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Lake Mortgage Group
, Lake Ozark , MO (573) 302-0080
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Address 2140 Bagnell Dam Blvd. Suite 104 Lake Ozark , MO 65049 Hours Monday 9 a.m. - 5 p.m. Tuesday 9 a.m. - 5 p.m. Wednesday 9 a.m. - 5 p.m. Thursday 9 a.m. - 5 p.m. Friday 9 a.m. - 5 p.m. Saturday closed Sunday closed Business Services Full Service Mortgage Lender, Mortgage calculator, Credit analyzer, Online mortgage application
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Business Type: Homeowners seeking a mortgage refinance and new home buyers are often told why they do not qualify for certain loan programs from their mortgage company. Top Flite Financial, Inc. and Lake Mortgage Group prides itself on being able to place almost any home loan, even if you have less than perfect credit. Dealing with the greatest range of mortgage lenders allows us the most flexibility when working with our clients on refinancing mortgages AND home purchase loans. From the comfort of your own home, you can find out how much house you pre-qualify for, apply online and begin to gather the documents you'll need to get your mortgage loan approved.
Buying a home is an exciting and sometimes stressful time in everyone's life. So many decisions: a new home, maybe a new city. You may be changing jobs, starting over or just starting out. You may be refinancing your current mortgage to lower the rate, improve terms or withdraw equity. Either way, the people at Top Flite Financial understand what you are going through. That's why we work with you and real estate professionals to make the mortgage process as easy and "painless" as possible. We also want you to feel confident about choosing us as your mortgage lender. Therefore, we've included a brief guide outlining what makes one mortgage company different from another. And of course, we've included a few good reasons on why you should choose us.
Being a hometown lender means we have a stake in our community. We care about what happens to our schools, our neighborhoods and our future. We also expect to see you again as your home financing needs change and grow. Because of that, we'll take a few extra minutes to make sure you understand and are completely comfortable with your mortgage transaction. We are large enough to provide the most advanced products and service technologies available, and small enough to make home loans one customer at a time.
You only think about home financing a few times during your life, we think about it every single day. It's your home and your future. It's our profession and our passion. We're ready to work for your best interest.
Allows the repayment in fixed equal monthly installments over the entire period of the loan.
Question What are "points"? Answer Points are also called origination fees. These fees are charged by the lender to pay for certain expenses incurred in connection with the processing of the real estate loan. One point is equal to one percent (1%) of the amount of the loan. Question What is APR (Annual Percentage Rate)? Answer APR stands for annual percentage rate and reflects the interest rate charge on the loan plus other finance charges including, for example, private mortgage insurance premiums, points and other financing costs you pay when obtaining the loan. Question What is mortgage insurance? Answer Mortgage insurance gives protection to lenders by spreading a portion of the risk involved in lending money on homes to a separate, private company. Through this process, borrowers can get into a home at a substantially lower down payment. Question What is an ARM loan and how does it work? Answer ARM stands for Adjustable Rate Mortgage whereby your interest rate changes periodically. This period can vary from 1 month to as long as 10 years! Initially you will get a very competitive rate with an ARM (the so-called teaser rate). Depending on your program, your interest rate will be adjusted after a predetermined period. Your rate will be determined by adding two key figures: the index plus the margin. The index is the fluctuating value in this equation. Your index may be the 1 Year T-Bill or other. Your margin is fixed for the life of the loan, and determined at time of lock (2.5, 2.75 etc.). Most loans, not all, will have periodic and lifetime rate caps to protect you from wild increases (or decreases). Question What is an FHA or VA mortgage? Answer Federal Housing Administration (FHA) or Veteran's Administration (VA) mortgages are loans insured by the respective governmental agencies. FHA programs enable lenders to arrange financing for the borrower with a minimal down payment. Similarly, VA programs (available to veterans only) can be made to a borrower who has little or no down payment. When borrowing under these programs, you will pay a Mortgage Insurance Premium (FHA) or a Funding Fee (VA) to insure the mortgage. This is similar to private mortgage insurance on a conventional loan. These insurance premiums may be paid out-of-pocket at the time of closing or financed by increasing the mortgage amount. Question How fast can I get my cash? Answer The average loan can usually close within 10 days to two weeks, but in some instances it may take longer. The type of loan, amount of home equity, and credit history are factors that effect how quickly we can get you your money. Question What is the difference between locking or floating my interest rate? Answer When the borrower chooses to "lock-in" the interest rate, the lender takes the risk of interest rates increasing during the period of time from lock-in to loan closing. The down side is if interest rates fall, the borrower is locked in at the higher interest rate. The benefit is the security of knowing the interest rate is locked in if interest rates should increase. When floating the interest rate for any amount of time, the borrower takes the risk of interest rates increasing during the period from application to the time of lock-in. The downside to this, of course, is if interest rates increase during this time, the borrower is subject to the then current higher interest rates. The benefit would then be if interest rates went down, the borrower would have the option of a lower interest rate than if locked in previously.
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