Building vs. Buying a Home

 

What Are the Key Considerations When Deciding To Build a Custom Home Versus Buying an Existing One? Deciding whether to build a custom home or purchase an existing one can have a big impact on your timeline, budget, and vision. Here are some important factors to consider: Timeline and convenience: Buying an existing home is a great option if you're on a tight schedule, since this process is typically much faster than building a new home from the ground up. You can tour, negotiate, and close within approximately 30 to 45 days, which is perfect if you're relocating or trying to move before the school year starts. Building a custom home, on the other hand, can take anywhere from six to 18 months. Budget and costs: Existing homes are generally more affordable upfront, although renovations or updates may be needed, so always factor these into your budget. Conversely, custom homes often come with a higher price tag in the beginning, but you may be able to avoid renovation surprises later on. You can also incorporate energy-efficient systems into your custom build that can save you money in the long run. Personalization and features: Purchasing a prebuilt home that's move-in ready can reduce stress, but you might have to compromise on the layout, design, or energy efficiency of the property. If you have a very specific vision in mind, building a custom home can provide you with more control over the design, materials, and finishes, so you can craft a home that matches your lifestyle. Maintenance and environmental considerations: Older homes may have hidden issues such as outdated systems or materials that don't meet modern environmental standards. However, with a custom-built home, everything is brand new. This makes it easier to comply with updated energy and environmental codes, which can also simplify home maintenance. Whether you choose to purchase a custom-built or pre-existing home depends on your preferences and budget. Consider whether you prioritize speed and convenience or personalization and control. Then, tour several homes in your ideal area to get a feel for what you like and don't like from a design and functionality perspective. This can help you brainstorm ideas if you decide to build new and help you determine what styles of homes you want to continue to explore if you decide to purchase a property that's already on the market. Sources: Investopedia.com, Betterbuilders.com Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with your financial goals.  The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today! Michael Lasson Senior Mortgage Banker NMLS #:  493712 Flat Branch Home Loans – Team Lasson 2882 Bagnell Dam Blvd Lake Ozark, MO 65049 Cell:  (573) 216-7258 Email:  teamlasson@fbhl.com Website:  www.yourlakeloan.com **The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions. Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org

 

Build a Home vs. Buying an Existing Home

What Are the Key Considerations When Deciding Whether to Build a Custom Home Versus Buying an Existing One?

QUESTION: What should I consider when choosing between building a custom home and buying an existing one?

ANSWER: Deciding whether to build a custom home or purchase an existing one can have a big impact on your timeline, budget, and vision. Here are some important factors to consider:

Timeline and convenience: Buying an existing home is a great option if you're on a tight schedule, since this process is typically much faster than building a new home from the ground up. You can tour, negotiate, and close within approximately 30 to 45 days, which is perfect if you're relocating or trying to move before the school year starts. Building a custom home, on the other hand, can take anywhere from six to 18 months.                            

Budget and costs: Existing homes are generally more affordable upfront, although renovations or updates may be needed, so always factor these into your budget. Conversely, custom homes often come with a higher price tag in the beginning, but you may be able to avoid renovation surprises later on. You can also incorporate energy-efficient systems into your custom build that can save you money in the long run.

Personalization and features: Purchasing a prebuilt home that's move-in ready can reduce stress, but you might have to compromise on the layout, design, or energy efficiency of the property. If you have a very specific vision in mind, building a custom home can provide you with more control over the design, materials, and finishes, so you can craft a home that matches your lifestyle.

Maintenance and environmental considerations: Older homes may have hidden issues such as outdated systems or materials that don't meet modern environmental standards. However, with a custom-built home, everything is brand new. This makes it easier to comply with updated energy and environmental codes, which can also simplify home maintenance.

Whether you choose to purchase a custom-built or pre-existing home depends on your preferences and budget. Consider whether you prioritize speed and convenience or personalization and control. Then, tour several homes in your ideal area to get a feel for what you like and don't like from a design and functionality perspective. This can help you brainstorm ideas if you decide to build new and help you determine what styles of homes you want to continue to explore if you decide to purchase a property that's already on the market.

Sources: Investopedia.com, Betterbuilders.com    

Team Lasson is here to assist with all of your home buying or building needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with your financial goals. 

The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc.

For more licensing information, visit NMLSConsumerAccess.org

It's Valentine's Day!!!!

Aside from doing this everyday…….It’s that time of the year to celebrate your favorite person or persons and show them how much you love them with a surprise weekend getaway or a romantic dinner.  Below are a few of the amazing options at Lake of the Ozarks. 

 

 

Valentine's Weekend Lovestory Package @ Alhonna Resort

February 14^th & 15^th

Celebrate with the "Lovestory Package" at Alhonna Resort on February 14 & 15, featuring a cozy stay in Lake Ozark. With a martini pairing dinner at The Blue Cat Lounge and surprises throughout your visit, this $299 package promises an unforgettable experience for you and your special someone.

Valentine's Weekend Getaway at Camden on the Lake

Friday, February 14^th

Camden on the Lake has multiple romantic packages on Friday so couples can pick a tailored getaway! Choose from "Romance & Dinner" starting from $349, which includes a one-night stay, Valentine's dinner for two, chocolates, champagne, and spa discounts, or "Romance & Rest" starting from $169 with similar amenities.

You can also decide to just indulge in four-course dinner for $90 and enjoy live entertainment by Rob Wilson on February 14^th and Dave Bennett on February 15^th; reservations are recommended

Valentine's Day Dinner at HK's!

Friday & Saturday, Feb. 14^th and 15^th, from 6:30-9:30 p.m.

HK's Restaurant is serving up a decadent dinner, featuring a special Valentine's menu accompanied by live music. Enjoy tunes from "Me & Jim" on Friday, and "Starla & Scotty" on Saturday.

Reservations are suggested

Valentine's Day @ Tucker’s Shuckers

Friday, February 14^th

Hit the Bagnell Dam Strip to enjoy Tucker’s Shuckers for a more casual four-course dinner for $49.99! There's a variety of options per course that will tantalize your taste buds.

Tavern At Trail's End 

"Life's too short for boring food."

One of three Tavern brands, this former dive bar now has a rustic yet elegant vibe and is known for its unique dishes.

The dinner menu specially made for Valentine's dinner includes choices of tasty apps, soup or salad, entrée, and dessert. Will it be pistachio cake or Elvis Presley bananas foster...

 

Tavern Trattoria 

Just a short distance away is this new Italian dining experience for the Lake. The menu is carefully crafted, with house-made pastas and sauces paired with Italian wine.

 

The Encore Lakeside Grill & Sky Bar

The Encore's regular menu will be available for the weekend, but you don't want to miss their special four course dinner option! Plus there's live music from The House Band and specialty cocktails to enjoy during the evening. Nothing says Happy Valentine's Day like the triple chocolate cake with chocolate covered strawberries for dessert...

 

Swallowtail Scratch Kitchen at Mathany Family Vineyards

Treat your special someone to an evening of good food, good wines, and good vibes. The new vineyard is hosting a Valentine's Day dinner from 6-9 p.m. in Lake Ozark.

Enjoy a multi-course tasting menu and wine pairing. The evening starts with a winery tour and hors d'oeuvres in the cellar before sitting down for the five-course, chocolate-centric meal. 

The dinner will highlight farmers, ranchers, and artisans around the Ozarks, and of course be paired with wine from the Mathany Vineyard, who grow the grapes and ferment the winer at Lake of the Ozarks. Checkout Swallowtail's Facebook for the full menu.

Dine With a View at Baxters

A favorite among tourists looking for unique Lake of the Ozarks activities is dining at the infamous Baxters. Your jaw will drop as you gaze through the large panoramic windows overlooking the Lake. Be sure to go before dark to take in one of the most beautiful sunsets on the water that you’ll ever see!  As you take in the view, you’ll enjoy some of the best food and drink at the Lake with excellent service to match. 

 

Enjoy Dinner on the Water with a Celebration Cruise

Celebration Cruises offers a narrated noon cruise, an evening sunset cruise, and a candlelight dinner cruise on Saturdays only. 

During the noon option, you and your partner can see the Lake in all its glory and learn about its history. 

In the evening, you’ll watch the sunset over the water as you enjoy a romantic dinner. If you want to make the weekend even more special, book a candlelight dinner cruise where you’ll receive an upscale dining experience. 

 

Take In the Sights at Bridal Cave

There’s a reason travelers from near and far flock to Bridal Cave on Valentine’s Day and all throughout the year. 

Featuring giant columns, massive draperies, and more, you’ll be blown away by the beauty of one of Missouri’s largest cave formations. 

Experience Full Relaxation at Spa Shiki

Treat you and your partner to a spa day this Valentine’s Day at one of Missouri’s best locations. 

Spa Shiki offers everything from massage therapy to manicures and pedicures. You and your partner will walk away feeling brand new no matter which service you choose. 

Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with your financial goals. 

The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc.

For more licensing information, visit NMLSConsumerAccess.org

COMMON MORTGAGE TERMS

Whether you have started your homebuying process or are still considering taking the first step, you may hear a lot of different terms passed around from friends, family, real estate agents and lenders.

 

Whether you are looking for your first house or your fifth house, homebuying terms and phrases can still be confusing!  Our quick and easy guide can help you out during the process.  Below is a list of terms you want to know:

 

Appraisal:  a required property assessment completed by an independent appraiser to measure the property’s value and condition.

Amortization:  the repayment schedule on a loan, or the gradual paydown on a loan.

Closing costs:  fees associated with finalizing your loan.  Each of these fees may not apply to your unique situation, and closing costs vary and may include the appraisal fee, lender fees, credit fees, attorney fees, and more.

Debt-to-Income Ratio (DTI):  a calculation used to identify the amount of debt you have in comparison to your monthly income.  This includes all debt, not just a home loan.  The lower your DTI, the easier it can be to obtain a home loan.  You can calculate your DTI using the equation:  total recurring monthly debt / gross monthly income = DTI.

Deed:  a document that legally transfers ownership of real estate.

Down payment:  a portion of your mortgage paid upfront.  While some types of loans do not require any money down, you can often expect to pay a down payment on your mortgage.  This can be any percentage of the mortgage and helps reduce your monthly payment amount.  Down payments can show that you have money prepared to dedicate to your home loan.

Earnest money:  a deposit that ensures your sincerity about the home transaction.  The amount often varies, but it can be anything decided upon by the buyer and seller.  It may be a percentage of the home price, or it may be a specific dollar amount.  This deposit is held in an escrow account until closing, at which point it will be applied to the cash needed for closing.

Escrow:  a third-party account that holds money for taxes and insurance paid through your monthly mortgage payments.

Equity:  the amount of the home’s value owned by the homeowner, less any liens against the property.

Inspection:  an optional examination of a property that is often performed to spot any issues that did not come up during the appraisal.

Interest rate:  the price of borrowing money from a lender.  The base rate is set by the Federal Reserve and then customized per borrower based on credit score, down payment, property type, and points the buyer pays to lower the rate.

Loan Estimate or Closing Disclosure:  a document outlining the terms and costs related to your mortgage.  You will receive an initial disclosure at the time of your application, as well as an updated disclosure when any significant changes are made to your rate or terms.  Prior to closing, you will receive a final Closing Disclosure representing all the final costs, rate and terms for your loan.

Private Mortgage Insurance (PMI):  insurance designed to protect the lender if the homeowner defaults on the loan.  PMI is often paid on conventional loans where less than 20% is put down.

Pre-approval:  a step that leads into the mortgage process where documentation is officially reviewed, though a full approval comes later in the process.

Pre-qualification:  helps buyers get a sense of how much home they can afford before starting the loan process.  It is a snapshot of finances to show a preliminary budget.

Underwriting:  all your documentation is reviewed and approved or denied by the lending company based on current program guidelines.

Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with your financial goals. 

The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc.

For more licensing information, visit NMLSConsumerAccess.org

Closing Expectations

Closing is the final step when purchasing or refinancing a home, where all aspects of the transaction are officially completed.   

Buying or refinancing a home is a significant milestone for any borrower. However, for those unfamiliar with the process, navigating the mortgage journey can feel overwhelming. Team Lasson is committed to empowering our borrowers with the knowledge they need to navigate the home loan process. Here’s what you can expect during closing:

Payment

At closing, you’ll need to bring a certified or cashier’s check to cover your down payment, if applicable, and closing costs. Some closing agents may require wire transfers instead of a physical check. It’s important to confirm these details ahead of time with your lender or closing agent to ensure a smooth process.

Who's attending?

Depending on where you’re closing, you may see a variety of people involved in the transaction, including:

• The closing agent
• Your lender or their representative
• The seller (if you’re purchasing a home)
• Your real estate agent
• A title company representative, who ensures the property title is transferred correctly

What Happens at Closing

• Review and sign all necessary loan documents, which will include the deed of trust or mortgage, promissory note, and Closing Disclosure.

• Submit a certified or cashier’s check (unless a wire was already sent) for the down payment (if required), along with closing costs, prepaid interest, taxes, and insurance. The lender will provide you with the total amount due prior to closing.

• The lender will transfer the funds for your home loan to the closing agent.

• Once all legal documents are signed and required payments are made, you’ll receive the keys to your new home.

Preparing for Closing Costs

There are costs associated with closing. Knowing about these can help the closing process run more smoothly. The total amount of closing costs is usually between 3-5% percent of the loan amount.

Appraisal and Inspection Fees – These fees, often paid before closing, are necessary to confirm the home’s market value and assess its condition

Title Insurance – Title insurance is a crucial one-time cost that safeguards you against any legal disputes or claims on the property. Though it’s an upfront expense, it offers long-term peace of mind about your ownership rights.

Loan Origination Fees - Most lenders charge an origination fee. This fee covers the administrative work involved in processing your loan and is paid at closing.

Closing or Settlement Fees - The closing agent or settlement company charges a fee for managing the distribution of funds and overseeing the required documents during the closing process.

Government and Recording Fees - These fees cover the cost of filing the necessary legal documents with the appropriate government offices to record the sale or refinance of the property.

Third-Party Loan Costs - Additional third-party fees may include charges for flood certification, credit reports, and verification services. These costs vary based on the property and loan type.

Property Taxes and Homeowners Insurance - At closing, you’ll prepay your first year of homeowners insurance premiums. Additionally, if your loan requires an escrow account, you may need to make an initial deposit to cover future property taxes and insurance.

Private Mortgage Insurance (PMI) - If your down payment is less than 20%, PMI may be required. Depending on your lender, this could be a one-time payment at closing or included in your monthly mortgage costs.

Closing is an exciting and essential step in the homebuying or refinancing process. Team Lasson with Flat Branch Home Loans is here to ensure you feel confident and informed every step of the way. By understanding what to expect, you’ll be well-prepared to finalize your home loan and step into your new chapter with ease.

Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with your financial goals. 

The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!

 

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc.

For more licensing information, visit NMLSConsumerAccess.org

Creating a Home Wellness Space: Design Tips for Mental and Physical Health

Feeling overwhelmed? Creating a dedicated space at home for wellness can be a great way to manage stress and prioritize mental health. Whether it's for meditation, yoga, or unwinding with a good book, a wellness space can bring balance and tranquility into your daily life. Here are some simple design tips to create your personal retreat:

Start by decluttering: Clear out unnecessary items and use multifunctional storage solutions to keep essentials organized and out of sight. An open, airy environment provides the perfect foundation for a calming wellness space.

Incorporate natural lighting: Sunlight has a positive effect on mood and energy levels. If possible, choose a spot with natural light, such as a room with large windows. If natural light is limited, opt for soft, warm lighting that mimics daylight to create a peaceful ambiance.

Integrate greenery: Bringing plants into your space adds life and a touch of nature. Plants can improve air quality, reduce stress, and promote a sense of calm. Low-maintenance options such as snake plants or pathos can help create a refreshing atmosphere.

Prioritize comfort: Select comfortable furnishings that encourage relaxation, such as cozy chairs, soft rugs, and plenty of pillows. Ensure there's enough space for activities such as yoga or stretching. Using soft, natural materials for furniture and decor can further enhance the overall comfort of your wellness space.

Create a mindfulness corner: Set up a small corner with items that support mindfulness and meditation, such as a yoga mat, meditation cushion, or a collection of wellness books. Adding elements such as candles, incense, or essential oils can make this area even more inviting.

With a few thoughtful design choices, you can create a personal retreat that nurtures both your mental and physical well-being.

Sources: Sarahjacquelyninteriors.com, Sansainteriors.com

Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with your financial goals. 

The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc.

For more licensing information, visit NMLSConsumerAccess.org

Winter Credit Score Health

 The winter season is a busy time. Between holiday shopping, family gatherings, and travel plans, it’s easy for financial priorities to take a back seat. However, winter is the perfect time to assess your credit health and prepare for the year ahead.

For those interested in becoming a homeowner, credit scores can impact interest rates and monthly costs associated with a loan. Team Lasson is committed to educating our borrowers on the critical part credit plays in the homebuying process. Here are a few helpful tips to keep your credit health up during the winter months.

Travel Tips:

• Monitor Your Accounts: Keeping an eye on your credit score will help promote healthier spending habits. Plus, checking your credit score often is a smart way to help avoid fraud - as a sudden change in credit score could indicate identity theft.

• Consider a Credit Freeze: If you’re not planning on opening new credit accounts, a credit freeze can add a layer of protection against identity theft. You can easily unfreeze it when you’re ready to shop for a home loan.

Post-Holiday Debt Recovery:   

• Make a Plan to Pay Off Debt: Focus on paying down holiday-related credit card balances as quickly as possible to avoid high interest charges. The snowball method (paying off the smallest balances first) or the avalanche method (targeting the highest-interest debts first) can help you stay organized and motivated.

• Avoid Making Minimum Payments: Paying only the minimum can stretch your debt into months or years, increasing the total cost of your purchases. Try to pay as much as you can each month to reduce balances faster.

• Consolidate or Transfer Debt: For those with high-interest credit cards, consolidating debt with a personal loan or taking advantage of a 0% APR balance transfer offer can lower costs. Just be mindful of transfer fees or promotional period deadlines.

• Reassess Your Budget: Review your spending habits from the past few months and identify areas to cut back. Direct any extra savings toward your credit card balances to recover faster.

Take Control of Your Credit This Winter

Maintaining strong credit health during the holiday season will set you up for success, especially if you’re considering buying a home in 2025. By staying mindful of your spending, protecting your credit, and planning for the future, you can start the new year in a strong financial position.

Team Lasson is here to assist with all of your home buying needs!  If you’re considering taking the leap into home ownership in the near future, we’re here to help.  Contact us today to explore which loan program aligns best with your financial goals. 

The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Visit www.yourlakeloan.com or call us at (573) 216-7258 to get started today!

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc.

For more licensing information, visit NMLSConsumerAccess.org