our website at www.yourlakeloan.com and applying for your pre-approval, then find your real estate agent and start looking for your dream property. If there is going to be a shortage of homes and condominiums on the market this year, getting started early could be a huge advantage.

Get Prepared

The first and best thing you can do is to start getting prepared. This can include tracking your spending, saving up for the down payment, improving/maintaining your credit score, and getting pre-approved with Team Lasson. Start gathering documents like your tax returns, paychecks stubs, bank and asset statements, and W-2 information. If you want more information about preparing financially for your real estate purchase at the Lake of the Ozarks, you can check out our blog: New Year’s Resolutions that Help with Homebuying.


Now is a Great Time to Purchase

Mortgage rates have been at historic lows which makes it a great time to buy real estate. Team Lasson has enjoyed helping many homebuyers become homeowners over the past few months, and there’s still time to make that happen for you. If you have been hoping to buy a home at the Lake of the Ozarks, this really is a great season for it. With rates looking good, and a few more months before Summer starts, you can have the vacation home of your dreams just in time!

Visit our website (www.YourLakeLoan.com) to learn more about our business, as well as submit your application. We look forward to working with you!

For Lake area news, resources and tips on financial services, please 



Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211





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

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Location: Osage Beach, MO, USA

Friday, September 6, 2019

Steps to Mortgage Approval

It’s the perfect time to buy a home at the Lake of the Ozarks! If the change of season has you anticipating new goals, and looking for fun opportunities, then buying a vacation home at the Lake of the Ozarks may be for you. Buying a home in the Fall is prime time, not just because interest rates are looking better than ever, but also because the busy Summer season is over and it is time to soak in the crisp breeze as everyone prepares for the Winter. If you are ready to purchase a home at the Lake, the first step is getting approved for a mortgage, and that’s where Team Lasson comes in. Here are a few steps about the mortgage process, and how we can assist you with the home buying process.


Submit Your Application

This is the most important step you will take in starting the process. Many house hunters will wait until they have found the perfect home, try to get approval, and then find out that the home is way more than they can afford. By starting with your application, you can get a pre-approval. This will give you a more solid answer as to how much you should be spending on a home right now - plus it can make the mortgage process go smoother when you have a pre-approval in hand.

Avoid Taking On New Debt

While your loan is in process, it’s important to avoid certain actions like opening new credit cards or making other financial changes. New loans will change your debt-to-income ratio and could impede your mortgage approval.

Plan for a Home Inspection

Once you have found a home that you love, it’s time to schedule a home inspection as soon as possible. Many times, your real estate agent will handle this for you, but asking about it and knowing who they recommend is important. This will give you adequate time before your closing date to negotiate with the seller if the inspection proves to be less than what you expected.

Check Your Methods of Contact!

After you applied and are qualified for a mortgage, you’ll receive your conditional approval. Keep your alerts turned on, your phone handy, check emails regularly and be ready to respond promptly for any additional documentation that may be needed or documents that may need your signatures, such as the preliminary Closing Disclosure. This can help keep your application moving forward.

Look Into Homeowner’s Insurance

Proof of insurance is a requirement for the mortgage process. It is a good idea to start this process as soon as you have found a property. Waiting until the last minute could cause a delay in your closing. If you don’t know who you would like to use for your homeowner’s insurance, just ask! We have some incredible referrals.

Review the Documents

You’ve had your loan approved, passed your inspection, the appraisal and title search are complete, and the lender has set a closing date. Take a look at the documents, make sure you have everything, and prepare the money you’ll need for the closing!


Buying a Lake of the Ozarks Home

This is such an incredible time to buy a home, and we aren’t the only ones saying it. A quick search on the web will show that for many buyers, the rates are incredible and the homes are available. If you are looking to purchase a new property, this is an amazing time to do it. Visit our website to learn more about our mortgage company at the Lake of the Ozarks, as well as start your first application. We look forward to helping you achieve your home-owning dreams!

For Lake area news, resources and tips on financial services, please 



Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211





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

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Location: Osage Beach, MO, USA

Thursday, July 18, 2019

The Most Valuable Step to Buying a Home - Are You Missing It?

One of the most neglected steps in purchasing a home is to get a pre-approval letter FIRST from your mortgage lender. This comes before house hunting, and even before finding your real estate agent. Why is getting pre-approved so important? We’re glad you asked! Here are a few reasons why you will want to have your pre-approval letter before ever stepping foot onto the first property.


Five Things You Need to Know About A Pre-approval

Get a Good Idea For What You Can Afford

Your dream is to buy a breathtaking vacation home at the Lake of the Ozarks or maybe even your very first home - but your best bet is to start with your mortgage lender before ever day-dreaming about homes. A pre-approval can help determine how much you can afford, as well as what your Lake of the Ozarks Mortgage Lender will be able to lend you.

A pre-approval gives you the information you need to know about your financial situation and can make shopping for a home so much easier. When you know what you qualify for, it eliminates you finding a home you like and later discovering that it is not in your budget. It also cuts down on the time you and your realtor spend looking for homes in a price range you won’t qualify for.

Get the Upper Hand Against Other Buyers

Obviously, it’s probably more fun to start looking at homes instead of digging through your paperwork and submitting an application. However, keep in mind that pursuing a pre-approval first can help put you at an advantage when you do find the home of your dreams. If you have a pre-approval letter in hand while the other buyers do not, you may find yourself at a huge advantage, because the seller knows you are a serious buyer and have done your homework.

Pre-approval versus Pre-qualification?

These two steps are different, and important in their own ways. A pre-qualification will generally tell you much you qualify for, with a quick overview of your finances. This can be helpful but certainly isn’t concrete enough to agents or home sellers.

A Pre-approval relies on verified documentation and is reviewed by an underwriter to determine what you will qualify for based on your financial history and income. You will complete a mortgage application, have a hard credit check done, submit your income and asset documentation to your lender and they will completely underwrite the credit portion of your file to provide you with a true pre-approval. At that point, you will know that you are approved at a certain price point and can find the perfect property and close on it quicker.


Seek A Pre-Approval First!

The best time to get prepared for a home is after you’ve reviewed your credit reports and score to make sure everything is in top shape. A pre-approval is typically valid for 90 days, and it’s not a bad thing to get pre-approved more than once. So, when is the best time to get pre-approved? Before you start looking at houses… Even if you don’t plan to buy a home for another six months to a year, you can get your pre-qualification completed first, and it will give you time to clean up your credit report and build a solid down payment, if needed.

Ready to Buy Your Dream Home?

If you are ready to buy a home at the Lake of the Ozarks, Team Lasson is here to help. We are a highly experienced team of professionals, both with new mortgages, and second (or vacation) mortgages. Now is an excellent time to purchase a home, prices are looking great, and interest rates have been fairly steady. Even if you aren’t ready to buy your home for a couple of months, we can help you get prepared and ready to go!

For Lake area news, resources and tips on financial services, please 



Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211





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

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Location: Osage Beach, MO, USA

Thursday, July 11, 2019

Learning Mortgage Jargon

Vocabulary surrounding mortgages can confuse the best of us. Whether you have purchased many homes, or you’re buying your very first vacation home at the Lake of the Ozarks, having a helpful guide is always welcome. Team Lasson wants to make your mortgage process as easy as possible. If that means you need a quick guide to language and verbiage that you may hear throughout the mortgage process, then that is what you will get!


Adjustable Rate Mortgages (ARM) 

This is a loan that has an initial fixed-rate period, generally 3, 5, 7, or 10 years. After the fixed-rate period is over, your interest rate may change once per year, either up or down depending on the current market conditions.

Amortization

This refers to a gradual reduction of a debt over the term of the loan. Amortization occurs through the repayment of principal.

Annual Percentage Rate (APR)

The APR refers to the yearly cost of a mortgage including interest and other expenses or charges. Those additional charges could be private mortgage insurance and points expressed as a percentage.

Appraisal

This will refer to a written estimate of a property’s current market value.

Closing

Hooray! This is the conclusion of your real estate transaction. The legal documents will be signed, the funds are disbursed, and it’s time to get your keys.

Closing Costs

This refers to expenses over and above the cost of the property and may include items like:

  • Title insurance
  • Appraisal
  • Processing
  • Underwriting
  • Surveying Fees


Pre-Paid Costs

This is typically your home owner’s insurance premium and any escrow amounts for the insurance and property taxes put in your escrow account

Credit-Report

This will be a report from an independent agency which details the credit history, including previous, and current debt to help determine your creditworthiness.

Credit Score

This is a mathematical formula that will predict the creditworthiness of an applicant. It’s specifically based on credit card history, outstanding debt, type of credit, bankruptcies, late payments, collection judgments, too little credit history, and too many credit lines.

Warranty Deed

This is the legal document that transfers the property from one owner to another.

Down Payment

A down payment refers to the difference between a property’s purchase price and the amount of financing you are obtaining.

Earnest Money

This is a deposit made by a buyer toward the down payment to show good faith when the purchase agreement is signed. This is typically written to the title company to be held in escrow until closing.

Equity

This refers to Tthe monetary difference between your mortgage balance and the actual market value of your home.

Fixed-Rate Mortgages

This is a mortgage with an interest rate and payment that will not change over the term of the loan. If the market interest rate falls below your fixed rate, it’s time to contact Team Lasson at the Lake of the Ozarks to discuss the benefits of refinancing.

Principal

The balance (not counting the interest) owed on a loan is called the principal. A 30 year fixed rate mortgage is amortized so that the longer you have the loan, the more principal you reduce with each payment.

Title Search

The is an examination of municipal records to ensure that the seller is the legal owner of a property, determine any easements that may exist, as well as to make certain that there are no liens or other claims against the property.

Underwriting

In mortgage lending, this is the process of determining the risks involved in a particular loan and establishing suitable terms and conditions for the loan.


Ready to Buy a Home?

Team Lasson is ready to help you make your homeownership dreams a reality with mortgages at the Lake of the Ozarks. From first time home buyers to luxury vacation homes at the Lake of the Ozarks, we are ready to assist. Visit our website to learn more about our company, or you can apply for your mortgage right there! Now is a great time to buy a home, and Team Lasson is ready!

For Lake area news, resources and tips on financial services, please 



Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211





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

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Location: Osage Beach, MO, USA

Wednesday, June 26, 2019

Documents Needed for a Mortgage Loan

When purchasing a second home, you will still need to go through the mortgage process, just like you did when purchasing any other property. If you’re ready to take the big step and purchase a vacation home at the Lake of the Ozarks, Team Lasson is ready to help you walk through the mortgage process. The application process can be started on our website, and after this is complete, we’ll start collecting the documents that are needed to move forward in the process. Here is a basic list of the documents you will want to gather as you being the mortgage process.
 

Proof of Income

Proving your income will generally require providing a few specific documents:
  • The last 30 days of pay stubs
  • Your current tax returns, personal and business (some programs may require 2 years of returns) 
  • Tax forms such as, W-2 and 1099s

Insurance

Start checking with some insurance agents to get quotes for coverage on the property you are looking to buy so you have an idea of what the annual premium will be to figure into your debt ratio

Monthly Debt Load

We will know most of your debts during a credit check, but it’s still important for you to account for additional information regarding those debts and other debts that might not be reported. You’ll want to grab provide documents like:
  • Your current mortgage statements for all properties you currently own
  • Proof of taxes, insurance and association dues on properties you own, if not escrowed
  • Student loan payments

Total Assets

You will need to provide a current statement for your assets.
  • Checking and Savings accounts
  • Stocks
  • Bonds
  • Mutual funds
  • CDs
  • Retirement accounts

It’s Time to Get Started!

There’s still time to purchase a home, and Team Lasson would like to assist. Purchasing a vacation home at the Lake of the Ozarks can be a wonderful process, and with the right team behind you, you will be amazed at how easy it can be to get a mortgage for your second home. Visit our website to learn more about our mortgage company at the Lake of the Ozarks. You can also fill out your an on-line application to get the process started! We look forward to assisting you in accomplishing this exciting goal - and before you know it, it will be time to cut get the keys and throw a housewarming party!

Local Event Highlights

Looking for something fun to do at the Lake of the Ozarks? Check out these exciting events happening over the next week!
For Lake area news, resources and tips on financial services, please 



Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211





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

Posted by at 1 comment:
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Location: Osage Beach, MO, USA

Wednesday, January 30, 2019

5 Winter Real Estate Buying Benefits

It is a common misconception that Winter is the “slow” time at the Lake of the Ozarks. While it does slow down for many businesses, because tourism is not as high October through April - that does not apply to real estate! We are finding ourselves busier than ever, as homeowners are ready to buy their vacation home at the Lake of the Ozarks. Here are a few benefits to buying real estate in the Winter.


Benefit #1: Fewer Competing Offers

While it’s true that we still have plenty of buyers looking for homes and mortgages at the Lake of the Ozarks during the Winter, you may find that there is less competition. Instead of having a bidding war with several other buyers, you may only be competing against one other person if any at all. Winter is a great time to buy a home, and if you have been thinking about buying a vacation home at the Lake of the Ozarks, now is the time to do it!

Benefit #2: Motivated Sellers

Many are still under the impression that Spring and Summer are the best times to buy and sell homes at the Lake of the Ozarks. Because of this, you may find that a seller is motivated to get their home off of the market if they are selling in the Winter. This could mean that a seller is also more comfortable with negotiating if there are not as many people trying to get the property.

Benefit #3: Expired Listings Available

The Winter months are when the expired listings market is at its largest. There is generally a great selection at this time of year. If you have been looking for a vacation home at the Lake of the Ozarks, start now, and you should not have any trouble getting it ready by Summer!

Benefit #4: Great Time for “Subject to the Sale”

Depending on the listing, you may want to make a “subject to the sale” offer, and Winter months are generally when they get accepted the most, even with some movement on the price. Some homeowners at the Lake of the Ozarks may be willing to sell certain equipment with the home, and this could include yard maintenance equipment or even items as large as boats or other recreational equipment.

Benefit #5: January is the Biggest Corporate Transfer Month

More corporate relocation moves happen during January than any other time of the year. While this may not apply to vacation homes, you just never know what is going to hit the market due to these types of changes. 


Let’s Get Started!

If you are considering purchasing a home in the near future, the first step is to get a pre-approval. This will let you know how much you can afford for a home and what kind of down payment you'll be looking at. Team Lasson knows that this is a great time to buy a home, and we would love to help. Visit our website to learn more about our mortgage services at the Lake of the Ozarks, or give us a call at the number below.

For Lake area news, resources and tips on financial services, please 



Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211





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

Posted by at No comments:
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Location: Osage Beach, MO, USA

Thursday, January 24, 2019

Come See Us at the Boat Shows!

There are several Missouri boat shows planned throughout the year, and Team Lasson is going to be there! Whether you’re hunting for the perfect watercraft to take out for your next vacation, or thinking about buying a vacation home at the Lake of the Ozarks, we would love to see you at one of these shows! We love the Lake of the Ozarks, so anything Lake related to this area is our conversation of choice. Here are a few details about the upcoming boat shows that we’ll be attending - we would love to see you!

Overland Park Boat Show

This is the PREMIER show for boating enthusiasts all over the Midwest. The perfect time to take a look at what crafts will be hitting the water in 2019, from cruisers to runabouts and performance boats, tritons, ski boats and more. Not to mention, you’ll find everything from docks, lifts and all boating accessories happening at this show. It’s THIS WEEKEND, so if you’ve been thinking about going, now is the time to get your plans set in stone. This is KC’s largest boat show, and we are honored to join them and promote the wonderful Lake of the Ozarks lifestyle.

Hours:
Thursday, January 24th, 3 pm to 9 pm
Friday, January 25th, noon to 10 pm
Saturday, January 26th, 10 am to 9 pm
Sunday, January 27th, 10 am to 5 pm

Admission:
$9 for adults
$5 for kids 6-12
Children 5 & under free

Where:
Overland Park Convention Center
6000 College Blvd,
Overland Park, KS 66211

St. Charles Boat Show

The Lake of the Ozarks Marine Dealers Association is proud to welcome you to the St. Charles Boat Show. This event is the premiere show for boating enthusiasts in the St. Louis area. This event is made up of over 40 Lake of the Ozarks area marine dealers who represent all of the top lines of boats, marine accessories, docks, and personal watercraft. You will also find many other vendors representing the Lake of the Ozarks as well, like yours truly - Team Lasson!

Hours:
Thursday, March 7th, 3 pm to 9 pm
Friday, March 8th, noon to 10 pm
Saturday, March 9th, 10 am to 9 pm
Sunday, March 10th, 10 am to 5 pm

Admission:
$9 for adults
$5 for kids 6-12
Children 5 & under free

$1 of each paid adult admission is donated to Kids’ Harbor Child Advocacy Center.

Where:
St. Charles Convention Center
1 Convention Center Plz
St. Charles, MO 63303

LOMDA Spring In-Water Boat Show

This is YOUR chance to come out and see a variety of boats. This is a great kick-off to the summer season for the Lake of the Ozarks, as boaters will be getting their watercraft and are ready to hit the water. There will be all kinds of watercraft here, from new cruisers, performance crafts, runabouts, and personal watercraft.

When:
Friday, April 12th, 1 pm to 7 pm
Saturday, April 13th, 10 am to 7 pm
Sunday, April 14th, 10 am to 4 pm

Where:
Dog Days Bar & Grill
1232 Jefferies Rd
Osage Beach, MO 65065

LOMDA Fall In-Water Boat Show

The Lake of the Ozarks Marine Dealers Association Fall In-Water boat show and clearance sale is a highlight at the Lake of the Ozarks. The event is hosted by Captain Ron’s and there will be over 100 boats including new cruisers, performance boats, runabouts, and personal watercraft. There will also be a good selection of quietly pre-owned boats as well. Mark your calendars!

When:
September 20th - September 22nd, 2019

Where:
Captain Ron’s Bar & Grill
80 Aloha Ln
Sunrise Beach, MO 65037

Loving & Living at the Lake of the Ozarks

The Lake area is truly a wonderful place. If you’ve been thinking about buying a home at the Lake of the Ozarks, NOW is a great time to buy and Team Lasson would love to help. Visit our website to learn more about our mortgage services at the Lake of the Ozarks. If you’re going to be attending any of the upcoming boat shows in Missouri - we’ll be there! Stop by our booth to talk with us about your plans - we’d love to connect with you. See you at the show!

For Lake area news, resources and tips on financial services, please 



Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211
**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Posted by at No comments:
Labels: , ,
Location: Osage Beach, MO, USA
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