Showing posts with label home refinance Lake of the Ozarks. Show all posts
Showing posts with label home refinance Lake of the Ozarks. Show all posts

Thursday, February 27, 2020

6 Reasons to Refinance in 2020

When done correctly, refinancing can save you a lot of money and could be the best financial step for you to take. Have you ever considered refinancing your home? If you have not considered it, 2020 may just be the year that you need to think about it, and see if it is the right option for you! Your Lake of the Ozarks mortgage lender is here to help, so we have 6 reasons why refinancing may be the best step for you.


#1. It Can Lower Your Interest Rate

Did you know that if you can lower your interest rate by at least 1% (or 0.5% on higher loan amounts), you should consider refinancing? Interest rates are incredibly low right now, and the chances that you can get a better rate by refinancing now are much better than in previous years. This is a huge asset because you could end up saving a lot of money in interest paid throughout your loan.

#2. Switch Your Loan Type

There are many different loan types available for homes, some are better for certain people than others. If you currently have an adjustable-rate mortgage (ARM), you may want to switch to a fixed-rate mortgage (FRM). This can allow you to lock in a low rate for a long time! It might also be feasible to drop from a 30-year mortgage to a 20 or 15 year. With the lower rates, you could have close to the same payment you currently have but shorten the term of the loan. This is something you can discuss with your mortgage lender at the Lake of the Ozarks!

#3. Be Aware of Balloon Payments

Some mortgages have a large payment due at the end of the loan term - usually, 5-7 years, called a “balloon payment.” This type of mortgage is a short-term loan that is set up like a long-term loan for the first few years. You may need to refinance your loan to avoid paying this large expense.

#4. Stop Paying Private Mortgage Insurance

When more than 80% of the home's sale price is borrowed, sometimes the borrower is required to purchase private mortgage insurance (PMI). If the home's value has increased, you can use this amount to refinance and stop paying that PMI.

#5. Cash Out Home Equity

Home equity is often used as a way to finance a remodeling project, college tuition, car purchase or a vacation. If your home's value has increased, you can refinance to cash out that extra amount. You would actually be refinancing your mortgage for more than you currently owe on it and then pocketing the difference.

#6. Consolidate Debts

If you have a lot of high-interest debts, you may be able to save money by consolidating those debts into a mortgage. Auto loans, credit cards, second mortgages, and other debts can all be included in your refinance.



Do you have more questions about refinancing a Lake of the Ozarks home? Team Lasson would be glad to answer your questions! You can start by filling out an application on our website (www.YourLakeLoan.com) so that we have an idea of your financial position. We look forward to helping you decide if refinancing is the right choice for 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

Wednesday, October 23, 2019

Reasons to Refinance

We’ve been covering the benefits of getting a home loan at the Lake of the Ozarks right now because rates are near a three-year low! However, refinancing your current home can be just as important as getting a new loan when you see that the rates are low. Team Lasson can help you with a refinance loan anywhere in the United States. Here are a few reasons to refinance right now while the interest rates are doing so well.


#1. Interest Rates

This is primarily the first reason to refinance a home and plays a huge role in why NOW is the time to refinance. Just reducing your interest rate by 1% can save you hundreds of dollars a month on your mortgage payment, but it can also save you thousands of dollars over the life of your home loan in interest.

#2. Home Equity

Another reason to refinance your home loan is because you have seen the equity in your home increase. The average equity across mortgaged properties is 32.8%. This number is well above the amount needed to make refinancing a wise money-saving option.

#3. Getting Rid of Private Mortgage Insurance (PMI)

PMI can get extremely expensive, and in some cases, it can add over $100 to your monthly mortgage payment. As long as you have at least 20% equity in your home, refinancing can be a quick and easy way to get rid of PMI as well as most likely get a lower rate and save even more money on your monthly payment.

#4. Tackle Home Improvement Projects

Do you have a home improvement project that you want to get started on or some other large expense you have been delaying? If you have enough equity in your home you could do a cash-out refinance and get the cash you need.


Refinancing a Home at the Lake of the Ozarks

There are so many reasons to consider refinancing your home, but you don’t need to become overwhelmed by it. If you have considered refinancing your home, start the process with us! We can help you evaluate the details, the benefits, or even the disadvantages if there are any. You can visit our website (www.YourLakeLoan.com) to start the refinancing process.

Start by filling out an application on our website. This pre-approval will help get the mortgage process started, whether you are getting a brand new home loan, or you are refinancing a current property. Team Lasson looks forward to assisting you in this new part of your home-owning journey!

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 25, 2019

Reasons to Refinance

As your Lake of the Ozarks Mortgage company, we see many different people with many different real estate goals., such as purchasing a vacation home or primary residence at the Lake of the Ozarks, a recreational property (for hunting, or ATV riding), and even a simple refinance. You may not have considered refinancing your home, but there can be many beneficial reasons to do this. If you are even slightly considering this step, keep reading! Now is a great time to buy a new property or refinance the one you already own.



You Could Get a Better Interest Rate & Payment

One of the biggest reasons to refinance is to secure a lower interest rate and save money on your monthly mortgage payment, as well as the total amount of interest paid over the time of the loan. Because this is generally the most popular reason for refinancing, it’s not hard to focus on the rates and fees without realizing that you can sometimes save more by structuring your loan properly and creating a plan to determine when to lock, at what rate, and for how long. Do you have questions about this? We would be glad to answer those questions and discuss your options!

Reduce or Shorten PMI

It’s been over six years since the Federal Housing Administration (FHA) changed the way it required mortgage insurance for the life of the loan if you put less than 20 percent down. If you refinance to a lower rate and shorten the loan by a few years to a 15-20 year refinance, you may be able to get rid of your private mortgage insurance!

Cash Out

If you can reduce the interest rate on your mortgage, and still take cash out of your home to pay off bills or make home improvements, then a cash-out refinance may make sense for you. This usually involves refinancing your mortgage for a larger sum than what you currently owe and using the equity in your house as collateral. It’s worth looking into, because you may be able to qualify for up to 80 percent of the home’s value.

The money from the cash-out can be used to pay off high-interest debt or making home improvements to further invest in your home!

Reduce Loan Term

If a loan has a shorter term, it can often have a better interest rate. This means that shortening the term of the loan can significantly decrease the amount paid over the life of the loan. With rates being so low today, you could possibly refinance into a 15 year term and have the same monthly payment you had on your 30 year mortgage.

Buy-Out Other Owners

One of the most common situations that we see this happen in is when there are multiple owners on a property. In the event of a divorce, one spouse must refinance the other off the existing loan if they keep the home. But this can also happen if you own a home with a friend, relative, significant other, or a business partner.


Ready to Refinance?

If you think that refinancing your home at the Lake of the Ozarks would be the best choice for you, let’s talk. Visit our website to learn more about our mortgage company at the Lake of the Ozarks (www.YourLakeLoan.com), or submit an application to get started. We would be glad to assist you through this process. Now is a great time to get your home refinanced, or to buy a new home. The Fed is about to cut rates at the end of the month, and that does not guarantee home loan rates will move lower. In many cases, home loan rates ticked up a bit. Need to talk to mortgage professionals? Team Lasson is here to help!

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, March 14, 2018

Mortgage Refinancing 101

Refinancing your home at the Lake of the Ozarks can be beneficial for reducing the length of the loan, lowering your monthly payment or improving your rate terms. Keep reading to learn the basics of a home refinance from your Lake of the Ozarks mortgage lender.

Mortgage Refinancing 


To "refinance" your home means to replace your current mortgage loan with a new one. Your needs as a homeowner years ago may not be the same as the needs you have today. Maybe mortgage rates are currently lower than when you first applied for your home loan. Maybe you improved your credit over the years and now you can qualify for a better rate than you did in the past. Maybe you are struggling to make your monthly mortgage payment and need to decrease that payment. Some of the main reasons people choose to refinance their home include: to obtain a lower interest rate, shorten their term in order to pay their home off more quickly or to use their equity to get money for home improvements, kids' college tuition costs, etc.

Types of Mortgage Refinances 


There are several different types of mortgage refinances: rate-and-term, cash-out and cash-in. The type you choose will depend on your unique situation and what your goals are with the refinance.

Rate-and-Term 
The most common type of mortgage refinance is a rate-and-term refinance. In this type of mortgage refinance, the only difference between your current loan and the new one will be the mortgage rate, the loan term or both. For example, you may want to refinance from a 30-year fixed rate mortgage to a 15-year fixed rate mortgage. With this type of loan, you are not allowed to get additional money in your pocket. Typically, you can only finance the current payoff amount of your existing loan, closing costs and prepaid items into the new loan.

Cash-Out
In a cash-out refinance, the loan amount of the new mortgage will exceed the original mortgage balance. Due to the fact that the homeowner only owes the original amount to the bank, the "extra" amount is paid to the homeowner at the closing. In the event of a debt consolidation refinance, that cash could be paid directly to the creditors that are being paid off. These mortgages represent more of a risk to a bank than a rate-and-term refinance and therefore can require more strict approval standards, such as a higher credit score, and can carry a higher interest rate than a rate-and-term refinance.

Cash-In 
A cash-in refinance is the opposite of a cash-out refinance. For this type of refinance, a homeowner pays cash to pay down the loan balance and reduce the amount owed to the bank. The most common reason for this type of refinance is to get access to lower mortgage rates that are only available at lower loan-to-value ratios. Another reason for this type of refinance is to cancel PMI (Private Mortgage Insurance), which is required until your LTV is 80% or lower.

If you're interested in learning more about the possibility of a Lake of the Ozarks home refinance, give us a call at 573-746-7211. As your mortgage professional at the Lake of the Ozarks, 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 


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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Labels: , , , ,
Location: Osage Beach, MO 65065, USA
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