Wednesday, August 26, 2015

7 Tips for Building Your Credit Score

Your mortgage lender at the Lake of the Ozarks uses your credit score to determine your financial trustworthiness. Therefore, your credit is a key factor in getting your Lake of the Ozarks home loan. Keep in mind that your credit score can't improve overnight; it takes time and planning. Even if you aren't thinking about buying a house for a couple of years, now is the time to start thinking about your credit score. Here are 7 ways to start working on improving your credit score today!

1. Keep Your Credit Card Balances Low.


One of the major factors in determining your credit score is your available credit, and how much of that available credit you're actually using. The smaller the percentage the better, with the optimum amount being 30% or lower. In order to boost your credit score, be sure you are paying down those balances and keeping them low. Another thing you might not know is that even if you pay your balance off in full each month, you might have a higher utilization rate than you think. Some issuers report the balance on your statement to the bureau. Therefore, you should see if your credit card issuer will accept multiple payments throughout the month in order to get that statement balance down.

2. Consolidate Your Credit Card Debt. 


Do you have multiple credit cards with small balances on each one? A good way to improve your credit score is to get rid of those nuisance balances completely. Another factor in determining your credit score is simply how many cards you have with balances. Therefore charging $20 on one card and $30 on another instead of using the same card can actually hurt your score. Gather up all those cards you have and pay off all the small balances now. Then select one or two go-to cards to use for everything from now on.

3. Don't Close Accounts or Open New Ones. 


Closing unused credit cards isn't going to raise your score. In fact, this could cause your utilization rate (mentioned in #1) to dramatically increase. Say you have two cards, each with $2,000 in available credit, so you have a total of $4,000 of credit available. The one card has a balance of $1,000 and the other a balance of zero. By closing the one credit card, your utilization rate has jumped from 25% to 50% and now you're ratio is over that optimum threshold. On the otherhand, you also don't want to just open a number of new credit cards that you don't need just to increase your available credit and reduce the utilization rate. This approach could backfire and actually hurt your credit score. Plus a rapid account buildup can look risky if you're a new credit user.

4. Don't Try to Remove Good, Old Debt from Your Report.


It's a myth that old credit is bad for your credit score. Once a debt is paid, such as a car loan, many people will call to try and get it removed from their credit report. However, old debt, as long as it is good debt that you've handled well and paid as agreed, is actually good for your credit. Plus, most of those debts will disappear after 7 years anyway. Leave old debt and good accounts on your credit report as long as possible. It shows that you are responsible, and can/will pay back the money that you borrow for your mortgage loan at the Lake of the Ozarks.

5. Always Pay Your Bills on Time.


If you're thinking about purchasing a home at the Lake of the Ozarks, you might be scrambling to save money. Don't let that savings spree get in the way of paying your monthly expenses. Be sure to pay all of your bills on time. If you're bad about paying your bills or paying them on time, it damages your credit and hurts your score. Even if you have a large sum of money in savings, a drop in your credit score due to not paying your bills on time could cause issues with your home purchase.

6. Avoid Showing Risk. 


Sometimes one of the best things you can do is avoid doing something that could sink your credit. Two of the biggest issues including missing payments and suddenly paying less (or charging more) than you normally do. You don't want to do anything that would indicate risk. For example, don't make any large purchases on a credit card or use a credit card in a way that would indicate financial stress, such as at a pawnshop or to hire a divorce attorney. It's important that your credit report reflects that fact that the bank loaning you money isn't taking a huge risk that you won't pay it back. They need to trust that you can pay back your loan in full, with timely payments.

7. Limit Your Rate Shopping Time Period. 


If you're searching for the best rates on a home loan, or any other loan for that matter, be sure to do all of your "shopping" within a specific time frame. FICO scores distinguish between a search for a single loan and a search for many new credit lines. This is in part determined by the length of time over which the credit inquiries occur. The closer your inquiries are together, the better it looks on your credit score.

In general, building your credit score is about fixing errors in your credit history and then maintaining a consistent, good credit history from there on out. Rasing your credit score after a poor mark or building credit for the first time will take patience and discipline. If you're thinking about applying for a home loan at the Lake of the Ozarks anytime soon, contact me at 573-746-7211. As your Lake of the Ozarks mortgage lender, I'll work with you every step of the way!

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


Michael Lasson
Sr. Residential Mortgage Lender
NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049

Direct:  (573) 746-7211

Email:  mlasson@fsbfinancial.com

**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, August 20, 2015

Who's Ready for the Annual Lake of the Ozarks Shootout?

With just one week until the largest unsanctioned boat race in the Midwest, the Lake of the Ozarks is gearing up for a great event! For 2015, we have even more activities planned, making this year the biggest and best yet! Join us at the Lake of the Ozarks August 21-30 for the Annual Lake of the Ozarks Shootout! Your Lake of the Ozarks mortgage lender is here to share everything in store for you this year:

FRIDAY - August 21

  • 2nd Annual Border Xpressions Shootout Pontoon Poker Run 
  • 6th Annual Mini Shootout - at Papa Chubby's on the 26 MM
    • 5 PM Registration and Meet & Greet 
    • 6-10 PM DJ Captain Mark 
  • 7-11 PM Live Entertainment with Soca Juke Box at Captain Ron's 

SATURDAY - August 22

  • 6th Annual Mini Shootout - at Papa Chubby's on the 26 MM
    • 9 AM - Noon - Practice Runs 
    • Noon - 1 PM - Lunch and Open Swimming
    • 1-5 PM - Splash Runs and the Bounty Race
    • 7-11 PM - Live Entertainment 
  • 7-11 PM Live Entertainment at Captain Ron's 

SUNDAY - August 23

  • 7th Annual 2015 Shootout Benefit Golf Tournament
    • Price: $125 per Person or $500 per Team
      • Includes Box Lunch, Golf Cart and Lots of Prizes 
    • Noon - Registration and Lunch 
    • 1 PM - Shotgun Start 
    • Awards Party Immediately Following Golf Tournament

MONDAY - August 24

  • The Great Shootout Treasure Hunt at Captain Ron's and Buccaneer Bay
    • 5-6 PM - Dinner and Drinks On Your Own
    • 6-7 PM - Explanation of Rules and Treasure Hunt
    • 7 PM - Live Entertainment with Sax on the Beach at Captain Ron's 
    • 7-8 PM - Checkout and Presentation of Awards 


TUESDAY -  August 25

  • Shootout Volleyball Tournament at Captain Ron's 
    • 4-8 PM Volleyball Tournament 
    • 6 PM - Live Entertianment
    • 6 PM - Hall of Fame Dinner at The Stables

WEDNESDAY - August 26

  • Shootout on the Strip Meet & Greet 
    • 8 AM - 4 PM - Vendor Booth and Racer Village Setup on Strip
    • 2-3 PM - Drivers Line Up 
    • 4 PM - Drivers Roll onto the Strip 
    • 5-10 PM - Street Party Open to the Public 

THURSDAY - August 27

  • 8 AM - 4 PM - Vendor Booth and Racer Village Setup at Buccaneer Bay 
  • 12-4 PM - "Make-A-Wish" Powerboat Rides on Dock 3 
  • 4-9 PM - Poly Lift Poker Run Registration and Kick-Off Party at Performance Boat Center
  • 4-9 PM - Meet & Greet with the Racers at Performance Boat Center
  • 6 PM - Stereo Shootout at Camden on the Lake
  • 5-9 PM Shootout Benefit Auction at Performance Boat Center

FRIDAY - August 28 

  • 7:30 AM - 10 PM - Poly Lift Poker Run - Registration, Breakfast and Start at Backwater Jacks
  • 8-11 AM - Captain Ron's Open for Breakfast 
  • 9-5 PM - Vendor Booths and Racer Village Open to the Public at Buccaneer Bay 
  • 12-4 PM - On-Site Racer Registration on Cannonball Beach
  • 12-4 PM - Safety Inspections & Class Identifications on Dock 4 and Cannonball Beach
  • 7-11 PM - Live Entertainment with Kricket Alley at Captain Ron's 
  • 11PM - Close - Music with DJ Kyle at Captain Ron's

SATURDAY - August 29 

  • 8-11 AM - Captain Ron's Open for Breakfast
  • 8AM - 4 PM - Racer Registration on Cannonball Beach
  • 8 AM - 4 PM - Safety Inspections & Class Identification
  • 8:30-9:30 AM - PWC Classes Run 
  • 9 AM - 5 PM - Vendor Booths and Racer Village Open to the Public at Buccaneer Bay 
  • 10 AM - Opening Ceremony / National Anthem
  • 11 AM - Noon - Manufacturer Classes have Priority Runs
  • Noon - 2 PM - Professional Classes have Priority Runs
  • 1:45 PM - Flying Performance
  • 1:55 PM - Drag Race 
  • 2-4 PM - Non-Professional Classes have Priority Runs
  • 7-11 PM - Live Entertainment with Kricket Alley on the Barge at Captain Ron's 
  • 11 PM - close - Music with DJ Kyle at Captain Ron's 

SUNDAY - August 30 

  • 8 AM - 3 PM - Registration at Cannonball Beach
  • 8 AM - 3 PM - Safety Inspections & Class Identification
  • 9 AM - 4 PM - Vendor Booths and Racer Village Open to the Public at Buccaneer Bay 
  • 10 AM - National Anthem
  • 10-11 AM - Professional Classes have Priority Runs
  • 11 AM - Noon - Manufacturer Classes have Priority Runs
  • Noon - 1 PM - Non-Professional Classes have Priority Runs
  • 1-2 PM - Professional Classes have Priority Runs
  • 1:45 PM - Flying Performance
  • 1:55 PM - Drag Race 
  • 2-3 PM - Open for Final Runs
  • 4 PM - Awards Ceremony 
  • 4 PM - Vendors May Start Taking Down 

All proceeds from the 2015 Lake of the Ozarks Shootout will benefit Lake Area Rescue Teams and other charitable organizations! As you enjoy this year's Shootout event, think about how nice it would be to have a second home at the Lake of the Ozarks to stay in. Rather than paying for a hotel or condo rental for the week, you would have your own place to come to each year, anytime you like. For more information on how to get a home loan at the Lake of the Ozarks, contact us at 573-746-7211.

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


Michael Lasson
Sr. Residential Mortgage Lender
NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049

Direct:  (573) 746-7211

Email:  mlasson@fsbfinancial.com

**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, August 14, 2015

Will the Federal Reserve Increase Rates This Fall?

When it comes to your mortgage at the Lake of the Ozarks, one of the most important aspects is the rate. There's been a lot of talk recently about changes in interest rates, that they could possibly be increasing soon. With economic conditions in the United States getting back to normal, the Federal Reserve should be making a decision soon. The September meeting remains a possibility for lifting rates for the first time in nine years!

Dennis Lockhart, President of the Federal Reserve Bank of Atlanta


According to the Wall Street Journal, Lockhart said on Monday that the Fed is close to raising short-term interest rates. This change could happen as soon as September due to the economy "approaching an acceptable normal." In a speech Lockhart stated, "the point of liftoff is close." He also said to be convinced of holding off, there would need to be a significant deterioration in economic conditions. He said he has more confidence in the economies resilience compared to a few months ago. However, he also reiterated that there is not set date for the increase and the decision will be data dependent. The increase will also be gradually, likely something less frequent than every single meeting. 

Jerome Powell, Federal Reserve Governer


According to CNBC, Powell said on Wednesday that he's still unsure whether interest rates should rise. While the labor market remains solid, inflation was still "well below" the Fed's targets. He also stressed that the path for rates is more important than the timing of the first hike in rates. His views came after Lockhart stated his position on the matter. In conclusion, Powell said "the time is coming" for a rate hike, as long as the data bears out.

This debate on Wall Street is centered around whether rates will increase at the September or the December meeting. Either way, the time for a rate increase is coming and it could affect the rates that we are able to offer on your Lake of the Ozarks home loan. Now is a great time for potential home buyers to get in on historically low rates before they rise. There's potentially a very small window of opportunity - so give the best mortgage lender at the Lake of the Ozarks a call at 573-746-7211 today!

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


Michael Lasson
Sr. Residential Mortgage Lender
NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049

Direct:  (573) 746-7211

Email:  mlasson@fsbfinancial.com

**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, August 6, 2015

Planning and Saving Tips for Buying a House

Buying a house is one of the largest investments you'll ever make. It takes time and planning to save up enough for the downpayment and all the other upfront costs associated with purchasing a home at the Lake of the Ozarks. Here are a few tips to keep in mind if you're planning to be in the market for a new home in the near future.

Mortgage Planning Tips


Building sound finances and a solid credit score before you buy will allow you more freedom in choosing the home you want. Not only will it help you to afford more home, it will also help you compete better in the market for the house you want, make it easier to handle the up-front costs and reduce the stress that comes with such a big decision.
  1. Saving for a higher downpayment could mean lower APR and payments. 
  2. Maintaining a steady and reliable income will improve your standing with the lender. 
  3. Combining your stated income with a partner or spouse can be an advantage. 
  4. Consistently paying your bills on time and limiting your debt helps improve your credit score. 

Saving for a New Home


Planning to start saving up for a new home is a lot easier said than done. There are several things you can start doing now to get you on the right track. Here are a few tips to get started saving today!
  1. Open a Separate Savings Account - One of the biggest issues with trying to save money is having it easily accessible. By opening a separate savings account for your new house, it will be easier not to dip into the money whenever you feel you need a little extra for something. 
  2. Review Your Spending Habits - How much money do you spend on Starbucks each week? How many times do you eat out in a month? While it may not seem like you're spending that much on any given day, those little amounts can add up quickly. Look over your spending for the last month and see where you could make some cuts to help with your savings efforts. 
  3. Create a Budget - To save money, you need to spend less than you earn. By setting up a budget and allocating a certain amount of money to each of your monthly expenses, it's easier to stay on track. Electronic bill pay is a great tool to use. There are also several great budgeting programs out there to help you get started! 
  4. Start Living Frugal - In addition to cutting back to just the necessities, look for items that are on sale and start cutting coupons. Just like those cups of coffee can add up, so can saving 50 cents here or there on the things you're already buying. 
  5. Save Any and All Extra Money - When you receive that end of the year bonus or your annual tax return, it's easy to want to splurge a little. Rather than spending that money, add it to your home savings. This will help you increase your savings faster, while not cutting into your regular monthly budget. 
  6. Consider Downsizing Before Upsizing - If you don't have kids and can afford to have less space temporarily, consider downsizing. Moving from a two-bedroom apartment to a 1-bedroom apartment could save you as much as 20-30% on rent. That extra money you would have been spending on rent, can now go towards your house savings. 
  7. Try Working More - Saving more is easier to do when you're making more. If time allows, consider getting an extra, part-time job for awhile. You can also consider starting an at-home business, for example selling crafts, quilting or babysitting. 

While you may be working hard to save up enough money for a downpayment, you're still going to need financing. As your Lake of the Ozarks mortgage lender, it's my job to find a loan that you can comfortably afford. When it comes to your financing needs, I am here to help every step of the way. Contact me today at 573-746-7211 to discuss your Lake of the Ozarks home loan options and start planning for that new home!

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


Michael Lasson
Sr. Residential Mortgage Lender
NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049

Direct:  (573) 746-7211

Email:  mlasson@fsbfinancial.com

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