Thursday, July 12, 2018

3 Reasons to Purchase a Home Now

With interest rates remaining historically low and home prices expected to increase, 2018 could be the perfect year for you to purchase a home at the Lake of the Ozarks. Keep reading for a few reasons why NOW is the time to buy!

1. Mortgage Rates are Still Low. 


For now, buyers can still take advantage of low interest rates on mortgages. Unfortunately, it's not likely to continue to stay that way. While mortgage rates have been edging slightly higher in recent months, they continue to stay near historically low levels. In 1981, the average interest rate was nearly 19%. When you compare today's rates to those, you can see that now is a great time to invest in a new home. For information on what rates you qualify for, contact the best mortgage lender at the Lake of the Ozarks for a pre-approval.

2. Home Prices are Rising. 


One of the biggest issues in the housing market today is inventory of homes for sale. Due to favorable interest rates and low supply, demand is driving housing prices up. The latest S&P CoreLogic Case-Shiller Index showed that the average home cost increased by 6.4% between April 2017 and April 2018. This trend is not expected to slow down either. For those in a position to buy, now's a great time to act. In addition, buying now could be a wise investment decision. If you plan to stay in your house for a while, even a steady increase in home prices could cause your home to appreciate in value.   

3. Rent Prices are Increasing. 


Owning vs renting your home may be one of the biggest debates regarding housing. You can argue about which is better, but there's no denying that rent prices are increasing across the country. When you run the numbers, if you're planning to stay in your home for more than just a few years, it usually makes more financial sense to purchase home. Calculate the difference between renting and buying a home with our online Rent vs. Own Calculator. When you own your own home, you don't have to worry about your landlord raising the rent each year when your lease is up for renewal.

Are you ready to dive in and start your home search this summer? Senior Loan Officer Michael Lasson is here to help! Contact us at 573-746-7211 to get started today. As your Lake of the Ozarks mortgage lender, I'll discuss your financing options, offer competitive interest rates and back it up with the first class service you deserve!

For Lake area news, resources and tips on financial services, please 


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211



**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Friday, July 6, 2018

5 Tips for Rebuilding Your Credit After Bankruptcy

While getting a mortgage at the Lake of the Ozarks after going through bankruptcy is challenging, it's not impossible. Your dream of owning your own home is still possible with a little hard work to build your credit back up. There's no quick fix for improving your credit over night, but following these steps can get you going in the right direction.

1. Open a New Credit Card Account.


Start by opening a secured credit card. They are typically easy to get and are a great way to rebuild your credit. You provide the bank with a deposit and then you are issued a card with a limit equal to that deposit. While the card works just like any other credit card, you charge expenses and then get sent a bill that you pay each month. The key here is to obtain a card from a quality bank and stay away from offers with extreme interest rates.

2. Pay Your Bills On Time.


Most people think about big bills such as rent, car loans and credit cards affecting their credit score, but it's also important to pay the small things on time. Utilities, medical bills, library fines, cell phone plans, gym memberships and traffic tickets can all impact your credit score. If you're regularly late on payments, you could be reported to a collection agency, which will lower your score. Even if you pay off the collection, it will remain on your credit report for up to seven years.

3. Apply for Credit Cautiously.


When you apply for new credit, do so with caution. Any new applications will typically result in a "hard inquiry" on your credit report. While the impact varies from person to person, hard inquiries can negatively affect your credit score. Opening several new lines of credit within a short time frame can indicate that you're having money troubles, and that can negatively affect your credit score.

4. Don't Close Old Accounts.


While it may seem like closing accounts would be a good idea to reduce the amount of debt you can rack up, closing credit accounts reduces the amount of credit you have available, which increases your overall credit utilization rate. This can result in a lower credit score. It's best to keep the account open, but if you are tempted to overspend, you can cut up the card.

5. Monitor Your Credit Closely.


Monitor your credit closely for accurate information. Make sure that all the accounts that were discharged in the bankruptcy are accurately reported as "Discharged in Bankruptcy" as opposed to stating "Charge Off" or any other inaccurate information. Any mistakes found should be immediately reported to the credit reporting agency.

After you've completed the required waiting period for the loan of which you want to apply, and you've rebuilt your credit, talk to a mortgage professional at the Lake of the Ozarks about your home financing options. I'm here to work with you every step of the way through the mortgage process. Give me a call at 573-746-7211 today!

For Lake area news, resources and tips on financial services, please 


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211



**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Friday, June 29, 2018

The 411 on Purchasing a Home

The time has come that you're thinking about purchasing a home at the Lake of the Ozarks for the first time. While you've seen other friends and family go through the process, you're not really sure where to start or what all you need to do. Everyone has conflicting advice. Today's blog from the best mortgage lender at the Lake of the Ozarks gives you the 411 on purchasing a home.

1. Start By Talking to a Mortgage Lender. 


When it comes to purchasing a home, many people skip the first and most important step, talking to a mortgage lender. Many people assume that they need to find a house they like first or think they will have no problem getting financing. Unfortunately, those people often hit road blocks in the process because they chose not to talk to a lender first. By starting with the finance step, you're able to get a better idea of what amount you'll qualify for. Once you know what type of homes you can afford, you'll be able to determine how much of a down payment you need to save up for. You'll also be able to identify any credit issues you may need to resolve before starting the buying process. Get all your numbers in order before starting the house hunting process.


2. Find a Great Realtor to Help You Through the Process. 


Once you've talked to a lender about financing, you're going to want to find a good buyer's agent. A common misconception is that you end up paying more for your home when you choose to work with a real estate agent. That's not true, and in fact, is often the opposite. While a buyer's agent does get a commission from the transaction, the seller is the one that pays those fees. When you have a buyer's agent, that knows how the process works, they can help negotiate and often get you a better deal on the home than you would have on your own. A Realtor you can trust is key for any home purchase.

3. Think About the Future, as well as What You Can Afford. 


Buying a home is one of the largest financial decisions you will ever make, which means you'll want to be smart about it. Think about what your future looks like and what type of home you'll need for that. Maybe you are newly married and it's just the two of you for now. Do you plan to have children in the future? Will you have a parent that may need to live with you in the near future so you can take care of them? You should consider these things when looking at homes. Instead of purchasing something to fit your needs now, think about having room to grow. On the flip side, you also need to think about what you can afford. Once you've talked to a lender, you'll have an idea of what you could be approved for. However, that doesn't necessarily mean you need to purchase at the highest price in your budget. Don't stretch your budget too thin; you'll want to leave room for unexpected expenses.

4. Start Shopping for a Home, but Be Patient. 


The process of looking at homes can be both exciting and frustrating. Be sure to take your time and shop around. Like we mentioned before, this is one of the largest purchases you will ever make, so you don't want to rush into a decision too quickly. While you will need to be open to compromise, make sure to separate your list into needs and wants. You likely aren't going to find a home with everything you desire. If you have a good agent, they're going to help you find the best homes for you to look at. Don't feel like you're pressed to make an offer on the first home you find that fits your needs. Try not to get emotionally invested in a property; think about your needs and budget to make the best decision for you and your family.

5. Make an Offer and Schedule an Inspection. 


Once you've made an offer on a home, you'll want to schedule a home inspection. The home inspection is one of the most important steps of the buying process. This step ensures that the home does not have any structural damage or other issues that need to be addressed. If the inspection reveals major issues, you'll have the opportunity to negotiate your offer with the sellers or even withdraw it completely without penalty. Before the sale closes, you will have the opportunity to do a walk-through to ensure any agreed-upon repairs have been completed.

6. Finalize the Paperwork and Close the Sale. 


After everything has been agreed upon by both parties, you'll need to complete the required paperwork. Your Lake of the Ozarks mortgage lender and/or your realtor will arrange for a title company to ensure that the seller is the rightful owner of the property you are purchasing. At the closing, you will sign all the paperwork required to finalize the transaction. While the paperwork can be confusing to many people, your lender and your agent will be there to work through everything with you and answer any questions that you may have. Be sure to ask a lot of questions so that you fully understand everything about the real estate transaction.

If you're ready to start the process of purchasing a home at the Lake, give me a call at 573-746-7211 today. As your mortgage lender, I'm here to work with you every step of the way, from mortgage pre-approval to the day of closing. I'll discuss your Lake of the Ozarks home financing options, offer competitive interest rates and back it up with the first-class service you deserve. Together, we'll get you into the Lake home of your dreams!

For Lake area news, resources and tips on financial services, please 


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211



**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Thursday, June 21, 2018

4 Mortgage Myths Debunked

The mortgage industry can be complicated. There are a lot of myths and misconceptions surrounding the process of obtaining a mortgage at the Lake of the Ozarks. In today's blog, the best mortgage lender in Osage Beach is here to offer the truth behind some of those common myths you've likely heard.

1. You Have to Have a 20% Down Payment. 


Probably the biggest myth about mortgage loans is that you have to put 20% down. While this figure was typical in the past, some programs now allow for as little as 0% down. The minimum amount for your down payment will vary by lender and loan program. The only thing to keep in mind is that when you put less than 20% down, you will be required to pay private mortgage insurance. In addition, the more you're able to put down upfront, the better deal you'll be able to get and the more money you can save in the long haul. You will also start out with more equity in your home.

2. You Have to Have Good Credit to Purchase a Home. 


The other myth that you hear a lot is that you can't purchase a home if you have a low credit score. While this is not true at all, it is true that a good credit score will get you better rates. There are programs available to assist buyers with low credit scores, however, the interest rates on those programs are going to be higher. You also may be able to offset the negative factor of a low credit score by offering up a larger down payment or meeting other qualifications. For most people, credit alone is not a show stopper when purchasing a home.

3. Once You're Pre-Qualified, You're Set on Your Loan. 


Many people don't understand the differences between a pre-qualification, a pre-approval and a mortgage approval. Being pre-qualified for a certain amount does not mean that you will be approved for a loan in that amount. A pre-qualification is a simple process that gives you a crude estimate of how much you might qualify for in a mortgage. A pre-approval is a much better indication of how much you'll qualify for and even what type of interest rate you will be offered, because your file is actually reviewed by an underwriter prior to you finding a property.

4. Your Interest Rate Reflects the Cost of Your Mortgage. 


While you obviously want to get a low interest rate on your mortgage, the interest rate isn't the only number to be concerned with. All mortgages have other fees that are rolled into the cost of your loan. These fees are reflected in the APR. Don't get caught up on the lowest interest rate, because a loan option with a slightly higher interest rate, but a lower APR, is going to be the better deal. When comparing loan options and lenders, you'll want to compare the APR, not the interest rate.

As your Lake of the Ozarks mortgage lender, I'm here to help you understand the mortgage process. I'll discuss your Lake of the Ozarks home financing needs, offer competitive interest rates and back it up with the first-class service you deserve. Give me a call today at 573-746-7211 to get started on your mortgage approval today!

For Lake area news, resources and tips on financial services, please 


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211



**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Thursday, June 14, 2018

Celebrating Father's Day at the Lake

Father's Day is this Sunday! Are you going to be celebrating with dad at the beautiful Lake of the Ozarks? Here's a list of fun things for dad to do this weekend! Whether he likes live music or just eating a meal out with his family, dad's sure to have a Happy Father's Day at the Lake this weekend.


Father's Day Weekend Events at the Lake 


Father's Day Weekend at the Lake is going to be a good one! From tons of live music to a golf tournament and Father's Day breakfast, there's something for every dad to enjoy. In addition to the events below, the Lake area has endless dining options for you to take dad out for a special meal, and most of the waterfront restaurants have live music on the weekends this time of year. No matter where you choose to take dad this weekend, he's sure to have a good time with even better company!

Live Music with Curtis Sansom 
Enjoy live music by a local favorite, Curtis Sansom on Friday, June 15 from 7:30-10:10 pm at the BeachSide Bar at Ozark Yacht Club. Food service at the bar will run from 5-9 pm. This event is open to the public! Come enjoy some country & rock'n'roll tunes.

Rodney Carrington Live in Concert 
Rodney Carrington will be at the Ozarks Amphitheater on Friday, June 15. Doors open at 7 pm and the show starts at 9 pm. For more details and tickets, visit: www.OzarksAmp.com.

Father's Day 3-Person Scramble 
This Father's Day Weekend, head over to the Eldon Golf Club for a 3-person scramble golf tournament on Saturday or Sunday. Shotgun start at 7:30 am and 2:00 pm each day. For more details, call 573-392-4172.

Primus with Mastodon Live in Concert 
Head over to the Ozarks Amphitheater on Saturday, June 16 for an evening with Primus and special guest Mastodon. Doors open at 6 pm and the concert starts at 7 pm. For more details and tickets, visit: www.OzarksAmp.com.

Father's Day Breakfast at Captain Ron's 
A special Father's Day breakfast will be served at Captain Ron's from 9 am to 1 pm on Sunday, June 17. For more details, call 573-374-5852.

Your favorite Lake of the Ozarks mortgage lender would like to wish everyone a Happy Father's Day weekend! We hope you can enjoy this weekend with family, celebrating your fathers and grandfathers. If you happen to be looking at homes while you're at the Lake this weekend, keep us in mind for all your Lake of the Ozarks home financing needs!

For Lake area news, resources and tips on financial services, please 


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211



**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Thursday, June 7, 2018

Bad Mortgage Advice Homeowners Actually Believe

As a new homeowner, there are a lot of things you're going to have to learn. One of those things is your mortgage. Unfortunately, there are a lot of misconceptions floating around about mortgages. Today's blog from your favorite Lake of the Ozarks mortgage lender discusses some of the bad advice you might hear about getting a mortgage.

1. Don't Bother Getting a Mortgage Pre-Approval. 


You might have heard that a pre-approval isn't really important. People will say a pre-approval isn't "real" and doesn't guarantee you a mortgage. They will say that if you've only just begun looking for a home, it isn't necessary to worry about the mortgage part of things just yet. Unfortunately, that's bad advice. While a pre-approval might not be "official," it can prevent problems down the road. By getting a pre-approval, you'll know how much you can qualify for, and then you can just look at homes in that price range. A pre-approval also gives you a leg up if you find a property and are competing with other buyers that haven't even started the mortgage process yet. A pre-approval tells sellers and real estate agents that you're serious about buying a home.

2. Always Go with the Lowest Interest Rate. 


While obtaining the lowest interest rate possible may seem like great advice, the interest rate isn't the only thing you should be concerned with. You need to take into consideration other associated fees. Each mortgage lender at the Lake of the Ozarks can charge different fees for their services, and this could affect your overall payment amount. You also need to understand that while an adjustable-rate mortgage may give you the best interest rate to begin with, those rates change with the market and could go up significantly. It's important that you take everything into careful consideration instead of just focusing on the interest rate itself.

3. Borrow the Maximum Amount You're Approved For. 


Who doesn't want the biggest and best house they can qualify for? You got approved for the loan, so why not use it all, right? Wrong. It's always best to live just under your means; you never know when life will throw you a curve ball of expenses. You could experience a layoff or medical issues. If you're spending everything you have on your mortgage, there's nothing left for emergency expenses. This can easily cause you to default on your loan and could even result in foreclosure. Be sure to come up with a budget and don't purchase a house with a payment that you're not comfortable making.

If you're thinking about purchasing a home at the Lake of the Ozarks, your first step should be to talk to a mortgage professional like me. As your lender, I'll work with you every step of the way, making sure to give you the best advice for your unique situation. Give me a call at 573-746-7211 to get started on your Lake of the Ozarks home financing today!

For Lake area news, resources and tips on financial services, please 


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211



**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Tuesday, May 29, 2018

7 Steps to Take Before the House Hunting Begins

You're thinking about buying a new home at the Lake of the Ozarks. This is an exciting time, but make sure you don't get too swept up in that excitement of finding the house of your dreams. Before you even start looking at houses, you should follow these steps:

1. Start Saving for a Down Payment. 


Depending on the loan program you are looking to obtain, you don't necessarily have to have the traditional 20% down payment these days, however, the more you can put down, the better off you'll be. Not only will you start this transaction off with a little equity in your home, but you're also likely to get better rates and terms if you have a nice size down payment.

2. Check Your Credit. 


Your credit score plays a big role in getting approved for a mortgage at the Lake of the Ozarks. If you don't have any idea what your credit score is, it's a good idea to take a look. There might be ways you can improve that score before you apply for a mortgage. You'll also want to check your credit report for any mistakes. If you're worried about your credit score, talk to your mortgage professional for advice on how to work on repairing it.

3. Get a Mortgage Pre-Approval. 


Before you dive into the house hunting process, it's important that you talk to a mortgage lender at the Lake of the Ozarks and get a mortgage pre-approval. The pre-approval is the first step any serious home buyer should take. Not only does the process help you determine what you can afford, it shows both sellers and real estate agents that you're serious about buying a home. Real estate agents will be more eager to work with you and sellers will likely be willing to negotiate and/or accept your bid over those who don't have a pre-approval.

4. Come Up with a Budget. 


Once you have your pre-approval, you'll know how much you'll be able to borrow. You can use this information to come up with an affordable budget for your homeowner expenses. Remember that you need to consider more than just your monthly mortgage payment. You need to consider taxes, homeowner's insurance and any emergency expenses that may arise. You no longer have a landlord to take care of all the home maintenance issues that can come up unexpectedly.

5. Find a Good Real Estate Agent. 


With all the resources available today, it might seem fine to start your home search on your own. While you might be able to find the perfect home by browsing listings online, you don't have the expertise on how real estate transactions work. Your agent does so much more than just show you homes you would be interested in. They're there to work with you through the process to help you understand the paperwork and transaction details, as well as answer any questions you may have. They can also help with negotiations and ensure the entire process runs smoothly.

6. Make a Needs and Wants List. 


Another step you should take before looking at properties is to make a list of things you need in a home and things you would want in a home. Unless you're building your own home, you're likely not going to find one that has everything you desire. You're going to have to determine what's most important and then make some compromises. Making a list will help you narrow down the properties that you will go look at, and keep you from wasting any time.

7. Prepare Yourself Emotionally. 


Buying a home can be an emotional process. It's important that you don't let your emotions cloud your judgement. Buying a home is one of the largest purchases you'll ever make in your life. It's important that you make financially responsible decisions in regard to a home purchase. Therefore, it's a good idea to prepare yourself emotionally before you start looking at homes. You don't want to get attached to something you can't afford.

If you're ready to start the home buying process, give me a call at 573-746-7211 today! As your Lake of the Ozarks mortgage lender, I'm here to help you with everything from the pre-approval to the closing. I'll discuss your options, offer competitive interest rates and back it up with the first-class service you deserve!

For Lake area news, resources and tips on financial services, please 


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211



**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.