Mortgage FAQ

 

Mortgage FAQ

Navigating the world of mortgages can feel like a daunting task, especially if you're a first-time homebuyer or considering refinancing your current home loan for the first time. From understanding different types of mortgages to deciphering complex terminology, we're here to provide clarity and guidance. Let’s address some of the most common questions about mortgages, which will empower you to make informed decisions about your home financing journey.

Q: What are the different types of mortgages available?

A: There are several types of mortgages available to homebuyers, each with its own unique features and requirements. Some common types include:

· Fixed-Rate Mortgages: These mortgages have a fixed interest rate for the entire term of the loan, providing stability and predictable monthly payments.

· Adjustable-Rate Mortgages (ARMs): ARMs have an initial fixed-rate period, after which the interest rate adjusts periodically based on market conditions.

· FHA Loans: Insured by the Federal Housing Administration, FHA loans are popular among first-time homebuyers and require a lower down payment.

· VA Loans: VA loans are available to eligible veterans, active-duty service members, and their spouses, offering competitive interest rates and flexible qualification criteria.

· USDA Loans: USDA loans are backed by the U.S. Department of Agriculture and are designed to help low- to moderate-income borrowers purchase homes in rural areas.

Q: How much do I need for a down payment?

A: The amount you need for a down payment depends on the type of mortgage you choose and your financial situation. While conventional mortgages typically require a down payment of at least 3% to 20% of the home's purchase price, government-backed loans like FHA and VA loans may require lower down payments, sometimes as little as 0% for VA loans. Flat Branch offers several down payment assistance programs, be sure to check out our offered programs to see if you may be eligible!

Q: What factors determine my mortgage interest rate?

A: Several factors influence your mortgage interest rate, including:

· Credit Score: A higher credit score generally qualifies you for a lower interest rate.

· Loan Type: Different types of loans may have different interest rate structures.

· Down Payment: A larger down payment may result in a lower interest rate.

· Loan Term: Shorter loan terms typically have lower interest rates than longer terms.

· Market Conditions: Interest rates can fluctuate based on economic factors and market trends.

Q: How does the mortgage application process work?

A: The mortgage application process typically involves several steps, including:

· Prequalification: You provide basic financial information to determine how much you may be able to borrow.

· Preapproval: You submit documentation to verify your income, assets, and creditworthiness, allowing the lender to make a preliminary decision on your loan application.

· Loan Application: You complete a formal loan application, providing detailed information about yourself, the property, and your finances.

· Underwriting: The lender evaluates your application, including verifying the information provided and assessing the property's value.

· Closing: Once your loan is approved, you sign the necessary paperwork to finalize the transaction, and the funds are disbursed.

Navigating the mortgage process doesn't have to be overwhelming. By understanding the basics of mortgages and familiarizing yourself with common questions and concerns, you can approach the mortgage process with confidence. Whether you're a first-time homebuyer or a seasoned homeowner, we're here to help you every step of the way.

Your dream home is within reach, and we're here to help you make it a reality.

Team Lasson is here for all of your home buying needs!  If you’re thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan program works best for your financial goals.  The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org

2024 Memorial Day Happenings

 

Memorial Day Events 2024

Looking for activities to do at Lake of the Ozarks this weekend?  There are always a lot of events around the Lake area here is a small list of things you might be interested in checking out:

Live Music:                      

Friday, May 24^th

          Backwater Jack’s Bar & Grill – Queen’s Boulevard  5:30 pm – 9:30 pm

          Camden on the Lake – The Plastic Kings  9:00 pm

          Dog Days – The Mixtapes  9:00 pm

          Franky & Louie’s – Captain Geech  9:00 pm

          Ozarks Amphitheater – Whiskey Myers  7:00 pm

          Papa Chubby’s – Phat Mike & The Bartenders  6:00 pm – 10:00 pm

          Paradise Restaurant & Bar – Preston Ary Band  6:00 pm

Regalia Hotel & Conference Center – Liverpool Legends  8:00 pm – 10:00 pm

          Shady Gators – Platinum Rock Legends  9:00 pm

Saturday, May 25^th

          Camden on the Lake – The Plastic Kings  9:00 pm

          Dog Days – Machine Gun Symphony  9:00 pm

Franky & Louie’s – Captain Geech  9:00 pm

Jolly Rogers – Damien Gunn Band  7:00 pm

          Ozarks Amphitheater – Whiskey Myers  7:00 pm

Shady Gators – Platinum Rock Legends  9:00 pm

Shawnee Bluff Winery – Grayson Wood  4:00 pm – 7:00 pm

Sunday, May 26^th

          Camden on the Lake – The Plastic Kings  9:00 pm

Dog Days – The Mixtapes  5:00 pm - 9:00 pm

Franky & Louie’s – Captain Geech  9:00 pm

Ozarks Amphitheater – Willie Nelson and Family  7:00 pm

Paradise Restaurant & Bar – Slick Nickel 6:00 pm

Shady Gators – Platinum Rock Legends  9:00 pm

Other Events:

Friday, May 24^th

          Eldon Farmer’s Market

                    Rock Island Park  3:00 pm – 6:00 pm

Saturday, May 25^th

          LOZ Idiots Club Fundraiser

                    Captain Ron’s Bar & Grill   11:00 am – 6:00 pm

          Osage Beach Farmer’s Market

                    Osage Beach Outlet Marketplace  9:00 am – 1:00 pm

Peddler Point Arts & Crafts with Kid Adventures

Lake Breeze Event Center - Camdenton 10:00 am – 5:00 pm

          Zero Ducks Given Party!

                    Backwater Jack’s Bar & Grill        11:00 am

 

In addition to the many activities and events, there are several firework displays too:

 Saturday, May 25^th

Bear Bottom Resort   9:45 pm

Celebration Cruise    Board at 8:00 pm – Bagnell Dam

Inn at Grand Glaize   Doors open at 6:00 pm

 

Sunday, May 26^th

Bear Bottom Resort   9:45 pm

Lodge of Four Seasons    at Dusk

Margaritaville   9:00 pm

Point Randall Resort   8:45 pm

Tropic Island Cruise   Board at 8:00 pm – Margaritaville

Team Lasson is here for all of your home buying needs!  If you’re thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan program works best for your financial goals.  The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.

        

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org

Spring Weather Safety Plan

 

Spring Weather Safety Plan

As the cool of winter fades away and the warmth of summer approaches, it's the perfect time to ensure your home is ready for the seasonal weather transition. From heavy rain showers to sudden temperature changes, spring weather can bring its own set of challenges. However, with a few simple steps, you can safeguard your home and family from potential hazards.

Let us explore some essential tips for preparing your home for sudden weather changes:

Clean Your Gutters: After the winter thaw, your gutters may be clogged with leaves, debris, and even ice dams. Clean them out to ensure proper drainage during spring showers. Clogged gutters can lead to water damage to your roof, walls, and foundation.

Check Your Roof: Inspect your roof for any signs of damage, such as missing shingles, cracks, or leaks. Addressing these issues early can prevent water from seeping into your home during heavy rains or storms.

Trim Trees and Shrubs: Overgrown branches can become hazardous during spring storms, posing a risk of damage to your home or property. Trim back any branches that are close to your house or power lines to prevent accidents and property damage.  

Inspect Outdoor Furniture and Structures: If you stored your outdoor furniture and structures during the winter months, now is the time to inspect them for any damage. Check for rust, rot, or weakened structures, and repair or replace them as needed to ensure they are safe for use during the spring season.

Seal Windows and Doors: Check the seals around your windows and doors for any gaps or cracks. Proper insulation will help keep your home comfortable and energy efficient as temperatures fluctuate during the spring months.  

Test Your Sump Pump: Spring showers can lead to basement flooding, especially if you live in an area prone to heavy rainfall. Test your sump pump to ensure it is in good working condition and capable of handling excess water.

Prepare for Severe Weather: Spring often brings with it the potential for severe weather, including thunderstorms, tornadoes, and even hail. Have an emergency kit ready with essentials like flashlights, batteries, non-perishable food, and water. Familiarize yourself with your community's emergency procedures and have a plan in place to keep your family safe.

By taking these proactive steps to prepare your home for spring weather, you can minimize the risk of damage and ensure the safety and comfort of your family. From routine maintenance tasks to preparing for emergencies, being proactive now will pay off overall. So, spring into action and get your home ready for whatever the season brings!

Team Lasson is here for all of your home buying needs!  If you’re thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan program works best for your financial goals.  The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.

      

    Michael Lasson

    Senior Mortgage Banker

    NMLS #:  493712

    Flat Branch Home Loans – Team Lasson

    2882 Bagnell Dam Blvd

    Lake Ozark, MO 65049

    Cell:  (573) 216-7258

    Email:  teamlasson@fbhl.com

    Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org

Spring Homebuying Guide

 

Spring Homebuying Guide

Spring into Homeownership: Your Ultimate Guide to Buying a Home this Season

As the weather warms up and flowers begin to bloom, the real estate market also starts buzzing with activity. In this guide, we'll explore the benefits of purchasing a home in the spring, provide tips on how to start the search process, and offer advice for making a competitive offer in today's market.

Benefits of Purchasing a Home in the Spring

Increased Inventory:

With more sellers listing their homes in the spring, you'll have a wider selection of properties to choose from. This increased inventory can give you more options and flexibility in finding the perfect home for you and your family.

Favorable Weather:

Spring weather is ideal for house hunting, with mild temperatures and longer daylight hours. You can comfortably tour homes without worrying about snow, ice, or extreme heat, making the process more enjoyable and convenient.

Competitive Pricing:

While spring is typically a busy time for the real estate market, it can also be a great time to find deals. Sellers may be more motivated to negotiate on price or offer incentives to attract buyers, giving you the opportunity to get more value for your money.

Timing for Families:

Many families prefer to move during the summer months when children are out of school. By purchasing a home in the spring, you can ensure a smooth transition and settle into your new home before the start of the school year.

How to Start the Search Process

Determine Your Budget:

Before you start looking at homes, it's important to determine how much you can afford to spend. Get pre-approved for a mortgage to understand your borrowing capacity and narrow down your search to properties within your price range.

Research Neighborhoods:       

Explore different neighborhoods to find the right fit for your lifestyle and preferences. Consider factors such as schools, amenities, commute times, and property values to identify areas that meet your criteria.

Work with a Real Estate Agent:

A knowledgeable real estate agent can be your greatest asset in the home buying process. They can provide valuable insights into the local market, help you find properties that match your criteria, and guide you through each step of the transaction.

Attend Open Houses:

Take advantage of open houses to tour properties and get a feel for the market. Pay attention to details like layout, condition, and location, and don't hesitate to ask questions or request additional information from the seller or listing agent.

Tips for Making a Competitive Offer

Get Pre-approved for a Mortgage:

A pre-approval letter from a lender can strengthen your offer and demonstrate your seriousness as a buyer. It shows sellers that you have the financial means to purchase their home and can expedite the closing process.

Be Flexible with Contingencies:

In a competitive market, sellers may prefer offers with fewer contingencies or faster timelines. Consider being flexible with contingencies such as home inspection or appraisal, but make sure to protect your interests and conduct due diligence.

Make a Strong Initial Offer:

In a seller's market, it's essential to make a strong initial offer to stand out from the competition. Work with your real estate agent to determine a competitive offer price based on market trends, comparable sales, and the condition of the property.

Personalize Your Offer:

Consider including a personal letter to the seller with your offer to help humanize the transaction. Express your appreciation for their home and explain why you're the perfect buyer. A personal touch can sometimes make a difference in a competitive bidding situation.

Spring is an exciting time to embark on the journey of homeownership. By taking advantage of the benefits of purchasing a home in the spring, following these tips for starting the search process, and making a competitive offer, you can increase your chances of finding and securing the home of your dreams. Happy house hunting!

Team Lasson is here for all of your home buying needs!  If you’re thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan program works best for your financial goals.  The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org