Monday, December 18, 2017

Get Ready for the January Boat Show!

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

Overland Park Boat Show


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

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

Living the Lake Life


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

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

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211

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







Christmas at the Lake of the Ozarks

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

Holiday Lights at the Lake of the Ozarks


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

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

Christmas Village at Old Kinderhook 


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

Christmas Eve & Christmas Day at J. Bruner's 


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

Christmas Dinner at HK's Restaurant 


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

Christmas Day Buffet at Tan-Tar-A 


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

When you own a second home at the Lake of the Ozarks, you can enjoy the spectacular Lake events all year round! From Easter and 4th of July to Thanksgiving and New Year's Eve, there's always something fun happening at the Lake of the Ozarks. To discuss your Lake of the Ozarks home financing needs, give Lakelender Michael Lasson a call at 573-746-7211 today.

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211

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




Friday, December 15, 2017

Why is There So Much Paperwork Required for a Mortgage?

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

New Government Guidelines


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

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


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

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

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

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211

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






Friday, December 8, 2017

Understanding the Mortgage Loan Approval Process

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

Pre-Qualification 


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

Pre-Approval 


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

Processing


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

Underwriting 


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

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

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211

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




Friday, December 1, 2017

Buying a Home Without a Bunch of Cash

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

How to Receive a Gift 


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

Asking the Seller for Help 


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

Building Your Personal Reserve 


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

As your local mortgage lender, I'm here to work with you every step of the way. Together, we will discuss your Lake of the Ozarks home financing options. I'll offer competitive interest rates, and back it up with the first-class service you deserve. To get started with the Lake of the Ozarks mortgage process today, give me a call at 573-746-7211 today!

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211

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





Monday, November 20, 2017

Celebrating Thanksgiving at the Lake of the Ozarks

Can you believe it’s already the middle of November? Thanksgiving is almost here and there’s no better place to spend it than the beautiful Lake of the Ozarks! Your Lake of the Ozarks mortgage lender has all the details on where to eat and what to do this Thanksgiving holiday at the Lake.

Places to Eat on Thanksgiving


Many local restaurants will be serving up a delicious Thanksgiving feast on Thursday, November 23rd. If you don’t feel like cooking or cleaning this year, head over to one of these places:

1. J. Bruner’s Restaurant
Enjoy a Thanksgiving dinner featuring a traditional turkey dinner or their famous steak and seafood menu. The restaurant opens at 3 pm and reservations are recommended.

2. Tan-Tar-A Resort
Enjoy a traditional Thanksgiving buffet with all the trimmings, without stepping foot in the kitchen! The buffet will run from 11 am to 5 pm and reservations are required.

3. The Trophy Room at Old Kinderhook
Enjoy a delicious Thanksgiving Dinner at Old Kinderhook. The restaurant will be open from 11 am to 4 pm and reservations are required.

4. HK’s Restaurant & Bar at The Lodge of Four Seasons
The Lodge of Four Seasons will hold their annual Thanksgiving Brunch in the HK’s dining room on November 23rd from 11 am to 2 pm. Call for reservations.

5. J D Waddles Restaurant at Inn at Grand Glaize
Join family, friends and new acquaintances at the Inn at Grand Glaize for a traditional Thanksgiving feast from 11 am to 3 pm. Reservations are recommended.

6. H. Toad’s Bar & Grill at Camden on the Lake
Enjoy a featured 3-course Thanksgiving menu where guests can choose from the delectable starters, entrees and desserts for just $35. The restaurant will be open from 11 am to 5 pm and reservations are suggested.

Things to Do Thanksgiving Weekend


Thanksgiving weekend is the kick-off to the holiday season, and there’s no shortage of fun-filled holiday events happening at the Lake of the Ozarks!

1. Drive-Thru Holiday Light Parks
Beautiful light displays will be set up across the Lake area starting Thanksgiving weekend. While donations are gladly accepted, these holiday light parks are free to attend. Be sure to check these out:
  • ·        Enchanted Village of Lights at the Laurie Fairgrounds – Open Nightly from 5-9 pm (10 pm on the weekends)
  • ·        St. Patrick’s Festival of Lights at Shrine of St. Patrick / Mother’s Shrine – Open Nightly from 6-10 pm
  • ·        Versailles Unity Circle of Lights at Versailles City Park – Open Nightly starting November 25 from Dusk until Midnight
  • ·        Osage Beach Holiday Lights at Osage Beach City Park – Open Nightly starting November 25

2. Christmas Village at Old Kinderhook
Every weekend (Fri-Sun) from Thanksgiving through Christmas Eve, the Christmas Village at Old Kinderhook will offer horse drawn carriage rides, gingerbread house decorating, tree lighting and tree trimming gatherings, Santa & Mrs. Clause, Elf storytelling, S’mores around the fire pit, spa features, fun games for the family, great food and great company, and ice skating with a special guest!

3. Deck the Docks Holiday Light Cruises
Come out and enjoy the Christmas lights on the lake for the 7th Annual Deck the Docks to benefit Dogwood Animal Shelter. There will be complimentary appetizers donated by local restaurants, as well as live entertainment donated by local entertainers. Learn more at: www.cruiselakeoftheozarks.com.

4. Christmas on Main Street
The Main Street Music Hall is celebrating the spirit of the holidays with a Christmas on Main Street. Enjoy your favorite songs with a night of laughter, as Gabby Gumm and our talented cast give you that warm fuzzy feeling you used to get as a kid. It’s guaranteed entertainment for everyone, no matter your age. The show opens November 24th. Call for show times and tickets.

5. Annual Lighted Christmas Parade in Laurie
The Lake West Chamber of Commerce will present the 16th Annual Lighted Christmas Parade on Saturday, November 25th beginning at 6 pm. The parade will start at the Central Bank in Laurie and travel north on Hwy 5 to the Terrace Mall. This year’s theme is “The 12 Days of Christmas.”

If you enjoy spending time at the Lake, consider relocating or investing in a second home at the Lake of the Ozarks. Then you’ll be able to participate in all the fun events happening all year round! For information on Lake of the Ozarks home financing, contact Lakelender Michael Lasson at 573-746-7211. I’ll discuss your 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
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, November 16, 2017

How Interest Rates are Determined on a Macroeconomic Level

When you purchase a home and take out a mortgage at the Lake of the Ozarks, you will be paying back that loan with interest. An interest rate is the cost of borrowing money, and it varies from situation to situation. While the specific interest rate you will be offered takes many factors of your personal life into consideration, outside influences affect what interest rates are available at a certain point in time. Prevailing interest rates are always changing, but why? Today’s blog takes a look at the bigger picture of how interest rates are determined on a macroeconomic level.

The Federal Reserve



The Federal Reserve is the Fed’s monetary policymaking body. While it is an instrument of the U.S. government, it is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government. It is charged with maintaining the stability of the nation’s financial system, by taking action to raise or lower short-term interest rates in an effort to keep things stable. The Federal Reserve sets the “Federal Funds Rate”, which is the rate that institutions charge each other for extremely short-term loans. This rate slowly trickles down into other short-term lending rates, such as mortgages. When the Fed Funds Rate increases, eventually, so do mortgage rates.

The Condition of the Economy


How well the economy is doing is a factor that the Federal Reserve looks at when determining whether to raise or lower the Federal Funds Rate. When the economy is doing well or growing, companies are profitable, unemployment is low and consumers are spending money, the Fed acts to raise short-term rates in an effort to slow the economy from growing too quickly and increasing inflation. Inversely, when the economy is contracting or slowing too much, the Fed acts to lower the Federal Funds Rate in an effort to speed up the economy by making it easier for consumers and businesses to borrow money. This keep people employed and keeps the economy from sinking into a recession.

Supply and Demand


Another economic factor that comes into play is the supply and demand of credit. The supply of credit is increased by an increase in the amount of money that’s made available to borrowers. For example, when a consumer opens a bank account, depending on the type of account, that bank can use that money to lend out to other customers. An increase in supply of credit can reduce interest rates, while a decrease can raise them. Conversely, an increase in the demand for credit can raise interest rates, while a decrease in demand can lower them.

As a borrower, it’s important for you to understand these changes. Your Lake of the Ozarks mortgage lender doesn’t personally determine the rates available to you. Your rate is determined by an array of factors, economic and personal. To learn more about what interest rates are available to you at this time, talk to a mortgage professional. Give Lakelender Michael Lasson a call at 573-746-7211 today! 

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211

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



Friday, November 10, 2017

Understanding the Mortgage Payment Process

When you purchase a home, unless you're one of the lucky few that can afford to pay cash, you're going to need to take out a home loan. Your mortgage lender at the Lake of the Ozarks will discuss your options with you, offer competitive interest rates and eventually settle on a monthly mortgage payment. While many people pay their mortgage every month, not everyone understands how that payment process works. Keep reading to learn about amortization and how paying off your mortgage works.

How Mortgage Loans Are Paid Back 


Mortgage loans are paid off through what is known as a "mortgage amortization process." Over the life of the loan, each payment is first applied to the interest accrued during the current payment period, and then to reducing the outstanding principle amount. With this payment schedule, after 30-years, you'd end up paying close to double your initial mortgaged amount. What looks and seems like a low rate could add up to hundreds of thousands of dollars over the course of thirty years. Therefore, if you're financially capable, you might consider paying off your mortgage faster. Talk to your trusted Lake of the Ozarks mortgage lender to see if there are any penalties for paying off your mortgage early.

Should I Pay Off My Mortgage Faster?


Who wouldn't want to pay off their mortgage faster? Living a debt-free lifestyle is something many Americans strive for. However, it's not always possible for everyone. The question shouldn't be, "do I want to pay off my mortgage faster," but rather, "can I pay off my mortgage faster?" Do you have the financial ability to set aside more money for a larger mortgage payment each month? Keep in mind that your mortgage likely has a lower interest rate than other debts such as credit cards. Determine what the best use of your money is before choosing to pay off your mortgage faster. Paying off your mortgage faster also has tax implications on your mortgage deduction. For advice on how to pay off your mortgage faster, check out our previous blog titled, "How to Pay Off Your Mortgage Faster."

If you don't currently have a mortgage you're working to pay off, but are considering purchasing a home at the Lake of the Ozarks, give me a call at 573-746-7211. Together, we will discuss your options, I'll offer competitive interest rates and back it up with the first class service you deserve. With my help, you'll be in your dream home at the Lake of the Ozarks in no time!

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.