Friday, May 18, 2018

Getting a Mortgage Loan After Financial Hardship

Many people go through financial hardship at some point in their lives, and that can have negative effects on other aspects of life. In some cases, financial hardship can lead to bankruptcy, foreclosure or a short sale. Unfortunately, this can make it more difficult to obtain a new mortgage loan at the Lake of the Ozarks, even after you have your financial situation under control again. Most people think they have to wait at least 7 years before they can apply again, but this isn't necessarily the case anymore. Keep reading to learn about the 2018 guidelines for various types of mortgages.


2018 FHA Guidelines


For an FHA loan, the following guidelines must be met before you can apply for a home loan after a financial hardship:
  • Bankruptcy - 2 year waiting period after discharge of a Chapter 7 Bankruptcy or 1 year waiting period after discharge of a Chapter 13 Bankruptcy (Be sure not to confuse the discharge date with the date the bankruptcy was filed).  
  • Foreclosure - 3 year waiting period after the sale/deed transfer date. 
  • Short Sale / Deed in Lieu - 3 year waiting period after the sale/deed transfer date. 
In addition to the above waiting periods, you much have re-established your credit, with no late payments in the past 12-24 months, depending on the type of hardship. 

2018 VA Guidelines 


For a VA loan, the following guidelines must be met before you can apply for a home loan after a financial hardship: 
  • Bankruptcy - 2 year waiting period after a Chapter 7 Bankruptcy. For a Chapter 13 Bankruptcy, if you have finished making all payments satisfactorily, the lender may conclude that you have re-established satisfactory credit. If you've satisfactorily made at least 12 months' worth of the payments and the Trustee or Bankruptcy Judge approved of the new credit, the lender may give favorable consideration. 
  • Foreclosure / Deed in Lieu - 2 year waiting period after the sale/deed transfer date. 
  • Short Sale - The VA does not recognize a short sale as a derogatory event. Therefore, if you are able to credit qualify for a VA loan, the short sale would not prevent you from being eligible. 
In addition to the above waiting periods, credit must be re-established, with a minimum 620 credit score. 

2018 USDA Guidelines 


For a USDA loan, the following guidelines must be met before you can apply for a home loan after financial hardship: 
  • Bankruptcy - 3 year waiting period after the discharge of a Chapter 7 or 13 Bankruptcy. 
  • Foreclosure - 3 year waiting period after the sale/deed transfer date. 
  • Short Sale / Deed in Lieu of Foreclosure - If you had big issues, the deed in lieu of foreclosure will be viewed as a foreclosure and you would want to wait no less than 3 years if the score is under 640.  If you have a credit score over 640, you may be able to apply after 1 year. 

2018 Conventional Loan Guidelines 


For a conventional loan, the following guidelines must be met before you can apply for a home loan after financial hardship: 
  • Bankruptcy - 4 year waiting period after your Chapter 7 Bankruptcy has been discharged. For a Chapter 13 Bankruptcy, there is a 2 year waiting period. 
  • Foreclosure - 7 year waiting period after the sale date of your foreclosure. 
  • Short Sale / Deed in Lieu of Foreclosure - 4 year waiting period from the date your name was removed from the title for a short sale or deed in lieu not included in a bankruptcy.
In addition to the above waiting periods, credit must be re-established, with a minimum of 620 credit score. Fannie Mae and Freddie Mac have reduced waiting periods in cases of extenuating circumstances. 

If you're concerned about a past financial hardship affecting your current home options, give me a call at 573-746-7211. As your Lake of the Ozarks mortgage lender, I'll work with you to determine your options and offer advice for how to overcome any challenges you may be facing with homeownership at the Lake of the Ozarks.

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, May 10, 2018

Spend Mother's Day at the Lake of the Ozarks

Mother's Day is this weekend! Celebrate your Mothers and Grandmas this weekend by bringing them to a delicious brunch at the Lake of the Ozarks. From omelets and other traditional breakfast food to salmon and pork, each of these Mother's Day Brunches has something amazing to offer this Sunday.

Mother's Day Brunch at Tan-Tar-A 


Celebrate the women in your life at Tan-Tar-A Resort this Mother's Day! Brunch will be held in the Grand Ballroom on Sunday, May 13 from 11 am to 2 pm. Reservations are required, so call 573-348-8619. The menu will include Applewood Smoked Ham with Bourbon Praline Glaze, Carved Prime Rib with Au Jus and Horseradish Cream, Chicken Bonne Femme with White Wine Mushroom Cream, Seafood Stuffed Pasta Shells with Sauce Newburg, Griller Spring Vegetable Salad with Lavender Vinaigrette and much more!

Mother's Day Brunch at Captain Ron's


Head over to Captain Ron's on Sunday, May 13th for a Mother's Day Brunch served from 9 am to 1 pm. Call 573-374-5852 for more details. Also happening this weekend is their Ozark Pirate Fest! Learn more at www.CaptainRonsattheLake.com.

Mother's Day Brunch at Lake Valley Country Club 


Traditional breakfast items, omelet station, salads, potatoes, vegetables, 3 entrees and assorted desserts are just some of the items you'll find at the Mother's Day Brunch at Lake Valley Country Club this Sunday, May 13th. Brunch will be served from 9 am to 2 pm. Call 573-346-7213 for reservations.

Mother's Day Brunch at The Lodge of Four Seasons 


Head to The Lodge of Four Seasons for a Mother's Day Brunch in the HK's Dining Room on Sunday, May 13th from 10 am to 2 pm. Reservations are highly recommended - call 573-365-3000. Menu selections will include a raw bar, omelet station, carving station an dessert bar.

Mother's Day Brunch at Osage National 


Come celebrate mom with great food and scenery at Osage National! Brunch will be served from 10 am to 2 pm on Sunday, May 13th. Reservations are required, so call 573-365-1950 ext. 23. Menu selections include assorted fruit, scrambled eggs, applewood bacon, biscuits and gravy, french toast, baked ham, roast beef, mashed potatoes, salads, mini cheesecakes, cookies and more!

Mother's Day Brunch at Old Kinderhook 


Treat mom to a Mother's Day Brunch in The Trophy Room at Old Kinderhook on Sunday, May 13th. Reservations are required, so call 573-317-3560. Some of the menu items include fresh baked pastries, smoked salmon, scrambled eggs, biscuits and gravy, Belgian waffles, prime rib, glazed pit ham, garlic mashed potatoes, vegetables, carrot cake and fresh baked cookies.

Mother's Day Features at H. Toad's Bar & Grill 


Head over to H. Toad's Bar & Grill for a very special selection of features offered for your very special Mother on Mother's Day. Features crafted by H. Toad's certified Chef, Thomas Robinett, promise to be pleasing to the eye and the palate for a meal to remember. Call 573-365-5620 for more information and to make a reservation.

Mother's Day Brunch at the Inn at Grand Glaize


Treat mom to a delicious Sunday brunch at the Inn at Grand Glaize on Sunday, May 13th from 10 am to 2 pm. The menu includes made to order omelettes, hickory smoked bacon, a waffle station, carrot cake, fruit cobblers, vegetables, scalloped potatoes, salads, dinner rolls, pineapple honey glazed ham, chicken Alfredo and prime rib. Call 573-348-4731 for more details.

You can always expect a wide variety of activities and holiday events happening at the Lake of the Ozarks all year round. If you're thinking about relocating to the Lake of the Ozarks or buying a second home here, I'm here to help with all your home financing needs! Call 573-746-7211 to discuss your home loan options with a professional mortgage lender at the Lake of the Ozarks.

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, May 3, 2018

3 Ways to Pay Off Your Mortgage Sooner

Who doesn't want to have their mortgage paid off? That's just one less monthly bill you have to worry about. Most mortgages are financed for 30 years, but that doesn't mean you have to take the full 30 years to pay it back. Today's blog from your favorite Lake of the Ozarks mortgage lender offers several different ways that you can pay off your mortgage sooner.

1. Make a Larger Monthly Payment. 


Probably one of the easiest ways to pay off your mortgage faster is to just add a little extra to each of your monthly payments. Consider creating a household budget. Look at your monthly expenses and compare it to your monthly income. See if there's any extra money that you could apply to your monthly mortgage payment. Talk to your mortgage lender at the Lake of the Ozarks to make sure that the extra you are paying is being applied to the principle of the loan. This will help you pay off your mortgage faster and save money on overall interest. 

2. Make an Extra Payment. 


Maybe you don't have enough extra each month to add on to your payment, but that's okay. Do you get a yearly bonus at work? Do you get paid commissions? Do you have a nice sized tax return? Try adding in a 13th payment somewhere during the year when you have some extra cash to spare. You can make an extra payment whenever it's convenient for you. Do that each year and you'll be able to pay off your mortgage sooner than expected. 

3. Refinance Your Loan. 


If you've been paying on a 30-year loan for some time, you might consider getting your home loan refinanced at the Lake of the Ozarks. Interest rates are currently still near historic lows, and interest rates on a 15-year loan are typically less compared to the 30-year loans. If you can reduce your interest rate and even possibly shorten the term, this accelerates your repayment, saves you on interest and may not even increase your monthly payment. Talk to your mortgage professional about your refinancing options. 

Learn more about your options by talking to your lender today about your Lake of the Ozarks home financing options. Your circumstances may be different now than when your first bought your home. You might be able to get a better interest rate or make a larger monthly payment. Give me a call at 573-746-7211 with any questions you may have regarding your home loan at the Lake of the Ozarks.

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.




Wednesday, April 25, 2018

Can I Get a Home Loan While Still Paying Off Student Debt?

One common misconception about getting a mortgage at the Lake of the Ozarks is that you can't have any student loan debt. While it's true that your debt-to-income ratio will affect your mortgage approval, having some debt is okay - actually it's even better than having none at all. Keep reading to learn about getting a mortgage while you're still paying off your student loans.

Student Loan Debt vs Credit Card Debt 


The first thing to understand is that there's a big difference between student loan debt and credit card debt. Debt itself is essentially borrowing from your future self. However, with student loans, you are investing in a better future. You'll be more employable and earn more with a college degree. During the loan application, your Lake of the Ozarks mortgage lender will take a look at not only how much debt you have, but what type of debt it is. Having student debt is okay, but having a lot of credit card debt might raise some issues. Talk these things through with your lender, he or she is there to help!

Facts About Student Loan Debt 


Below you will find 6 things you should know about student loan debt:
  • 40% of the nation's total student loan debt is from graduate degree debt, not undergraduate
  • 75% of borrowers age 20-30 have monthly student loan payments of $400 or less (50% of those borrowers have monthly payments of $203 or less) 
  • $351 is the average monthly student loan debt payment, while $750 is the average extra monthly earnings for a college degree 
  • 15% is the approximate rate of return on a college degree
  • 42% of student loan borrowers owe less than $10,000 
  • Of homeowners age 31-35, 35% have a high school diploma, 39% have a bachelor's degree or higher and DID NOT borrow money for college and 50% have a bachelor's or higher and DID borrow for college. 
As you can see, student loan debt isn't as big of a problem for most people as some may think it is. Many homeowners have purchased a home with student loan debt still on their plate, and chances are, so can you. You'll just want to make sure you have everything else in order.


If you're considering purchasing a home at the Lake of the Ozarks, give me a call at 573-746-7211 today. As your mortgage professional at the Lake of the Ozarks, I'm here to help 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. Don't worry about your student loan debt just yet, come talk to me first! 

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, April 20, 2018

Owning vs Renting Your Home

Is it better to buy your home or rent one? This question is one that gets asked a lot. While the answer depends on a variety of factors, buying a home at the Lake of the Ozarks definitely has its benefits. Keep reading to learn more about the benefits of homeownership that should be considered before choosing to rent instead of buy.

Benefits of Owning a Home


Just like with anything, there are pros and cons to owning a home. However, don't disregard the idea before getting all the facts. It could be worth your time to discuss the possibility of owning your own home with a mortgage professional at the Lake of the Ozarks. Below are some of the common benefits of homeownership.

1. Protection from Rising Rent. 

Rent prices continue to rise year after year. In some areas of the country, your monthly mortgage payment could actually be less than what you're currently paying in rent. When you choose to purchase a home, you have the ability to lock in your interest rate and pay the same amount every month for the next 30 years. When you rent, you never know what your rent could increase to the next time your lease is up for renewal. Use our online calculator to compare the estimated costs of buying vs renting a home: https://fsbfinancial.com/calculators-and-forms/.

2. Building Equity. 

When you rent your home, you're essentially paying someone else's mortgage. When you own your home, you are building equity. When it's all said and done, you have something to show for all those monthly payments you've made. You can continue to live in that home or turn around and sell it. The economic stability associated with managing a mortgage, along with the equity you're building in your home, are two of the biggest financial reasons to buy instead of rent.

3. Tax Advantages. 

Another benefit of homeownership is the tax advantages. While things are constantly changing with the tax laws, there are significant tax advantages to homeownership, such as property tax deductions. Over time this, coupled with the equity you're building, will add up to significant savings.

4. Making It Your Own. 

One of the biggest complaints about renting is that you aren't able to make the space you're own. The owner of the property, whether an individual or a management company, will most likely have some guidelines in place for what you can and cannot do. For example, you may not be able to paint the walls a color you desire, knock out a wall to make more space, or add on a deck to enjoy the outdoor space. When you own your own home, you have the freedom to do whatever you want with it.

Buying a Home at the Lake of the Ozarks


For some people, the concept of owning their own home seems just out of reach. The reality is that there are a lot of misconceptions about buying a home at the Lake of the Ozarks. A variety of programs are available to help first-time home buyers get into a home with lower down payments than were required in the past. The true answer to the question on whether buying or renting is the better option depends on your personal situation and needs.

If you see the benefits of homeownership and are considering purchasing a home at the Lake of the Ozarks, give us a call at 573-746-7211 today. As your Lake of the Ozarks mortgage 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. For all your Lake of the Ozarks home financing needs, trust our team!

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.


Wednesday, April 11, 2018

Breaking Down Your Credit Score

Your credit score can impact a variety of things in your life, including homeownership. Your credit score and credit history is a large determining factor for mortgage approval. Some people may have no clue what their credit scores, while other know what their score is, but don't really understand how that number was determined. In today's blog, your Lake of the Ozarks mortgage lender breaks down the "credit score" according to the FICO model.

Credit Score Factors 


Your credit score is determined by 5 factors of differing importance. These include payment history, amounts owed, length of history, new credit and types of credit used.  
  1. Payment History - 35% - Your payment history is based on how often you pay your accounts on time. Late payments can lead to a lower credit score. 
  2. Amounts Owed - 30% - How much debt do you have, and how does that compare to your total credit used? Less is more in this case. Using more than 20% of your credit limit may lower your credit score. Lowering your debt can be the key to a better credit score. 
  3. Length of History - 15% - When did you first establish credit? The length that you've had a credit history is also a factor. A longer credit history of responsible credit use will likely lead to a higher credit score. 
  4. 4. New Credit - 10% - Opening several new credit accounts in a short period of time can lower your credit score. It's very important that during the mortgage process you don't open any new credit accounts. 
  5. Types of Credit Used - 10% - Credit comes in many different forms, from credit cards to auto loans, etc. Having experience with different types of credit can help your score. 

Credit Score Facts 


When it comes to understanding your credit score, a lot of people have no idea what their score is, how it's determined or what that means for them. Check out some of these fun facts revolving around credit scores in general. 
  • 45% of college students don't know what their credit score is.  
  • Over 1/3 of American adults admit they don't know their credit score. 
  • 18 years is the average consumer's oldest open credit line. 
  • 52% of adults in America haven't viewed their credit score in the past year. 
  • The average American has 13 credit accounts showing on their credit report, including nine credit cards and four installment loans. 
  • 699 is the average National Credit Score.
  • Most Americans use less than 30% of their available credit limits. Only 1 in 6 uses 80% or more. 
  • Maxing out credit cards damages credit scores by 10 to 45 points. 
  • 43% of women, compared to 32% of men, said it was important to know a partner's credit score before getting seriously involved. 
  • About half of Americans don't have a single late payment on their credit reports. 
  • More than 8 million people fall victim to identity theft in the U.S. each year. 
  • Over 144 million people haven't looked at their credit report in the last year. 

As your mortgage professional at the Lake of the Ozarks, I'm here to work with you every step of the way during the mortgage process. That starts with advice on fixing your credit if needed. We will discuss your Lake of the Ozarks home financing options and determine the best way to move forward with your particular situation. Give me a call at 573-746-7211 to get started 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, April 6, 2018

Prepping for Your Mortgage Application

While the mortgage application process may seem daunting, tedious and time-consuming, don't let that stop you from getting started. If you're in the market to purchase a home at the Lake of the Ozarks, I'm here to help. Start early and prepare properly, applying for a mortgage will be easier than it looks. As your Lake of the Ozarks mortgage lender, I'm here to work with you every step of the way!

Start Early 


The earlier your start preparing for the mortgage application process, the better off you'll be. If you know that a home purchase is coming in the near future, start getting yourself ready. One of the first things you can do is be aware of your credit score by reviewing your credit report. Your credit score is an important determining factor when applying for a home loan at the Lake of the Ozarks. Not only do you want to be aware of your score, but you also want to check your report for any errors that may be on there. If you find that you have a low credit score, now's the time to start repairing your credit before you apply for a loan. Your mortgage lender can advise you on the best steps to take in this situation. Communication with your lender is key to a successful mortgage process; you don't have to go through this alone. 

Repair Your Credit 


If you have credit card debt, start paying down that debt. Your debt-to-income ratio plays a big role in your mortgage approval. Keep in mind though, that you don't want to drain your savings trying to pay off your debt. You need to have cash for a down payment, closing costs and an emergency fund. Whether you have debts or not, it's important that you also don't open any new credit accounts or make any large purchases on credit right before you apply for a home loan or during the loan process. The new furniture and household items can wait to be purchased after you close on your new home at the Lake of the Ozarks

Gather Your Documents


Not only do you need to be aware of your financial situation, but your lender is going to need verification of your income, assets and debts. By gathering these financial documents ahead of time, you'll save yourself the headache of searching for them later, which could delay your mortgage approval. Gather your recent pay stubs, statements for bank accounts/investment accounts/retirement accounts, the last two years of tax returns, along with W-2s, 1099s and K-1s. 

Know Your Numbers 


Before you start house hunting, it's important to know how much you can afford. To determine this, you'll want to get a mortgage pre-approval from your mortgage professional at the Lake of the Ozarks. Together you will be able to determine how much you qualify for and how much you can comfortably afford for your monthly mortgage payment. You can also discuss how much money you will need for a down payment and closing costs. Having all these numbers in mind before you start the process will ensure a successful home buying experience. Finding a home you love that you can't afford would be the worst.    

As your local mortgage lender, I'm here to work with you every step of the way. I'm here for all your Lake of the Ozarks home financing needs. I'll discuss your options, offer competitive interest rates and back it up with the first-class service you deserve. If you're thinking about purchasing a new home in the near future, talk to me today - call 573-746-7211!

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.