Spring and Summer Home Projects for Your Vacation Home

It may not always feel like it, but Spring is in the air…the groundhog said so! As you prepare for the Spring months, there are a few things you can do to get your Lake Home ready for all of the warm weather adventures. Add these things to your to-do list over the next few weeks, and it may even make the last of Winter go faster!

Clean Up Your Outdoor Furniture

Start with the Cushions
It should not come as a surprise that your indoor/outdoor cushions and pillows will take a beating. Now is a great time to give them a good once over and make sure that they are still in good condition. You may also want to remove the covers and wash them before Spring. If they are in really rough shape, it may be a good time to replace them altogether.

Wipe Down the Frames
Between dust and dirt, your outdoor furniture can get pretty dirty, especially through the Winter months. Before you are ready to kick back on your patio with an ice-cold beverage, you will want to wipe down all of the furniture. This will help keep your furniture looking it’s best and will also help you find any repairs or replacements that need to be made!

Wash Outdoor Rugs
An outdoor rug will last a lot longer when you vacuum it periodically. You can also hose it off and let it dry out thoroughly. It may be an outdoor rug, but it still needs a good washing every once in a while.

Pressure Wash Your Patio

You never realize how dirty your patio and sidewalks get until you take a pressure washer to them! In fact, this can be a very gratifying task, as you quickly watch the grime disappear with the wave of a wand (literally!). If you do not have a pressure washer, you can either borrow one from a friend, rent one or hire a local company to complete this task for you. In just a short amount of time, you can remove YEARS of dirt, and your sidewalks and patio will SHINE.

Update Your Front Door

Sometimes changing the color of your front door can be just what your home needs to feel bright and new. The Summer sun and heat can really deteriorate a wood door, causing warping and cracking on its surface. Re-painting the door can help seal and protect it from the elements, but it can also provide the perfect facelift.

Get Your Grill Ready! 

There is something sentimental about firing up the grill for the first time of the season. If you cook on your grill frequently, you will want to do a deep clean twice a year to keep it in top condition. A simple scrub-down of the cooking grates, burner protectors, and cook box can really make it shine.

Check for Damaged Screens

Have you looked your window screens over lately? Just a small tear can let in dozens of mosquitoes and flies, and make a negative impact on your patio parties. Fix the problem by repairing those screens now! It is surprisingly easy to repair the screen material, you can find directions online, and the supplies at any hardware store.

Switch Your Ceiling Fan Directions

Most ceiling fans are designed so that you can switch the direction that the blades spin. There is generally a switch you can flip at the base of the fan. In the Summer you want your blades to rotate counterclockwise. This helps moves the air down creating a great breeze.

Ready for Summer Already?

We are right there with you! Summer cannot get here fast enough, but in the meantime, now is a great time to make sure your vacation home at the Lake of the Ozarks is ready for you. If you do not own a home at the Lake of the Ozarks, now is the time to begin your search, and possibly even have your Lake vacation home before Summer starts! If you are looking for a mortgage lender at the Lake of the Ozarks, Team Lasson would be honored to assist. Visit our website (www.YourLakeLoan.com) to learn more about our company and to also fill out your application. We look forward to helping you buy a home at the Lake of the Ozarks!

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

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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.

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 

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.

Mortgage Jargon: 31 Commonly Used Terms

Each industry seems to have their own foreign language, terms that mean nothing to those who are not used to hearing it all the time. With the terminology used in discussing mortgages, such as appraisals, escrow, points and settlement costs, most people can easily become confused. When it comes to getting a mortgage loan at the Lake of the Ozarks, it's important to understand the meanings of all those mortgage terms. The decisions you make on your mortgage will affect you for years, so you want to make sure you know what you're doing. Here are some commonly used mortgage terms for you to brush up on before going in to apply for a Lake of the Ozarks home loan:

1. Adjustable Rate Mortgage (ARM) - a mortgage that has a fixed rate of interest for only a set period of time, typically one, three or five years. During the initial period the interest rate is lower, and after that period it will adjust based on an index. The rate thereafter will adjust at set intervals.

2. Annual Percentage Rate - the rate of interest that will be paid back to the mortgage lender. The rate can either be a fixed rate or adjustable rate.

3. Amortization - a schedule on how the loan is intended to be repaid. For example, a typical amortization schedule for a 15 year loan will include the amount borrowed, interest rate paid and term. The result will be a month breakdown of how much interest you pay and how much is paid on the amount borrowed.

4. Appraisal - a written report by a qualified appraiser estimating the value of a property based on physical inspection and comparable houses that have been sold in recent times.

5. Balloon Mortgage - a loan that offers lower monthly payments for a specific period of time, which usually is anywhere from 3 years to 10 years. After that, a borrower must pay off the principal balance in a lump sum, or balloon payment.

6. Balloon Payment - a lump sum payment that is larger than the other, periodic payments. It pays off the remaining balance of a loan.

7. Bi-Weekly Mortgage - a type of mortgage in which you pay half of your normal payment every 2 weeks; this is the equivalent of 13 regular payments, which in turn will reduce the amount of interest you pay and pay off the loan earlier.

8. Closing Costs - expenses incurred by buyers and sellers when transferring ownership of property. Closing costs normally include an origination fee, attorney's fee, taxes, escrow payments, title insurance and sometimes discount points.

9. Collateral - property pledged as security to a debt. If the borrower fails to repay the loan, the lender may gain ownership of the collateral and sell it to recover the money.

10. Construction Mortgage - when a person is having a home built, they will typically have a construction mortgage. With a construction mortgage, the lender will advance money based on the construction schedule of the builder. When the home is finished, the mortgage will convert into a permanent mortgage.

11. Debt-to-Income Ratio - one of the numbers used to determine if the borrower will be able to repay the loan. The lender compares monthly expenses, including the new mortgage, to monthly income. The income figure is divided into the expense figure, and the result is displayed as a percentage. The higher the percentage, the riskier the loan is for the lender.

12. Down Payment - the amount of a property's purchase price that the buyer pays in cash and does not finance with a mortgage. Generally, lenders require a specific down payment in order to qualify for the mortgage. You can often lower your mortgage payment or afford a more expensive house by putting more money down.

13. Equity - the difference between the value of the home and the mortgage loan is called equity. Over time, as the value of the home increases and the amount of the loan decreases, the equity of the home generally increases.

14. Escrow - at the closing of the mortgage, the borrowers are generally required to set aside a percentage of the yearly taxes to be held by the lender. On a monthly basis, the lender will also collect additional money to be used to pay the taxes on the home. This escrow account is maintained by the lender who is responsible for sending the tax bills on a regular basis.

15. Fixed-Rate Mortgage - a mortgage where the interest rate and the term of the loan is negotiated and set for the life of the loan.

16. Foreclosure - the legal process by which a homeowner in default on a mortgage is deprived of interest in the property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.

17. Good Faith Estimate - an estimate by the lender of the closing costs that are from the mortgage. It is not an exact amount, however, it is a way for lenders to inform buyers of what is needed from them at the time of closing of the loan.

18. Homeowners Insurance - an insurance policy that includes hazard coverage, covering loss or damage to property, as well as coverage for personal liability and theft.

19. Interest-Only Mortgage - An adjustable-rate mortgage that allows borrowers to pay only the interest for a specified period of time. Interest-only mortgages are considered risky.

20. Jumbo Mortgage - A mortgage that exceeds the conforming limit. The single-family limit changes annually. Rates on jumbo mortgages tend be 1/8 to 1/4 of a percentage point higher than comparable conforming mortgages.

21. Loan-to-Value Ratio - this calculation is done by dividing the amount of the mortgage by the value of the home. Lenders will generally require the LTV ratio to be at least 80% in order to qualify for a mortgage.

22. Margin - the amount of percentage points, or spread, added to the index to come up with the rate your adjustable-rate mortgage will charge after each adjustment.

23. Origination Fee - when applying for a mortgage loan, borrowers are often required to pay an origination fee to the lender. This fee may include an application fee, appraisal fee, fees for all the follow-up work and other costs associated with the loan.

24. Points - are percentage points of the loan amount. Often in order to get a lower interest rate, lenders will allow borrowers to "buy down" the rate by paying points.

25. Pre-Payment Penalty - a fee charged to borrowers who pay a loan off faster than the prescribed payment schedule. Make sure to talk to your Lake of the Ozarks mortgage lender to see if prepayment penalties are allowed where you live and, if so, how large they can be.

26. Principal - the term used to describe the amount of money that is borrowed for the mortgage. The principal amount that is owed will go down when borrowers make regular payments.

27. Private Mortgage Insurance - a monthly premium that ensures the lender that until the borrower reaches 80% LTV, they are covered from default. When the loan-to-value (LTV) is higher than 80% lenders will generally not be able to do the transaction without the borrower purchasing PMI.

28. Settlement Costs - prior to closing, the attorneys involved in the mortgage closing will meet to determine the final costs that are associated with the loan. These settlement costs are given to all parties so that they will be prepared to pay the closing costs that have been agreed upon.

29. Title Insurance - insurance on the property that ensures the home is free and clear of any liens which could jeopardize the mortgage. Since the lender is using the home as collateral for the mortgage transaction, this title insurance is important and required.

30. Truth in Lending - a federal mandate that all lenders must follow. There are several important parts to the Truth In Lending regulations including proper disclosure of rates, how to advertise mortgage loans and many other aspects of the lending process. These regulations were put into place to protect consumers from potential fraud.

31. Two-Step Mortgage - a home loan that features a fixed rate and payment for an initial period, followed by one adjustment, then a fixed rate and payment for the remainder of the loan term.

While it is important to be familiar with these terms, there's no need to worry. As your mortgage lender at the Lake of the Ozarks, I will make sure you understand everything about the mortgage process and that you're making the best decisions for your situation. Contact me at 573-746-7211 about a new home loan today!

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

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

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.