Wednesday, February 28, 2018

7 Tips for First-Time Home Buyers

Buying a home involves a lot of preparation, planning and work. From the mortgage pre-approval to finding a home and closing on it, there are several steps that need to be completed. For a first-time home buyer, this process can be overwhelming. Your Lake of the Ozarks mortgage lender is here to help make it easier on you with these home buying tips.

1. Start Saving Early. 


No matter when you plan on purchasing your first home, start saving now. The more money you have saved up for a down payment, the better deal you're likely to get. While there are programs out there that allow for a lower down payment than the traditional 20%, you want to save up as much cash as possible to cover not only the down payment but also closing costs and any unexpected expenses that may come up. You also don't want to drain your savings to buy your first home, so it's important you keep a separate fund for emergencies.

2. Determine How Much You Can Afford. 


While the house hunting process can be super exciting, don't jump in too soon. You'll first want to make sure you know how much you can afford in a home. The best way to do this is to get a Lake of the Ozarks mortgage pre-approval. Keep in mind that just because you are approved for a certain amount, that doesn't mean you should spend that much on your house. Make sure that you are comfortable with what the monthly mortgage payment will be after taxes, insurance, etc. are added in.

3. Keep Your Credit in Check. 


Your credit score has a big impact on your mortgage approval and the rates that you qualify for. Not only do you want to check your credit before applying for a mortgage to make sure there aren't any mistakes on your report, you want to ensure your credit situation doesn't change during the process. That means pause any credit activity until after the closing on your new home at the Lake of the Ozarks. New credit inquiries can ding your credit and increased credit limits can affect your debt-to-income ratio. Make sure you don't rack up a bunch of purchases, like buying new furniture or incurring additional charges on your existing credit cards. Changes like this could cause delays or complications with your mortgage approval.

4. Research Your Mortgage Options. 


There are a wide variety of Lake of the Ozarks home financing options out there. You'll want to do some research to determine what the right program is for you. Don't worry, your mortgage professional at the Lake of the Ozarks can help you with this step. Together you will discuss your options and choose the best mortgage for your situation. As a first-time home buyer, we do offer the First Place Loan Program that includes cash assistance for down payment and closing costs.

5. Find the Right Buyer's Agent. 


Finding a good real estate agent is just as important as finding the right lender. You will be working closely with both your lender and agent during the home buying process and you want to make sure you're working with people you can trust. You want a buyer's agent that has experience, is highly skilled, motivated to work for you and is knowledgeable about the area. A good buyer's agent will help you find a home that meets your needs and fits your budget. You want someone that's willing to negotiate for you, and is good at it. Ask your friends, family and even your lender for recommendations on a local real estate agent, but you should interview a few of them before making your decision.

6. Be Willing to Compromise. 


When it comes to buying a home at the Lake of the Ozarks, it's easy to get swept up in all the excitement. Make sure that you are making your decisions based on more than just your emotions. Be willing to compromise when needed. While you don't want to be too picky, you also need to be realistic. When your funds are limited, you might have to take some items off your wishlist. Be sure that you're not lacking vision. If you find a home that meets your needs, you can always change the paint color or replace the flooring down the road. Don't let physical imperfections turn you away from a great deal on a new home.

7. Get a Home Inspection. 


The home inspection is something that, as a buyer, you don't want to skip out on. You want to make sure you know exactly what shape the house is in before you close on it. One of the worst things that can happen to a first-time home buyer is to close on a home and then find some major problems after the fact that could be costly. Any issues that come up during the inspection are leverage for the buyer to negotiate repairs or a reduced price with the seller. If something major comes up on the inspection, you will have saved yourself the headache of investing in a money-pit.

If you're ready to take the plunge and become a first-time home buyer, I'm here to help you every step of the way. As your Lake of the Ozarks mortgage lender, I'll discuss your financing options, offer competitive interest rates and back it up with the first-class service you deserve. Give me a call today at 573-746-7211 to get started today!

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211



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

Thursday, February 22, 2018

Understanding Private Mortgage Insurance

If you're in the market to buy a new home at the Lake of the Ozarks, you've likely heard of private mortgage insurance or PMI. Many prospective homeowners, however, don't necessarily understand what it is or how it works. Today's blog from your Lake of the Ozarks mortgage lender dives into private mortgage insurance to get your questions answered.

What is Private Mortgage Insurance? 


Private Mortgage Insurance, or PMI, is an insurance that protects the lender if the borrower stops making payments on their loan. It ensures the lender doesn't lose money if the borrower's house ends up in foreclosure. On the buyer's side, it's beneficial because it allows you to purchase a home sooner, without having to wait to save up a hefty down payment. It's important to understand that this insurance does not protect the borrower in the event that you run into problems paying your mortgage. PMI rates can vary from person to person and are varied depending on different factors, including, but not limited to debt-to-income ratio, credit score and loan-to-value amounts.

How Does PMI Work? 


If you purchase a home with less than a 20% down payment, PMI will likely be required by your mortgage professional at the Lake of the Ozarks. The PMI premium payment is included in your monthly mortgage payment, in addition to your principal, interest, property tax, and homeowners insurance. In most cases, you can cancel your PMI insurance policy once you have built up enough equity in your home. Be sure to contact your lender once you've reached that point to discuss removing the premiums from your monthly payment.

As your local mortgage professional, I'm here for all your Lake of the Ozarks home financing needs. I'll discuss your options, address your concerns, offer competitive rates and back it up with the first-class service you deserve. Whether you're in the market for your first home, a new home or to refinance your home at the Lake of the Ozarks, I'm here to help! 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.

Monday, February 12, 2018

5 Common Credit Report Errors to Watch For

When it comes to applying for a mortgage loan at the Lake of the Ozarks, your credit score and credit report play an important role in the approval process. In addition to getting approved, your credit score can also affect the terms of your loan. Unfortunately, credit report errors are quite common, therefore, it's important to review your credit report before applying for a home loan to make sure all the information is current and accurate. Keep reading to learn about some of the common credit report errors you should watch for.

1. Incorrect Personal Information. 


The first thing you'll want to check on your credit report is that all the personal information is correct and current. Many people have very similar names and, therefore, their information can easily get mixed up. Ensure that your name is spelled correctly and that your middle initial and/or middle name is listed. Also be sure to review your address, employment information and your SSN. 

2. Duplicate Accounts. 


When reviewing your credit report, check for accounts that are listed more than once. Duplicate accounts make it appear like you have more open credit than you actually do. It also shows that you have more debt than you actually do. Review all the accounts on your credit report for accuracy, ensuring each one is only listed once and that all the accounts do in fact belong to you. 

3. Old Bad Debts. 


After 7 years, credit reporting companies are supposed to remove any bad debts from your credit report. Ensure that anything over 7 years old is no longer listed on your credit report. If you've ever filed for bankruptcy, those discharged debts should also be removed from your credit report. However, your bankruptcy will show on the credit report. 

4. Debts from an Ex-Spouse. 


If you are currently going through or recently obtained a divorce, be sure to remove your name from any joint accounts. This will prevent you from being liable for future debts. Check your credit report after the divorce is final to make sure no new debts from your ex-spouse have been added to your record. Notify the credit reporting companies if any information is incorrect and needs to be removed. 

5. Incorrect Accounts. 


There are a variety of situations that can result in incorrect accounts being listed on your credit report. One issue relates to identity theft, when someone uses your personal information to open a new credit account. Another issue is when a closed account is still being listed on your credit report. In addition to making sure there aren't any incorrect accounts, be sure to check for accounts that are incorrectly reported as late or delinquent. This can happen if a payment is applied to the incorrect account. 

Make sure you report any errors on your credit report to the credit reporting agencies. If you notice discrepancies once you've already begun a mortgage application, be sure to communicate those errors with your mortgage lender at the Lake of the Ozarks. For more information about how your credit report and other factors can affect your Lake of the Ozarks home financing, give us 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, February 8, 2018

Celebrate Valentine's Day at the Lake of the Ozarks

Valentine's Day is just around the corner and love is in the air! How will you be celebrating with that special someone this year? Your Lake of the Ozarks mortgage lender has the details on all the great local places to celebrate. Keep reading for some ideas and start making your plans today!

Valentine's Day Dinner at HK's - February 9, 10 or 14 


Head over to The Lodge of Four Seasons for a delectable Valentine's Day Dinner, available February 9th, 10th and 14th starting at 5 PM each night. Start your evening off with succulent crab cakes, lobster bisque or a sweetheart salad, then move on to the entree choices of surf and turf, classic steak Diane or pan roasted sea bass. If there's room for dessert, HK's chocolate covered strawberry cheesecake should do the trick! Make your Valentine's Day Dinner memorable at HK's. 

Free Wedding Vow Renewal at Bridal Cave - February 11 


Bridal Cave cordially invites you to celebrate Valentine's Day at the cave to renew your wedding vows! On Sunday, February 11th between 9 AM and 4 PM take the opportunity to profess your love to one another once again. Each couple will receive fresh flowers for the bride from Janine's Flowers, a wedding portrait available for download online from Lindsey Webster Photography, a goodie bag with Lake area discounts and a lifetime pass to Bridal Cave at NO CHARGE! 

Romantic Valentine's Day Dinner at Seven Springs Winery - February 14 


Enjoy a romantic Valentine's Day Dinner at Seven Springs Winery with 3 courses featuring: a Caesar salad, 10 oz K.C. strip and lobster tail, with garlic mashed potatoes, asparagus and turtle cheesecake for dessert. Dinner will be served from 5 PM to 8 PM at $99 per couple. Make your reservations today by calling 573-317-0100. 

Valentine's in the Cavern - February 14 


Stark Caverns is please to announce that they are partnering with Shawnee Bluff Winery and Vineyard for a special Valentine's Day event. Valentine's in the Cavern will offer a special two-hour food and wine experience in an unbelievable setting on the evening of February 14th beginning at 5:30 PM. Stations setup throughout the cave will feature wine and appetizers from Shawnee Bluff. Anticipate music, romantic photo opportunities and of course chocolate, for an evening to remember. Tickets are just $35 per person. Call Stark Caverns at 573-369-3306 to make reservations.

Valentine's Day at Camden on the Lake - February 14-17


Head over to H. Toad's Bar & Grill for a special couple's meal for $99 either February 14, 15, 16 or 17. Call 573-365-5620 to make reservations. 

Valentine's Dinner for Two - February 16 


Enjoy an evening of dinner and dancing at the Ozark Yacht Club Anchor Room from 7-11 PM on February 16. There will be live music, a photo opportunity and a red rose for the ladies! Tickets are $49.99 per couple. Please RSVP by calling 573-552-8401. 

Speaking of love, would you love to purchase a new home this spring? Or would you love to reduce your mortgage interest rate or monthly mortgage payment? Talk to me about a new home loan or refinancing your home at the Lake of the Ozarks. As your mortgage lender, I'm here to work with you every step of the way. From discussing your options to offering competitive interest rates, I'm here for all your Lake of the Ozarks home financing needs!

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.