Wednesday, January 10, 2018

The New Tax Code and Mortgage Rates

On December 22, 2017 a new tax code was signed into law. This code includes the biggest tax cuts we've ever seen in the history of the United States. It brings a number of changes, some of which will directly affect prospective home buyers and current homeowners. So how does the new tax code affect homeowners and mortgage rates at the Lake of the Ozarks? Keep reading to find out.

Homeowner Tax Changes


One big change in the new tax code is in regard to property tax write offs. Homeowners will no longer be able to write off unlimited property taxes. Those items are now capped at $10,000. In addition, the mortgage interest deduction is now only applicable to the first $750,000 in mortgages, which has been lowered from the $1 million limit it was previously at. While these changes in the tax code itself won't necessarily have a direct impact on mortgage rates, the economic impact of this law could.

The Effect on Mortgage Rates


The new tax code cuts the corporate tax from 35% to 21%, which should spark economic development. With the increased funds now available, corporations could focus on expansion and hiring. This can lead to increased inflation, which could lead to higher mortgage rates. The tax rates for individuals have also slightly decreased, which could add to economic expansion when that extra money is spent. More money flowing through our economy could cause mortgage rates to rise.

Another factor that could directly affect mortgage rates is is the supply of bonds. Some estimates show an increase of hundreds of billions to $2 trillion to the federal deficit. That increased debt would be financed by selling more Treasury Bonds. While Treasury Bonds don't guide mortgage rates, mortgage-backed securities do. A bigger supply of bonds would dampen investor demand and, therefore, rates would need to rise to keep investors buying. Higher rates on mortgage-backed securities mean higher rates for consumer mortgages, as well.

While it's not expected for mortgage rates to spike overnight, a gradual increase is expected as we move further into 2018. If you're considering purchasing a home at the Lake of the Ozarks, now's the time to do so, before the rate increases begin. Call 573-746-7211 to discuss your home financing needs with a professional mortgage lender at the Lake of the Ozarks 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, January 5, 2018

A New Year, A New Home

Are you ready to make some changes in 2018? Your local Lake of the Ozarks mortgage lender is here to help! Whether you need to upgrade your home because you have a new addition to the family or you're ready to downgrade because your children flew the coop, we are here to help with all your Lake of the Ozarks home financing needs!

Mortgage Rates


Last year was a great year for home buying as mortgage rates remained near all-time lows throughout 2017. What's the forecast for 2018 look like? According to The Mortgage Reports, mortgage rates are still low in January 2018, but they won't be for long! Analysts are calling for higher rates this year, partially due to the new tax code which could lead to inflation. However, there's still a great opportunity for those looking to purchase a home at the Lake of the Ozarks in 2018. Freddie Mac, who's been tracking rates for 45 years now, states that mortgage rates have remained below 4% for 23 straight weeks. Now's the time to get started with a pre-approval for a mortgage if you're thinking about buying in 2018!

Loan Options


At First State Bank Mortgage, we provide a full portfolio of fixed- and adjustable-rate mortgage products. From first-time homebuyers to veterans, we've got something that will work for you. Check out some of our loan options below:

Conventional Loans

Conventional loans offer competitively-priced rates and up to 95% financing of your home’s value – whether you’re looking to purchase a new home or refinance your current loan.

FHA Loans

FHA loans offer competitively-priced rates and a low down payment option – whether you’re looking to purchase a new home or refinance your current loan.

USDA Loans

Rural Housing loans, sponsored by the U.S. Department of Agriculture, are designed to make homeownership more affordable for borrowers in rural communities. For qualified borrowers, a Rural Housing loan can provide up to 100% financing with competitive rates and terms.

VA Loans

With favorable terms, competitive interest rates, and no monthly mortgage insurance premium, VA Loans are designed to make homeownership more affordable for qualified U.S. veterans.

First-Time Homebuyer Program 

The First Place Loan program gives first-time homebuyers and qualified veterans the edge they need to purchase a home. Affordable interest rates, in combination with additional incentives offered by the Missouri Housing Development Commission (MHDC), allow prospective buyers to obtain mortgage financing in a competitive market.

For more information on our loan options, please visit:  http://mortgage.fsbfinancial.com/TypesofLoans.aspx.

Discuss your personal situation with your mortgage lender at the Lake of the Ozarks and we'll help you determine which loan best fits your needs. As your lender, I'm here to work with you every step of the way. I'll discuss your options, offer competitive interest rates and back it up with the first-class service you deserve! Get started by giving 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.







Monday, December 18, 2017

Get Ready for the January Boat Show!

Your Lake of the Ozarks mortgage lender is excited to be a part of the 2018 Overland Park Boat Show! This is the premier show for boat lovers across the Midwest. Not only will attendees be able to see all the latest in boats and accessories, they'll learn about the benefits of Lake Life and how to become a part- or full-time resident of the beautiful Lake of the Ozarks area. Everything you need for enjoying the "Lake Life" will be under one roof! Come check it out and be sure to swing by the First State Bank Mortgage booth.

Overland Park Boat Show


The Lake of the Ozarks Marine Dealers Association presents the 2018 Overland Park Boat Show at the Overland Park Convention Center, January 4-7th.

See the latest in 2018 cruisers, runabouts, performance boats, tritoons, ski boats, personal watercraft, docks, lifts and all the boating accessories you can imagine at KC's largest boat show! The show hours are:
  • Jan 4th from 3-9 pm 
  • Jan 5th from 12-10 pm 
  • Jan 6th from 10 am - 9 pm 
  • Jan 7th from 10 am - 5 pm 
Admission is $9 for adults, $5 for children 6-12, and free for children 5 and under. For further information, text BOATS to 22828 or visit: www.OverlandParkBoatShow.com

Living the Lake Life


Life at the Lake has its benefits! From not having to pull your boat hundreds of miles each time you want to be on the Lake to having a special place to make family memories to convenient access to relaxation and entertainment, purchasing a second home at the Lake of the Ozarks is a great investment. Plus, when you're not enjoy life in your lake home, you could let other family and friends use it or rent it out to other vacationers to help offset of your expenses.

If you love taking your boat to the Lake of the Ozarks year after year, why not consider investing in a second home at the Lake of the Ozarks? Rather than dragging your boat to the lake each time you come for a visit, and then dragging it back home and finding a place to store it for the winter, you can keep it at your vacation home. Lakelender Michael Lasson and First State Bank Mortgage are opening the doors to your Lake home! To discuss home financing at the Lake of the Ozarks, contact Lakelender Michael Lasson at 573-746-7211 today. Make your dream of owning a home at the Lake of the Ozarks a reality in 2018!

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.







Christmas at the Lake of the Ozarks

The Lake of the Ozarks is a spectacular destination, not just during the summer time, but all year round. From delicious feasts to holiday lights, Christmas time at the Lake of the Ozarks is a magical experience. In today's blog, your Lake of the Ozarks mortgage lender presents a list of Christmas activities for you to take part in this season.

Holiday Lights at the Lake of the Ozarks


Photo Credit: FunLake.com
While the holiday light displays have been available for viewing all month long, they won't be around much longer! Here's a list of places to check out amazing displays of holiday lights:
  • Enchanted Village of Lights - Laurie Fairgrounds - Open nightly from 5-9 pm (10 on weekends) through January 1
  • St. Patrick's Festival of Lights - Shrine of St. Patrick / Mother's Shrine - Open from 5-10 pm daily through December 31 
  • Versailles Unity Circle of Lights - Versailles City Park - Open from dark until midnight through January 1
  • Osage Beach Holiday Lights in the Park - Osage Beach City Park & Osage Beach Pkwy - Open Wednesday through Sunday evenings through December 31

As of January 1st, these light displays will be taken down until next year, so be sure to check them out now!

Christmas Village at Old Kinderhook 


The last weekend for the Christmas Village at Old Kinderhook is December 22-24. The Ice at Old Kinderhook will feature fun activities and much more! Horse drawn carriage rides, gingerbread house decorating, tree lighting and trimming, Santa & Mrs. Claus, Elf Storytelling, S'mores around the fire pit, fun games for the entire family, great food and great company all await you at The Ice at Old Kidnerhook this holiday season. Call 573-317-3500 for hours and more details.

Christmas Eve & Christmas Day at J. Bruner's 


Enjoy your family get together without all the fuss and mess by letting the chefs at J. Bruner's prepare you a special holiday dinner with great steaks and seafood. The restaurant will open at 5 pm on Christmas Eve and 3 pm on Christmas Day. Reservations are recommended - call 573-348-2966.

Christmas Dinner at HK's Restaurant 


HK's Restaurant in The Lodge of Four Seasons is hosting Christmas dinner on Sunday, December 24 and Monday, December 25. The restaurant will be open from 3-9 pm both evenings. Call 573-365-3000 for reservations.

Christmas Day Buffet at Tan-Tar-A 


Head over to the Black Bear Lodge Restaurant at Tan-Tar-A for their famous Christmas buffet. The restaurant will be open from 11 am to 4 pm on Monday, December 25. Reservations are required. Please call 573-348-8619.

When you own a second home at the Lake of the Ozarks, you can enjoy the spectacular Lake events all year round! From Easter and 4th of July to Thanksgiving and New Year's Eve, there's always something fun happening at the Lake of the Ozarks. To discuss your Lake of the Ozarks home financing needs, give Lakelender Michael Lasson 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, December 15, 2017

Why is There So Much Paperwork Required for a Mortgage?

One of the most time-consuming aspects of getting a mortgage loan at the Lake of the Ozarks is filling out all of the paperwork and providing all the proper documentation. If you miss something, your loan can easily get delayed. So why is all this paperwork required? Keep reading as your Lake of the Ozarks mortgage lender explains the reasoning.

New Government Guidelines


People who bought homes twenty years ago feel as though the mortgage loan process was much less complicated, and that's true. The government has since set new guidelines that require more detail, provided through more paperwork. The government wants banks to show beyond a doubt that a borrower is capable of paying back the home loan. During the years leading up to the housing crisis, many people qualified for homes that they would never be able to pay back. Unfortunately, this led to millions of families losing their homes. These new guidelines were created by the government to insure that this would not happen again.

Banks Don't Want to Be in the Real Estate Business


After the housing crisis, when all those families lost their homes, the banks were forced to take on the responsibility of those homes. They had to liquidate millions of foreclosures and negotiate millions of short sales. Banks don't want more foreclosures, just as the government doesn't. This requires banks to double- and triple-check everything on a mortgage application. While the housing crash is responsible for strict paperwork guidelines, it's also responsible for amazing interest rates. In the 90s, people were paying an average rate of 8.12%. Today, borrowers can qualify for interest rates around just 4%!

While the excess paperwork may seem daunting, it's in your best interest as the borrower. No one wants to lose their home, and qualifying for a mortgage you can't afford is an easy way for that to happen. Plus, now you can get great mortgage interest rates on your new home at the Lake of the Ozarks!

As your mortgage lender at the Lake of the Ozarks, I'm here to help you with the paperwork, as well as the rest of the mortgage process. For all your Lake of the Ozarks home financing needs, give us a call at 573-746-7211. I'll discuss your loan options, offer competitive interest rates and back it up with the first-class service you deserve, I guarantee!

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, December 8, 2017

Understanding the Mortgage Loan Approval Process

Understanding the different steps in the mortgage loan approval process, and the terms surrounding them, will help you avoid unnecessary stress when buying a home at the Lake of the Ozarks. When your Lake of the Ozarks mortgage lender evaluates your situation for a loan approval, they're assessing your risk. Keep reading to learn how he or she does this.

Pre-Qualification 


A mortgage pre-qualification is an initial evaluation of the credit worthiness of a potential borrower that is used to determine the estimated amount that the person can afford to borrow. During the pre-qualification step, your mortgage lender at the Lake of the Ozarks is looking for an red flags. This step includes a simple review of your debt, income, assets and overall financial situation. At this time, you can discuss your goals and plans, and get a very basic idea of the type of mortgage you might qualify for. This step is often mistaken as being the same thing as a pre-approval, but it's not. 

Pre-Approval 


Getting a pr-approval is the next step, which is much more involved. For a pre-approval, you will need to fill out a mortgage application form. This will include more detailed information about your credit rating, financial background, housing and employment history, current expenses, assets and debts, and other relative information. At this stage in the process, you will need to submit documentation such as W-2's, tax returns, pay stubs, bank statements, proof of retirement accounts, stocks and mutual funds and their balances, and proof of your identity. Your lender will then be able to present you with a specific mortgage amount for which you could be approved and also what interest rate you will qualify for. Once you've been pre-approved, it's time to start house hunting!

Processing


After you've been pre-approved, and you've found a house, you'll fill in the remaining information on the application and then it becomes formal. At this point, the application will go for processing. The processor will examine all the information on your application and look for evidence of anything that may be missing. If there are any issues with the application, the processor will ask you for clarification before proceeding.

Underwriting 


If all the information on your application checks out, it will be sent to the underwriter, who makes the final decision for approval. At this time, the house must be appraised and title insurance must be acquired. Finally, you application reaches the decision maker. The underwriter ensures all the necessary information has been provided and that the loan meets collective guidelines. If the underwriter decides that loaning the money to you is in the best interests of the lender, you will receive a loan commitment letter, allowing you to go ahead and make an offer on the home. 

To get started with a pre-qualification or a pre-approval today, give me a call at 573-746-7211. As your local lender, I'm here to work with you every step of the way. I'll discuss your Lake of the Ozarks home financing options, offer competitive interest rates and back it up with the first class service that 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, December 1, 2017

Buying a Home Without a Bunch of Cash

Traditionally, when buying a home, you needed to have 20% of the home purchase price saved up for a down payment. While it's still great to have that much down, as you start off with a good chunk of equity in your home, it's not completely necessary anymore. Today, there are programs available that require just 3-5% down. Today's blog from your favorite Lake of the Ozarks mortgage lender discusses buying a home without a bunch of cash.

How to Receive a Gift 


One way to get a small chunk of money to build equity in your home upfront is to get it from a family member. When receiving money from someone else, it's important that you provide documentation of where the money is coming from. You have to show that it's a gift and not a loan that you're required to pay back. Make sure you don't just deposit a large sum of money into your account without any documentation of where it came from and why you got it. This will look suspicious to the lender and could cause your mortgage application to get delayed or not approved at all.

Asking the Seller for Help 


Sellers can help with the closing costs in order to make the deal go through. The cash required to close on a home can be 2-5% of the home's purchase price. Your mortgage professional will provide you with an estimate of what is needed to close on the home. Your local real estate agent will then be able to help you negotiate with the seller. Depending on how motivated the seller is, they'll likely be willing to work with you. You'll never know if you don't ask. In some cases, you can walk away from the closing without having to pay anything out of pocket.

Building Your Personal Reserve 


While you may not be required to have a bunch of cash upfront for a down payment or closing costs, it's still important to have some money in reserves. When buying a home, you take on a lot of responsibility that renting doesn't require. You will now be responsible for the upkeep and repairs of your home. If something breaks, instead of calling the landlord to take care of it, you have to pay someone to fix it or in some cases to replace it. The more you have in savings for the unexpected expenses of owning a home, the better off you'll be - and the better your financial picture looks in the eyes of the lender. Your mortgage lender at the Lake of the Ozarks will want to know that if any emergency situation does come up, you'll still be able to make your monthly mortgage payment.

As your local mortgage lender, I'm here to work with you every step of the way. Together, we will discuss your Lake of the Ozarks home financing options. I'll offer competitive interest rates, and back it up with the first-class service you deserve. To get started with the Lake of the Ozarks mortgage process today, 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.