Your Lake of the Ozarks Mortgage Lender: questions to ask yourself before buying a home

Friday, March 1, 2019

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.

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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.

Wednesday, January 4, 2017

5 Questions to Ask Yourself Before Buying a Home

Are you considering becoming a homeowner for the first time? When it comes to purchasing a home at the Lake of the Ozarks, there are a lot of things you should consider. Before diving into the home buying process, ask yourself these 5 questions:

1. Am I Ready for Homeownership?

Becoming a homeowner is a big undertaking. If you are used to renting, there are a lot of luxuries of having a landlord that will go away when you own your own home. What do you do when your heating or cooling system stops working? What if the garbage disposal breaks? Undertaking homeownership comes with a lot of added responsibility. While homeownership also comes with advantages, it is not a decision that should happen overnight. Consider what it means to be a homeowner and do your research before diving in.

2. Have I Considered ALL the Costs of Homeownership?

Your Lake of the Ozarks mortgage is not the only expense you have to worry about. As a homeowner, you should consider the costs of insurance, taxes and utilities, as well as any repair needs that arise. Few buyers actually plan for these added costs; they look at the mortgage payment as being less than their current rent, but those are not the only numbers to consider.

3. How Much Can I Afford?

One of the most common questions prospective homeowners ask is, "How much can I afford?" Before starting your home search, it is important to know what you can afford. You do not want to find the perfect house to realize it is out of your affordable price range. Talk to a mortgage lender at the Lake of the Ozarks to help you determine not only how much you can qualify for in a loan, but how much you can reasonably afford (with all the above homeownership costs considered).

4. How Much Do I Have for a Downpayment?

While there are programs out there with little-to-no downpayment requirements, your downpayment is something to consider. The more you can put down up-front, the less you will have to borrow and the less you will pay in interest charges. If you have been saving for a home purchase for awhile now, then you will have no problem making a downpayment. In addition, often times you can be gifted the downpayment from a relative. However, if that's the case, be sure to read our blog about receiving a downpayment gift.

5. Am I Prepared to Pay Closing Costs?

The downpayment is not the only up-front cost you need to consider. You need to make sure you have enough cash to cover the closing costs. It is suggested that home buyers have approximately four percent of a home's purchase price set aside to cover these fees. Make sure that you have enough cash set aside for the closing costs and that paying these fees will not deplete your savings and/or emergency funds. If you do not think you have enough cash to cover these fees, talk to your Lake of the Ozarks mortgage lender about your options for lower closing costs or wrapping some of the costs up into the mortgage.

Finding a reputable mortgage company at the Lake of the Ozarks is the first step in a successful home buying process. Give us a call at 573-746-7211 to discuss your Lake of the Ozarks home financing options. As your local lakelender, I'll work with you every step of the way and back it up with the personal service you deserve!

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