4th of July Festivities at the Lake of the Ozarks

There's no better place to celebrate the 4th of July than the beautiful Lake of the Ozarks! In addition to all the water activities, shopping, dining and attractions, this year's Independence Day celebrations include amazing music concerts and awesome fireworks displays all over the Lake area. Your Lake of the Ozarks mortgage lender has compiled a list of all the festivities you need to check out this weekend:

LIVE MUSIC 

Contagious and Soul Rout Live in Concert 
July 1-3 from 9pm to 1 am @ H. Toad's Bar & Grill

Chris Bandi Live in Concert 
July 1 at 8pm @ Picklehead's Roadhouse

Colt Ford with Special Guest Lenny Cooper 
July 2 at 5pm @ Picklehead's Roadhouse

A Neil Diamond Tribute 
July 3 @ The Lodge of Four Seasons

Backroad Anthem with Brushville 
July 3 at 5pm @ Picklehead's Roadhouse

Carl Worden Band Live in Concert 
July 4 at 8pm @ H. Toad's Bar & Grill

FIREWORKS 

Old Kinderhook Fun Fest 
July 1 at 5pm (Fireworks at Dusk)

Freedom Celebration at Windermere 
July 2 All Day (Fireworks at 9pm)

Photo Credit: FunLake.com

Fireworks at the 5MM
July 2 at 9:30pm

Captain Ron's Bar & Grill - 34.5 MM
July 3 from 8:30pm to 9:30pm

Playin' Hooky Fireworks Cruise 
July 4 from 8:30pm to 10pm

Lodge of Four Seasons - 13 MM
July 4 at Dusk

Celebration Cruises - Lodge Fireworks
July 4 from 7pm to 9:30pm

Tan-Tar-A Resort 
July 4 from 8:30pm to 9:30pm - 26 MM

Tropic Island Cruises - Tan-Tar-A Fireworks
July 4 from 8:30pm to 9:30pm

City of Eldon - Eldon Model Air Park
July 4 at Dusk

Lake Valley Country Club 
July 4 at Dusk 

Happy 4th of July weekend from your favorite mortgage lender at the Lake of the Ozarks! If you've been thinking of getting a second home at the Lake of the Ozarks so you can enjoy the area festivities all year round, give me a call at 573-746-7211. I'm here for all your Lake of the Ozarks home financing needs!

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

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Michael Lasson

Sr. Loan Officer

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.

9 VA Loan Myths Debunked

When it comes to purchasing a home, VA loans are one of the most valuable benefits available to veterans. Unfortunately, many veterans and military members are missing out on the benefits of VA loans due to the many myths and misconceptions about the program. As your trusted mortgage lender at the Lake of the Ozarks, we're here to debunk a few of these myths and set the record straight.

Myth #1: You need a perfect credit score to qualify for a VA loan. 

You don't need to have a perfect credit score to qualify for a VA loan. VA loans were created with more flexible and forgiving credit lines in order to help veterans and military members who've sacrificed for our country, to make it easier for them to obtain a home loan at the Lake of the Ozarks. However, while the VA doesn't require a certain credit score, the private lender you choose to work with will set his or her own requirements.

Myth #2: Veterans only have one chance to use their VA loan benefit. 

Veterans can use their benefit multiple times throughout their life - there's no limit. The benefit can also be used for refinancing of a home, not just for new home purchases.

Myth #3: VA loans cost more than other types of loans. 

VA loans don't inherently cost more than other types of loans. In fact, the VA limits what lenders can charge in closing costs. In addition, while these loans require no downpayment, they also come with no mortgage insurance requirement.  VA buyers do have to contend with an upfront funding fee, which is where the confusion and this myth comes from. When you do the math though, a VA loan is often cheaper than FHA and conventional loans!

Myth #4: VA loans take forever to close. 

VA loans have long had a reputation for being slow and choked with red tape. However, the process has become considerably more efficient over the past 15 years. VA appraisals, on average, come back in under 10 business days, which is right on par with other types of loans. There’s also little difference between VA and conventional loans in the time it takes to close.

Myth #5: Veterans have to be discharged or retired in order to use their VA loan benefit. 

You do not have to be discharged or retired to get a VA loan. Active service members get full access to the VA loan benefit too!

Myth #6: Military members deployed overseas cannot get a VA loan. 

Military service members who are away on active duty can obtain a VA loan if they intend to return home within a year or have a spouse who will occupy the property in the interim. In addition, deployed military members can sign a power of attorney designating a spouse or someone else to sign on behalf of the VA eligible borrower.

Myth #7: Members of the Reserve or National Guard are not eligible for the VA loan benefit. 

Members of the Reserves or National Guard are eligible for the VA loan benefit too, after 6 years of honorable service.

Myth #8: Widows or Widowers of veterans are not eligible to receive the VA loan benefit. 

Widows of fallen veterans who died on active duty or as a result of a service-connected disability are eligible for the VA loan benefit. In addition, surviving spouses are exempt from paying the VA funding fee.

Myth #9: Veterans are guaranteed a VA loan. 

No one, not even veterans, are "guaranteed" a home loan. Many buyers think military service entitles veterans to a “no strings attached” VA loan. While VA loans make it easier for those veterans and military service members to obtain a home loan, they still have to go through the home loan process just like everyone else.

If you're a veteran or active military and are thinking about purchasing a home at the Lake of the Ozarks, give me a call at 573-746-7211 today. I'll answer your questions and go over your options with you. I'm here to help you with all your Lake of the Ozarks home financing needs, from new home purchases to refinancing, and I'll 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. Loan Officer

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 Ways to Save for a Home Loan

For most home buyers, paying in cash isn't an option. Most people will have to secure some type of home loan at the Lake of the Ozarks. While there are programs out there that require little to no downpayment, home buyers still need to have some cash on hand. Plus, with a downpayment, home buyers are likely to get a better interest rate. So how do you come up with that cash you need to have on hand? Your Lake of the Ozarks mortgage lender has a few ideas on ways you can save for a home loan:

1. Plan: Budget your spending and set up direct debit to make it easier each week.

One great way to make a budget is to create a spreadsheet. Start with your net monthly income. First you'll want to subtract your set expenses, such as rent, student loan payments, car payments and credit card payments. With the money that's left over, you'll need to decide how you want to spend it. Start keeping your receipts, everything from gas purchases to dinner out with your friends. Anything you spend money on needs to be documented. Once you know where all your money is going, you can see where you might be able to cut costs. To create savings, you're going to have to be ruthless. Be sure you can justify everything you've bought.

2. Limit: Think to reduce costs. Only go out once or twice a week. Don't over do it.

As mentioned above, the only way you're going to be able to increase your savings is to limit your spending. One of the easiest ways to cut costs each month is to limit the amount of times you go out. Whether it's having dinner with an old colleague or grabbing drinks with your girlfriends, a night out can easily add up to more than you were planning on spending. If you go out several times a week, those costs can significantly add up. The goal here isn't to lock yourself in the house and never have any fun. You just need to be aware of how much you're spending and what exactly you're spending it on.  

3. Increase: Create a second income. Consider selling on Ebay or freelance. It all counts.

Some people have seen success in saving money by turning their hobby into an extra paycheck. Any money generated from this new source of income should go directly into your downpayment savings account. From giving piano lessons or selling crafts to waiting tables on the weekends, there are endless opportunities to make some extra cash.

4. Debts: Pay them off, such as a credit card. It can help your credit which is needed to obtain a home loan.

While saving money for a downpayment is important, paying off debts is also important. If you're taking money away from paying off credit card bills to save up for your downpayment, you're not really doing yourself any good. Pay off any debt that you can, especially anything with high interest first. Not only will that be one less monthly expense you have to worry about, but you can improve your credit. The better your credit, the better deal you're going to be able to get on your home loan. 

5. Invest: Put your money in a high interest account and let it do the work for you. 

There are a variety of options for high-interest checking and investment accounts. Be sure to consult with your financial advisor or tax professional on which option would best suit your situation. Keep in mind that funds that may be used for a downpayment should be easily accessible; check to see if there are early withdrawal fees or penalties for using these funds before you commit to any option.

Whether you're looking to buy a home next year or 5 years down the road, its never too early to start saving for a downpayment. If you are thinking of purchasing a home at the Lake of the Ozarks sooner rather than later, give me a call at 573-746-7211. As your Lake of the Ozarks mortgage lender, I can work with you on a pre-qualification so you have an idea of how much you can borrow and how much you'll need to save for a nice sized downpayment.

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. Loan Officer

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.

The 411 on FHA Loans

When it comes time to buy a house at the Lake of the Ozarks, you're going to have several options for financing. First State Bank Mortgage offers a full portfolio of fixed and adjustable-rate mortgage products. One of those options is the FHA Loan, perfect for both new home buyers or those looking to refinance.

What is an FHA Loan? 

An FHA loan is a loan funded by the Federal Housing Administration. FHA loans offer competitively-priced rates and a low downpayment option, making them quite popular among borrowers. Those with FHA loans however, do have to pay for private mortgage insurance to protect the lender from a loss if there's a default on the loan.

FHA Loan Requirements 

The FHA loan requirements set by the Federal Housing Authority include:

• Must have a valid Social Security number, lawful residency in the US, and must be of age to sign for a mortgage in that state. 
• Must pay a minimum downpayment of 3.5%. 
• Must have a minimum credit score of 580 for maximum financing with 3.5% down. On a case by case basis, 500-579 may be approved with 10% down. 
• Must have a steady work history or worked for the same employer for the past 2 years. 
• Must be at least 2 years out of bankruptcy and have re-established good credit. 
• Must be at least 3 years out of a foreclosure and have re-established good credit.  

Benefits of an FHA Loan

When it comes to choosing which loan program is right for you, you need to look at the benefits of each type. Here are the benefits of an FHA loan from your Lake of the Ozarks mortgage lender:

• Flexible credit and underwriting standards 
• Low closing costs
• Fixed and adjustable-rate mortgages available
• Down payments as low as 3.5% of sales price
• Competitive rates on new home purchases and refinances
• In-house processing and underwriting

If you're thinking about a new home purchase at Lake of the Ozarks, give me a call at 573-746-7211 regarding all your financing needs. I can answer all your questions about FHA loans and help you decide if it's the best option for you. As the best mortgage lender at the Lake of the Ozarks, I'm 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.