4 Tips for Non-Married Home Buyers

In today's economy, more and more non-married couples are living together and buying homes together. According to the National Association of REALTORS®, 25% of primary home buyers are single. Whether you're thinking about purchasing a home at the Lake of the Ozarks jointly with a boyfriend/girlfriend, or just a friend, there are some things you need to do to protect yourself legally. While you always want to hope for the best when it comes to relationships, we all know things can happen and it's important to be prepared for the worst. 

Risks for Non-Married Buyers  

Buying a home is often times the largest and most financially complicated move someone can make. Unlike for married couples, there is no state or federal estate planning protection for non-married individuals. At a minimum, this can cause some inconveniences in the event of a break-up or death of one of the partners. However, in the worst case scenario, you could end up with a foreclosure. Therefore, it's your responsibility to seek legal protection on your own. If you're a non-married, joint home buyer, you'll want to protect your interests before closing on a home with another individual.

Steps to Take Before Buying

1. Put Everything in Writing. 

Whether you completely trust your partner or not, unless you are married, you should get everything in writing. You never know what the future will hold and unfortunately, break-ups happen, and they aren't always simple. The best thing you can do is hire an attorney to help you get everything in order before you sign the closing documents on a new home together.

2. Sign a Property Agreement. 

The property agreement states who owns what in regards to the property accumulation while living together. This document should also state what happens if one or both partners decide to move out. A well-drafted property agreement will include more than just the actual home, and should include property such as furniture, appliances and other items accumulated during the cohabitation period. This is the step where you'll decide who's name or names go on the deed. You'll need to choose between sole ownership, joint tenancy or tenants in common. Each option has its benefits and risks, so talk to your attorney about which is right for your situation.

3. Sign a Cohabitation Agreement. 

A cohabitation agreement states which individual has financial responsibility for various home-related expenses and payments. The agreement should include details on who is responsible for the mortgage, real estate taxes and homeowners insurance, the downpayment made on the mortgage, and any necessary repair issues that arise. The document should also include what would happen in the unfortunate event of a break-up or death of one of the partners.

4. Consider Buying Life Insurance. 

What would happen if something unexpected happened to your partner? Would you be able to pay off the mortgage on your own? By taking out a life insurance policy on both partners, you'll both be financially protected in the event that something happens to your partner. You'll have enough money to continue paying off the mortgage and won't have to worry about a place to live while you're grieving and dealing with other important issues.

If you're in the market to purchase a new home with your partner, now is the time to start talking to both an attorney and a Lake of the Ozarks mortgage lender. For all your home financing needs, contact your local Lakelender, Michael Lasson at 573-746-7211 today. I'm here to work with you every step of the way and help get you into your dream home!

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

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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

Cell: (573) 216-7258

Fax:(573) 693-9141

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.

4 Ways to Repair Your Credit

In recent years, the ups and downs of the economy have caused a major credit crisis situation for many people. For those people looking to get approved for a mortgage loan, this can be a major issue. Your credit score is a large determining factor in the loan approval process. Repairing and maintaining a good credit score will improve your chances of getting approved for a home loan at the Lake of the Ozarks. Here are 4 ways to repair your credit:

1. Know Your Credit History

When you submit an application for a home loan, your mortgage lender will be checking several factors including your credit history, job history and your debt-to-income ratio. Knowing your credit history and current credit score is the first step in repairing your credit. Your FICO score is a type of credit score that lenders use to assess your credit risk. In order to get a good interest rate on your loan, your FICO score should be at least 720. If your score is lower than 720, you will want to find what is causing your score to be brought down and try to fix it. If the problem is that you have not established sufficient credit, speak with your Lake of the Ozarks mortgage lender to find the best approach to get you in range for the best interest rate possible for you.

2. Pay Off Delinquent or Past Accounts

Having a good track record of paying off your accounts is something that a lender will be looking for. Outstanding delinquencies will give you a bad reputation for paying on time or missing payments all together. Before submitting a mortgage application, you should make sure to pay off any delinquent accounts. This will make your lender more confident about lending you the money and ensure your best chances at getting approved for a mortgage at the Lake of the Ozarks.

3. Adjust Your Debt-to-Income Ratio 

Your debt-to-income ratio shows how much you owe in debt compared to the amount of money you bring home in income. If you currently have a high debt-to-income ratio, a mortgage lender will be concerned about your ability to make your mortgage payments. If you can adjust your debt payments to 36% of your income or less, you will be in a good position to afford your mortgage payments. According to Bankrate.com, the ideal front-end ratio should be no more than 28%.

4. Do Not Acquire New Debt

If your debt-to-income ratio is good, leave it that way. Just because you can afford something new does not mean you should. Avoid acquiring any new debt until after you have closed on your new home and know you can handle the added expense. Acquiring any new credit cards or lines of credit will trigger credit inquiries, which should also be avoided before and throughout the mortgage loan process.

While there are many factors that affect your ability to get a mortgage loan, your credit will be the major determining factor and will have a major impact on your interest rate. Doing everything you can to get your credit score at 720 or above is your best chance of getting that dream home that you want. Once you have brought your score back up, or if your score is already good enough to apply for a loan, safeguard that score by making all your payments on time.

Having a good credit report gives you a better chance at a great interest rate on a new home. Don’t let anything stand in your way owning your dream home. When it comes to your Lake of the Ozarks home financing needs, I'm here for you every step of the way, to answer any questions that you may have. I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve! Call your local Lakelender, Michael Lasson, at 573-746-7211 for all your home loan needs.

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

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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

Cell: (573) 216-7258

Fax:(573) 693-9141

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.

5 Things That Make a Great Mortgage Lender

It is estimated that more than 6 million people will become homeowners this year, and according to The National Association of Realtors, approximately three-quarters will use a mortgage when financing their purchase. In addition, millions more will be refinancing their homes this year, which creates a need for mortgage lenders to finance.
When shopping for a mortgage at the Lake of the Ozarks , it’s definitely important to get a competitive mortgage interest rate, but you also want to have a professional and experienced mortgage lender working with you. Here are 5 things a great mortgage lender can do for you:

1. A Great Mortgage Lender Knows His Clients by Asking Questions

In order to give an accurate mortgage quote, a mortgage lender will  first need to collect information from you. A good lender should be expected to ask questions about your credit rating, property type, how long you expect to own the home and uses for the home, among other questions. A great lender can use this information to offer multiple mortgage options that are right for your needs, and explain what each loan option means for you.

2. A Great Mortgage Lender Guides  You Through The Process

A great  mortgage lender knows their products and the industry very well, and will be able to explain them to you. As a homeowner, you are responsible for every document that you sign and should know what you are reading. A great mortgage lender will want you to understand exactly what you are signing.
      

3. A Great Mortgage Lender Can Problem Solve And Close On-Time

A great mortgage lender is accustomed to dealing with unexpected glitches that can arise, and “glitches” are more common than you may think. You will want a lender that can overcome any obstacles or find alternatives to issues that may arise.

       

4. A Great Mortgage Lender Will Make Sure You Are Comfortable

Just because you are approved for a specific loan amount does not mean it is right for you. If you technically can afford the mortgage but the potential payments are a little too high, a great lender will find a way to make it more comfortable for you in the form of a different program, smaller loan size or perhaps they can offer some budgeting help. A great lender’s priority is making sure that you are confident and comfortable with the payments you will be making.

       

5. A Great Mortgage Lender Is In Touch With You The Whole Way

Whichever preference of communication you prefer, whether it is by phone, email, text or a call to your office, a great lender will be willing to accommodate what works best for you. A great mortgage lender will keep in contact with you throughout the entire mortgage process and return your calls or emails promptly. You will always feel comfortable with a Lake of the Ozarks mortgage lender who doesn’t leave you waiting on a return call for any questions you may have.

There are hundreds of thousands of mortgage lenders in the nation, but the great ones are distinguished by the excellent service they provide for their clients. When it comes to your Lake of the Ozarks home financing needs, I'm here for you every step of the way, to answer any questions that you may have. I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve! Call your local Lakelender, Michael Lasson, at 573-746-7211 for all your home loan needs.

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

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

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

Cell: (573) 216-7258

Fax:(573) 693-9141

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.

A Smart Guide To A Great Mortgage Rate Lock

It would be great if everyone could get today's lowest mortgage rate. Whether you’re buying a home or refinancing, you will want to consider more than just getting "the best rate." Remember this when shopping around: the best price of a loan is not always the best rate on a loan. Buying a home at the Lake of the Ozarks is a major investment, so let's look at a few ways to get the best overall terms.

Mortgage Rate Lock

A mortgage rate lock is the commitment from a mortgage lender to honor a specific interest for a specific period of time. They also specify the accompanying number of discount points required to get access to that rate. Mortgage rate locks are in 15-day increments. The most common rate lock periods are 30 and 60 days. Generally, the longer your rate lock period, the higher your mortgage rate will be.

• A 15-day rate lock - Equal to 30-day mortgage rate - 12.5 basis points (0.125%)
• A 30-day rate lock - Equal to the "market rate"
• A 45-day rate lock - Equal to 30-day mortgage rate + 12.5 basis points (0.125%)
• A 60-day rate lock - Equal to 30-day mortgage rate + 25 basis points (0.25%)

Rate locks are available for longer periods than 60 days, but you will typically have to pay upfront for it. In some cases there are rate locks available for periods of one year or longer, these are typically used for new construction housing. Really long-term rate locks can keep you from getting the best rate when shopping. The amount of time for a short-term rate lock should at least be equal to the number of days required to close your refinance or home purchase loan. During the rate lock period, your mortgage lender at the Lake of the Ozarks is required to honor your mutually agreed mortgage rate.

Be Quick, So Your Rate Lock Does Not Expire

In the process of your rate lock, make sure to close your loan on time. If your rate lock expires, your lender is under no obligation to uphold the agreement any further and can cancel your mortgage rate immediately. Although your lender can cancel your mortgage rate, usually a rate lock extension is filed. A rate lock extension is an agreement between the lender and borrower to extend the original mortgage rate lock agreement. The cost of the rate lock extension can be paid for by either party, but it is not typically a cheap process. It is important to choose your rate lock term wisely, while considering what you can and cannot do in a timely manner. When a mortgage rate is agreed-upon between the lender and yourself, the mortgage rate does not have the ability to go up or down as future mortgage rates rise and fall.

Things To Know About Mortgage Rate Locks

There are a few guiding principles you will want to remember in respect to your rate lock.

• Get your rate lock agreement in writing.
• Rate locks are mortgage loan specific. If you switch from a one type of loan to another, your rate will have to be locked in again.
• Know the rate lock policy of your lender. You may be able to lock in your rate once your application is complete, or you may have to wait until after the appraisal has been completed. This can make a difference and affect your rate.
• Know the lenders policy on a rate lock extension. Which party will be paying for the extension?
• Know if your lender charges a rate lock fee. Your fees will typically be refunded at closing. However, you may not get fees refunded with the longer term rate lock.

You will need a rate lock in order to close. When you are refinancing or buying a home, make sure you know the current rates and get the best possible rate for you.

If you have questions about rate locks during the process of home buying or refinancing give your local Lakelender, Michael Lasson a call at 573-746-7211. When it comes to your Lake of the Ozarks home financing needs, I'm here for you every step of the way, to answer any questions that you may have. 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 

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

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

Cell: (573) 216-7258

Fax:(573) 693-9141

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.

3 Things You Need to Know About Receiving a Downpayment Gift

The standard downpayment for a house is 20%, but sometimes it's hard to come up with that amount of cash. While your parents may seem like a great way to get that cash, it could also complicate things for you. If you've read our blog, "5 Ways to Get Your Mortgage Unapproved," then you know that receiving a large amount of irregular income, such as a gift, could raise some red flags in the mortgage process. Your Lake of the Ozarks mortgage lender is here to help you understand how you can receive a "downpayment gift" without it negatively affecting your mortgage.

1. The Gift Giver.

A downpayment gift refers to money from a third party that has no involvement in the transaction and does not benefit from it. The giver of a downpayment gift must be a relative or have a family-like relationship with the receiver. The seller, real estate agent or lender is not allowed to provide a downpayment gift as it's considered an inducement for the receiver to make the purchase. Personal loans or funds derived by credit are not acceptable for a downpayment gift as they also require repayment. It is possible that a government agency, nonprofit organization or a charitable organization may provide a downpayment gift if they meet the lender's requirements.

2. Documenting the Gift.

Lenders will require documentation for any downpayment gift you receive. You need to provide a letter that includes the name of the donor, their relationship to you, the date and the amount of the gift and a statement to show that there is no expectation that the money will be paid back. The lender needs to know that this is truly a gift and not a personal loan. Both the giver and the receiver will need to sign the letter and additional documentation may be required. While there's no set time for when a gift can be received, the sooner, the better. When applying for a mortgage at the Lake of the Ozarks, lenders will want to see bank statements from the last 2-3 months. If the gift was added prior to that, you won't have to jump through as many hoops.

3. The Type of Loan.

The amount of money you are able to receive and use for a downpayment is dependent on the type of loan you're trying to acquire. Let's take a look at what's acceptable for conventional loans and for FHA or VA loans:

Conventional Loans

• As long as  your downpayment is 20% or more, the entire amount can be a gift. 
• If your downpayment is less than 20%, part of the amount must be your own money. The amount will vary from loan to loan, so talk to your lender about your unique situation.
• You can only use gift money on primary residences and second homes.

FHA or VA Loans

• All of your downpayment can be gift money. 
• If your credit score is between 580 and 619, at least 3.5% of the amount must be your own money. 
• You can only use gift money on primary residences. 

Keep in mind that these guidelines are subject to change, so be sure to check with your lender. 

If you have questions about receiving a gift for a downpayment during the process of home buying at the Lake of the Ozarks, give Lakelender Lasson a call at 573-746-7211. When it comes to your Lake of the Ozarks home financing needs, I'm here for you every step of the way, to answer any questions that you may have. 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 

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

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

Cell: (573) 216-7258

Fax:(573) 693-9141

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.

Celebrating Easter at the Lake of the Ozarks

When you think of Easter what comes to mind? Maybe you think of God, family, food or fun. For many people, especially children, Easter egg hunts are at the top of the list. A delicious meal, with good company, is probably at the top of the list for the adults. Your Lake of the Ozarks mortgage lender has put together a list of local events that offers both fun for the children and great food for the adults. Be sure to check out these Easter events happening at the beautiful Lake of the Ozarks this holiday weekend!

Easter Egg Hunts 

What's Easter without a few Easter egg hunts? Check out these great local events to take your children to this weekend! 

Easter Eggstravaganza

The First Assembly of God Church in Eldon will be hosting an Easter Eggstravaganza on Saturday, March 26 starting at 12:00 pm. This popular event will feature free food, inflatables, games, clowns, entertainment and egg hunts!

2nd Annual Osage Beach Easter Egg Hunt 
  
Join us at the Osage Beach City Park on Saturday, March 26 for the 2nd Annual Osage Beach Easter Egg Hunt. The egg hunts will be divided into 3 age divisions and will start at 1:00 pm. A hot dog lunch will be available before the hunt starting at 12:00 pm. The Easter Bunny will be present for photos, while bounce houses and face painting will also be available!

Easter Celebration 

Celebrate Easter at New Life Church of the Nazarene in Camdenton on Saturday, March 26 from 10:00 am to 12:00 pm. There will be food, crafts, face painting, a movie, resurrection egg story, pictures with the Easter Bunny and an egg hunt. The egg hunt, featuring over 3,000 eggs will start at 11:30 am and is open to children ages 2-12.

Easter Egg Hunt in the Park 

On Easter Sunday, the Laurie Easter egg hunt attracts children from tots to teens to find 14,000 eggs "hidden" throughout the fairgrounds. The hunt will take place from 2:00 pm to 3:00 pm. The Easter Bunny always makes an appearance to the delight of everyone!

Easter Brunches 

After hunting eggs all day Saturday, enjoy a delicious Easter brunch at one of these great local places. The best part about going out for Easter brunch is that you can still enjoy all your favorites without cooking all day and cleaning up a mess. 

Easter Brunch at Tan-Tar-A 

Head over to the Grand Ballroom at Tan-Tar-A for a fabulous Easter brunch on Sunday, March 27 from 11:00 am to 3:00 pm. Reservations are required - so please call 573-348-8619. Tickets are $28.95 for adults,$19.95 for seniors age 55 & above, $14.95 for children ages 4-12, and children ages 3 & under are complimentary. Ticket prices include tax and gratuity.

Easter Brunch at H. Toads

Join H. Toads for a delectable and relaxing Easter Brunch on Sunday, March 27 from 11:00 am to 3:00 pm! Their chef has put together an extremely vast and tasty custom menu just for the occasion. Live music from Scott Duncan will accompany you throughout your meal enhancing the experience. Bring your whole family! Prices for brunch are $28 for adults, $25 for seniors 55+, $12 for children 6-12, and children under 5 are free.

Easter Brunch at Inn at Grand Glaize 

Bring your family and friends, and head over to J D Waddles, located at the Inn at Grand Glaize, for a special brunch. Brunch will be served from 10:00 am to 2:00 pm on Sunday, March 27. Enjoy Baked Virginia Ham & Baron of Beef, plus all your favorite breakfast dishes and sides, for just $19.95 for adults, $16.95 for seniors and children 6 & under are free.

Happy Easter from your favorite mortgage lender at the Lake of the Ozarks! If you're in search for that dream home this spring, maybe one with the perfect yard for the children to hunt eggs in or a great dining room for cooking your own holiday meals, I can help with all your financing needs. I'm committed to be there every step of the way and make your Lake of the Ozarks home loan process a breeze. Give me a call at 573-746-7211 to get started today!

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

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

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

Cell: (573) 216-7258

Fax:(573) 693-9141

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.

4 Facts About Mortgage Interest Tax Deductions

Tax time is upon us and you only have one month left to get them done! When preparing your taxes, be sure to look for any deductions that you may be able to take. As your Lake of the Ozarks mortgage lender, I want to make sure you're aware of the tax deductions related to your mortgage that you may be eligible for. Take a look at these 4 things you need to know about mortgage interest tax deductions.

1. Deducting Mortgage Interest is Not for Everyone. 

The majority of American taxpayers don't itemize their deductions. They just claim their standard allowance and move on. The numbers show that many, maybe even most, homeowners don't deduct their mortgage loan interest. While that may sound crazy to some, for those homeowners with lower to average incomes, it may actually make sense not to itemize. The advantages of itemizing seem to increase with wealth. Make sure that it makes sense for you to itemize your deductions before deciding to do so on your own taxes.

2. Deducting for Two Mortgages. 

That vacation home at the Lake you've been dreaming of may be more affordable than you think. You might be able to take deductions for two mortgage loans. You can still qualify even if it's a timeshare and/or you rent it out for most of the year.  There are some key rules when doing this though. First, for tax purposes, you're only allowed to designate one property as your main home and the other as your second home. If you rent out the second one, you must spend at least 10% of the rental days each year living in it yourself. If you don't rent it out however, you don't have to spend any time there. Talk to your mortgage lender at the Lake of the Ozarks to see if this is an option for you.

3. Deducting Your Mortgage Points. 

When obtaining a mortgage loan at the Lake of the Ozarks, you incur a few more costs than just the actual loan amount. Some of these extra costs are usually deductible as well. There are two categories: mortgage loan origination fees and maximum loan charges, and loan discount or discount points. Sometimes points can be deducted in full during the year you make your purchase. However, the IRS lists 9 rules to comply with in order for that to happen. If you can't meet those requirements, your points deductions will be spread out over the life of the loan. 

4. Deducting Mortgage Insurance Premiums. 

In some cases, you can even deduct your mortgage insurance premiums. The IRS regards qualified mortgage insurance premiums as home loan interest, making it typically deductible. This is provided that your mortgage insurance contract is dated after a certain date and your income is below a certain level. Check the IRS website for updated numbers on the tax year you're filing for. Funding fees on VA mortgages and guaranteed fees on Rural Housing Service loans also count as mortgage insurance premiums and can be taken into account for your deduction. 

If you're considering itemizing your taxes to take advantage of these homeowner deductions, give me a call at 573-746-7211 with any questions about your personal mortgage situation. When it comes to your home financing needs, I am committed to working with you every step of the way! 

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

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

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

Cell: (573) 216-7258

Fax:(573) 693-9141

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.