First Bank of the Lake: July 2021

Thursday, July 29, 2021

Common Mortgage Terms to Know: Part 7

The real estate market is currently very tough on buyers BUT people are still buying homes at the Lake of the Ozarks. That being said, it's important as a buyer, that you have a mortgage lender at the Lake of the Ozarks that can act quickly and you can count on! First Bank of the Lake is here to give you a few more mortgage terms that are important to know, in this week's blog.

Common Mortgage Terms to Know: Part 7

Hazard Insurance

A contract whereby an insurer, for a premium, undertakes to compensate the insured for loss on a specific property due to certain hazards (i.e. fire).

Home Equity Line of Credit

A form of revolving credit in which your home serves as collateral.

Homeowner's Insurance

An insurance policy that combines liability coverage and hazard insurance.

Homeowner's Policy

A multiple peril insurance policy available to owners of private dwellings which covers the dwelling and its contents, as well as personal liability.

Homeowners' Association Dues

The fees imposed by a condominium or homeowners' association for maintenance of common areas.

Housing Expense Ratio

The relationship of a borrower's monthly payment obligation on housing PITI(principal, interest, taxes, insurance) and other applicable housing expenses, divided by gross monthly income, expressed as a percentage. Also called the top ratio.

In File Credit Report

Unverified credit report which may contain unchecked, duplicated, or overlapping data. It is often used for a quick look at a prospective borrower's credit history.

Income/Expense Ratio

A qualifying ratio used in underwriting a residential mortgage loan which computes the percentage of monthly income required.

Index

A published interest rate, such as the prime rate, LIBOR, T-Bill rate, or the COFI(Cost of Funds Index). Lenders use indexes to establish interest rates charged on mortgages or to compare investment returns. On ARMs, a predetermined margin is added to the index to compute the interest rate adjustment.

Installment

The periodic payment that a borrower agrees to pay a mortgage lender.

Insured Loans

A loan insured by HUD-FHA or a private mortgage insurance company.

Interest

Consideration in the form of money paid for the use of money. Also a right, share or title in property.

Interest Rate

The percentage of an amount of money which is paid for its use for a specified time.

Interest Rate Cap

A provision of an ARM limiting how much interest rates may increase per adjustment period. See also Lifetime cap.

Investment Property

Real estate owned with the intent of supplementing income and not intended for owner occupancy.

Have A Question About Finding A Mortgage?

We're here for you! First Bank of the Lake puts YOU first. Going through the mortgage process for the first time can be really tough. We can help you through it. Give us a call at the number listed below for more information. You can follow us on our social media channels listed below to stay up to date on our latest announcements.

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

First Bank of the Lake - Striving For Excellence

Member FDIC.

Like Us On Facebook

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, July 20, 2021

Mobile Banking Safety Tips

Mobile Banking can save you SO much time! It is such a convenience. Our bank at the Lake of the Ozarks is here to give you a few mobile banking safety tips, in this week's blog. Security and privacy of your personal information is our priority! We are committed to helping ensure the safety of your financial identity, your financial assets, and your personal information, but we need your help. Protect your identity and stay safe online! First Bank of the Lake Puts Your First!

Here are some precautions and safety tips for safe and secure mobile banking.

Be proactive in protecting your smartphone and/or tablet by installing anti-malware software on the device.
Research any application (app) before you download it. Fraudulent apps are often designed with names that look like real apps. It’s best if you access an app using a link from the provider’s website.
Use an auto-lock or time-out feature so your device will lock when it is left unused for a certain period of time.
Upgrade your device to the latest operating system version.
Do not jailbreak or root your mobile device. Doing so exposes the security controls and makes your device vulnerable to cyber-attacks.
Check your account history periodically to make sure there are no fraudulent transactions.
Take precautions in case your device is lost or stolen. Avoid leaving your device unattended in public places.
Consult your wireless provider to see if they provide a service to remotely erase your device or turn off access to your device and/or account in the event your device is lost or stolen.
Always conduct your transactions in a safe environment. Use your cellular service or your own internet provider rather than unsecured/public Wi-Fi networks like those offered at coffee shops.
Don’t send account numbers or PIN numbers in emails or text messages, because those methods are not necessarily secure.
Delete apps and information before you retire or hand over your unneeded phone. If you are upgrading your phone or giving it to someone else, be sure to delete your personal information. This includes deleting any apps that connect your financial institutions or private data.
If you lose your phone – contact us. If you were to lose your debit card, you would call to let us know. The same applies if you lose your phone. We can provide you steps on how to disable mobile banking.

We’re Here to Help!

If you have any additional questions about mobile banking safety, please contact us at 573.348.2265 or email info@fblake.bank. We want you to feel good about any service that we offer you! We won't try to sell you on something you don't need. Be sure to follow us on our social media platforms listed below to stay up to date on our latest products we offer.

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

First Bank of the Lake - Striving For Excellence

Member FDIC.

Like Us On Facebook

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, July 13, 2021

SBA 7(a) vs. 504: Which is Right for You?

Are you a business owner? If so, you should be proud of your accomplishment of starting and running a successful business! Doing this in today's economy can be one of the most challenging things in life. That being said, our bank at the Lake of the Ozarks is here to give you some valuable information on loan types for your business you may find beneficial, in this week's blog. If you have any questions, please do not hesitate to call our SBA loan specialists at First Bank of the Lake today!

SBA 7(a) vs. 504: Which is Right for You?

Trying to decide what type of loan is best for your business can be confusing.

With all the rules, guidelines and regulations, it’s easy to get overwhelmed. But with the right information, you can confidently choose the best loan program for your specific business needs.

At First Bank of the Lake, we are proud to offer government-guaranteed Small Business Administration (SBA) 7(a) and 504 loans.

When should you consider the SBA 7(a) loan?

The 7(a) loan is the SBA’s most popular loan program for small business owners and many who would not otherwise qualify for a conventional small business loan find that they qualify for the SBA 7(a) program. While many people mistakenly think that this loan is only for those starting a new business, the SBA 7(a) loan is also an excellent financing tool for those who want to expand an established business, buy an existing business, purchase a building, or finance a construction project.

When should you consider the SBA 504 loan?

Unlike the 7(a) loans, the SBA 504 loan program is more specific in terms of what you can use the funding for. Created by the SBA to support and encourage small business growth, the funds from this loan must be allocated toward fixed assets such as commercial real estate and equipment. These loans have low down payments and interest rates.

If you’re purchasing an existing building, expanding or building a new construction, the SBA 504 loan allows business owners to finance construction costs, closing costs and soft costs, including architectural fees, engineering, fees, surveys, title insurance and more within the loan. Machinery, equipment, furniture, fixtures, signage, landscaping and parking lots and equipment can also be included. This allows borrowers to retain more of their working capital for other expenses.

If you’re unsure which program would be best for your business, remember that you do not need to go through this process alone.

Contact an experienced SBA Preferred Lender like First Bank of the Lake to discuss your options. We are here for you and we put YOU first! You can also learn more about this process by visiting our website HERE. Be sure to follow us on our social media channels listed below to stay up to date on our latest announcements and the newest products we offer that your business can benefit from.

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

First Bank of the Lake - Striving For Excellence

Member FDIC.

Like Us On Facebook

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, July 8, 2021

Common Scams to Watch Out For Regarding Your Bank Account

We’d all like to believe we know a scam when we see one. You probably think, “that could never happen to me…” but every day, thousands of people fall victim to fraudulent phone calls, emails, and text messages from scammers pretending to be from a reputable company, like your bank. These deceptive people, often disguising themselves as your own family members, are trying to entice you to share your personal information and steal directly from your bank accounts.

Our bank in Osage Beach, MO knows how tricky and realistic these scammers can be. That's why we're providing some tips to help our customers better recognize a scam.

Be Aware

Don’t take the bait if something seems off or too good to be true. Be suspicious. Think before you act. The scammer’s goal is to get you to provide information they can use to access your account. Often, they will contact you via a communication that appears valid. They may use a phone number that appears to come from the bank, a similar email address of the bank, or another tactic that closely mimics the bank’s existing communications.

First Bank of the Lake will never initiate contact asking you to verify or provide sensitive account information via a phone call, email, text message, or other forms of communication. As your bank, we already have your personal information, so we don’t ask you for it.

Protect Yourself

If you receive any sort of communication asking for sensitive information or claiming to be from First Bank of the Lake and you did not initiate any sort of inquiry, we encourage you to question the situation, end the communication as soon as possible, and directly contact us to verify what happened.

Keep in mind, we will NEVER ask for your:

Passwords
Debit or Credit Card 3-Digit Security Code or Expiration Date
PIN number
One-time passcode you receive
Online Banking Secret Word or Password
Social Security Number

Be Aware of These Common Scam Attempts:

“GRANDPARENT” SCAM

The scammer pretends to be a panicked family member in need of money to pay for an emergency, such as bail money or a hospital emergency. They often plea for you to not tell anyone, especially the parent of a grandchild.

BANK EMPLOYEE SCAM

A thief pretends to be an employee of your bank. During the call, the scammer may ask questions in an attempt to access your online banking, such as a confirmation code, or to transfer money out of your bank account.

TECH SUPPORT SCAM

A criminal will pose as a technology support representative, and offer to fix computer issues that do not exist by gaining remote access to devices and sensitive information.

Please know that we encourage you to question the interaction and abruptly end communication if you don’t feel it’s legitimate. 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.