Understanding the Mortgage Payment Process

When you purchase a home, unless you're one of the lucky few that can afford to pay cash, you're going to need to take out a home loan. Your mortgage lender at the Lake of the Ozarks will discuss your options with you, offer competitive interest rates and eventually settle on a monthly mortgage payment. While many people pay their mortgage every month, not everyone understands how that payment process works. Keep reading to learn about amortization and how paying off your mortgage works.

How Mortgage Loans Are Paid Back 

Mortgage loans are paid off through what is known as a "mortgage amortization process." Over the life of the loan, each payment is first applied to the interest accrued during the current payment period, and then to reducing the outstanding principle amount. With this payment schedule, after 30-years, you'd end up paying close to double your initial mortgaged amount. What looks and seems like a low rate could add up to hundreds of thousands of dollars over the course of thirty years. Therefore, if you're financially capable, you might consider paying off your mortgage faster. Talk to your trusted Lake of the Ozarks mortgage lender to see if there are any penalties for paying off your mortgage early.

Should I Pay Off My Mortgage Faster?

Who wouldn't want to pay off their mortgage faster? Living a debt-free lifestyle is something many Americans strive for. However, it's not always possible for everyone. The question shouldn't be, "do I want to pay off my mortgage faster," but rather, "can I pay off my mortgage faster?" Do you have the financial ability to set aside more money for a larger mortgage payment each month? Keep in mind that your mortgage likely has a lower interest rate than other debts such as credit cards. Determine what the best use of your money is before choosing to pay off your mortgage faster. Paying off your mortgage faster also has tax implications on your mortgage deduction. For advice on how to pay off your mortgage faster, check out our previous blog titled, "How to Pay Off Your Mortgage Faster."

If you don't currently have a mortgage you're working to pay off, but are considering purchasing a home at the Lake of the Ozarks, give me a call at 573-746-7211. Together, we will discuss your options, I'll offer competitive interest rates and back it up with the first class service you deserve. With my help, you'll be in your dream home at the Lake of the Ozarks in no time!

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.

4 Steps to Take Before House Hunting Begins

Deciding to make a new home purchase is an exciting experience, so exciting that you can get swept up in scouring the internet for listings. It's important to take a step back and get all your ducks in a row before starting your search for the perfect home. In today's blog, your Lake of the Ozarks mortgage lender offers advice on the steps you should take before house hunting begins.

1. Review Your Financial Situation. 

Investing in a home is one of the largest purchases you'll make in your life. Before getting carried away looking at houses online, it's important to know where you stand financially. Are you financially capable of making a home purchase at this time in your life? How much can you afford in a new home? The best place to start is to find a mortgage professional at the Lake of the Ozarks. Together, you can go over your financials to determine your options. Doing this early will give you the opportunity to get into the best financial shape possible before starting the loan process.

2. Build a Strong Savings Account. 

If you haven't already started saving for a home purchase, start now! While there are programs now that offer lower down payment options, you're still going to need cash for a variety of things. From inspections and closing costs to future maintenance and repairs, it's important to have a healthy amount of money in savings. Find ways to cut spending and eliminate unnecessary costs or consider picking up a side job to increase the savings fund quickly.

3. Get Pre-Approved for a Loan. 

Once you are comfortable with your financial situation, it's time to get a Lake of the Ozarks mortgage pre-approval. While not necessarily required, a pre-approval will help you determine how much of a home you can afford. This helps you avoid falling in love with a home that's outside of your price range. Knowing what you can afford before you even start looking at homes will save you a lot of time and energy. In addition, a pre-approval shows buyers that you are serious about making a purchase, giving you leverage in negotiations.

4. Find a Good Realtor. 

While you could browse the internet all day long for new home listings in your area, working with a real estate agent has a lot of advantages. Not only will a good realtor with local market knowledge be able to help you narrow your search, he or she will also be valuable during negotiation. Having someone with expertise in the entire home buying process will save you a lot of frustration and help you get into your new home sooner.

If you're well prepared, by following the steps above, the home buying process will be much smoother. Talk to a lender today to learn about your home loan options at the Lake of the Ozarks. Call Lakelender Michael Lasson at 573-746-7211 to discuss your finances and start the process 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

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.

Halloween Events at the Lake of the Ozarks

The month of October is quickly coming to an end, which means it's time for the scariest holiday of all. Will you be spending Halloween at the Lake this year? Your favorite mortgage lender at the Lake of the Ozarks has all the details on the upcoming Halloween events.

Hy-Vee Hollow Trick-or-Treat 

Date: Thursday, October 26
Time: 4-7 pm
Place: Hy-Vee Parking Lot
Details: Bring the kids for trick-or-treating at Hy-Vee. Admission is $2 per child, and all of the proceeds will benefit 2 local organizations: The Dream Factory and Camp Wonderland. Refreshments will be provided.

Zombie Wasteland Haunted House

Date: Thursday, Friday and Saturday, October 26-28
Time: Opens at 7 pm
Place: 474 S. Hwy 7 in Camdenton (Next to the Airport)
Details: Survive a zombie wasteland with lots of foam darts and a nerf gun of your choice. Tickets are $10 per person and proceeds benefit Kids Harbor Child Advocacy Center.

The Haunted Holler

Date: Friday & Saturday, October 27-28
Time: 8 pm to Midnight
Place: Trail located 1 mile behind Hy-Vee in Osage Beach
Details: The Haunted Holler is a quarter mile haunted trail in the woods. Admission is $10 per person on Friday and $15 per person on Saturday. Recommended for ages 6 and up, and children 12 and under must be accompanied by an adult.

Howl-O-Ween Festival 

Date: Saturday, October 28
Time: 10 am to 2 pm
Place: Dogwood Animal Shelter
Details: The 7th Annual Howl-O-Ween Festival is free to attend. There will be a pet costume contest and other fun competitions, a raffle, grilled lunches for purchase, local artists and crafters on site, a mini Dogwood Thrift Shop and more!

Halloween on the Bagnell Dam Strip 

Date: Saturday, October 28
Time: 8 am to 9 pm
Place: Bagnell Dam Strip
Details: Halloween on the strip will feature a 3K Haunted Fun Run, Pancake Breakfast Fundraiser, Trick-or-Treating on the Strip, Games of Skill, a Cookie Walk, Costume Contest, Pie Eating Contest, Teen Night with a scary movie and bonfire, all followed by adult fun with costume contest, bands and other entertainment.

Kid's Halloween Spooktacular at Captain Ron's

Date: Sunday, October 29
Time: 5-6:30 pm
Place: Captain Ron's
Details: Bring your little ghosts & goblins to Captain Ron's to grab some loot! Several local businesses will be handing out goodies.

SpookTacular Trick-or-Treat 

Date: Tuesday, October 31
Time: 6-9 pm
Place: Splatz Paintball
Details: A safe, family-friendly trick-or-treating experience with music, contest, fun and games!

Happy Halloween from Lakelender Michael Lasson! If you love spending time at the Lake, and want to be able to partake in fun holiday events all year round, consider purchasing a second home at the Lake of the Ozarks. As your Lake of the Ozarks mortgage lender, I'm here for all your home financing needs. I'll work with you every step of the way, to discuss your 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

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.

3 Common Reasons People Don't Qualify for a Mortgage

You have decided you're ready to take the next step in your life and purchase a home at the Lake of the Ozarks. The challenge now is going to be a qualifying for a mortgage loan. Your Lake of the Ozarks mortgage lender is here to make you aware of some of the common reasons people don't qualify for a mortgage. This can help you get all your ducks in a row and be prepared for the loan approval process.

1. Bad Credit or No Credit at All. 

Your credit is one of the most important factors that goes into determining if your mortgage application is approved or not. If you have bad credit or no credit at all, you could have a difficult time getting home financing at the Lake of the Ozarks. Before applying, be aware of your credit score. Take a look at your credit report and correct any errors. Make sure to pay your bills in full and on time to avoid hurting your credit. If you don't have any credit at all yet, work on building some good credit before attempting to apply for a home loan. This is why it's important to start planning early for a home purchase. It can often take some time to get your credit cleaned up.

2. Unsubstantiated Income. 

Unsubstantiated income is income that you can't prove or verify is actually what you say it is. When you apply for a mortgage, your lender is going to look at your current employment and income. This factors in to how much you are able to borrow and how likely you are to make your monthly payments. If you aren't able to provide documentation of a stable income, you might have a difficult time getting approved. (This is why you shouldn't change jobs during the mortgage process either.) This is a common issue for self-employed buyers because they don't have the proper paperwork. Necessary documents include profit and loss statements, as well as tax returns that are filed properly and timely.

3. No Money for a Down Payment. 

While there are programs now that require a no/low down payment, not having any money to put down makes you a bigger risk. Your mortgage lender at the Lake of the Ozarks wants to know that you have sufficient income and assets to make your monthly payment on time and in full. Your down payment is an investment, which shows you are "invested" in this transaction. While the traditional 20% down isn't necessary, you'll want to have 3-5% to put down, depending on the type of loan for which you apply. Another reason to start planning for your future home early, you need time to save for a down payment.

If you think you're ready to apply for a home loan at the Lake of the Ozarks, give me a call at 573-746-7211. I'm here to work with you every step of the way, from filling out your application to getting you through the closing. I'll discuss your options, offer competitive 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

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.

7 Mortgage FAQs Answered

The mortgage process can be somewhat complicated. If you are a new, prospective homeowner, chances are you have a lot of unanswered questions about how it all works. Below are the answers to a few of the most common questions we hear in regard to mortgages at the Lake of the Ozarks.

1. Can I Buy a Home When My Credit is Less Than Desirable? 

Different loan products have different requirements in regard to credit score. Some loans allow a lower credit score than others. The down side is that the lower your credit score, the higher your interest rate is likely to be. However, if your credit score falls below 600, you could have a difficult time getting approved for a mortgage at all.

2. How Much Money Do I Need for a Down Payment? 

The amount of money you need for a down payment on a house also depends on the type of loan you choose. Traditionally, people would need to put down 20% of the total cost of the home. Today, there are loan programs that allow for as little as 3-5% down. Keep in mind that the more you can put down, the more equity you will have in your home from the get go.

3. What Documents Will I Need to Apply for a Mortgage?

When applying for a home loan at the Lake of the Ozarks, you'll need to provide a variety of documents that prove your identity and show your income, assets, and debts. This includes driver's license, prior year's W-2, current pay stub, past tax returns, financial statements showing assets and liabilities. Talk to your lender about additional documentation that may be unique to your situation.

4. What is Private Mortgage Insurance? 

Private Mortgage Insurance, or PMI, is a type of insurance that protects lenders against loss if a borrower defaults. This insurance is generally required for any loan that has less than a 20% down payment.

5. What is an Escrow Account and How Does It Work? 

An Escrow Account is a separate account that hold funds for the purpose of paying bills such as homeowner's insurance and property taxes. Along with your monthly mortgage payment, you will send a portion of money to be deposited into this account. Then when the bills become due, you have all the money there ready to go. It is a way to disperse these added costs of homeownership over 12 months.

6. What are Points? 

Points are fees that can be paid to the lender upfront in exchange for a discount. Most commonly the discount is in the form of a lower interest rate on your loan. One point is equal to one percent of the loan amount.

7. What is APR?

APR stands for Annual Percentage Rate, and is often confused with the interest rate on your loan. The interest rate is the cost of borrowing the principal loan amount. The APR however, is a broader measure of the cost of your mortgage because it takes into consideration not only the interest rate, but also other costs such as broker fees, discount points and some closing costs.

For all your other mortgage questions, give your Lake of the Ozarks mortgage lender a call at 573-746-7211. When you're ready to buy a home, I'll discuss your options, offer competitive interest rates and back it up with the first-class service you deserve. When it comes to your Lake of the Ozarks home financing needs, I'm here to help you every step of the way, from your initial questions to the closing ones.

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

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.

How to Pay Off Your Mortgage Faster

Purchasing a home at the Lake of the Ozarks is one of the biggest investments you'll ever make. Very rarely are people able to cough up that much cash, and therefore, financing is needed. Typically, that mortgage loan will take 15-30 years to pay off. Today's blog from your Lake of the Ozarks mortgage lender offers some advice on how you might be able to pay off that loan a little faster!

1. Simply Pay More Each Month.  

If you can afford a slightly higher monthly payment, do it! A great place to start is to divide your monthly payment by 12 and add that amount to your monthly payment. This results in 13 payments in a matter of 12 months. By paying down the principal as you go, you'll not only pay off your mortgage faster, but also save money on the interest. However, before making any extra payments, talk to your mortgage lender at the Lake of the Ozarks to make sure the extra payment is being applied to your mortgage properly. Then always check your next statement to ensure that money has been properly applied. Also, make sure that there aren't any penalties for paying off your mortgage early. This is probably the most simple way to pay off your mortgage faster, as long as you stick with it. However, if you don't have the extra money one month, you're not locked in to paying it.

2. Refinance to a Shorter Term. 

Another option would be to refinance your Lake of the Ozarks mortgage loan to obtain a shorter term. If you have a 30-year loan, talk to your lender about refinancing into a 15-year mortgage. Not only will this help you pay off your mortgage faster, but you'll also save on interest. In fact, shorter-term mortgages often carry interest rates 1/4 of a percentage point to 3/4 of a percentage point lower than 30-year mortgages. Keep in mind that with this option, it's like getting a new mortgage. You will have extra paperwork and there are closing costs involved. Before making a refinancing decision, be sure to do the math to determine if the savings outweigh the upfront costs of refinancing. This option is a lot less flexible than just paying extra each month; if you decide you don't have the extra money one month, you're still locked in to that higher payment.

3. Throw Extra Cash at Your Mortgage. 

Maybe you don't have enough extra income each month to increase your monthly payments. Do you get bonuses at work though? Did you get a large tax refund? Any extra large sums of money that you get can easily be applied to your mortgage to help pay it off faster. This option allows you pay extra only when you have extra available. You don't want to be struggling financially because you want to pay off your mortgage faster. There needs to be a balance in what you can afford. The only downside to this option is that the payments are irregular and therefore, it's hard to determine a pay off date. You also want to make sure that you don't throw too much of that extra money at the mortgage. Be sure to save some of it back in an emergency fund.

For all your mortgage loan questions, I'm here to help. As your lender, I'll discuss your Lake of the Ozarks home financing options, offer competitive interest rates and back it up with the first-class service you deserve. For all your Lake of the Ozarks home loan needs, give me a call at 573-746-7211.

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

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.

3 Reasons to Speak with a Mortgage Lender BEFORE Starting Your Home Search

Making the decision to purchase a home at the Lake of the Ozarks is definitely an exciting experience. You just can't wait to dive in and see what options are out on the market. Before doing so though, you should contact a mortgage professional at the Lake of the Ozarks. Keep reading for a few reasons why this is an important first step when buying a new home.

1. To Set Realistic Expectations. 

When buying a home, especially if it's your first home, the excitement can take over. You begin looking at what's available online and next thing you know you fall in love with a home you can't afford. By talking with a Lake of the Ozarks mortgage lender before starting your home search, you'll be able to determine how much you can borrow and also how much you can reasonably afford for a monthly mortgage payment. By having a budget in mind, you'll have realistic expectations going into that home search. You can weed out the ones that are out of your price range before looking at them, that way you won't fall in love with something that's just out of reach for you financially. 

2. To Show the Seller You're Serious. 

Getting a mortgage pre-approval from a lender shows that you aren't just shopping around, but that you are serious about buying a home. Realtors often prefer that you have a mortgage pre-approval before they start showing you homes. The seller wants to know that you can afford it and that you aren't going to back out on the sale. By getting a pre-approval, you're showing the realtor and the seller that you're a hassle-free and complication-free buyer. In addition, if you're competing with other buyers for the same house, that pre-approval could be a determining factor in whose offer the seller accepts. 

3. To Get a Jump Start on the Paperwork. 

When obtaining a Lake of the Ozarks mortgage loan, there's a lot of paperwork involved. By getting a mortgage pre-approval, you'll have a jump start on getting all those documents filled out. Then once you find that dream home of yours, you're already halfway done with the process and can move to the closing date that much faster. Your mortgage lender will be there to help you every step of the way, from the pre-approval to the closing, so make sure you find a great one from the start!

If you're considering a home loan at the Lake of the Ozarks, give Lakelender Michael Lasson a call today at 573-746-7211. I'll discuss your financing options, offer competitive interest rates and back it up with the first-class service you deserve. Let me help you get into your dream home at the Lake!

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. Loan Officer

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.