USDA Rural Housing Loans

When you're ready to purchase a home at the Lake of the Ozarks, you have a lot of decisions to make. One of those decisions will involve the type of home financing you will use. There are a lot of different loan programs out there, each with their own benefits and eligibility requirements. In today's blog, your Lake of the Ozarks mortgage lender discusses what you should know about USDA rural housing loans.

What is a USDA Home Loan? 

Rural housing loans, sponsored by the U.S. Department of Agriculture, are designed to make homeownership more affordable for borrowers in rural communities. They can only be used to finance owner-occupied primary residences. In addition, other eligibility requirements include U.S. citizenship, a monthly payment that is 29% or less of your monthly income, with total debt payments not exceeding 41% of your monthly income, an acceptable credit history and a dependable income. 

Benefits of a USDA Home Loan 

For qualified borrowers, a rural housing loan can provide up to 100% financing with competitive rates and terms. Let's take a look at a few of the other benefits a USDA home loan can provide:

• Up to 100% financing
• NO monthly mortgage insurance premiums due
• Low closing costs
• Affordable fixed rates
• Flexible credit and qualifying guidelines
• Available on new or existing homes

USDA Home Loans vs. Other Loans

Compared to other loan programs available, USDA loans typically offer the lowest rates of all. Unlike FHA and conventional loans, USDA loans are backed by a government agency. Due to the USDA guaranty, lenders are protected against loss in a way that loans from other agencies can't provide. The only other loan offering a similar guaranty would be a VA loan.

Whether you're a first-time home buyer or are looking to refinance your current loan, First State Bank Mortgage provides a full portfolio of fixed and adjustable-rate mortgage products. To discuss your Lake of the Ozarks home financing needs and see if a USDA home loan is the best option for you, call your local mortgage lender at the Lake of the Ozarks at 573-746-7211. I'll work with you every step of the way to help you get into that home at the Lake you've been dreaming of! 

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.

7 Things You Should Know About Credit Scores

One of the main factors in determining your eligibility for a mortgage loan at the Lake of the Ozarks is your credit score. While most people may know what a credit score is, they don't necessarily understand how they work. In today's blog, your favorite Lake of the Ozarks mortgage lender offers a few things you should know about credit scores.

1. Your Credit Report Is Different From Your Credit Score. 

Your credit report includes details of your credit accounts, how often you apply for credit, debt collection accounts, etc. Your credit score is a 3 digit number that is figured based on those details of your credit report. 

2. You Have More Than Just One Credit Score.

There are 3 different major credit bureaus, Equifax, TransUnion and Experian. Each bureau uses a different approach to determine your credit score. As a result, you have 3 different credit reports, with multiple credit scores. When a mortgage lender at the Lake of the Ozarks pulls your credit report, they will be provided with 3 credit scores, one from each bureau. 

3. Your Credit Scores Are Based On 5 Core Factors.  

Your credit score is based on the following factors: payment history, credit utilization, average credit age, account mix and inquiries. These factors are listed in order of importance, and therefore your payment history has the largest affect on your credit score.

4. Credit Scores Are Used For A Variety of Things.

Credit scores are factored into a lot of different situations. While your score can affect insurance costs and employment, the most common situations where credit comes into play is when you are applying for a home loan at the Lake of the Ozarks.

5. Not Everyone Has a Credit Score.

If you've never applied for or used credit, you won't have a credit history and therefore, won't have a credit score. Not having any credit history can make it just as hard to obtain a mortgage as having a low credit score because the lender doesn't have any facts to base whether or not you can pay back your loan on.

6. Checking Your Own Credit Will Not Impact Your Score.  

You've probably heard that checking your credit can have a negative impact on your credit score. While there may be some truth behind that, checking your score yourself will not hurt your score. However, hard inquiries, like when a lender pulls your score for a loan or credit card, can have a negative impact on your score. Luckily, the effect is small and temporary.

7. You Can Always Improve Your Credit Score.

Just because you have a low credit score and maybe you can't get approved for a loan right now, doesn't mean it'll be that way forever. There are a variety of things you can do to improve your credit score over time. Check out our blog titled, "7 Tips for Building Your Credit Score."

If you have more questions about your credit score and how it can affect your Lake of the Ozarks mortgage approval, give me a call at 573-746-7211. I'm here to answer your questions and help you with all your financing needs. I'm committed to working with you every step of the way, for a smooth mortgage process!

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 Newlyweds Buy or Rent?

Whether you recently got married or you're preparing to take that walk down the aisle, there are probably a lot of things on your mind. You have a lot of decisions to make, and now you have to make them with someone else. One of those decisions is where you're going to live. In today's blog, your Lake of the Ozarks mortgage lender discusses the topic of homeownership for newlyweds. Is renting or buying right for you?

Renting vs. Buying 

The answer to the question, "Should Newlyweds Buy or Rent?" is not black and white. The answer depends on your specific situations. There are a lot of considerations to take into account when choosing whether buying or renting is the best option for you. Take some time to evaluate your finances, your career aspirations, etc. Below, we will take a look at a few of the pros and cons of renting vs. buying as newlyweds.

Renting 

Several factors could make renting a preferable options for you. Let's take a look at some of the pros to renting a home rather than buying:

• Lower Up-Front Costs: You've just spent a ton of money on a beautiful wedding, and now you have to think about the amount of money you need to purchase a home. Buying a home means spending several thousand on a downpayment, closing costs, agent's commission, attorney's fees and more, whereas renting typically just requires first and last month's rent. If you're still thinking about how you're going to pay off your wedding/honeymoon, then adding another large debt to the mix might not be the best choice at this point in time. 
• Less Maintenance & Upkeep: When you rent, your landlord takes care of any maintenance and repair issues that arise. When you own a home, you are now responsible for taking care of everything. When it comes to upkeep, renting could be more favorable. 
• No Strings Attached: According to the U.S. Census Bureau, after age 18, the typical American can expect to move 9 times. This is where your career aspirations and life goals come into consideration. Where are you in your career? Where is your spouse? Is there a possibility you could move in the near future due to a career advancement or change? Or do you plan to stay in the same area for awhile? If you or your spouse happen to get a new job in a new state, getting out of a lease is much easier than trying to sell a house. 

Buying 

While there are some benefits to renting, as mentioned above, there are also a lot of great reasons to start your new life together in your own home. Let's take a look at some of the pros to buying rather than renting:

• Build More Wealth: When you buy a home, you are building equity. Homeowners are making an investment, whereas renters pay money each month with nothing to show for it when it comes time to move. Even if you choose to move before you're mortgage is paid off, you still have that equity that you've built up.
• More Economical: For couples that plan to stay in the same area for several years, buying a house is typically considered the more affordable option. Often times you can purchase a house with a mortgage payment less than what you'd be paying for rent. Ownership is a much better value than renting in just about every U.S. housing market.
• Great Market: The housing market has made a comeback and now is a great time to purchase a home. The market is relatively stable, home prices have reached realistic levels and mortgage rates are at historic lows. The current market is great for couples thinking about becoming homeowners. 

If you and your new spouse are thinking about buying a home at the Lake of the Ozarks, give me a call at 573-746-7211 today. When it comes to your Lake of the Ozarks home financing needs, I'm committed to working with you every step of the way. We can discuss the pros and cons together to decide if homeownership is the best option for you!

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.

How To Ruin Your Mortgage Approval

Are you applying for a mortgage at the Lake of the Ozarks? There are a lot of factors involved in whether or not you get approved for a home loan. In today's blog, your Lake of the Ozarks mortgage lender offers some advice on what not to do! Here are a few ways that you could ruin your chances at an approved mortgage.

1. Incurring More Debt. 

One of the worst things you can do while going through the mortgage process is incur more debt. Avoid making any large purchases. This includes buying a new car or even just purchasing furniture for your new home. You need to wait until after the closing to make any purchases because your lender will not only pull your credit at the beginning of the process, but also just before closing to make sure nothing has changed. Your debt to income ratio is a big factor in determining both the amount of the loan and whether or not you get approved altogether. Generally, lenders require that your housing, plus any other debt, does not exceed 43% of your income.

2. Making a Career Change. 

When you get a mortgage, the lender trusts you are able to pay back this loan over a certain period of time. One factor mortgage companies consider is the length of the present employment; they are partial to stability. Your current income and debts are used to determine how much of a monthly payment you should reasonably be able to afford. A career change in the middle of the approval process is almost certain to alter your debt to income ratio and could impact loan approval.

3. Being Involved in a Court Case. 

Whether you're dealing with a divorce or a lawsuit, being involved in a court case will not help your chance of loan approval. When it comes to divorce, lenders want to avoid being caught in the middle of the battle over marital property. In these situations, it's hard to tell whether or not the loan will be paid back and by whom. Being sued or suing someone can also interfere with your mortgage approval. If you lose the case, you will either have to pay a settlement or attorney fees. This extra expense could make it harder to make your mortgage payment. Lenders see these situations as quite risky. Be sure to let your lender know up front if you are involved in any of these types of situations.

If you're thinking about purchasing a home at the Lake of the Ozarks, call 573-746-7211. When it comes to your financing needs, I'm committed to working with you every step of the way. I'll discuss your options, offer competitive rates and offer advice on how not to ruin your mortgage approval. Let me help you open the doors to your dream home!

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.

Labor Day Fireworks at the Lake

The season is winding down and Labor Day Weekend is upon us! There's no better place to spend the long holiday weekend than the beautiful Lake of the Ozarks, and the holiday just wouldn't be complete without some fireworks displays. Your Lake of the Ozarks mortgage lender has all the details on this year's Labor Day Fireworks at the Lake.

2016 Labor Day Fireworks

Old Kinderhook Labor Day Fireworks Fun Fest

Date: Friday, September 2nd
TIme: 5:00 pm - 9:00 pm
20 Eagle Ridge Road; South of Camdenton
Free Festivities to include Clowns, Bounce Houses, Face Painting, Games for Children and Adults. Free Live Entertainment. Food and drinks available for a small cost.
Call for Details: 573-317-4314

Bear Bottom Resort Labor Day Fireworks

Date: Saturday, September 3rd
Time: 9:45 pm
Hwy 5 to 123 Bear Bottom Drive in Sunrise Beach
View by land at Bear Bottom Resort or by water at the 38 Mile Marker.
Parking is limited; Arrive early.
Call for details: 573-374-6905

Fireworks at The 5MM Main Channel

Date: Saturday, September 3rd
Time: 8:30 pm
Location: View this privately funded fireworks display by water at the 5 Mile Marker of the Main Channel or by land at the intersection of Glenna Dr. & Winton Rd. with limited parking. Rain Date scheduled for Sep. 4th, 2016 at 8:30pm. Donations welcome - Click title above to donate.
Call for details: 314-323-2034

Tan-Tar-A Resort Labor Day Fireworks

Date: Sunday, September 4th
Time: 8:30 pm - 9:30 pm
Hwy KK to 494 Tan Tar A Drive in Osage Beach
Viewing by land on the Tan-Tar-A property is reserved for resort guests only.
View by water at the 26 Mile Marker
Call for details: 573-348-3131

Photo From: FunLake.com

Tropic Island Cruises Fireworks Cruise

Date: Sunday, September 4th
Time: Boarding 7:00 pm; Departure 7:30 pm
494 Tan Tar A Drive in Osage Beach
View the Tan-Tar-A Resort fireworks display from the water at the 26 Mile Marker, aboard the Tropic Island Cruises yacht.
Call for reservations and details: 573-348-0083

The Lodge of Four Seasons Labor Day Fireworks

Date: Sunday, September 4th
TIme: 8:30 pm - 9:30 pm
315 Four Seasons Drive in Lake Ozark
View by water at the 13 Mile Marker

Celebration Cruises Fireworks Cruise

Date: Sunday, September 4th
Time: Boarding 7:30 pm; Departure 8:00 pm
Celebration 1: Jeffries Rd to 5076 Davis Drive in Osage Beach
Celebration 2: Next to Bagnell Dam on Bagnell Dam Blvd. in Lake Ozark
View the Lodge of Four Seasons fireworks display from the water at the 13 Mile Marker, aboard one of the Celebration Cruises yachts.
Call for reservations and details: (573) 480-3212

Lakelender Michael Lasson hopes you have a wonderful and safe Labor Day Weekend! If you want to make attending annual Lake events a regular thing, consider purchasing a second home at the Lake of the Ozarks. Give me a call at 573-746-7211 for 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.