How Do Mobile Deposits Work?

Mobile deposits - you may have heard that term thrown around, but did you understand what it actually meant and the CONVENIENCE it could bring you? Let's dive into that a little bit in this week's blog. Our bank at the Lake of the Ozarks is here to tell you how mobile deposits work and answer a few questions you may have about this fantastic feature below. If you have any more questions, please give us a call today. First Bank of the Lake can be reached at (573) 348-2265.

Deposit Checks Right From Your Phone. 

With the First Bank of the Lake Mobile Banking app, it's easy, fast & FREE! It's as simple as point, click, done! Deposit checks anywhere and anytime. It's the fastest, easiest way to get checks into your account. 

How Do Mobile Deposits Work?

Depositing checks has never been easier. Once you’re downloaded the FBOL mobile app, simply launch it on your phone and select Deposit. To deposit a check, choose the account to make your deposit. Then enter the amount. Sign the back of your check, with the endorsement For Mobile Deposit Only at First Bank of the Lake. Now, take a photo of the front of the check. Photograph the check against a background that gives you strong contrast. Ensure the entire check is visible, in focus, and well lit. When ready tap the camera icon to snap your picture. If it’s clear use it. Repeat this process for the back of the check. Once both images have been captured make your deposit. That’s it!

You Can Make Payments And Transfer Money Too!

Enjoy convenient access to Bill Pay and Transfers functionality. Whether it is a recurring payment or a one-time payment, we make paying your bills hassle free. Schedule payments to companies and people, or securely move money between your accounts.

Why Is It a Better Way to Deposit Checks?

You have better things to do with your time. Mobile Deposit saves you a trip to the bank. It’s like having a branch at your fingertips. Using just your mobile device, you can deposit checks as soon as you receive them with just a few simple taps and snaps from your camera. Mobile Deposits go into your account quickly and securely. Quick. Easy. Banking’s done!

Is It Secure?

Yes, depositing checks with Mobile Deposit is safe and secure. Every deposit you make is password protected and highly encrypted.

How Do I Get Started?

To get started with Mobile Deposit, download the FBOL mobile app and enroll your checking or savings account(s). To use Mobile Deposit, you must first be enrolled in Online Banking. 

Need To Get Enrolled In Online Banking?

That's simple! Visit HERE. If you end up having any questions about this, we are here for you. Simply give us a call at the phone number listed below. Following us on our social media channels listed below is a GREAT way to stay up to date on the latest modern conveniences we are rolling out, such as Mobile Deposits. Convenience is SO nice! We are all about doing everything we can to make your banking work for YOU. First Bank of the Lake puts YOU first.

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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

Mortgage Refinancing: Your Needs Can Change – So Can Your Mortgage Loan.

If you've been paying attention to the housing market lately, you've surely heard the term refinancing thrown around quite a bit. Yes, many have sought to refinance their homes during the COVID-19 pandemic to enjoy the convenience and savings of having a lower mortgage rate. To learn more about the mortgage refinancing process at our bank at the Lake of the Ozarks, keep reading this week's blog. If you have any questions, please give us a call today. First Bank of the Lake can be reached at (573) 348-2265. First Bank of the Lake - Where We Put YOU First.

Looking for a lower rate or a shorter term? No matter what your reasons for refinancing, we can help.

A home refinance can let you save money by lowering your monthly payments or provide you a one-time cash payment during refinancing by tapping into your home’s equity.

Depending on the terms of your current loan and how long you plan to stay in your home, refinancing could be the best option for you. Whether you have an existing loan with us or another lender, we have fixed-and adjustable-rate options that could save you money.

Reasons You Might Think About Refinancing

• Lower your monthly payment
• Eliminate Private Mortgage Insurance (PMI)
• Pay less interest over the life of your loan
• Leverage your home’s equity and get cash to use however you want
• Consolidate higher-interest debt
• Shorten your term and payoff your mortgage faster
• Construction Permanent Loans

Tip: Find your break-even point.

To calculate your break-even point based upon monthly payment savings, estimate your savings based on your new monthly payment after the refinance. Then divide the fees and costs of the refinance by your estimated monthly savings.

Here’s an example: Cost to refinance: $1,800

Monthly savings $100 = Break-even point of 18 months

In this case, if you planned on staying in your home for more than 18 months, the cost of refinancing could be worth it. After reaching your break-even point, your savings would: 

total $1200 a year.

Bottom line, while reaching your break-even point may take some time, if you’re in it for the long haul, you may be able to achieve some serious savings by refinancing.

Do You Want To Learn More About Refinancing Your Home Loan at the Lake of the Ozarks?

If so, we are here for you! Give us a call today at our phone number listed below and one of our friendly mortgage specialists would be happy to walk you through the process and answer any questions you may have. You can also follow us on our social media platforms listed below to stay up to date on our latest announcements.

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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

Common Mortgage Terms to Know: Part 1

Have you ever bought a home before? If you haven't, you should know that it can be QUITE the process. It's important that you understand what you're getting into BEFORE you dive in. That's what our mortgage lenders at the Lake of the Ozarks are here for. Keep reading this week's blog to learn what some of these commonly used mortgage terms actually mean. If you end up having any questions, please give us a call today. First Bank of the Lake can be reached at (573) 348-2265.

Common Mortgage Terms to Know: Part 1

Abstract of Title

A written history of ownership to a specific area of land. An abstract of title covers the period from the original source of title to the present time and summarizes all subsequent documents that have been recorded against that area.

 

Addendum

An agreement or list that is added to a contract, agreement, or other documents such as a letter of intent.

Adjustable Rate Mortgage (ARM)

A mortgage in which the interest rate is adjusted periodically according to a pre-selected index.

 

Adjusted Gross Income

A person's total income, as reported on his or her IRS 1040 tax return form, after allowable contributions, deductions and expenses (alimony).

Adjustment Period

The period that elapses between the adjustment dates for an adjustable rate mortgage (ARM).

Alimony

Periodic payments made under a divorce decree or a written separation agreement toward the support of a former spouse.

American Land Title Association (ALTA)

A national association of title insurance companies, abstractors, and attorneys specializing in real property law. The association speaks for the title insurance and abstracting industry and establishes standard procedures and title policy forms.

Amortization

Payment of a debt in regular, periodic installments of principal and interest as opposed to interest only payments.

Amortization Schedule

A timetable for payment of a mortgage showing the amount of each payment applied to interest and principal and the remaining balance.An agreement or list that is added to a contract, agreement, or other document such as a letter of intent. A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the loan.

Annual Percentage Rate (APR)

A term used in the Truth-in-Lending Act to represent the percentage relationship of the total finance charge to the amount of the loan. The APR reflects the cost of your mortgage loan as a yearly rate. It will be higher than the interest rate stated on the note because it includes, in addition to the interest rate, loan discount points, fees, and mortgage insurance.

Applicant

A prospective borrower who has completed an application. An application is series of steps, usually including the completion of documents, a lender requires of those seeking a loan.

Application

A printed form used by a mortgage lender to record necessary information concerning a prospective mortgage.

Application Fee

A sum of money paid towards estimated initial mortgage processing expenses such as appraisal and credit report.

Appraisal

A report made by a qualified person setting forth an opinion or estimate of property value. The term also refers to the process by which this estimate is obtained.

Appraised Value

An opinion of value reached by an appraiser based upon knowledge, experience, and a study of pertinent data.

Appraiser

A person qualified by education, training and experience to estimate the value of real and personal property.

Appreciation

An increase in the value of property due to either a positive improvement of the area or the elimination of negative factors. Commonly, and incorrectly, used to describe an increase in value through inflation.

Arm's-Length Transaction

Legal slang meaning that there existed no special relationship between the parties involved in any matter which would taint the result.

Assessed Valuation

The value that a taxing authority places on real or personal property for the purpose of taxation.

Assessment

A charge against a property for purpose of taxation. This may take the form of a levy for a special purpose or a tax in which the property owner pays a share of the cost of community improvements according to the valuation of his or her property.

Assumable Mortgage

A mortgage that can be taken over (assumed) by the buyer when a home is sold.

Are You Unsure About Something Regarding The Mortgage Process?

If so, we are here to help. First Bank of the Lake would be happy to answer any questions you may have. Our phone number is listed below. You can also follow us on our social media channels listed below to stay up to date on our latest announcements.

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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

Arm Yourself with the Knowledge to Stay Safe Online!

Have you ever been hacked? We know it's a scary thought, but it's important that you know your financial information is safe! Our bank at the Lake of the Ozarks is here to give you some vital security tips in this week's blog. If you end up having any questions, please give us a call today. First Bank of the Lake can be reached at (573) 348-2265.

Arm Yourself with the Knowledge to Stay Safe Online!

The best defense against fraud is you. Identity thieves are smart. Be Smarter!

You play an important part in keeping your personal information safe. Protecting your personal information can help reduce your risk of identity theft. No matter the amount of time you’re spending online, it makes sense to be smart about how and what you’re doing there. In addition to the security features put in place by First Bank of the Lake, you can help protect yourself online.

Here are a few important security tips:

• Report lost or stolen checks or debit/credit cards and fraud immediately. Call us at 573.348.2265 (Monday-Friday 8 am to 5 pm and Saturday 9 am to 12 Noon CT).
• Review statements and account transactions promptly and carefully to confirm debit card transactions, payments, and other transaction data.
• Shred or safely dispose of all documents that contain personal confidential information (i.e. bank and credit card statements, bills and invoices that contain personal information, expired credit cards and pay-stubs.
• Check your credit report periodically. Consumers can request one free copy of his or her credit report every year. Reviewing your credit report can help you find out if someone has opened unauthorized financial accounts, or taken out unauthorized loans, in your name.

Equifax – 1.800.685.1111

Experian – 1.888.397.3742

Transunion – 1.877.322.8228

• All the safeguards in the world won’t help you if you give out personal information. Never provide any personal information such as Social Security number, Account number, Usernames or Passwords over the phone or the Internet if you did not initiate the contact.
• Be aware of suspicious emails asking for your personal information. Unless you initiate the contact with us or we are completing an application for you, First Bank of the Lake will NOT request your personal information (account number, social security number or mother’s maiden name) through email, U.S. mail or by phone

More tips:

• We will not send you an email requesting that you click on a hyperlink to enter your login credentials or personal information. If you receive this type of email, please forward it to admin@firstbanklake.com.
• Take advantage of system alerts, such as balance and transaction alerts. 
• Look for the secure padlock in the bottom right hand of your browser and https address line to make sure your information is encrypted. You can also double-click the secure padlock to verify the security certificate.
• Always sign out of Online Banking each time you finish your online banking session.
• Do not use personal information as your Username or Passwords.
• Create strong, unique and hard-to-guess passwords for your online accounts that include upper & lower case letters, numbers and special characters.
• Change your passwords frequently and don’t re-use the same passwords.
• Keep your passwords private.
• Set firm privacy settings.
• Avoid oversharing on social media sites.
• Use security software. Ensure your computer has the most recent Anti-Virus software and is being updated daily.
• Ensure your computer or mobile device have the latest software version.
• Be wary of free Wi-Fi. Avoid using public computers and Wi-Fi to access your online banking accounts.
• Close online accounts you no longer use.

No one can prevent all identity theft, but using these tips, you can help protect your personal information a little more.

We. Put. You. First.

Protecting the security of your money and identity is as important to us as it is to you. Let's work together to protect it. If you have questions please give us a call today. You can also follow us on our social media channels listed below to stay up to date on our latest announcements. Thank you for taking the time to read our blog. Please follow us each week and we dive into different topics.

Want More Awesome Finance Tips? Sign Up For Our Newsletter!

First Bank of the Lake - Striving For Excellence

Member FDIC. 

Like Us On Facebook

Follow Us On Twitter

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