Thursday, July 11, 2019

Learning Mortgage Jargon

Vocabulary surrounding mortgages can confuse the best of us. Whether you have purchased many homes, or you’re buying your very first vacation home at the Lake of the Ozarks, having a helpful guide is always welcome. Team Lasson wants to make your mortgage process as easy as possible. If that means you need a quick guide to language and verbiage that you may hear throughout the mortgage process, then that is what you will get!


Adjustable Rate Mortgages (ARM) 

This is a loan that has an initial fixed-rate period, generally 3, 5, 7, or 10 years. After the fixed-rate period is over, your interest rate may change once per year, either up or down depending on the current market conditions.

Amortization

This refers to a gradual reduction of a debt over the term of the loan. Amortization occurs through the repayment of principal.

Annual Percentage Rate (APR)

The APR refers to the yearly cost of a mortgage including interest and other expenses or charges. Those additional charges could be private mortgage insurance and points expressed as a percentage.

Appraisal

This will refer to a written estimate of a property’s current market value.

Closing

Hooray! This is the conclusion of your real estate transaction. The legal documents will be signed, the funds are disbursed, and it’s time to get your keys.

Closing Costs

This refers to expenses over and above the cost of the property and may include items like:

  • Title insurance
  • Appraisal
  • Processing
  • Underwriting
  • Surveying Fees


Pre-Paid Costs

This is typically your home owner’s insurance premium and any escrow amounts for the insurance and property taxes put in your escrow account

Credit-Report

This will be a report from an independent agency which details the credit history, including previous, and current debt to help determine your creditworthiness.

Credit Score

This is a mathematical formula that will predict the creditworthiness of an applicant. It’s specifically based on credit card history, outstanding debt, type of credit, bankruptcies, late payments, collection judgments, too little credit history, and too many credit lines.

Warranty Deed

This is the legal document that transfers the property from one owner to another.

Down Payment

A down payment refers to the difference between a property’s purchase price and the amount of financing you are obtaining.

Earnest Money

This is a deposit made by a buyer toward the down payment to show good faith when the purchase agreement is signed. This is typically written to the title company to be held in escrow until closing.

Equity

This refers to Tthe monetary difference between your mortgage balance and the actual market value of your home.

Fixed-Rate Mortgages

This is a mortgage with an interest rate and payment that will not change over the term of the loan. If the market interest rate falls below your fixed rate, it’s time to contact Team Lasson at the Lake of the Ozarks to discuss the benefits of refinancing.

Principal

The balance (not counting the interest) owed on a loan is called the principal. A 30 year fixed rate mortgage is amortized so that the longer you have the loan, the more principal you reduce with each payment.

Title Search

The is an examination of municipal records to ensure that the seller is the legal owner of a property, determine any easements that may exist, as well as to make certain that there are no liens or other claims against the property.

Underwriting

In mortgage lending, this is the process of determining the risks involved in a particular loan and establishing suitable terms and conditions for the loan.


Ready to Buy a Home?

Team Lasson is ready to help you make your homeownership dreams a reality with mortgages at the Lake of the Ozarks. From first time home buyers to luxury vacation homes at the Lake of the Ozarks, we are ready to assist. Visit our website to learn more about our company, or you can apply for your mortgage right there! Now is a great time to buy a home, and Team Lasson is ready!

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.

Tuesday, July 2, 2019

Stunning Outdoor Trends for Lake Homes

As Summer is now in full swing at the Lake, more and more people will be finding ways to get outside and enjoy their yards. If you’ve been considering a landscape makeover at your Lake of the Ozarks vacation home, there are a few really fun things trending that you may want to incorporate. With a few changes, you could be enjoying your outdoor spaces even more through these warm summer months!


Keeping Everything Low Maintenance

This is especially important for vacation homes - which is an excellent reason why low maintenance landscaping is becoming so popular. From the types of plants to technology, and even groundcover, everything is low-maintenance now.

Plants & Gardening: If you’re looking to keep things easy, many are choosing to have plants which are natural to the region they live in. There are so many options available now, that it won’t be hard to minimize the time you spend investing in your outdoor spaces. Items can include dwarf size shrubs, which require less pruning, to native plants which don’t need as much fertilizer, pesticides or additional water. Succulents are also still very popular, not just because their appearance is trending, but because they are low maintenance, available in many price ranges, and come in hundreds of unique varieties.

Technology: Did you know that there are apps and tools to now help with making a low maintenance yard? Robotic lawn mowers are the biggest bandwagon to jump on this year - as the trend moves from vacuums to landscapes. You can also have an irrigation system added so that you are spending more time enjoying your space rather than caring for it. You can then program your irrigation with an app or timer so you never have to worry about it. The same programming techniques can also be used for your landscape lighting, plant fertilization, and more.

Large Scale Groundcover: This doesn’t mean artificial turf or cementing your yard and painting it a grassy shade of green; the goal is to use artful landscape techniques to turn large areas into soothing rock beds, stamped concrete paths, and even pavers with other natural ground covers like brass buttons, phlox, and vinca minor.

Everything Is Multifunctional

One of the biggest trends for the summer is creating spaces and features that are multifunctional. The idea is to make sure that the space or object can serve more than one purpose, like a fire pit that can be converted to a table, or a space divider that offers both shade and a hanging edible garden. The possibilities are endless, and these areas are becoming extremely popular!

Fire is HOT

Fire features are hot in more ways than one this summer. Fire pits are used as both sources of light, heat, and ambiance. These are perfect ways to create a space where your guests will feel at home and may never want to leave.

Pergolas For Defining Spaces

2019 is the year for defining spaces. Whether it’s an indoor space for working or playing, to an outdoor space used for recreation or relaxing, Pergolas are a fun way to help define a space, and are the perfect way to add a touch of luxury to your space. Some even come with all of the bells and whistles, like drop down windows, blinds, built-in sound systems, and even space heaters so you can stay warm once the sun goes down. Pair this with an outdoor kitchen and you will have the perfect place for family game nights, evening conversations, and a place to crash after a busy day on the water.

Make it Pink!

Pink is all the rage this summer, which isn’t a surprise, as Living Coral was named the 2019 color of the year by Pantone. Add pops of color with roses, petunias, zinnias, and hibiscus, all of which come in beautiful pink hues - perfect for a garden space. Blush tones are also really popular, especially for furniture, stone pavers, and foliage.

Bold Metal Decor

Iron and steel accents are definitely trending this year in the landscape arena. This has spread through accessories to functional pieces, and can really make your yard look like it was designed professionally. Sculptures and water features are also great ways to incorporate the metal theme that is so up and coming.


It’s Time to Get Outside!

Of course, none of this will make much of a difference if you don’t have an outdoor lake space to renovate. If you are still on the hunt for your perfect lake home or need money to remodel your current property, Team Lasson is ready to help you get the purchase ready and secured. Visit our website to learn more about getting a Lake of the Ozarks mortgage, and you can even apply to get started! There is still plenty of Summer left to purchase a home, so if you’ve always dreamt about buying a vacation home at the Lake of the Ozarks NOW is a great time to do it!

Local Event Highlights

Looking for something fun to do at the Lake of the Ozarks? Check out these exciting events happening over the next week!

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, June 26, 2019

Documents Needed for a Mortgage Loan

When purchasing a second home, you will still need to go through the mortgage process, just like you did when purchasing any other property. If you’re ready to take the big step and purchase a vacation home at the Lake of the Ozarks, Team Lasson is ready to help you walk through the mortgage process. The application process can be started on our website, and after this is complete, we’ll start collecting the documents that are needed to move forward in the process. Here is a basic list of the documents you will want to gather as you being the mortgage process.
 

Proof of Income

Proving your income will generally require providing a few specific documents:
  • The last 30 days of pay stubs
  • Your current tax returns, personal and business (some programs may require 2 years of returns) 
  • Tax forms such as, W-2 and 1099s

Insurance

Start checking with some insurance agents to get quotes for coverage on the property you are looking to buy so you have an idea of what the annual premium will be to figure into your debt ratio

Monthly Debt Load

We will know most of your debts during a credit check, but it’s still important for you to account for additional information regarding those debts and other debts that might not be reported. You’ll want to grab provide documents like:
  • Your current mortgage statements for all properties you currently own
  • Proof of taxes, insurance and association dues on properties you own, if not escrowed
  • Student loan payments

Total Assets

You will need to provide a current statement for your assets.
  • Checking and Savings accounts
  • Stocks
  • Bonds
  • Mutual funds
  • CDs
  • Retirement accounts

It’s Time to Get Started!

There’s still time to purchase a home, and Team Lasson would like to assist. Purchasing a vacation home at the Lake of the Ozarks can be a wonderful process, and with the right team behind you, you will be amazed at how easy it can be to get a mortgage for your second home. Visit our website to learn more about our mortgage company at the Lake of the Ozarks. You can also fill out your an on-line application to get the process started! We look forward to assisting you in accomplishing this exciting goal - and before you know it, it will be time to cut get the keys and throw a housewarming party!

Local Event Highlights

Looking for something fun to do at the Lake of the Ozarks? Check out these exciting events happening over the next week!
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.

Tuesday, June 18, 2019

Ways to Enjoy the Great Outdoors at the Lake of the Ozarks - Part 2

In honor of Great Outdoors Month, we have been featuring some of the wonderful things to do around the Lake of the Ozarks. In Part 1, we covered ways you can enjoy the area by land, and this week we are going to talk about the things you can do by the lake! Obviously, the Lake is a huge attraction for many of the people who buy a vacation home at the Lake of the Ozarks, as well as the people who choose to come here for their vacations. We figured that the water needed its own blog - so without further ado, here are some of the wonderful ways you can enjoy the great outdoors by the lake.

 

Fishing

Fishing at the Lake of the Ozarks is a huge attraction to many avid fisherman and beginners alike. With over 8 different species of fish in our waters, it can make for a wonderful adventure, and the perfect way to enjoy some time outdoors. The Spring and Fall seasons are prime for fishing, featuring many fishing tournaments. However, Summer is still a wonderful time to get out on the water and catch the big one!

Boating

Boating is an incredible water activity that many choose to enjoy when they come down to the Lake of the Ozarks. This sport is not just limited to the warmer months, but that is when you will see a majority of the boats on the water. Whether you are planning on cruising down the main channel to enjoy a sunset or looking for the perfect place to cove out and enjoy some quiet - boating is a great way to enjoy the great outdoors.

Beaches

There are several beaches around the Lake of the Ozarks, and while they may not be white sand, we think there are some definite benefits to visiting ours! Two easy to access beaches are the Public Beaches at the Lake of the Ozarks State Park, however, there are several other locations around the lake with beaches, but you may need permission before using. There are also several water front bars and restaurants that have beaches.

Water Sports

One of the joys related to taking the boat out is getting to enjoy water sports. These are not necessarily just for “sporty” types, and kids of all ages enjoy them - but they are definitely a sport and can get as adventurous as you desire. Wakeboard, waterskiing, and tubing are some of the most popular activities that you notice happening on the water at the Lake of the Ozarks.


Get a Home and Get Outdoors!

One of the best things about owning a vacation home at the Lake of the Ozarks is that you are then set up to ENJOY the outdoors! You have a place of your own where you can come and enjoy the area, and you can keep all of your gear and supplies in one place without having to transport it from home to a rented property every time you want to come down.

Ready to buy a home at the Lake of the Ozarks? Team Lasson is ready to help you get started on your financing. We look forward to helping you finish the process of buying your dream vacation home at the Lake of the Ozarks. Have questions? Visit our website to get started and learn more, or give our team a call at the number below. We look forward to working with you!

Local Event Highlights

Looking for something fun to do at the Lake of the Ozarks? Check out these exciting events happening this 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.

Friday, June 14, 2019

What You Need to Know About Financing a Second Home


If you are thinking about buying a vacation home at the Lake of the Ozarks, one of the best options can be to secure financing for it. In fact, when financing the purchase of a vacation home 45% of buyers and 47% of investor’s financed less than 70% of their purchase (according to a study by the National Association of REALTORS® Research Department). If you are considering buying a second home at the Lake of the Ozarks, here are a few reasons you should consider getting a mortgage on it.


What Financing Options Are Available?

There are two paths to take when financing a vacation home. A popular option is to take out a conventional mortgage loan on the new property. Another option is to take out a home equity loan or home equity line of credit (HELOC) on an existing property. Here are a few highlights about each home loan type:

Conventional Loans for a Vacation Home

You can apply for this type of loan with Team Lasson, and the process will be similar to paying a mortgage for a primary residence. You will need to put down an initial down payment, and then a payment plan will be initiated over a span of 10-30 years. These loans can also come with either a fixed or adjustable interest rate.

What is the biggest difference between a conventional loan for a second home and the mortgage for your primary residence? A second home loan will generally require a larger down payment (often between 10-25%). Another difference is that if you plan to use this home as an investment property and not a personal vacation home, you will need to look into investment property financing instead, which can carry a slightly higher rate and down payment.

HELOC

A home equity to finance your vacation home is the second option, with a few ways to accomplish your goal. The most popular is the HELOC, which is a line of credit that is backed by the equity you have in your home. This will count as a separate loan but usually offer variable interest rates.

If your home’s value is on the rise, you could also consider refinancing your existing mortgage into a bigger loan. Then you can spend the difference on your second property.

Vacation Home Down Payment

While there are some options for zero-down payment loans, the chances of securing them for a second home is rare. When considering that you will have to make a down payment, it is important to find ways to keep it in budget with the best terms for your situation. The National Association of REALTORS® showed that around one-fifth of buyers use equity from their main residence to finance the down payment on their second home. Team Lasson can help you with any of these options.

Goals For Securing a Vacation Home Mortgage

If you are planning on a vacation home mortgage at the Lake of the Ozarks, there are a few things you need to know as you prepare:


  • Good credit
  • Ability to make a down payment
  • Qualifying savings
  • Low income-to-debt ratio
  • Proof that it is a vacation home


Start Looking at Your Options!

Team Lasson takes great pride in helping you purchase your vacation home at the Lake of the Ozarks. Do you have questions about a second home mortgage? We were voted the best mortgage company in two different survey’s, the Best of the Lake and Missouri’s Best. If you are ready to get started, you can visit our website to fill out an application. We look forward to helping you purchase your new home!

Local Event Highlights

Looking for something fun to do at the Lake of the Ozarks? Check out these exciting events happening this 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.

Thursday, June 6, 2019

Ways to Enjoy the Great Outdoors at the Lake of the Ozarks - Part 1


June is Great Outdoors Month, and there’s no greater place to enjoy it than the Lake of the Ozarks. With many different types of scenery and activities, a vacation at the Lake of the Ozarks would not be complete without some outdoor activities. Whether you enjoy several trips to the Lake Area or are only visiting occasionally, here are a few things you MUST add to your list to enjoy this month.



By Land

The big hitter is obviously the Lake, but enjoying the great outdoors by land is also a fantastic way to see a different aspect of our area. There are so many great ways to enjoy the land surrounding the Lake of the Ozarks, so here are a few popular ones, as well as a few that may not come to mind.

Cycling

Did you know that the Lake Area offers a variety of riding for cyclists? There is something for everyone, including road cyclists, mountain bikers, and recreational riders - but all must bring their own bikes. The Lake of the Ozarks State Park offers a 16-mile single track trail for mountain bikers, while casual riders and can enjoy up to 9 miles of paved multi-use trail starting at the Village of Four Seasons.

Hiking

There are over 32 hiking trails at the Lake of the Ozarks, for varying skill and interest levels. There are 12 trails at Ha Ha Tonka State Park, 11 trails at the Lake of the Ozarks State Park, as well as other locations and businesses with private trails for customers and clients. These trails are beautiful in all seasons and worth checking out.

Hunting

Did you know that many people come to the Lake for hunting? The most popular species to hunt in this area are deer and turkey, and they thrive because of both the wooded areas and farmlands. There are some hunting preserves around the area, but the other two popular options are to makes friends with someone who owns private land or find a landowner that offers a land-lease package for hunting.

Bird Watching

Watching the birds can be a relaxing and educational way to enjoy the outdoors. It also requires very little equipment and can be done from just about anywhere. The Lake of the Ozarks is a natural water environment that is a feeding and resting ground for many species of wildlife, including a wide variety of birds. A few to keep your eyes peeled for are the great blue heron, hawks, ducks, wild turkey, pectoral sandpipers, cliff swallows, terns, American goldfinches, ruby-throated hummingbirds, robins, bobwhites, whippoorwills, cardinals, blue jays, wood thrushes, eastern meadowlarks, phoebes, belted kingfishers, pileated woodpeckers, and the turkey vulture.

Caves

Missouri is known as the cave state, so it shouldn’t surprise you when we say that there are four beautiful show caves at the Lake of the Ozarks. Of course, there are wild caves as well, 300 wild caves to be exact! The difference between wild and show caves is that show caves have been “tamed” and are easier to walk through and enjoy.

Our four beautiful caves that you can visit are Bridal Cave, Jacob’s Cave, Stark Caverns, and Ozark Caverns. If you need more information about these locations, FunLake.com provides great information.

Golf

If you want to hit the greens while you’re at the Lake of the Ozarks, there are plenty of amazing courses for you to try. The Lake of the Ozarks is actually the Midwest’s premier golf destination, because there’s nothing quite like playing on a course designed by Arnold Palmer, Tom Weiskopf, Fred Farley, Ken Kavanaugh, Robert Trent Jones Sr., Jack Nicklaus, or Von Hagge/Devlin. With the many different courses, you will be able to enjoy the great outdoors and also improve your golf game.


It’s Time to Get Outside!


Don’t worry, we haven’t forgotten about the amazing Lake activities - we’ll be featuring those in another blog this month! When you come to the Lake of the Ozarks, if you find yourself spending most of your time on the water, take a look at this list and pick a few items to enjoy by land. The Great Outdoors Month is the perfect chance to get outside, even at your own vacation home at the Lake of the Ozarks. Don’t have a vacation home yet? Team Lasson is ready to assist with all of your mortgages at the Lake of the Ozarks. We specialize in both second homes, primary residences, and more. Visit our website to learn more about our mortgage services at the Lake of the Ozarks, or to fill out your application to get started. We look forward to assisting you one of the most fun adventures you can enjoy! Stay tuned for part #2 - we’ll share some great ways to enjoy the water.

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.