Tuesday, May 31, 2016

7 Best Practices for First-Time Home Buyers

For most first-time home buyers, purchasing a home with cash isn't an option. Therefore, you're going to need to secure a mortgage loan. In order to make that process smooth and simple, the best mortgage lender at the Lake of the Ozarks has put together a list of best practices for you to keep in mind:

1. Pay Off as Much Debt as You Can.


By paying off as much debt as you can before applying for a mortgage, you'll be able to keep your debt-to-income ratio low. Lenders will look at your income in comparison to everything you owe, like student loans, car payments, credit card debt, etc, to determine how much you can afford to borrow.  

2. Develop Good Credit Habits.  


Your credit score is a huge determining factor when it comes to getting a great mortgage loan at the Lake of the Ozarks. Missing payments on student loans or habitually paying your bills late will negatively affect your credit score. In turn, that can make securing a home loan more expensive or even impossible.

3. Consider Consolidating or Refinancing Student Loans. 


Sometimes paying off your debt, such as student loans, is nearly impossible to do before you're ready to purchase your first home. If you can't pay them off, look into getting the payment lowered. You'll have to make the decision on whether or not spreading out your loan payments over a longer period of time is worth it to get a home sooner.

4. Keep a Solid Work History. 


Your work history is a good indicator of how your income will be. If you can't hold a job for more than a few months, a lender is going to have a difficult time loaning you money. Your Lake of the Ozarks mortgage lender needs to know that you are going to continue to have a large enough income to cover the monthly mortgage payments. While you can't change the past, make sure to keep your current job until after you have closed on your new home.

5. Document Everything. 


Throughout the mortgage process, you're going to be required to document everything. Get in the habit now of keeping track of tax returns, bank statements, brokerage statements and any other documents that verify the source of all your money. You'll also be required to verify your employment and income, once at the beginning of the process and again just before the closing. 

6. Don't Apply For New Credit. 


One of the worst things you can do to jeopardize your mortgage approval is to apply for new credit. It can be tempting to purchase new furniture for your new home on your credit card. Or maybe you think you'll have enough cash left over for a down payment on a new car. Once the mortgage process is underway, refrain from financing any new purchases until after your mortgage is complete.

7. Save Cash for Upfront Costs. 


While you're getting a loan for the cost of the house itself, you're going to need some cash to cover other expenses that come with purchasing a home. In addition to your closing costs, you're going to need to pay for a home inspection, an appraisal, a survey and city, county or state transfer taxes. Most lenders will also ask for at least a year's worth of homeowners insurance and property taxes upfront.

As a first-time home buyer, you probably have a lot of questions and I'm here to help! When it comes to your Lake of the Ozarks home financing needs, I'm committed to working with you every step of the way. I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve.

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


Michael Lasson
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.

Tuesday, May 24, 2016

Mortgage FAQs Continued

Last week, your favorite Lake of the Ozarks mortgage lender brought you some FAQs about mortgages. In this blog, we're continuing that theme with a few more common mortgage questions and their answers:

9. What is Mortgage Insurance?


Answer: Mortgage insurance protects the lender from financial loss due to the homeowner not making their payments. It is required for mortgage transactions where there is little to no down payment made. If you make a down payment of 20% or higher, the insurance is not required because the lender is taking on less risk than if there's no down payment at all.

10. What Does My Mortgage Payment Include?


Answer: For most homeowners, a mortgage payment consists of 3 different parts: Principal, Interest and Taxes & Insurance.

11. How Much Cash Will I Need to Purchase a Home?


Answer: The amount of cash you'll need to purchase a home varies depending on a number of items. In general though, you'll need to supply cash for earnest money, a down payment and the closing costs.

12. What are Mortgage Points?


Answer: Mortgage points are divided into 2 categories: discount points and origination points. One point will generally cost 1% of the total amount that is mortgaged. You can purchase mortgage points to "buy down the interest rate." One point can generally reduce your interest rate by .25%, which can save the borrower a significant amount over the life of the loan. Talk to your mortgage lender to see if purchasing points is a smart decision for you and your unique situation.

13. What is an Escrow Account?


Answer: Your monthly mortgage payment includes a certain amount of money that's placed in a fund held by the mortgage company to pay your annual property taxes and insurance premiums. This fund is known as an escrow account.

14. Can I Still Qualify For a Mortgage After Having Filed for Bankruptcy?


Answer: While you may have to jump through more hoops, it is possible to qualify for a mortgage even after you've filed for bankruptcy. There are programs out there to help those who don't have great credit. Check out our blog, "Applying for a Mortgage After Bankruptcy" to learn more.

15. How Long Does It Take to Get a Mortgage?


Answer: The amount of time it takes from start to finish will vary depending on the situation and the lender. In general, a mortgage could be financed within 30-45 days of the application. However, it's important that prospective homeowners understand that there are many factors that can delay a mortgage approval. That's why it is very important to stay in contact with your lender throughout the entire process; responding promptly to questions your lender has for you can help to avoid some of the possible delays.

For any other mortgage questions you may have, contact the best mortgage lender at the Lake of the Ozarks at 573-746-7211. When it comes to your financing needs, I'm committed to working with you every step of the way. I'll discuss financing options, offer competitive interest rates and back it up with the FIRST Class Service you deserve!  

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


Michael Lasson
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.

Wednesday, May 18, 2016

Mortgage FAQs

Applying for a mortgage can be both exciting and nerve-racking. If you are a first-time home buyer, there a probably a lot of things about mortgages that you don't know or understand. Your Lake of the Ozarks mortgage lender is here to answer all of your questions about mortgages. Let's take a look at some frequently asked questions and their answers:

1. What Documents Do I Need to Provide to Apply For a Mortgage?


Answer: The documentation needs can vary depending on the loan type. However, in most cases you will be required to provide income, employment and asset verification. Your mortgage lender will provide you with a list of items needed for your specific loan situation.

2. What's the Difference Between a Pre-Qualification and a Pre-Approval?


Answer: A pre-qualification is a lender's judgment of your ability to make payments on your Lake of the Ozarks home loan, based on your verbal statements regarding your income, employment, credit, etc. A pre-approval on the other hand, is the underwriting condition that you are conditionally qualified and it is subject to the lender's review of the completed application and verification of your income, assets, employment history, credit check, appraisal and other determining factors.

3. What Credit Score Do I Need to Qualify for a Mortgage?


Answer: Generally speaking, you're a good candidate for a mortgage loan if you have a credit score of 680 or above. However, the higher you can get it over 700, the lower the rate you can qualify for. There are several things you can do to boost your credit score and help improve your chances of qualifying for a great home loan. Check out our blog, "7 Tips for Building Your Credit Score" to learn more.

4. How Do I Know Which Type of Mortgage is Right for Me?


Answer: One of the most frequently asked questions is about which type of loan to get. There are many different loan options to choose from. The type that's best for you and your situation depends on several factors including: your current financial picture and how long you plan to keep your house. It's best to discuss your options with a mortgage professional.

5. Are There Any Loan Programs That Don't Require a Down Payment?


Answer: There are some programs that do not require a down payment. Depending on your credit, employment history and other factors, you may or may not qualify for one of these programs. If a down payment is something you don't think you would be able to make, talk to your mortgage lender to see what programs might be available to you.

6. How Do I Figure Out How Much House I Can Afford? 


Answer: For a general rule, you can afford a home that's 2-3 times your annual household income. However, the amount you can borrow will be based on your credit history, employment history, your current debt-to-income ratio, and the size of your down payment. Talking to a mortgage professional at the Lake of the Ozarks will help you better determine how much you can afford for your specific situation.

7. What's the Difference Between a Fixed-Rate Loan & an Adjustable-Rate Loan?


Answer: With a fixed-rate mortgage, the interest rate stays the same over the life of the loan. With an adjustable-rate mortgage (ARM), the interest rate changes periodically. Your monthly payments with a fixed-rate will stay the same, while those payments with an ARM will likely change. There are advantages and disadvantages to both types. Read more about Adjustable-Rate Mortgages here.

8. What's the Difference Between Interest Rate and Annual Percentage Rate (APR)?


Answer: The interest rate is the rate you agree to pay for your home loan. It is used to determine the interest portion of your monthly payment. The APR includes both your interest rate and your prepaid finance charges to give you an average yearly rate.

Stay tuned next week for more common mortgage FAQs! For all your home financing needs at the Lake of the Ozarks, contact the best mortgage lender at the Lake of the Ozarks at 573-746-7211. I'll discuss financing options, offer competitive interest rates and back it up with the FIRST Class Service you deserve!

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


Michael Lasson
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, May 12, 2016

4 Prerequisites to Buying a Home

The home buying process is made up of a variety of variables. In order to get things done easily and efficiently, you need to have a plan. If you're thinking about purchasing a home at the Lake of the Ozarks, consider doing some things first to help set you up for success. Use this checklist of prerequisites to get you started on the right track to a smooth home buying process.

1. Improve Your Credit Score.


Depending on your timeline for purchasing a house, if you have time to improve your credit, you should. Your credit score is a huge factor in determining your mortgage interest rate. The better your credit score, the more likely you are to get approved and the better rate you're going to get. Anything below a 660 has room for improvement. If you have a credit score of 750 or above, you should be able to get a great deal. Improve your chances of securing a mortgage by pulling your credit report and making sure that you're not being penalized for old, paid or settled debts. From this point forward, make sure you don't do anything else to jeopardize your credit score. In other words, don't take out any new lines of credit or make any large purchases, and keep this up until after you've closed on the home.

2. Know How Much You Can Afford.


One thing that can get many first-time home buyers in trouble is not understanding the entire expense of owning a home. In addition to the mortgage payment, you need to consider taxes, insurance, utilities, repairs, etc. Not only does the amount you can afford affect you and your bank account, but your debt-to-income ratio is something that your Lake of the Ozarks mortgage lender will take a look at as well. As a general rule (each loan type has different requirements), you don't want your monthly home payment to exceed 31% of your monthly income. Improve your chances at a successful home purchase by trying on the payment in advance. To fully understand the financial obligation you'll be taking on, try setting aside your payment amount each month. By doing this well before you sign the papers, you'll be able to see if you can handle what you're signing up for before you're locked into it.

3. Increase Your Savings.


While it's important to have some money set aside for a downpayment, having a nice balance in your savings account is also a good idea. Your lender wants to see that you're not just living paycheck to paycheck, and that if some unexpected expenses come up, you'll still be able to make your mortgage payment. If you have enough set aside to cover several months' mortgage payments, you're a much better loan candidate. Improve your chances of getting the home of your dreams by setting aside some extra money each month. On average, you can expect to spend around 2.5-3% of the homes value annually, for upkeep, maintenance and repairs.

4. Get a Mortgage Pre-Approval.


If you're serious about purchasing a home, you need to make sure your finances are in order before you even start looking at houses. The pre-approval process not only gives you peace of mind that you can get a loan, but it shows the seller that you're serious. If you want the seller to accept your offer, they need proof that you will follow through and a pre-approval is a great way to show them that. In addition, the pre-approval process will reinforce the earlier step of deciding how much home you can actually afford. Just keep in mind that what the bank says you can afford, isn't necessarily what you're comfortable with paying.

If you're considering a home purchase in the near future, but aren't sure where to start, give me a call at 573-746-7211. As your trusted mortgage lender at the Lake of the Ozarks, I'm here to help with all your financing needs. We'll work together to find a Lake of the Ozarks home financing solution that works for you and your situation. I'll be there for you every step of the way to answer any questions and make sure the process runs as smoothly as possible.

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, May 6, 2016

Spend Mother's Day at the Beautiful Lake of the Ozarks!

Mother's Day is just a couple days away, and now is the time to make plans for this special day. What better way to show your wife or mother you love her, than a weekend getaway at the Lake? From spending time out on the water to shopping and great food, there's something for every woman to enjoy. The best mortgage lender at the Lake of the Ozarks has all the details you need to surprise that special woman with a great Mother's Day brunch!

Mother's Day Brunch at H. Toad's 

- May 8 


Your Mom is special and she deserves the best! Treat her to a spectacular brunch at H. Toad's Bar & Grill from 11 am to 3 pm, featuring an expansive and varied menu prepared by Chef "Red" Messinio, winner of the 2016 Silver Cup Challenge. Dine in relaxation to the sweet sounds of Those Guys, an H. Toad's favorite. Salads & starters include a fresh seafood bar, imported and domestic cheese display and gourmet antipasto spread and more! Brunch selections run the gamut from your favorite country breakfast items and baked goods to FIVE different meat or fish entree items with an additional carving station of herb crusted prime rib or slow roasted turkey...and we haven't even gotten to dessert yet! Reservations are not required but are highly recommended to ensure you get your choice dining time! Call 573-365-5620 to reserve your spot now. Tickets are $30 for adults, $26 for seniors 55+, $14 for children 6-12, and free for children under 5.

Mother's Day Brunch at Old Kinderhook - May 8 


Treat Mom to Mother's Day brunch at Old Kinderhook between 10 am and 3 pm. Some menu items include: Danish, Pastries, Muffins and Breads, Market Display Of Fruit & Cheese, Parfaits of Granola, Honey, Light Vanilla Yogurt, Strawberries & Blueberries, Waldorf Salad, Blue Point Oysters on the Half Shell, Chilled Snow Crab Legs, Chilled Gulf Shrimp, Back Yard Salad, Farm Fresh Eggs with Missouri White Cheddar, Applewood Smoked Bacon and country sausage links, Eggs Benedict, Creamy White Cheddar Grits, Slow Roasted Bone-In Prime Rib, Mrs. Christy’s Chicken, Cold Smoked Pork Loin, Salmon Wellingtons, Yukon Gold Whipped Potatoes & Country Gravy, Garlic & Herb Roasted New Potatoes, Broccoli & Cauliflower Au-Gratin, Lemon & Maple Glazed Carrots, Strawberry Cheesecake, White Chocolate Mousse, Lemon Tarts, Chocolate Eclairs, Carrot Cake. and Pecan & Caramel Fudge Brownies. Tickets are $35 for adults, $29 for seniors, $12 for children 5-10, and free for children 4 and under.

Mother's Day Brunch at The Lodge of Four Seasons - May 8 


Celebrate the blessing that is Mom with a tradition the whole family will love, The Lodge of Four Season's Mother’s Day Brunch from 9:30 am to 2:30 pm! Food will include salmon, oysters, eggs Benedict, gourmet omelet station, Cornish hens, child’s buffet, desserts & far too much more to list. Every year hundreds join for this joyful event, so reserve your table now by calling 573-365-8509. Tickets are $39.95 for adults and $19.95 for children ages 5-12.

Mother's Day Brunch at Tan-Tar-A

 - May 8 


Head over to Tan-Tar-A for a fabulous Mother's Day Brunch! The buffet will be held from 11 am to 3 pm in the Grand Ballroom. Reservations are required, so please call 573-348-8619. Tickets are $28.95 for adults, $19.95 for seniors 55+, $14.95 for children ages 5-12, and complimentary for children 3 and under.

Mother's Day Brunch at Inn at Grand Glaize - May 8


Celebrate Mother's Day at the Inn at Grand Glaize on Sunday from 10 am to 2 pm.  The menu features a Carving Station with Pineapple Honey Glazed Ham, Prime Rib, and More Favorites. items include Smoked Salmon, Made to Order Omelets, Scrambled Eggs, Applewood Smoked Bacon, Cheese Blintzes, a Waffle Station, Assortment of Breakfast Pastries, Lemon Glazed Tilapia, Chicken Florentine with Noodles, Macaroni and Cheese, Prince William Vegetable Blend, Garlic Roasted Scalloped Potatoes, Assortment of Salads, Array of Desserts, and a Fruit & Juice Display. Tickets are $21.95 for adults, $17.95 for seniors, $9.95 for children 5-12 and free for children under 5. For reservations call 573-348-4731.

Happy Mother's Day from your Lakelender! If you like to regularly visit the Lake area throughout the year, why not make it your home away from home? Consider purchasing a second home at the Lake of the Ozarks so that you can come for a vacation anytime you wish. As your Lake of the Ozarks mortgage lender, I'm here to help with all your home financing needs. Whether you're looking for a new home, second home or to refinance, I'm here to help 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.