Important Mortgage Facts

When purchasing a home, there are many details to be involved in. Whether you’ve never purchased a home or you are re-entering the market again after several years - some of these mortgage facts may come as a surprise to you. Your Lake of the Ozarks Mortgage lender has a few interesting facts that you’ll want to know when you get your next mortgage.

You Can Refinance At Any Point in Your Loan

In some instances, you don’t have to have your loan for a certain period of time before you refinance, which means that when you feel like it’s the best time - you can do it! You will want to do the math and make sure that you will be coming out ahead by the time it’s all over. We have many clients ready to refinance right now because the rates are fantastic. If you are considering refinancing your home, the goal is to make sure that it will lower your monthly mortgage payment and help you take advantage of lower interest rates. Refinancing certainly has some benefits, so if you’ve been considering it, we would be glad to help you make some final decisions.

Interest Rates Change Quickly

One of the first questions a soon-to-be homeowner will ask is “what’s the interest rate?” This answer is virtually impossible to answer straight away, but with a little bit of research, we can help you learn what your interest rate will be. An interest rate is figured based on your financial situation, but interest rates are also ever-fluctuating, similar to stocks, bonds, and other financial investments.

Better Credit = Better Deal

It shouldn’t come to a surprise to you, but the better your credit, the more options you have available to you. In fact, the better your credit, the better your chances are for not only getting approved for a mortgage loan at Lake of the Ozarks but also getting a better rate. There are programs out there that can help with not-so-great credit, but if you want a great deal, you can invest the time and effort it takes now to help improve your credit.

A Large Down Payment Isn’t Required (But It Is Helpful!)

It’s a common thought that you need to have 20% to put toward a down payment - but this isn’t always the case. A large down payment is still beneficial if you have it, but if you don’t, there are a variety of home loan options that will allow you to put down as little as $0.00. You can fill out the application on our website and we can discuss the different options available for you and will provide a pre-approval, should you qualify!

If you're considering a home purchase at Lake of the Ozarks, give us a call at 573-746-7211. As your mortgage professional at Lake of the Ozarks, we can discuss your options, offer competitive rates, and back it up with the first-class service you deserve!

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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.

7 Questions To Ask Your Mortgage Lender

Whether this is your first home purchase at the Lake of the Ozarks, or you’re financing a vacation home at the Lake of the Ozarks - we know you will have questions, and we look forward to answering them. Here are a few popular questions, with answers to get you started. Do you have more questions? We would love to chat with you!

#1. Which mortgage type is best for me?

This question can only be answered after we have some basic information about your finances. Team Lasson can help you evaluate which is better for you. We can talk to you about the pros and cons of different types of mortgages.

#2. How much down payment will I need?

By putting a minimum of 20% down, you can avoid Private Mortgage Insurance, but there are several choices and options available for many buyers. Some qualified buyers can find mortgages for as little as 3% down while others may be able to secure a mortgage with zero down. Second Home purchases will typically require a minimum of 10% for down payment.

#3. What will my interest rate be?

While this may differ between lenders a bit, you are going to find that there is a ballpark interest rate that you will qualify for as an individual. Team Lasson can help you find your interest rate after taking a look at your finances, as well as figuring the type of Lake of the Ozarks mortgage that you will be getting.

#4. Will I have to pay mortgage insurance?

If you will be putting less than 20% down, the answer is most likely yes. Your next question should be to ask what types of options are out there or what you can do to eliminate the need for it. Most likely, the answer will be to make a bigger down payment or look into other loan programs that you could qualify for.

#5. What is my monthly payment going to be?

This is an important question, whether this is your first and only mortgage, but it may feel even more important if you will be getting a second home mortgage at the Lake of the Ozarks. We can easily figure up your monthly payment after we know what your interest rate will be. Another question that is important to ask is if there are any prepayment penalties if you pay the mortgage off early.

#6. What other costs will I pay at closing?

At closing, there are generally other costs involved than just your down payment. These can include the costs for an appraisal, title company fees, property taxes, home owner’s insurance, and other closing costs. These costs will be paid at the time of the loan signing.

#7. How - and how often will I be updated on my loan’s progress?

While the biggest part of the work around your loan will happen at the beginning, getting updated about the progress of your loan is also important. Team Lasson will send you updated status reports throughout the process and you will also be able to access your loan online and check the status any time you want.

Ready to Get Started?

Team Lasson has been helping buyers get their dream homes for over 17 years. We are big on communication with all necessary parties so that they are up to date on the status of their file. We always try to answer all questions as quickly as possible. If you are ready to buy a home at the Lake of the Ozarks, Team Lasson is here to help. NOW is a great time to buy a Lake of the Ozarks home, and we are ready to assist. Visit our website to learn more about our mortgage services at the Lake of the Ozarks or give us a call! We look forward to working with you.

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 FAQs Continued

Last week, your favorite Lake of the Ozarks mortgage lender brought you some FAQs about mortgages. In this blog, we're continuing that theme with a few more common mortgage questions and their answers:

9. What is Mortgage Insurance?

Answer: Mortgage insurance protects the lender from financial loss due to the homeowner not making their payments. It is required for mortgage transactions where there is little to no down payment made. If you make a down payment of 20% or higher, the insurance is not required because the lender is taking on less risk than if there's no down payment at all.

10. What Does My Mortgage Payment Include?

Answer: For most homeowners, a mortgage payment consists of 3 different parts: Principal, Interest and Taxes & Insurance.

11. How Much Cash Will I Need to Purchase a Home?

Answer: The amount of cash you'll need to purchase a home varies depending on a number of items. In general though, you'll need to supply cash for earnest money, a down payment and the closing costs.

12. What are Mortgage Points?

Answer: Mortgage points are divided into 2 categories: discount points and origination points. One point will generally cost 1% of the total amount that is mortgaged. You can purchase mortgage points to "buy down the interest rate." One point can generally reduce your interest rate by .25%, which can save the borrower a significant amount over the life of the loan. Talk to your mortgage lender to see if purchasing points is a smart decision for you and your unique situation.

13. What is an Escrow Account?

Answer: Your monthly mortgage payment includes a certain amount of money that's placed in a fund held by the mortgage company to pay your annual property taxes and insurance premiums. This fund is known as an escrow account.

14. Can I Still Qualify For a Mortgage After Having Filed for Bankruptcy?

Answer: While you may have to jump through more hoops, it is possible to qualify for a mortgage even after you've filed for bankruptcy. There are programs out there to help those who don't have great credit. Check out our blog, "Applying for a Mortgage After Bankruptcy" to learn more.

15. How Long Does It Take to Get a Mortgage?

Answer: The amount of time it takes from start to finish will vary depending on the situation and the lender. In general, a mortgage could be financed within 30-45 days of the application. However, it's important that prospective homeowners understand that there are many factors that can delay a mortgage approval. That's why it is very important to stay in contact with your lender throughout the entire process; responding promptly to questions your lender has for you can help to avoid some of the possible delays.

For any other mortgage questions you may have, contact the best mortgage lender at the Lake of the Ozarks at 573-746-7211. When it comes to your 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

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.