Wednesday, February 19, 2020

The Rise in House Prices & What it Can Mean For You

In 2019, home prices rose at a rate of 3.3%, which is a drop of 1.7% from 2018’s 5% increase. The price increase went down, but the home prices still rose. This can be a bonus for sellers who bought their homes before the prices started rising, but it can make things harder for buyers if they cannot afford the homes on the market. This temporary imbalance can mean that determined buyers have to figure out how to save enough to make their monthly mortgage payment affordable. Whether you are buying or selling, the current home prices can have a huge impact on your financial journey, so we are going to break it down and learn why.


For Buyers

If you are planning on buying a home in 2020, it will be important for you to sit down and analyze the best price for your budget. You can work through this process by submitting a home loan application on our website and letting our team of mortgage lenders at the Lake of the Ozarks assist you - or you can figure the rough estimates on your own.

This is especially essential when you are purchasing a vacation home at the Lake of the Ozarks as you will now be paying for two mortgages. Some experts suggest that you do not want to pay more than 25% of your take-home pay on a mortgage, but after you analyze your finances you can make an informed decision. The best news is that while home prices may be on the rise, home loan rates are better than they have been in years! If you find a home you love, this is a great time to secure your loan.

For Sellers

From a seller's perspective, higher home prices can mean it is a great time to sell your home. Because you want to get the best possible price out of your home, it is important to work with a real estate agent who is experienced in the Lake area as well as has experience selling homes like yours. They can use a competitive market analysis to find out what similar homes are selling for in your area and help you with your listing price.

For Homeowners

If you own a home, you may be curious about how the value of your home is doing. As the prices of homes are going up, is your home value appreciating as well? If you bought your home eight to ten years ago, there is a strong chance that you have a very nice profit tied up in your home! In fact, some studies show that people who had owned their home for four to seven years, were getting $52,000-68,900 more than they purchased them for, if they sold them last year!


The Housing Market at the Lake of the Ozarks

We have been saying this for a few months now, but if you are considering purchasing a home, NOW is the time to get it done! Home interest rates have been at incredible lows, and we do not want you to miss them. Team Lasson is ready to help you work through the home loan process. Visit our website to learn more about our mortgage company at the Lake of the Ozarks, or to fill out your application and get started! We cannot wait to see you get the home of your dreams just in time for Summer!

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, February 13, 2020

Spring and Summer Home Projects for Your Vacation Home

It may not always feel like it, but Spring is in the air…the groundhog said so! As you prepare for the Spring months, there are a few things you can do to get your Lake Home ready for all of the warm weather adventures. Add these things to your to-do list over the next few weeks, and it may even make the last of Winter go faster!


Clean Up Your Outdoor Furniture

Start with the Cushions
It should not come as a surprise that your indoor/outdoor cushions and pillows will take a beating. Now is a great time to give them a good once over and make sure that they are still in good condition. You may also want to remove the covers and wash them before Spring. If they are in really rough shape, it may be a good time to replace them altogether.

Wipe Down the Frames
Between dust and dirt, your outdoor furniture can get pretty dirty, especially through the Winter months. Before you are ready to kick back on your patio with an ice-cold beverage, you will want to wipe down all of the furniture. This will help keep your furniture looking it’s best and will also help you find any repairs or replacements that need to be made!

Wash Outdoor Rugs
An outdoor rug will last a lot longer when you vacuum it periodically. You can also hose it off and let it dry out thoroughly. It may be an outdoor rug, but it still needs a good washing every once in a while.

Pressure Wash Your Patio

You never realize how dirty your patio and sidewalks get until you take a pressure washer to them! In fact, this can be a very gratifying task, as you quickly watch the grime disappear with the wave of a wand (literally!). If you do not have a pressure washer, you can either borrow one from a friend, rent one or hire a local company to complete this task for you. In just a short amount of time, you can remove YEARS of dirt, and your sidewalks and patio will SHINE.

Update Your Front Door

Sometimes changing the color of your front door can be just what your home needs to feel bright and new. The Summer sun and heat can really deteriorate a wood door, causing warping and cracking on its surface. Re-painting the door can help seal and protect it from the elements, but it can also provide the perfect facelift.

Get Your Grill Ready! 

There is something sentimental about firing up the grill for the first time of the season. If you cook on your grill frequently, you will want to do a deep clean twice a year to keep it in top condition. A simple scrub-down of the cooking grates, burner protectors, and cook box can really make it shine.

Check for Damaged Screens

Have you looked your window screens over lately? Just a small tear can let in dozens of mosquitoes and flies, and make a negative impact on your patio parties. Fix the problem by repairing those screens now! It is surprisingly easy to repair the screen material, you can find directions online, and the supplies at any hardware store.

Switch Your Ceiling Fan Directions

Most ceiling fans are designed so that you can switch the direction that the blades spin. There is generally a switch you can flip at the base of the fan. In the Summer you want your blades to rotate counterclockwise. This helps moves the air down creating a great breeze.


Ready for Summer Already?

We are right there with you! Summer cannot get here fast enough, but in the meantime, now is a great time to make sure your vacation home at the Lake of the Ozarks is ready for you. If you do not own a home at the Lake of the Ozarks, now is the time to begin your search, and possibly even have your Lake vacation home before Summer starts! If you are looking for a mortgage lender at the Lake of the Ozarks, Team Lasson would be honored to assist. Visit our website (www.YourLakeLoan.com) to learn more about our company and to also fill out your application. We look forward to helping you buy a home 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, February 5, 2020

Fun Facts About Credit Scores

Your credit score can have a huge impact on your purchasing choices, but can often feel confusing and even frustrating. Credit scores are a common topic in the mortgage industry, so we wanted to take a few moments and maybe help answer some questions. Whether you have a great credit score and would not have any trouble getting a Lake of the Ozarks mortgage, or you may have some issues that need to be addressed to help improve your numbers - there are always interesting things to learn.


Five Core Factors Make Up Your Credit Score

Your FICO score is made up of five factors, and different percentages make up each criterion. When applying for credit, these factors are important. The five factors that impact your credit are:

  • Diversification of Credit
  • Inquiries & New Credit
  • Credit History Length
  • Credit Utilization
  • Payment History


Credit Reports and Credit Scores are Different

A credit report will list every piece of your financial history that affects your creditworthiness. This can be helpful when you want to review your credit history and find the inaccuracies, fraud, or just general curiosity. Your credit score is the numerical grade of your creditworthiness. The purpose of checking your credit score is to get a quick snapshot of your score, giving you the knowledge of where you stand before you start house hunting at the Lake of the Ozarks.

Negative Credit Items Are Not Negative Forever

Did you know that most negative items will remain on your report for seven years at the most? This is due to the regulations set by the Fair Credit Reporting Act. However, bankruptcy can last up to 10 years or more in some cases.

FICO Credit Scores Can Range from 300 to 850

A credit score can range depending on the credit bureau, but knowing your score can help you understand what needs to be done to improve it. A “good” score ranges from 680 to 739, anything below that could be “poor” or “fair”, and anything above it could be “very good” or “exceptional”. There are things you can do to improve your score, so knowing where you sit can tell you how much you need to do to get to your next goal.

FICO Scores Are Important and Used By Many Lenders

The FICO credit scoring system was founded in 1956 by Bill Fair and Earl Isaac. The purpose behind it was to help lenders make well-informed lending decisions. FICO analyzes scores from the three major bureaus: TransUnion, Equifax, and Experian. In fact, 90% of lenders use your FICO score when making their lending decisions.

You Have Several Credit Scores

Did you know that your credit score can vary based on the credit bureau reporting them? The major bureaus all have slightly different information regarding credit history. It seems confusing, but there are also different scores specific to particular industries. An example would be that auto lenders review different risk factors than mortgage lenders, so the scores that each lender receives can vary. Some of the factors that affect your credit score could be the entities that report your credit, the time that the score was reported, the scoring model that is used, and the type of credit you are applying for.

True or False: Checking Your Own Score Will Hurt Your Credit

False! There is a myth running around that if you check your credit score or order a credit report, that you will hurt your credit. Those “soft” inquiries should not affect your credit. Hard inquiries, like when a lender looks at your credit can negatively impact your score. Just remember that the consequences are not strong, and they are temporary.



When it comes time to secure a mortgage at the Lake of the Ozarks, your credit score is an important factor. There are several programs available to help borrowers better their credit score. A solid credit score lends to more financing options when preparing to buy a home. For more information on how your Lake of the Ozarks mortgage lender can help you purchase your dream home, give me a call at 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.

Wednesday, January 29, 2020

Things That Come Up in the Mortgage Process & How to Overcome Them

Buying a home at the Lake of the Ozarks can be one of the most rewarding and enjoyable choices, but it still comes with some responsibility, and may even have a few bumps in the road. As you make your real estate purchase, it is important to have a team of professionals who can help you overcome obstacles through the process. Team Lasson is here to help you through the process of obtaining a mortgage at the Lake of the Ozarks. Below are a few things that could come up in the process and how you can work through them!


The Home Inspection

It is not a common issue, but there are times when the borrower may decide to back out of the deal based on something that was found during the inspection. The downside is that there is not much your lender or real estate agent can do if there is an unfixable problem with the property. The best way to try and avoid this situation is to ask the seller many questions in the beginning stages to ensure that everything is disclosed as early as possible. Many times, these issues could have been discovered early on but are not, due to any number of miscommunications.

The Appraisal Valuation

If the home is appraised higher or lower than the valuation in the initial offer, this can be another challenge that may come up. However, this is less common in popular markets, and it typically only comes up when there are not comparable sales. Working with a good real estate agent can help deter these issues early in the process.

The Application Issue

While some loan closings are prevented due to the actual property, more often than not the issue arises from the loan application. Sometimes the documentation does not match the information provided on the original application. One common error on the application is the amount of qualified income of a self-employed borrower. The income listed on the application needs to match what is listed on the borrower's tax return. Obtaining a pre-approval is a great way to avoid some of the application issues that could arise later in the game. You can visit our website (www.YourLakeLoan.com) to fill out your application and get started on this process!

The Borrower’s Credit

The underwriting process relies on the borrower's credit, and this can play a role in common home purchasing challenges. If the borrower has a bad track record for repaying money loaned, the underwriting will unearth this and affect the loan process. Another thing is if the borrower has too much debt relative to their income, problems will arise during the underwriting process. The debt-to-income ratio is one of the most important factors in mortgage underwriting. If you have considered purchasing a home at the Lake of the Ozarks, now is the perfect time to take a look at your credit and make sure it is in order so that you can avoid potential challenges later.

Just Bad Timing

Mortgage loan closings can also fail due to timing issues caused by last-minute changes. These seemingly simple changes could require the lender to issue a new disclosure statement, therefore delaying the closing. If the seller included a contingency that the closing must occur by a specific date, such delays can be problematic for both the buyer and the seller. Another timing issue can occur when the borrower does something to alter his or her financial standing. Buyers should avoid making any other large purchases or switching jobs during the loan process.

As with any big life change or major decision, there will always be situations that could arise through the process. The good thing to remember though is that with a good team on your side, you can work through the challenges and before long, own the home of your dreams. One of the easiest ways to avoid challenges during your home purchase is to disclose as much information as you can from the beginning, even if you think it may not be necessary - we can use that information to create the best plan for you. Also, remember to keep your team updated with any changes during the process that could affect your loan.



Be sure to ask your Lake of the Ozarks mortgage lender and your real estate agent as many questions during the beginning of the process and make sure to get a pre-approval before moving ahead with an offer on a house. If you are considering purchasing a home at the Lake of the Ozarks soon, give me a call at 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.

Thursday, January 23, 2020

Join Team Lasson for the 2020 Overland Park Boat Show!

Every year, the Overland Park Boat Show is the prime place to go when you want to find high-quality boats, accessories, and learn more about vacationing at the Lake of the Ozarks. Team Lasson considers it a great privilege to be one of the vendors at the event. We get to share our love for the Lake area and talk to guests about how easy it can be to get a vacation home mortgage at the Lake of the Ozarks. If you have not been to the Overland Park Boat Show before, here are a few things you may want to know about the event!


About the Lake of the Ozarks Marine Dealers Association

LOMDA (Lake of the Ozarks Marine Dealers Association) is made up of over 40 Lake of the Ozarks area marine dealers. These businesses make up all of the top lines of boats, marine accessories, docks, personal watercraft, and many other ways to promote fun on the water. The Lake of the Ozarks is a boater’s paradise in the Midwest, so recreational boating is a big deal here. LOMDA sponsors four large boat shows per year in Overland Park, Kansas, in January, St. Charles, Missouri, in March, Lake of the Ozarks In-Water show at Dog Days in April, and the September In-Water Show at Captain Ron’s.

Overland Park Boat Show Details

Location:
Overland Park Convention Center
6000 College Blvd
Overland Park, KS 66211

Schedule:
Thursday, January 23rd, 12pm - 9pm
Friday, January 24th, 12pm - 9pm
Saturday, January 25th, 10am - 9pm
Sunday, January 26th, 10am - 5pm

Admission Prices:
$9.00 for adults
$5.00 children age 6-12
Children 5 and under are free

$1.00 of each paid adult admission is donated to Kids’ Harbor Child Advocacy Center.

Overland Park Boat Show Exhibitors

There are some amazing exhibitors at the Overland Park Boat Show this year. If you are looking for a new boat, boat accessories, or other vendors specializing in lakefront activities, these exhibitors will have your back.

  • Advantage Marine
  • All About Boats
  • Big Thunder Marine
  • Bridgeport Sales & Rental
  • Formula Boats of Missouri
  • Iguana Marine Group
  • Kelly’s Port
  • Marine Concepts
  • Marine Max
  • Marty’s Marine
  • PDQ Marine Services
  • Performance Boat Center
  • Poly Lift Boat Lifts
  • Premier Motor Sports
  • Summerset Boat Lifts
  • Surdyke Yamaha
  • Village Marina & Yacht Club
  • Yacht Club Powersports


There will be many other vendors at the event as well. From businesses specializing in dock repair to the Chamber of Commerce, Convention and Visitors Bureau, and more. Of course, don’t forget that your favorite mortgage lenders at the Lake of the Ozarks will also be there!


Diving Into Lake Of the Ozarks Real Estate

If you have been considering purchasing a home at the Lake of the Ozarks, 2020 is your year! This has been an incredible time for homeowners to purchase a second home, whether it be an investment property or a vacation home. If you have been thinking about this decision, and you’ll be at the Overland Park Boat Show, we want to see you! Stop by our table and talk with us, we would love to meet you. If you are a go-getter, you can fill out the application on our website (www.YourLakeLoan.com) and get started on your pre-approval! Happy boat show weekend!

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, January 15, 2020

Tax Tips For Homeowners

Tax season is here, and if you are a homeowner, this can be an important time of year! It’s always important to touch base with your tax professional when you have questions about your taxes, but if you need to know what questions to ask or what to start thinking about, here are a few tax tips to keep in mind in as you get ready.


Start Looking Back and Planning Ahead

It’s time to start thinking about last year’s tax season in preparation for this year. You can dig out your 2018 tax return if you would like to review the detailed information of what you collected last year. There are things you will need to collect again this year regarding itemized deductions, business use of home or car and equipment depreciation. If you have questions about this, you can schedule an appointment with your tax professional or visit: https://www.irs.gov/.

Get Organized

Receipts, invoices, canceled checks, online bill pay or automatic deduction logs, mileage logs and other documents are needed to substantiate deductions. If applicable, you'll need to gather documentation for the following:

  • Charitable Gifts
  • Equipment Purchases
  • Memberships to Professional and Trade Organizations
  • Mileage for Business
  • Mileage for Volunteering
  • Office Supplies
  • Phone and Data Bills
  • Subscriptions to Professional and Trade Publications
  • Utility Bills (for Business Use of Home)


Start organizing your paperwork now so that when you need something specific you can find it.

Start Thinking Ahead for Next Year

If this year has you feeling frenzied, you can start an organization method to make next year easier. Start by creating a meaningful and easy-to-follow record system. Having one place to keep your documents can make it so much easier. Of course, that’s the easy part - the hard part is dutifully putting invoices, receipts, and other documentation in there as it comes in. You can utilize a file folder or box to make them easily accessible. Another option is to make use of electronic scanning and storage to help keep things in an easy to find location - but it could be a bit more time consuming if you don’t have a plan in place.

The Basics: Tax Benefits of Home Ownership In 2020

There are tax benefits available for people who buy or sell a home - and it can make it a great financial decision. There are various tax benefits put in place by the government to encourage consumers to purchase homes, which means that buying could be a great choice for you this year. There are two big areas where homeownership can really save money:

Interest Expense: Did you know that homeowners can deduct interest expenses on up to $750,000 of mortgage debt from their income taxes? Keep in mind that when you itemize these deductions, you forgo other deductions available - if you need the specifics, you can speak with your financial advisor or visit www.MortgageCalculator.org

Capital Appreciation: While the home increases in value during ownership, these gains are not taxed at the federal level. This means that homeowners can utilize exclusions in home appreciation when figuring capital gains.


Ready to Buy a Home in 2020?

If a plan for 2020 was to buy a vacation home at the Lake of the Ozarks, this is where Team Lasson can help. We have been assisting homeowners for over 20 years, and we are proud to help homeowners at the Lake of the Ozarks make their purchase. Whether you are planning to buy a vacation home or a primary residence, we would like to help you get started. Visit our website to learn more about our company as well as fill out the application! 2020 is going to be a great year to make your real estate dreams come true, and Team Lasson is looking forward to helping!

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, January 8, 2020

2020 Mortgage Considerations

2019 was a great year for buying a home, but if you weren’t able to make your purchase, all hope is NOT lost! 2020 is continuing on with the great interest rates, and awesome reasons to buy a home at the Lake of the Ozarks. Team Lasson wants to help you get your vacation home at the Lake of the Ozarks purchased and ready for you to enjoy as soon as possible, so here are a few things to keep in mind about mortgages in 2020, we think it’s pretty exciting!


Rates Are Still Low

If you were watching rates in 2019, you know that they were amazing. The good news is that rates are continuing to stay around the same low levels. There is no way to really predict exactly what the rates will do throughout the year, the only thing you can be sure of is what they are today and what you do about it.

The Home Search Could Be Hard

Realtor.com is predicting that in 2020, home inventory could reach a historic low as a steady flow of demand, especially for entry-level homes. If you’ve been considering purchasing a home at the Lake, NOW is the time to get started. Start by visiting our website at www.yourlakeloan.com and applying for your pre-approval, then find your real estate agent and start looking for your dream property. If there is going to be a shortage of homes and condominiums on the market this year, getting started early could be a huge advantage.

Get Prepared

The first and best thing you can do is to start getting prepared. This can include tracking your spending, saving up for the down payment, improving/maintaining your credit score, and getting pre-approved with Team Lasson. Start gathering documents like your tax returns, paychecks stubs, bank and asset statements, and W-2 information. If you want more information about preparing financially for your real estate purchase at the Lake of the Ozarks, you can check out our blog: New Year’s Resolutions that Help with Homebuying.


Now is a Great Time to Purchase

Mortgage rates have been at historic lows which makes it a great time to buy real estate. Team Lasson has enjoyed helping many homebuyers become homeowners over the past few months, and there’s still time to make that happen for you. If you have been hoping to buy a home at the Lake of the Ozarks, this really is a great season for it. With rates looking good, and a few more months before Summer starts, you can have the vacation home of your dreams just in time!

Visit our website (www.YourLakeLoan.com) to learn more about our business, as well as submit your application. We look forward to working with you!

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.