Your Lake of the Ozarks Mortgage Lender: first-time homebuyer loans

Thursday, April 20, 2017

4 First-Time Homebuyer Mistakes to Avoid

You're tired of renting and considering purchasing your first home. Where do you start? Your favorite mortgage lender at the Lake of the Ozarks is here to help! Keep reading to learn about a few of the most common mistakes first-time homebuyers make.

1. Failing to Consider Additional Homeownership Expenses.

Whether or not you can afford a monthly mortgage payment isn't the only expense to consider. Along with homeownership comes added expenses you don't have as a renter. Expenses you'll need to consider include: property insurance, taxes, homeowner's association dues, maintenance and higher electric and water bills. By adding the costs onto the initial monthly mortgage payment, you'll better be able to understand the true cost of homeownership and see if it makes sense for you.

2. Choosing Not to Enlist Professional Help.

While searching for a new home may seem like something you can do on your own, you really should consider consulting the experts. Especially if you're new to homebuying, you'll need a reputable real estate agent, a good loan officer and possibly a lawyer. When choosing who to work with, be sure to get references. As a first-time homebuyer, you may have difficulty knowing who you can trust with such a big investment. Make sure to do some research first, and if you have a mortgage lender you know you can trust, ask him or her for recommendations on a real estate agent and vice versa.

3. Searching for a Home Without a Mortgage Pre-Approval.

The journey of purchasing a home is exciting. However, it's easy to get caught up in the whirlwind of excitement that goes along with finding your dream home. Before you start searching for a home, talk with your Lake of the Ozarks mortgage lender about getting a pre-approval. This not only helps you understand what you qualify for, but also what price range you can afford. By starting with a pre-approval, you'll avoid making an emotional decision over a financial one.

4. Draining Your Savings to Make a Downpayment.

One of the biggest mistakes first-time homebuyers make is draining their savings account to come up with the downpayment and closing costs. While putting down 20% so you don't have to pay private mortgage insurance may seem like a great idea, depleting your entire savings is risky. Keep in mind those expenses from before, as well as the possibility of an emergency situation arising, and you'll want to make sure you have some cash in savings to cover those types of things.

Now that you know what NOT to do when purchasing your first home, it's time to get started. As mentioned above, the first step is to meet with a trusted mortgage professional at the Lake of the Ozarks. I'm here to work with you every step of the way. I'll discuss financing options, offer competitive rates and back it up with the first class service you deserve. Call 573-746-7211 to start the pre-approval process today!

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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

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.

Wednesday, June 24, 2015

First State Bank Mortgage Loan Programs

Whether you're dreaming of a new home or looking to lower your monthly mortgage payments, we can help! As your Lake of the Ozarks mortgage lender, I am here to help you find the perfect loan for your situation. First State Bank Mortgage provides a full portfolio of fixed and adjustable-rate mortgage products. Here is a breakdown of the loan options availble when you choose me for all your Lake of the Ozarks home financing needs!

Conventional Loan Program – Traditional Mortgage

Conventional loans offer flexible terms and competitively-priced rates. With a conventional loan, you can get financing for up to 95% of your home's value. Whether you're looking to buy a new home or finance your current one, a traditional mortgage is a great option. Benefits of a Conventional Loan include:

Flexible Terms from 10-30 years available
Fixed and adjustable-rate mortgages available
Down payments as low as 5% of sales price
Multiple options for Mortgage Insurance, if applicable
Competitive rates on new home purchases and refinances
In-house processing and underwriting

FHA Loan Program

An FHA loan is a loan that is insured by the Federal Housing Administration. FHA loans offer competitively-priced rates and a low down payment option. Benfits of an FHA Loan include:

Flexible credit and underwriting standards
Low closing costs
Fixed and adjustable-rate mortgages available
Down payments as low as 3.5% of sales price
Competitive rates on new home purchases and refinances
In-house processing and underwriting

USDA Rural Housing Loans

Sponsored by the U.S. Department of Agriculture, rural housing loans are designed to make homeownership more affordable for those borrowers living in rural communities. For qualified borrowers, a Rural Housing Loan can provide up to 100% financing with competitive rates and terms. Benefits of a USDA Home Loan include:

Up to 100% financing
NO monthly mortgage insurance premiums due
Low closing costs
Affordable fixed rates
Flexible credit and qualifying guidelines
Available on new or existing homes

VA Home Loans

VA Loans are designed to make homeownership more affordable for qualified U.S. veterans. They offer favorable terms, competitive interest rates and no monthly mortgage insurance premium. If you’re eligible for a VA-Guaranteed Loan, you’ve earned several major benefits including:

Up to 100% financing
NO monthly mortgage insurance premiums due
NO pre-payment penalties
Low closing costs
In-house processing and underwriting

First-Time Homebuyer Program

The "First Place Loan" offers a great financing option for first-time homebuyers. The program gives first-time homebuyers and qualified veterans the edge they need to purchase a home. Affordable interest rates, in combination with additional incentives offered by the Missouri Housing Development Commission (MHDC), allow prospective buyers to obtain mortgage financing in a competitive market. Benefits of a MHDC First-Time Homebuyer Loan include:

3% cash assistance loan for down payment and closing costs
Fixed-rate mortgage
FHA, VA, USDA Rural Development, Fannie Mae qualified
In-house processing and underwriting
First-time homebuyer requirements are waived for qualifying veterans and for homes purchased in targeted areas

Rehab Home Loan Program

With the brand-new Rehab Loan Program, qualified homebuyers can now buy the home of their dreams and borrow additional funds dedicated to improving or upgrading the property. This is a fixed-rate mortgage that allows the homeowner to have rehabilitation construction completed on their single family property. Funds may be used to make necessary cosmetic or functional improvements to the home.

For more information on which Lake of the Ozarks home loan options you may be eligible for, contact Lakelender Michael Lasson at 573-746-7211. I'm committed to working with you every step of the way. When you choose First State Bank Mortgage and the BEST mortgage lender at Lake of the Ozarks, owning a new home can go from dream to reality!