First State Bank Holds Open House and Ribbon Cutting

The Lake Area Chamber recently held a ribbon cutting for First State Bank Mortgage at their new location at 4655 B Osage Beach Pkwy in Osage Beach. The ribbon cutting took place on October 19 at 4:30 pm, with First State Bank Mortgage's Lake of the Ozarks mortgage lending team of Michael Lasson, Bob O'Steen and Michelle Lasson, other First State Bank Mortgage staff, as well as several Lake Area Chamber staff, board members, and volunteers in attendance.

First State Bank Mortgage

First State Bank Mortgage, a division of First State Bank of St. Charles, is a full service mortgage lender whose professional staff offers expertise in all areas of mortgage lending and an array of convenient online tools for customer account management. Founded in 1867, First State Bank is one of the oldest independent community banks west of the Mississippi and serves customers through full-service banking centers and mortgage offices.

Why Choose First State Bank Mortgage? 

At First State Bank Mortgage, we believe that everyone deserves the opportunity to own their home at the Lake of the Ozarks. Our team strives to go beyond simply providing you with a loan; we help you choose a beneficial, long-term financial solution, and even after your loan closes, we will help you manage your debt over time. With direct access to hundreds of Lake of the Ozarks home loan products, we provide the most efficient way to obtain financing tailored to your specific financial goals. It's our job to offer you peace of mind as we escort your loan application through the entire process, and wade through all the options for your loan, to find the most cost-effective and convenient loan for you!

As part of the First State Bank Mortgage team and your trusted Lake of the Ozarks mortgage lender, I'm committed to working with you every step of the way. I'll discuss financing options, offer competitive rates and back it up with the first class service you deserve! Give me a call at 573-746-7211 to get started today!

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

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Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(866) 397-0318

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.

Halloween Events at the Lake of the Ozarks

Whether you have kids that you're taking trick-or-treating or you're just dressing up for an adult party, there's plenty going on at the Lake of the Ozarks for Halloween this weekend! In today's blog, your Lake of the Ozarks mortgage lender offers the details on upcoming fall and Halloween events.

U-Pick Pumpkin Patch & Fall Attractions - Now through October 30
The Mecca Family Farm's Pumpkin Patch in Roach is open Saturday and Sunday from 10 am to 5 pm. Attractions include a corn crib, corn cannon, big slide, face painting & photo ops, petting zoo, hay rides and a maize walk.

The Haunted Holler - Now through October 31
The Haunted Holler is a quarter mile haunted trail in the woods, open Friday, Saturday and Sunday from 8 pm to midnight. Admission is $10 per person. The trail is located one mile behind Hy-Vee in Osage Beach. Recommended for children ages 6 and older. Children 12 and under must be accompanied by an adult.

Zombie Wasteland Haunted House - Now through October 29
Haunted House to benefit Kids Harbor Child Advocacy Center is open Thursday, Friday and Saturday nights. Children must be accompanied by an adult.  The haunted house is located next to Malarkey's Pub & Grill in Camdenton.

Bonfire & Hayride at The Lodge of Four Seasons - Now through November 5 
The Lodge Hayrides along the Lake and throughout the resort are happening every Saturday from 4-7 pm. Hayrides are included in the resort service fee for overnight stays or are $5 for the public. Hayrides also include s'mores, hot cocoa and mini pumpkins for the kids set around the lakeside bonfire beach location.

Hy-Vee Hollow Trick-or-Treat Maze - October 27 
Safe trick-or-treating and family fun in the Hy-Vee parking lot on Thursday, October 27 from 4-7 pm. Cost is $2 per child and all money raised from the event will be donated to Dream Factory & Wonderland Camp. 

Captain Ron's Adult Halloween Party - October 29 
The 10th Annual Adult Halloween Party at Captain Ron's is happening Saturday, October 29, featuring live music, specials, prizes and lots of ghoulish costumes. 

Halloween Bash Trick-or-Treat on the Strip- October 29 
Trick-or-Treating at the businesses along the Historic Bagnell Dam Strip from 1-4 pm and games at Luby's Plaza from 2-5 pm. There will be a pumpkin carving contest, a cake walk, 4pm costume contest and 4:30 pm pie eating contest. 

Franky & Louie's Halloween Costume Party - October 29 
Close out the season with Franky & Louie's Halloween Party starting at 9 pm on Saturday, October 29. There will be a $500 cash prize for the best costume.

Tucker's Shuckers Halloween Costume Party - October 29
Costume party at Tucker's Shuckers from 9pm - Close. There will be cash prizes for costume contest winners, as well as dueling DJs all night long! 

Kid's Halloween Spooktacular at Captain Ron's - October 30 
Bring your little ghosts & goblins to Captain Ron's to grab some loot on Sunday, October 30 from 5-6:30 pm. 

Spooktacular Trick-or-Treat - October 31
A safe, free, family-friendly trick or treating experience will be held at the Save-A-Lot parking lot in Camdenton from 6-9 pm on Monday, October 31st. Music, contests, fun and games will be held.

Happy Halloween from your favorite mortgage lender at the Lake of the Ozarks! If you love participating in events at the Lake all year round, consider purchasing a second home at the Lake of the Ozarks. I'm here to help with all your financing needs! Call 573-746-7211 to get started on your Lake of the Ozarks home loan approval 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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(866) 397-0318

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.

Handling Your Mortgage During a Divorce

Getting a divorce is not an easy task, and there are a lot of things you'll have to work through. If you're going through a divorce, you may be wondering how to handle the mortgage payment. Since your house is likely your largest asset, it's probably one of the most contentious aspects of the divorce proceedings. In today's blog, your Lake of the Ozarks mortgage lender offers a few options for you to consider.

1. Sell the Home.

The first and probably most obvious option is to sell the house and split the profits between the two of you. Choosing to sell is probably the easiest way to get out of this large payment you're both equally responsible for. While you would still need to determine who will handle the mortgage payments until the home sells, this is a short-term challenge rather than a long-term one. Once the home sells, you and  your spouse would be able to use any money made to settle your combined and divorce-related debts and start over fresh financially. In today's market however, that's easier said than done - which is why it's good you have other options as well.

2. Refinance the Mortgage Into One Person's Name.

In some cases, refinancing the loan with only one person's name on it may be the best option. After the refinance closes, only that spouse would be responsible for the monthly mortgage payments. If necessary, you could do a cash-out refinance to pay the departing individual their portion of the equity. Unfortunately, this scenario only works in certain cases. In order to qualify for a refinance, some terms need to be met. Income is a large determining factor in the mortgage approval process, and if your income alone is not enough to cover the mortgage payment, you may have to sell the house. In addition, your credit score and current equity in the home could come into play. If you're going through a divorce and considering a refinance, be sure to talk over your options both with your attorney and your mortgage lender at the Lake of the Ozarks.

3. Keep the Home and the Mortgage.

In some cases, selling or refinancing the home may not be an option. In this case, you have the choice to keep the home and the mortgage intact. Both parties would remain on the loan and both would be responsible for the payment. In this situation, it's important that your divorce agreement states who is responsible for the monthly payment. The agreement could state that you are responsible for the payment, but that your ex-spouse and children will continue to live in the house. However, the agreement could state that each party is responsible for exactly half of the payment each month. Unfortunately, in this situation, since both names are still on the loan, if the person responsible for the payments misses a payment or is late on a payment, your credit can still be affected. When it comes to dealing with your mortgage during a divorce, this option is the most risky.

If you're going through a divorce or contemplating divorce, obviously your first step should be to talk to a lawyer. After that, I'm here to answer any questions you may have about qualifying for a Lake of the Ozarks mortgage loan on your own. Give me a call at 573-746-7211 to discuss your options. I'm here to work with you every step of the way, and 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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(866) 397-0318

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.

Understanding Loan-to-Value

When working with lenders, there are a lot of terms and abbreviations that you may not be familiar with. In today's blog, your mortgage lender at the Lake of the Ozarks discusses the Loan-to-Value ratio and why it's an important number. Keep reading to learn how your LTV could affect your mortgage or home refinance at the Lake of the Ozarks.

What is Loan-to-Value? 

Loan-to-Value, or LTV, is a ratio of your mortgage loan balance to the value of your home. It is used to estimate how much you owe on your home compared to your home's market value. To determine your LTV, your Lake of the Ozarks mortgage lender will divide your loan amount by the lesser of the home’s appraised value or purchase price. As an example, if you have a $280,000 mortgage loan balance and a home value of $350,000, your LTV would be 80%.

Why is Your LTV Important? 

When it comes to the mortgage approval process, your LTV is a key factor. Mortgage lenders use this ratio on both new purchases and refinance transactions. It is a risk assessment tool that lenders can use to determine if you are eligible to receive a loan. With a higher LTV, lenders perceive that there is a higher risk of the loan going into default because there is little to no equity built up in the property. In the event of a foreclosure, the lender may find it difficult to sell the home for a price sufficient to cover the outstanding loan balance. Not only can a high LTV risk your chances for approval, but if you do get approved, you could be charged a higher rate. In addition to the higher interest rate, you may also be required to purchase private mortgage insurance. In general, most lenders will offer the best interest rates to those borrowers with an LTV of 80% or below.

If you have more questions about your LTV or how it could affect your Lake of the Ozarks mortgage loan or refinance, call 573-746-7211. When it comes to your home financing needs, I'm here to work with you every step of the way. I'll discuss your options, offer competitive rates and 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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(866) 397-0318

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 Mortgage Approval Triangle

When it comes to getting a mortgage, there's not really a "trick" to getting approved. It's really as simple as having all your ducks in row. In order to get approved for a mortgage at the Lake of the Ozarks, you'll have to satisfy the Income-Equity-Credit triangle. Keep reading to learn more about this triangle and how it impacts your mortgage approval.

The Triangle

No matter what type of loan you're applying for, whether its USDA, FHA or whatever, you'll need to disclose your income, equity and credit. There are the big three key factors of mortgage lending. Those applying for a mortgage will have to meet some minimum qualifications in each of these categories. When all three of these factors meet the requirements, and the triangle becomes balanced, you're likely to get approved.  

Income: When looking at income, a lender compares your monthly taxable income to your monthly household debts. This is to ensure you make enough money to cover the monthly payments you would be incurring with the mortgage loan.

Equity: When looking at equity, a lender takes into consideration the amount of equity you have in your current home. If you don't have any equity yet, don't worry. Below we discuss compensating factors that will make up for not having a big equity.
 
Credit: One of the most important factors that a Lake of the Ozarks mortgage lender will look at is your credit. This is determined based on the scores and information provided by the three major reporting agencies: Experian, Equifax and TransUnion.

Compensating Factors 

Ideally, a prospective buyer would have a strong income, big equity and great credit. However, in reality, most applicants will not. Compensating factors are strengths in a person's mortgage application that will compensate, or "make up for" the weaknesses. Maybe an applicant has a great credit score, but their income is a little on the low side. This doesn't mean they can't get approved for a mortgage. Everyone's situation is different and therefore, its important you talk to a qualified mortgage lender at the Lake of the Ozarks to discuss your personal situation and needs.

To learn more about the mortgage approval process, give us a call at 573-746-7211. Whether you're looking for a new home or wanting to refinance your current home, I'm committed to working with you every step of the way! When it comes to your Lake of the Ozarks home financing needs, I'll discuss your options, offer competitive interest rates and 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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(866) 397-0318

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.