Thursday, February 27, 2020

6 Reasons to Refinance in 2020

When done correctly, refinancing can save you a lot of money and could be the best financial step for you to take. Have you ever considered refinancing your home? If you have not considered it, 2020 may just be the year that you need to think about it, and see if it is the right option for you! Your Lake of the Ozarks mortgage lender is here to help, so we have 6 reasons why refinancing may be the best step for you.


#1. It Can Lower Your Interest Rate

Did you know that if you can lower your interest rate by at least 1% (or 0.5% on higher loan amounts), you should consider refinancing? Interest rates are incredibly low right now, and the chances that you can get a better rate by refinancing now are much better than in previous years. This is a huge asset because you could end up saving a lot of money in interest paid throughout your loan.

#2. Switch Your Loan Type

There are many different loan types available for homes, some are better for certain people than others. If you currently have an adjustable-rate mortgage (ARM), you may want to switch to a fixed-rate mortgage (FRM). This can allow you to lock in a low rate for a long time! It might also be feasible to drop from a 30-year mortgage to a 20 or 15 year. With the lower rates, you could have close to the same payment you currently have but shorten the term of the loan. This is something you can discuss with your mortgage lender at the Lake of the Ozarks!

#3. Be Aware of Balloon Payments

Some mortgages have a large payment due at the end of the loan term - usually, 5-7 years, called a “balloon payment.” This type of mortgage is a short-term loan that is set up like a long-term loan for the first few years. You may need to refinance your loan to avoid paying this large expense.

#4. Stop Paying Private Mortgage Insurance

When more than 80% of the home's sale price is borrowed, sometimes the borrower is required to purchase private mortgage insurance (PMI). If the home's value has increased, you can use this amount to refinance and stop paying that PMI.

#5. Cash Out Home Equity

Home equity is often used as a way to finance a remodeling project, college tuition, car purchase or a vacation. If your home's value has increased, you can refinance to cash out that extra amount. You would actually be refinancing your mortgage for more than you currently owe on it and then pocketing the difference.

#6. Consolidate Debts

If you have a lot of high-interest debts, you may be able to save money by consolidating those debts into a mortgage. Auto loans, credit cards, second mortgages, and other debts can all be included in your refinance.



Do you have more questions about refinancing a Lake of the Ozarks home? Team Lasson would be glad to answer your questions! You can start by filling out an application on our website (www.YourLakeLoan.com) so that we have an idea of your financial position. We look forward to helping you decide if refinancing is the right choice for you!

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.

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Location: Osage Beach, MO, USA

Wednesday, February 19, 2020

The Rise in House Prices & What it Can Mean For You

In 2019, home prices rose at a rate of 3.3%, which is a drop of 1.7% from 2018’s 5% increase. The price increase went down, but the home prices still rose. This can be a bonus for sellers who bought their homes before the prices started rising, but it can make things harder for buyers if they cannot afford the homes on the market. This temporary imbalance can mean that determined buyers have to figure out how to save enough to make their monthly mortgage payment affordable. Whether you are buying or selling, the current home prices can have a huge impact on your financial journey, so we are going to break it down and learn why.


For Buyers

If you are planning on buying a home in 2020, it will be important for you to sit down and analyze the best price for your budget. You can work through this process by submitting a home loan application on our website and letting our team of mortgage lenders at the Lake of the Ozarks assist you - or you can figure the rough estimates on your own.

This is especially essential when you are purchasing a vacation home at the Lake of the Ozarks as you will now be paying for two mortgages. Some experts suggest that you do not want to pay more than 25% of your take-home pay on a mortgage, but after you analyze your finances you can make an informed decision. The best news is that while home prices may be on the rise, home loan rates are better than they have been in years! If you find a home you love, this is a great time to secure your loan.

For Sellers

From a seller's perspective, higher home prices can mean it is a great time to sell your home. Because you want to get the best possible price out of your home, it is important to work with a real estate agent who is experienced in the Lake area as well as has experience selling homes like yours. They can use a competitive market analysis to find out what similar homes are selling for in your area and help you with your listing price.

For Homeowners

If you own a home, you may be curious about how the value of your home is doing. As the prices of homes are going up, is your home value appreciating as well? If you bought your home eight to ten years ago, there is a strong chance that you have a very nice profit tied up in your home! In fact, some studies show that people who had owned their home for four to seven years, were getting $52,000-68,900 more than they purchased them for, if they sold them last year!


The Housing Market at the Lake of the Ozarks

We have been saying this for a few months now, but if you are considering purchasing a home, NOW is the time to get it done! Home interest rates have been at incredible lows, and we do not want you to miss them. Team Lasson is ready to help you work through the home loan process. Visit our website to learn more about our mortgage company at the Lake of the Ozarks, or to fill out your application and get started! We cannot wait to see you get the home of your dreams just in time for Summer!

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.

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Location: Osage Beach, MO, USA

Thursday, February 13, 2020

Spring and Summer Home Projects for Your Vacation Home

It may not always feel like it, but Spring is in the air…the groundhog said so! As you prepare for the Spring months, there are a few things you can do to get your Lake Home ready for all of the warm weather adventures. Add these things to your to-do list over the next few weeks, and it may even make the last of Winter go faster!


Clean Up Your Outdoor Furniture

Start with the Cushions
It should not come as a surprise that your indoor/outdoor cushions and pillows will take a beating. Now is a great time to give them a good once over and make sure that they are still in good condition. You may also want to remove the covers and wash them before Spring. If they are in really rough shape, it may be a good time to replace them altogether.

Wipe Down the Frames
Between dust and dirt, your outdoor furniture can get pretty dirty, especially through the Winter months. Before you are ready to kick back on your patio with an ice-cold beverage, you will want to wipe down all of the furniture. This will help keep your furniture looking it’s best and will also help you find any repairs or replacements that need to be made!

Wash Outdoor Rugs
An outdoor rug will last a lot longer when you vacuum it periodically. You can also hose it off and let it dry out thoroughly. It may be an outdoor rug, but it still needs a good washing every once in a while.

Pressure Wash Your Patio

You never realize how dirty your patio and sidewalks get until you take a pressure washer to them! In fact, this can be a very gratifying task, as you quickly watch the grime disappear with the wave of a wand (literally!). If you do not have a pressure washer, you can either borrow one from a friend, rent one or hire a local company to complete this task for you. In just a short amount of time, you can remove YEARS of dirt, and your sidewalks and patio will SHINE.

Update Your Front Door

Sometimes changing the color of your front door can be just what your home needs to feel bright and new. The Summer sun and heat can really deteriorate a wood door, causing warping and cracking on its surface. Re-painting the door can help seal and protect it from the elements, but it can also provide the perfect facelift.

Get Your Grill Ready! 

There is something sentimental about firing up the grill for the first time of the season. If you cook on your grill frequently, you will want to do a deep clean twice a year to keep it in top condition. A simple scrub-down of the cooking grates, burner protectors, and cook box can really make it shine.

Check for Damaged Screens

Have you looked your window screens over lately? Just a small tear can let in dozens of mosquitoes and flies, and make a negative impact on your patio parties. Fix the problem by repairing those screens now! It is surprisingly easy to repair the screen material, you can find directions online, and the supplies at any hardware store.

Switch Your Ceiling Fan Directions

Most ceiling fans are designed so that you can switch the direction that the blades spin. There is generally a switch you can flip at the base of the fan. In the Summer you want your blades to rotate counterclockwise. This helps moves the air down creating a great breeze.


Ready for Summer Already?

We are right there with you! Summer cannot get here fast enough, but in the meantime, now is a great time to make sure your vacation home at the Lake of the Ozarks is ready for you. If you do not own a home at the Lake of the Ozarks, now is the time to begin your search, and possibly even have your Lake vacation home before Summer starts! If you are looking for a mortgage lender at the Lake of the Ozarks, Team Lasson would be honored to assist. Visit our website (www.YourLakeLoan.com) to learn more about our company and to also fill out your application. We look forward to helping you buy a home at the Lake of the Ozarks!

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.

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Location: Osage Beach, MO, USA

Wednesday, February 5, 2020

Fun Facts About Credit Scores

Your credit score can have a huge impact on your purchasing choices, but can often feel confusing and even frustrating. Credit scores are a common topic in the mortgage industry, so we wanted to take a few moments and maybe help answer some questions. Whether you have a great credit score and would not have any trouble getting a Lake of the Ozarks mortgage, or you may have some issues that need to be addressed to help improve your numbers - there are always interesting things to learn.


Five Core Factors Make Up Your Credit Score

Your FICO score is made up of five factors, and different percentages make up each criterion. When applying for credit, these factors are important. The five factors that impact your credit are:

  • Diversification of Credit
  • Inquiries & New Credit
  • Credit History Length
  • Credit Utilization
  • Payment History


Credit Reports and Credit Scores are Different

A credit report will list every piece of your financial history that affects your creditworthiness. This can be helpful when you want to review your credit history and find the inaccuracies, fraud, or just general curiosity. Your credit score is the numerical grade of your creditworthiness. The purpose of checking your credit score is to get a quick snapshot of your score, giving you the knowledge of where you stand before you start house hunting at the Lake of the Ozarks.

Negative Credit Items Are Not Negative Forever

Did you know that most negative items will remain on your report for seven years at the most? This is due to the regulations set by the Fair Credit Reporting Act. However, bankruptcy can last up to 10 years or more in some cases.

FICO Credit Scores Can Range from 300 to 850

A credit score can range depending on the credit bureau, but knowing your score can help you understand what needs to be done to improve it. A “good” score ranges from 680 to 739, anything below that could be “poor” or “fair”, and anything above it could be “very good” or “exceptional”. There are things you can do to improve your score, so knowing where you sit can tell you how much you need to do to get to your next goal.

FICO Scores Are Important and Used By Many Lenders

The FICO credit scoring system was founded in 1956 by Bill Fair and Earl Isaac. The purpose behind it was to help lenders make well-informed lending decisions. FICO analyzes scores from the three major bureaus: TransUnion, Equifax, and Experian. In fact, 90% of lenders use your FICO score when making their lending decisions.

You Have Several Credit Scores

Did you know that your credit score can vary based on the credit bureau reporting them? The major bureaus all have slightly different information regarding credit history. It seems confusing, but there are also different scores specific to particular industries. An example would be that auto lenders review different risk factors than mortgage lenders, so the scores that each lender receives can vary. Some of the factors that affect your credit score could be the entities that report your credit, the time that the score was reported, the scoring model that is used, and the type of credit you are applying for.

True or False: Checking Your Own Score Will Hurt Your Credit

False! There is a myth running around that if you check your credit score or order a credit report, that you will hurt your credit. Those “soft” inquiries should not affect your credit. Hard inquiries, like when a lender looks at your credit can negatively impact your score. Just remember that the consequences are not strong, and they are temporary.



When it comes time to secure a mortgage at the Lake of the Ozarks, your credit score is an important factor. There are several programs available to help borrowers better their credit score. A solid credit score lends to more financing options when preparing to buy a home. For more information on how your Lake of the Ozarks mortgage lender can help you purchase your dream home, 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.

Posted by at No comments:
Labels: , , ,
Location: Osage Beach, MO, USA
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