The Best Time of Year to Buy a Home

You've probably heard that spring is a busy time in the real estate world. People are jumping to get out and enjoy the outdoors after being cooped up all winter. Are those buyers really serious about buying a home at the Lake of the Ozarks though? In today's blog, your Lake of the Ozarks mortgage lender will discuss when the best time of year to buy is and why.

Buying a Home in the Spring

While spring is hands-down the busiest time in real estate, it's not necessarily the best time to buy. Why is that? Inventory might be at an all year high, but competition is also higher. With the increase of competition, comes higher home prices. Getting in a bidding war with other home buyers can easily cause you to pay more for that home than you would have if competition was lower. Home sellers are less likely to negotiate when multiple offers are coming in. According to data from RealtyTrac, April is the worst month to buy a house.

Buying a Home in the Fall 

According to data from RealtyTrac, the month where buyers get the best deal is October. It's true that inventory might be lower during the fall season. However, buyers looking in the fall are more serious about buying. Competition is lower during the fall months and that makes negotiating easier. Those listing their homes in the fall are more motivated to sell, which makes it easier for you to get a home at a lower price than you might in the spring.

Pros and Cons to Buying in the Fall 

Just like with everything in life, there are pros and cons to buying a home in the fall. Take a look at a few of them to determine if purchasing a home at the Lake of the Ozarks during the fall season seems like a good choice for you:

Pros

1. Sellers are serious. If they weren't, they would wait until the spring to put their home on the market. Motivated sellers means more flexibility during negotiations.
2. You'll have less competition from other buyers. Families, in particular, don't normally like to move during the fall season because school is in session. You'll have more time to look and more time to work out a deal without rushing to beat other offers.
3. Inventory is low. This could be looked at as a pro and a con. Lower inventory means that you have less homes to choose from, but that also makes it easier to narrow down your list of potential homes to buy. 

Cons

1. You could experience bad weather. You're not going to want to get out and look at houses in bad weather. From rain to snow and sleet, nasty weather can easily put a damper on your house hunting.  
2. Days are becoming shorter. Due to daylight savings time, buyers are forced to either take off work early or house hunt on the weekends to get it done before it gets dark out.

Summer is winding down and fall is just around the corner! Now is the time to get your mortgage pre-approval at the Lake of the Ozarks so you're ready to start house hunting. For all your Lake of the Ozarks home financing needs, give me a call at 573-746-7211. I'm here to help you every step of the way and get you into your dream home!

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.

4 Things to Do Before Starting Your Home Shopping

Have you been thinking about purchasing a home at the Lake of the Ozarks? Buying a home is one of the biggest investments you'll ever make and it's important that you don't just jump right in. Your Lake of the Ozarks mortgage lender is here to help by providing you with a list of things you should do BEFORE you start your home shopping.

1. Talk to a Mortgage Lender First. 

When you're ready to buy a home, what's the first thing you think about? You might say that you need to find a real estate agent to help you find the perfect home. While eventually you will want to find a reputable real estate agent, you need to talk to a mortgage lender first. You need to know how much you can qualify for and how much you can afford in monthly mortgage payments. Not getting pre-approved for a mortgage loan is the most common mistake home buyers make.

2. Create a Proper Budget. 

You have to remember that your mortgage payment is not the only expense you have to consider when purchasing a home. You need to create a budget that also factors in taxes, insurance, homeowners association fees (if applicable), home maintenance and repair expenses that may arise, etc. Be sure you consider everything involved and make sure you are comfortable making all those monthly payments and that you have enough in savings to cover unexpected emergencies related to owning a home.

3. Determine Exactly What You Want. 

In addition to knowing how much you can afford, you need to determine what exactly you're looking for in a home. You may already know that you need at least 3 bedrooms and 2 bathrooms, but what other features do you need your new home to have? Make a list of necessities vs wants, so that you can check them off as you're looking at potential homes to buy. Having this list will make it easier to compare different homes during your search.

4. Save Money and Get Your Assets in Order. 

If you've been thinking about buying a home for awhile now, chances are you've already started saving money. However, if you haven't, now is the time to start. While you are getting a loan to cover the cost of the house, you're going to need cash for some upfront expenses, such as a downpayment, closing costs, escrow accounts, reserves, etc. The more money you're able to offer for a downpayment, the better terms you can get for your loan. The more money you have saved up in reserves, the less likely you are to default on your loan. Having your finances in order is one of the most important aspects of buying a home.

After you've done these steps, now you can talk to a real estate agent and start your home search. You, your mortgage lender and your real estate agent will all work together throughout the entire home buying process. There's a lot that goes into getting a home loan at the Lake of the Ozarks and making that purchase. As the best mortgage lender at the Lake of the Ozarks, I'm here to help you every step of the way. Give me a call at 573-746-7211 to get started on your pre-approval 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. 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.

Should I Buy a Home When I Have Student Loan Debt?

Becoming a homeowner is likely the largest financial investment you'll ever make. As someone fresh out of college who is working on paying off those student loans, the dream of owning a home at the Lake of the Ozarks can seem like just that, an unreachable dream. How are you going to save enough money for a downpayment? Or do you not have to? Keep reading to learn if purchasing a home while you're paying on student loans is an option for you.

Homeownership

Many factors should be taken into account when choosing to purchase a home. While renting does not allow you to build equity in your own home, you may question whether adding more debt in the form of a mortgage is the best idea for your budget. Does becoming a homeowner at this point make sense?

Examining Debt

Not all debts are the same. With student loans, your asset is your education, which no one can take away from you. However, if you have mortgage debt and can't afford your payments, your home can be taken away. In addition to your credit score, your mortgage lender at the Lake of the Ozarks will look at your debt-to-income ratio. Depending on how much student loan debt you have, that ratio may be too high to purchase a home at this point in your life anyway. In order for a mortgage to be backed by the government, this ratio can't exceed 43% of your income.

Renting vs. Buying

With all-time low mortgage rates and rising rent costs, homeownership may seem like the best option. However, money isn't the only consideration you need to make. Are you planning to stay put in the same place for awhile, or are you unsure where you want to end up living? If you're planning to stick around the same area for at least two years, then buying might make sense. In this case, buying is more financially advantageous than renting in 70% of housing markets.

Downpayment Options

As someone with student debt, you may be struggling just to make your income match your expenses, let alone have any extra to save for a downpayment. While there are some low downpayment loan options available, the size of your downpayment will affect the total cost of your loan. The less you have to borrow from the bank, the lower your monthly payments will be. You'll also be saving money on interest. Keep in mind though, that you don't want to wipe out your savings to make a downpayment. It's important that you keep a cushion for closing costs, moving expenses, furniture shopping and any unexpected expenses that could arise with your new home.

Buying a home at the Lake of the Ozarks shouldn't solely be based on money though. Are you ready to take on the responsibility of caring for your own home? When you rent, the landlord takes care of any issues you may have, but once you buy, that's all on you. If you have questions regarding becoming a homeowner, give your Lake of the Ozarks mortgage lender a call at 573-746-7211. I'm here for all your home financing needs, and will discuss your options, helping 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. 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.

Is Renting Right For Me?

With increasing rent prices, there are a lot of things you need to consider about continuing to rent vs. buying a home at the Lake of the Ozarks. In some cases, you may be better off purchasing a home. Let's take a look at some reasons why you would want to rent rather than buy:

1. You're Not Planning on Staying in the Area Long-Term.

Renting allows more flexibility than owning. If your job requires you to move around a lot or if you're unsure how long you'll be in the same place, renting may be your best option. The upfront costs of purchasing a home at the Lake of the Ozarks can set you back financially if you move too soon after buying. However, if you plan on sticking around for awhile, homeownership is the way to go! Not only could you be saving money in the long run, you're building equity. Whether you're renting or buying, you're paying someone's mortgage, so why not have something to show for it?

2. You Don't Want to Deal with Maintenance and Other Added Costs. 

When you rent, your landlord is the one that has to deal with any maintenance issues. Once you're a homeowner, you are the one that has to find a plumber or electrician. If your dishwasher needs to be replaced, you are the one that has to pay to replace it. Upkeep of a home is something you should consider when choosing to purchase a home. However, on the other hand, when you own your own home, you don't have to wait for the landlord to take care of something. You can deal with maintenance issues and repairs on your own time. There are advantages and disadvantages to both renting and buying, and it's up to you to weigh the pros and cons to make a decision that best fits your particular situation.

3. Financially, Buying Would Be Difficult. 

For some people, buying a home is just out of reach. While you could save money in the long run, purchasing a home comes with some upfront costs that some people just can't afford. If you're in this position, the best thing to do is start saving now. Each month, put some cash aside to start building up enough to make a downpayment and cover the upfront fees. Maybe for now it's best to rent, until you get your finances in order. Take a look where you're at 6 months to a year down the road and maybe then you'll be financially ready to take on homeownership.

While there are some benefits to renting, homeownership is something to consider. If you're done spending money on rent and having nothing to show for it, give your Lake of the Ozarks mortgage lender a call at 573-746-7211. I'm here to help with all your Lake of the Ozarks home financing 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. 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.