Tuesday, May 11, 2021

Common Mortgage Terms to Know: Part 4

Who's considering buying their first home this year? If so, the process can be a little intimidating if you're new to the home buying process and if you don't have a kind mortgage lender at the Lake of the Ozarks to talk to. Mortgage terms can be confusing. Our bank at the Lake of the Ozarks is here to help with that! Keep reading this week's blog for more mortgage term definitions. If you have any questions about any of this OR you're searching for your dream home and have no idea where to start in terms of a home loan, call First Bank of the Lake today. We can be reached at (573) 348-2265. 



Common Mortgage Terms to Know: Part 4


Deed

The legal document conveying title to a real property.


Deed of Trust

An instrument used in many states in place of a mortgage. It is essentially an agreement between a lender and a borrower to give the property a neutral third party who will serve as a trustee. The trustee holds the property until the borrower pays off the debt. 


Default

The failure to perform an obligation as agreed in a contract.


Delinquency

A loan payment that is overdue but within the period allowed before actual default is declared.


DeMinimus PUD

A Planned Unit Development (PUD) in which the common property has less than a 2% influence upon the value of the premises. The 2% rule of thumb is calculated by dividing the dollar amount of amenities by the total number of units.


Department of Housing and Urban Development (HUD)

A governmental entity responsible for the implementation and administration of housing and urban development programs. HUD was established by the Housing and Urban Development Act of 1965 to supersede the Housing and Home Finance Agency.


Department of Veterans Affairs (VA)

A cabinet-level agency of the federal government. The Servicemen's Readjustment Act of 1944 authorized the agency to administer a variety of benefit programs designed to facilitate the adjustment of returning veterans to civilian life. Among the benefit programs is the VA Home Loan Guaranty program, which encourages mortgage lenders to offer long-term, no down payment financing to eligible veterans by partially guaranteeing the lender against loss upon foreclosure.


Deposit

A sum of money given to bind a sale of real estate. Also known as earnest money.


Depreciation

A loss of value in real property brought about by age, physical deterioration, functional or economic obsolescence.


Disclosure

Information relevant to specific transactions that is required by law.


Discount Point

A point paid to the lender to permanently buy down or lower an interest rate. It is usually a percentage of the loan amount.


Down Payment

Money paid to make up the difference between the purchase price and the mortgage amount.



Looking For Your Dream Home? First Bank of the Lake Puts You First.

We hope you found this blog enlightening and helpful when it comes to the home loan process. If you are searching for your dream home, connect with an experienced mortgage loan officer at the Lake of the Ozarks to get your questions answered about this process. No questions are off the table, ask away! We can be reached at the phone number listed below. You can also follow us on our social media channels listed below to stay up to date on our latest announcements.




First Bank of the Lake - Striving For Excellence
Member FDIC. 


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Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265

Tuesday, May 4, 2021

Why Switching to First Bank of the Lake is Quick and Easy!

Are you tired of banking with your current bank? Are you searching for:

  • Better customer service?
  • More financial products to fit your lifestyle?
  • Online and mobile banking to make your life easier?

If so, this is the blog for you! Our bank at the Lake of the Ozarks is here for ALL your banking needs. First Bank of the Lake puts YOU first! Keep reading this week's blog to learn why switching to First Bank of the Lake is so quick and easy.



Don’t let the thought of switching banks stop you from better banking! Our simple Switch Kit will guide you through the process.


Follow these 5 simple steps and switch today.


Step 1: You decided to switch to First Bank of the Lake!

Now, let’s get started.


Step 2: Set up your new accounts with us!

Before you open your new First Bank of the Lake account, first learn more about your account choices.


When you’re ready to open your new account, we’ll help you choose the best account(s) for you, sign you up for online banking and order your debit card and checks.


Step 3: Stop using your old accounts.

Remember to leave sufficient funds to cover outstanding checks or auto payments.


Step 4: Set up your auto payments and deposits.

Complete the ‘Switch my Autopay’ Form and ‘Switch my Deposit’ Form included in the kit.


Step 5. Close your old account.

Confirm that all your checks have cleared and that all your auto payments and deposits have been processed. For your convenience, there is an ‘I’ve Switched Banks’ Form included in the Switch Kit to let your old bank know where you’re moving your account(s).


You’re just a few steps away from enjoying everything we have to offer.

We hope you will take advantage of our great products and services. If you have questions or need assistance, please contact us. We’re glad to help!



First Bank of the Lake Puts YOU First.

No one should have to put up with poor customer service from their bank. You should be able to work with a bank that not only treats you right but also has all the products that you actually need to fit your lifestyle! There are true benefits to having a "one-stop shop" type experience with a bank. Now that you've seen how easy this process truly is, give us a call. If you're ready to take that next step and bank with a bank that can deliver on what you're needing, call us at the number listed below. You can also follow us on our social media channels listed below to stay up to date on our latest announcements.




First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265

Mortgage Financing Options To Fit Your Needs: Part 1

Who's hoping to move to the Lake of the Ozarks soon? Ever since the pandemic started, this area's real estate market has boomed! If you're looking to move here, we encourage you to reach out to one of our experienced mortgage lenders at the Lake of the Ozarks. Keep reading this week's blog to learn about some of the mortgage financing options we offer to fit your needs! Call First Bank of the Lake today at (573) 348-2265.



Fixed Rate Mortgage

Planning to stay in your current home for a while and looking for stable monthly payments?

With a Fixed-Rate Mortgage, you’ll know exactly what your monthly principal and interest payments will be for the life of the loan. The interest is locked in, so you’ll have a consistent monthly payment and have the flexibility to choose the length of your loan. It’s a perfect solution if you plan to stay in your home for a long period of time and have the peace of mind knowing that your monthly payments won’t change.

Unlike an adjustable-rate mortgage (ARM), with rates that fluctuate over time, choosing a fixed-rate loan allows you to avoid unexpected increases in payment during the loan period. A fixed-rate mortgage’s consistent payment schedule gives you the ability to plan a budget and pay other expenses without jeopardizing your mortgage payment.

A variety of loan terms are available. The overall interest you pay is more over the life of the longer-term loan, but a short-term loan often has a higher monthly principal and interest payment.

Key Features:

  • A variety of loan terms are available.
  • Consistent payments for the life of the loan.
  • Low down payment options.
  • Single family loan amounts up to $510,400.
  • Attractive interest rates and low closing costs.

Let us help with a fixed-rate option that works best for your specific needs. Complete an application for a fixed-rate mortgage to Get Started today!!


Adjustable Rate Mortgage (ARM)

Are you a frequent mover or planning to be in your home for a short time? 

We here to help. ARMs can be a popular mortgage choice when interest rates are high, if you only plan to stay in your home for a few years, or if you plan to refinance down the road. Most ARM loans feature an initial rate period, during which the interest rate, principal and interest payments remain the same. Once the initial rate period expires, the interest rate will adjust once per year for the remainder of the loan term. The adjustments are based on a fluctuating index plus a margin. When the interest rate adjusts, your monthly payment will usually increase if rates go up or decrease if interest rates go down

Often, an ARM loan may have a lower starting principal and interest payment, but at the end of the ARM loan’s initial rate period, the interest rate and monthly principal and interest payment could go up. If that happens, you will need to be prepared to make bigger payments. To help avoid significant fluctuations, interest rate caps limit how much the interest rate can go up or down at each interest rate adjustment and over the life of the loan.

Key Features:

  • Available in 5/1 term.
  • Fixed rate for the first five years.
  • No private mortgage insurance.
  • Variable rate can adjust up or down at the end of the fixed term.
  • Rate increases are capped at a pre-set maximum.
  • Attractive interest rates and low closing costs.

ARM loans are named by the duration of the initial rate period and how often the rate will adjust thereafter. First Bank of the Lake offers a 5/1 Adjustable Rate Mortgage:

The “5” stands for the 5-year initial rate period during which the interest rate remains the same.

The “1” shows that the interest rate can adjust once per year after the initial rate period expires. An ARM loan may be a good option if you plan to move or refinance within a few years or if you expect your income to grow in the future.

Let us help see if an adjustable-rate mortgage is right for you. To apply for an Adjustable Rate Mortgage (ARM), contact your Loan Officer who will email an application to you. 


Jumbo Loans

Looking to buy a home in a higher price range?

We’ve got you covered. If you’re buying, financing, or building a home with a higher property value and can manage larger monthly mortgage payments, a jumbo loan, also referred to as a non-conforming loan, may be a good choice for you.

“Non-conforming” refers to loan amounts higher than the maximum conforming limits available for Fannie Mae loans. Jumbo loans are available in a variety of fixed-rate and adjustable-rate options. Although they usually feature both a higher down payment amount and higher interest rate than standard mortgages, a fixed or variable-rate jumbo loan can help some people accommodate large purchases.

Key Features:

  • Home financing option above $510,400.
  • Variety of loan terms are available.
  • Financing for primary residences and vacation homes.
  • Fixed rate, adjustable rate and interest-only payment options.
  • Purchase, Refinance, and Construction options available.
  • Attractive interest rates and low closing costs.

Let us help finance your luxury home. Complete an application for a fixed-rate mortgage to Get Started today! To apply for an Adjustable Rate Mortgage (ARM), contact your Loan Officer who will email an application to you. 



All of us here at First Bank of the Lake hope that you found this blog helpful and enlightening when searching for the right home loan to fit your needs. These are just a few of the mortgage financing options we offer. Stay tuned next month for when we revel more options in the second part of this blog series. If you have any questions, please do not hesitate to call us at the phone number listed below.




First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265

Thursday, April 22, 2021

Common Mortgage Terms to Know: Part 3

Are you looking to buy your dream home at the Lake of the Ozarks this year? There can be A LOT that goes into the mortgage process. If you've never bought a home before, please don't get overwhelmed by all of the information. Our mortgage lenders at the Lake of the Ozarks are here to help you. We will answer any question you may have. Call First Bank of the Lake today at (573) 348-2265. Keep reading this week's blog to learn more about some of the common mortgage terms that you need to know.



Common Mortgage Terms to Know: Part 3


Cash

Currency, checks and other negotiable instruments acceptable for direct deposit by a bank.


Cash Out Refinancing

When the principal amount of a new mortgage involved in refinancing is greater than the principal amount outstanding of the existing mortgage being refinanced, and all or a portion of the equity is converted to cash.


Cash Reserve

A requirement by some lenders that buyers have sufficient cash remaining after closing to make the first mortgage payment.


Cash to Close

Liquid assets that are readily available to be used to pay the closing costs involved in a closing of a mortgage transaction.


Closing

The consummation of a real estate transaction. The closing includes the delivery of a deed, financial adjustments, the signing of notes, and the disbursement of funds necessary to complete the sale and loan transaction.


Closing Costs

Money paid by the borrower in connection with the closing of a mortgage loan. This generally involves an origination fee, discount points, appraisal, credit report, title insurance, attorney's fees, survey, and pre-paid items such as tax and insurance escrow payments


Closing Statement

A form used at closing that gives an account of the funds received and paid at the closing, including the escrow deposits for taxes, hazard insurance, and mortgage insurance.


Co-Borrower

Additional borrower(s) whose income contributes to qualifying for a loan and whose name(s) appears on documents with equal legal obligations.


Co-mortgager

A second borrower who signs a mortgage loan with a mortgagor. The co-mortgagor's income, assets and debts are combined with the mortgagor's for underwriting and ratio analysis purposes. The co-mortgagor's name must appear on the FHA Certificate of Commitment and the mortgage or deed of trust. For full guarantee under the VA's program, the co-mortgagor must be either a spouse or another eligible veteran.


Collateral

Property pledged as security for a debt, such as the real estate pledged as security for a mortgage.


Collection

The servicing procedure followed to bring a delinquent mortgage current and to file the required notices to bring foreclosure when necessary.


Commitment (Loan)

A binding pledge made by the lender to the borrower to make a loan, usually at a stated interest rate within a given period of time for a given purpose, subject to the compliance of the borrower to stated conditions.


Commitment Fee (Loan)

Any fee paid by a potential borrower to a lender for the lender's promise to lend money at a specified rate and within a given time period.


Commitment Letter

A formal offer by a lender stating the terms under which it agrees to loan money to a homebuyer.


Comparable Properties

Properties used for comparative purposes in the appraisal process that have been recently sold and have characteristics similar to property being appraised, thereby indicating the approximate fair market value of the subject property.


Compensating Factors

Positive characteristics of a borrower's credit, employment or savings history which may be used to offset high debt-to-income ratios in the underwriting process.


Concession

A discount or other inducement given by a landlord or seller to a prospective tenant or buyer to induce them to sign a lease or purchase property.


Conforming Loan

Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). These agencies generally purchase first mortgages up to loan amounts mandated by Congressional directive.


Contingency

A condition that must be met before a contract is legally binding.


Conventional Mortgage

A mortgage not obtained under a government insured program (such as FHA or VA).


Convertible ARM

An adjustable-rate mortgage that can be converted to a fixed-rate mortgage under specified conditions.


Credit Report

A report detailing an individual's credit history.



Buy YOUR Dream Home With First Bank of the Lake Today!


Our mortgage specialists at the Lake of the Ozarks are here to help you in any way we can. Buy your dream home today with people that will be here for you every step of the way. If you have questions know that no questions are bad questions. You shouldn't be afraid to ask what you need to know. Give us a call today at the phone number listed below if you're ready to buy your dream home. You can also follow us on our social media channels listed below to stay up to date on our latest announcements.





First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265

Tuesday, April 13, 2021

CD & Savings Secured Loans - Need extra funds? You may already have them!

  • Are you hoping to take a DREAM family vacation this year, but not sure how you can afford it? 
  • Do you desperately need to buy a NEW car?
  • Are you looking for a way to fund your home renovation?
  • Do you just need some extra cash to cover bills while you search for a new job?

Whatever your reason may be for needing extra funds, if this sounds like you, READ ON. Our bank at the Lake of the Ozarks is here to tell you all about the CONVENIENCE of having CD and Savings Secured Loans in this week's blog. This may be the solution you've been searching for when it comes to your financial issues. 


Use your CDs or savings accounts to stretch your dollars.


Imagine being able to use your CDs or savings account without having to withdraw funds or incur penalties. When you use your already-established accounts as collateral for a secured loan or line of credit, you use the power of your own money to secure a loan for the things you need.

These loans are a great way to take advantage of low-interest financing as your funds on deposit continue to earn interest as well.

Want to make a purchase without dipping into your savings? A secured loan may be a great option!

  • Competitive loan rates.
  • Flexible terms.
  • Flexible monthly payments.
  • Low origination fees.
  • Online access to your loan with Online and Mobile Banking.
  • Fast, local decision-making from experienced bankers.
  • Personal service for the life of the loan.


From debt consolidation to a dream vacation -

we can help with competitive rates and affordable payment options!


We can help put what you want or need within your reach. We offer competitive rates and we make decisions locally, so you get faster answers.


APPLY NOW


* Subject to credit approval. Certain restrictions may apply.


Want To Know More About CD And Savings Secured Loans?

All of us here at First Bank of the Lake hope that you found this blog helpful and enlightening. We understand that times can be tough. You never know when you may need some extra cash to cover regular expenses. As we stated above, you may already have it! Give us a call today at the phone number listed below. Let's talk about possible solutions we can offer you to solve these financial struggles! We are constantly posting and tweeting about our latest financial solutions that we can offer. The best way to stay up to date on those options is to follow us on our social media channels listed below.




First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265

Tuesday, April 6, 2021

USDA Loans: Growing and Creating Job Opportunities by Backing Local Business!

Our bank at the Lake of the Ozarks prides itself on doing everything we can to help grow this community! One of the best ways to go about doing that is improving our economy. USDA Loans can give aspiring business owners a fighting chance to succeed in this area. You specialize in business. We specialize in business financing. Keep reading this week's blog to learn all about the USDA Loans we offer. If you end up having any questions, please call First Bank of the Lake today at (573) 348-2265. 


We’re more than lenders. We’re your lending partner.


As a nationwide lender, we have the resources and extensive experience to tailor solutions for your business.

Our goal is to support your vision with financing that makes good business sense. If you’re looking to start or expand your business, we offer loans that are designed to meet your needs.

You specialize in business. We specialize in business financing.

Small businesses make a big impact on our economy, our communities, and our families. When businesses are strong and growing, communities thrive. It makes good sense to support businesses with accessible financing to support these rural communities. First Bank of the Lake has the experience to help you fund your vision of owning or growing a business with government-backed loans through the U.S. Department of Agriculture (USDA).

The USDA provides loans to local businesses for projects that create and retain employment in rural areas. Providing an opportunity for stability, growth and expansion to new or existing businesses in communities of 50,000 people or less.

The specialized financing team at First Bank of the Lake is well-versed in USDA financing solutions suited to fit your business’ needs. We have worked to secure funding for rural businesses across the country and continue to support these communities with the help of USDA programs. Your business requires your full-time attention and you need to be able to rely on the skills and expertise of a lending team that is familiar with the ins and outs of USDA programs.

Let us guide your financing to help build rural America together.

Thriving businesses are important-and not just in big cities. Rural businesses are the lifeblood of our small towns and play an essential role across the country.


Get started today!

Take advantage of financing options through the USDA program

  • Lower down payments
  • Longer terms to maximize cash flow
  • Designed to help rural communities grow and add jobs
  • Encourages the development and construction of renewable energy projects such as solar and wind power

First Bank of the Lake offers the following loans in partnership with the USDA.

  • Loans to small businesses in rural areas
  • Loans to owner-operated farms and ranches
  • Loans to non-profit
  • Loans can typically be used for the following purposes
  • Renewable Energy
  • Equipment Financing
  • Real-estate Financing
  • Inventory Purchasing
  • Working Capital
  • Energy Efficiency Projects

Plus, with First Bank of the Lake you’ll enjoy:

  • Expert support and advice
  • Quick Response
  • Flexible Options
  • Experienced Underwriters 



USDA Loans

A great tool for rural businesses! 

Use of Proceeds

USDA business loans can be used for a variety of business purposes, including the following:

  • Developing, converting, modernizing, enlarging, or repairing your business.
  • Land purchase and development
  • Purchasing equipment, machinery, or commercial leasehold improvements
  • Purchasing supplies or inventory
  • Refinance existing debt, if new jobs will be created by your project or other conditions are met.
  • Business and industrial acquisitions when the loan will keep the business from closing or will save or create jobs

Please note: Loans cannot be used for charitable organizations, religious institutions, lending or insurance businesses, golf courses or racetracks.

Maximum Loan Amounts

The maximum you can borrow is usually $10 million (it’s higher for certain types of projects). There’s no set minimum, but there are limits on how much you can borrow based on the value of your project and what you’re using the funds for. The maximum loan-to-value cannot exceed the following:

  • 80% for real estate
  • 70% for equipment

From start to finish, we’re here for you!

You’ll have the support of a nationwide preferred lender with an experienced underwriting and closing team. We’re ready to guide you through each transaction.

  • Deal Dynamics and Structuring
  • Due Diligence Process
  • Industry Insights

Please give us a call at the phone number listed below if you have any questions.





First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265

Friday, April 2, 2021

ATTENTION: Borrowers Who Received a First Draw PPP Loan in Calendar Year 2021.

Did you borrow PPP money for your business this year? If so, this is the blog for you! There have been a lot of questions regarding this very topic and our bank at the Lake of the Ozarks wants to do our best to clear up any confusion and share the latest information as we receive it. On that note, please keep reading this week's blog to learn the latest information regarding the PPP loans. If you end up having any questions, please email our PPP support team at pppsupport@firstbanklake.com. Remember First Bank of the Lake puts YOU first.


ATTENTION: Borrowers Who Received a First Draw (PPP1) Loan in Calendar Year 2021.



Great News! The PPP Extension Act has been signed into law. The new act extends the PPP application deadline through May 31, 2021 or until the funds for the program are exhausted, whichever comes first.


Please remember, eligibility rules for a Second Draw (PPP2) loan, as defined by the SBA, state that:

• You must employ fewer than 300 employees
• Demonstrate at least a 25% reduction in gross receipts in any quarter of 2020 relative to the same quarter in 2019.
• Your Covered Period must be between 8 and 24 weeks and cannot overlap between your PPP1 loan and your PPP2 loan; therefore, you will only be able to apply for a PPP2 loan 8 weeks after disbursement of your PPP1 loan.
• You may only receive a PPP2 loan if you have used, or will use, the full amount of your PPP1 loan on or before your PPP2 loan is disbursed. Plan ahead!


As such, until all of these conditions are met, your lender will not be able to proceed with processing your Second Draw (PPP2) loan. 



Have Any Questions About PPP?


We understand that this was a lot of information. If you have any questions, please do not hesitate to email our support team. Again. they can be reached at pppsupport@firstbanklake.com. To stay up to date on the latest PPP information we are announcing, please follow us on our social media channels listed below.




First Bank of the Lake - Striving For Excellence
Member FDIC. 


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265