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Tuesday, April 28, 2015

27th Annual Lake of the Ozarks Magic Dragon Street Meet Nationals

Cars of all makes and models will be lined up on the Bagnell Dam Strip this weekend for Central Missouri's largest car show, the Magic Dragon Street Meet Nationals! The strip will be closed to normal traffic during show hours so that only show vehicles are within the boundaries. This creates an absolutely electric atmostphere, for one massive show and one legendary weekend!


Magic Dragon Street Meet - Schedule of Events


Thursday, April 30
Noon - COB:  Aces High Poker Run
Noon - 5 PM:  Street Meet Participant Registration at Willmore Lodge Visitor Center

 Friday, May 1
8 AM - 11 AM:  Vendor Registration at Big Lot on the Bagnell Dam Strip
8 AM - 8 PM:  Street Meet Participant Registration at Willmore Lodge Visitor Center
12 PM - 5 PM:  2015 Magic Dragon Street Meet Nationals Show Hours
5:30 PM:  Fire Fighters Association of Missouri Parade (Bagnell Dam Strip)
6 PM - Late Night:  Enjoy tunes from Cool 102.7

Saturday, May 2
6 AM:  Street is closed to regular traffic - Registered Show Vehicles ONLY
8 AM - 4 PM:  Street Meet Participant Registration at Willmore Lodge Visitor Center
8 AM - 6 PM:  2015 Magic Dragon Street Meet Nationals Show Hours
8 AM - 6 PM:  Kids Zone - located at Big Lot at the north end of Bagnell Dam Strip
10 AM:  Make-N-Take Model Event Location: Luby's Stage
5 PM:  Poker Run Winner Announcement at the Main Stage
5 PM:  50/50 Raffle Winner Announcement at the Main Stage
5 PM:  Lake Ozark Daybreak Rotary Car Giveaway at the Main Stage
5 PM - Late Night:  Enjoy tunes from Cool 102.7

 Sunday, May 3
8 AM - 1 PM:  2015 Magic Dragon Street Meet Nationals Shows Hours
8 AM - 9 AM:  Judged Vehicle Parking ONLY!
9 AM - 11 AM:  Judging - Vehicles to be judged must be in designated area no later than 9 AM
9:30 AM:  Non-Judged Parking Opens
1 PM:  Awards at Main Stage

As your Lake of the Ozarks mortgage lender, I hope to provide you with valuable information about the Lake of the Ozarks, including great events all year long. These annual events are just one of the many reasons to own a home at the Lake of the Ozarks. If you're considering purchasing a full-time residence or a second home at the Lake, contact me at 573-746-7211 about home loans at the Lake of the Ozarks!

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


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

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.
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Thursday, April 23, 2015

4 Topics to Address Upfront with Your Mortgage Lender

Buying a home, especially when financing is involved, is a process. In order for everything to run smoothly, there are a few things that you should discuss with your Lake of the Ozarks mortgage lender up front. Here are 4 topics that you should address at the beginning of your home loan process:

1. Best Form of Communication. 


Everyone is different and likes to use different forms of communication. From email to texting, phone calls to Facebook messages, we all have a preferred method of contact. It is important to discuss the best way to get ahold of you with your mortgage lender at the Lake of the Ozarks. The process of buying a home has lots of moving parts and you will need to communicate back and forth quite often throughout the entire process. If you respond more quickly to text messages versus voicemail, be sure to let your mortgage lender know that. Often times there are time sensitive issues that arise during the loan process, so it will make the process move a lot smoother if your lender knows how to get questions answered, additional documentation, etc. in a timely manner.

2. Expected Timeline. 


Every home loan at the Lake of the Ozarks is different. There are a lot of factors that go into getting a loan and the process can be different for everyone's unique situation. Plus, the mortgage loan process is changing on almost a daily basis. You need to ask your loan officer about expected timelines and also be sure to let them know of any time restraints you may have. Your mortgage lender will want to get your loan secured and completed as soon as possible, keyword being "possible." Avoid unrealistic expectations by talking through everything with your mortgage lender. Also, don't make any unrealistic demands. In order to stay on schedule, be sure to provide information as quickly as possible. Your mortgage lender will give your file top priority and it is essential that you do the same.

3. Disclose Any Unusual Circumstances. 


One of the quickest ways to get declined for a mortgage is withholding information about your life circumstances. Be sure to disclose any unusual circumstances with your mortgage lender right way. It is always better to tell your mortgage lender upfront than for them to just "discover" it later. If you are unsure about a circumstance, talk with your mortgage lender to see if it will impact your application in any way. These situations could include:
  • A pending divorce
  • A short sale, foreclosure or bankruptcy
  • Unreliable working hours or income restraints
  • Other rental properties
  • Anything that seems unique or unusual! 

4. Your Goals. 


You may have had the goal to buy your own home for awhile and now you've finally reached it. So what's next? You need to set some new short-term and long-term goals as a new homeowner at the Lake of the Ozarks. Discuss these goals with your mortgage lender. Understanding your short and long term plans can help tailor the loan program and interest rates your lender presents to you. A qualified mortgage lender cares about how this loan fits into your financial goals and can help position you to achieve those plans faster. Try to answer these questions: 
  • Is this the home you plan on living in for a few years or a few decades? 
  • Do you plan on turning this home into a rental eventually? 
  • Is your goal to pay off your mortgage quickly? 

Discussing these topics upfront will help your mortgage lender provide the best service possible for your unique situation. When it comes to your financing needs, Lakelender Michael Lasson is committed to working with you every step of the way. I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve and I guarantee! 

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


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

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.

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Friday, April 17, 2015

What's in Store for the Housing Market this Spring?

The latest news on Gross Domestic Product, which is the broadest measure of U.S. economic activity, shows economic growth is still sluggish overall. GDP for all of 2014 was only 2.42%, which is disappointing considering we're in the 6th year of the economic recovery. However, the housing sector continues to improve, despite the harsh winter weather earlier this year.

Housing Sector 


Despite a big 17% decline in Housing Starts in February, Building Permits, which are a sign of future construction were up 3%. This is a good sign that the setback in Housing Starts was most likely temporary due to inclement weather. New Home Sales hit a 7-year high in February, another good sign for the housing sector.

New Home Sales


In February, New Home Sales  hit a 7-year high, rising 8% from January to an annual rate of 539,000 units. New Home Sales now stand at their best level since February 2008. They're up nearly 25% from the 432,000 recorded in February 2014. While pricing and sales for new homes were up, the Existing Home Sales report was not as promising, due to winter weather and low inventory. It remains to be seen what will happen this spring and summer, but these early numbers for new homes are another promising note in the recovery.

2015 Housing Market


Freddie Mac recently noted in its March 2015 U.S. Economic and Housing Market Outlook that it expects 2015 to be the best year for home sales and new construction since 2007. Freddie Mac cited an improving job market, rising rents and expanded credit availability as some of the reasons for its positive outlook.

Home Prices


Home prices are continuing to show signs of growth, as the S&P/Case-Shiller Home Price Index rose by 4.6% from January 2014 5o January 2015. This is the biggest gain since September. Its also up from the 4.4% annual rate recorded in December. The lofty price gains seen in 2013 an early 2014 may have cooled, but home price gains continue to be steady at what is considered normal levels.

The bottom line here is that Lake of the Ozarks home loan rates remain very attractive, making now a great time to consider a home purchase or refinance. Contact your Lake of the Ozarks mortgage lender today at 573-746-7211 to start the process!

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


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

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.
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Friday, April 10, 2015

Qualifying for a Refinance

People choose to refinance their home for many different reasons, each with their own benefits. For some of the most common reasons, check out our blog titled, "6 Reasons You May Want to Refinance." Refinancing is not an automatic thing though; it takes some time and preparation just like applying for a new home loan. Homeowners who want to refinance their homes must meet some requirements first. Here are are some general qualifications from SFGate.com you will need to meet in order to refinance your home at the Lake of the Ozarks:

1. Financial Requirements


While there are some exceptions, most mortgage companies do not offer refinancing to those homeowners who are in default on their loan. After all, who would want to lend money to someone who isn't able to make their payments? By refinancing a loan in default, the financial institution is running the risk of having to foreclose on the property in the future. Lenders also require homeowners to meet other financial criteria, depending on the type of loan. For example, an FHA loan requires borrowers to meet income standards and also considers monthly expenses to help the lender determine the homeowner's debt-to-income ratio. FHA loans require housing costs to be no more than 31% of a borrower's total monthly income.

2. Closing Cost Requirements


Just like with a new home loan at the Lake of the Ozarks, a refinanced loan require the borrower to pay closing costs. These costs include:
  • appraisal fees
  • prepaid interest or points
  • title search fees
  • title insurance
  • and loan application fees.
In order to refinance, borrowers must pay all these fees at the time of refinance. Typically, the closing costs cannot be rolled into the mortgage loan principal. 

3. Equity Requirements


Often times, mortgage lenders require homeowners to have some equity in their home. This means the value of the home must be higher than the amount the homeowner wishes to borrow. Most mortgage lenders require 5% equity. This means that the loan cannot exceed 95% of the home's value.

4. Loan Application


When refinancing your home, you still need to submit a formal loan application. While a lender might discuss potential interest rates and various closing costs, the lender cannot determine whether an individual qualifies for a refinance loan until the application is completed. You will need to include the following with your application:
  • credit history information
  • income information
  • employment history
  • the property value of the home and land
  • and the amount of equity the homeowner has. 
The lender then uses all this information to process the loan aplication. the process includes verification of employment, an appraisal of the property and a credit check. 

Each situation is different and it is important to talk to your Lake of the Ozarks mortgage lender to see what specific requirements you must meet in order to refinance your home. When it comes to your financing needs, I'm committed to working with you every step of the way. I'll discuss financing options, offer competitive interest rates and back it up with the FIRST Class Service you deserve and I guarantee.

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


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

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.
at No comments: