4 Reasons to Get a Pre-Approval for Your Home Loan

When buying a home at the Lake of the Ozarks, there are a lot of things to consider. One of the first things you should consider as a home buyer is getting a mortgage pre-approval. In today's blog we offer a few reasons why it's important to get a pre-approval on your Lake of the Ozarks mortgage before you start shopping for your dream home.

1. To Know What You Can Afford. 

Making the decision to buy a home is an exciting time. The first thing you will want to do is jump online and start browsing what's for sale. However, if you don't know what you can afford in a home purchase, you may be wasting your time. You could find a home you love, only to later realize it's too expensive. By getting a pre-approval, you can sort your home options by price and find your new home much quicker.

2. To Have a Better Chance of Offer Acceptance. 

Once you find your dream home, it's time to make an offer. Homeowners and realtors are less likely to accept offers from borrowers without a pre-approval. Chances are they will move on to the next offer and you'll be out of luck. However, if you've been pre-approved, you have the advantage. Sellers and realtors want someone they know is serious about buying, and only want to accept offers they don't think will fall through. The pre-approval is your way of showing that.

3. To Have Room to Bargain. 

When you have a pre-approval, you have an advantage over the seller. You have room to bargain. The owner of the home knows you have the finances and is ready to sell, so you may be able to get a better deal. Sellers are more willing to work with pre-approved buyers. This could be anything from lowering the asking price to throwing in appliances or helping cover the closing costs.

4. To Reduce Stress During the Buying Process. 

Opting to skip the pre-approval can easily increase your stress level throughout the whole process. If you aren't pre-approved, you'll spend more time house hunting than you would otherwise. In addition, you could waste not only your time, but also the time of the sellers and realtors involved by putting in an offer that you actually can't make because you don't have the finances. By getting a Lake of the Ozarks mortgage pre-approval, you have less to worry about. You don't have to worry about the money side of things anymore and you can focus on the fun stuff, like picking out the perfect home!

I'm here for all of your Lake of the Ozarks home financing needs! Give me a call at 573-746-7211 to get started on your pre-approval. As your mortgage lender at the Lake of the Ozarks, I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve. Getting a pre-approval means you're one step closer to purchasing your dream home at the Lake of the Ozarks!

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.

Christmas at the Lake of the Ozarks

Christmas is finally here! The time for extravagant feasts and amazing Christmas light displays has arrived. If you'll be spending the holidays at the Lake of the Ozarks this year, be sure to check out these great Christmas events happening this weekend!

Christmas Light Displays

Photo Credit: FunLake.com

Christmas light displays are one of the most popular holiday traditions. Cities, churches and other area organizations have created amazing light displays that you can drive through, featuring Santa, snowmen, nativities and more! Be sure to check these out if you're in the Lake of the Ozarks this holiday weekend:

• Enchanted Village of Lights at Laurie Fairgrounds: Open Daily from 5-9 pm (10 pm on weekends) through January 1st
• St. Patrick's Festival of Lights at the Shrine of St. Patrick in Laurie: Open Daily from 6-10 pm through January 1st 
• Versailles Unity Circle of Lights at the Versailles City Park: Open Daily from Dark until Midnight through January 1st 
• Osage Beach Holiday Lights at Osage Beach City Park: Evenings through December 31st 

Christmas Feasts 

The holidays just wouldn't be the same without enjoying a delicious feast with family and friends. If you don't want to spend all morning in the kitchen preparing a meal, check out one of these local Christmas dinners instead: 

Photo Credit: FunLake.com

• Christmas Dinner at J. Bruner's: Restaurant opens at 5 pm on Christmas Eve and 3 pm on Christmas Day. Savor the full menu including the famous prime rib on Christmas Eve, or enjoy a traditional turkey dinner, prime rib, or your favorite selections from the menu on Christmas Day. Reservations are recommended. Please call 573-348-2966
• Christmas Day Buffet at Tan-Tar-A Resort: Dinner will be served from 11 am to 4 pm.  Enjoy a Christmas buffet featuring Carved Ham with Bourbon Glaze, Carved Prime Rib with Horseradish Cream, Sage Roasted Turkey, Pacific Whitefish with Basil & Roasted Red Pepper Aioli, and much more! Reservations are required. Please call 573-348-8619.

Merry Christmas from your Lake of the Ozarks mortgage lender! If you enjoy spending the holidays at the Lake, consider joining us year-round. Call 573-746-7211 to discuss purchasing a second home at the Lake of the Ozarks. 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 

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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.

4 Tips to Finding the Perfect Home

Are you in the market for a new home? Whether you're a first-time home buyer, looking to downsize or find something larger, there are a lot of things to consider before you start your search. In today's blog, your favorite mortgage lender at the Lake of the Ozarks offers a few tips to help you find your dream home!

1. Know Your Budget. 

One thing that can really put a damper on the home buying process is finding a home you love, only to find out you can't afford it. When purchasing a home at the Lake of the Ozarks, your first step should be to get a loan pre-approval. Once you know how much you're able to borrow, you'll be able to create a realistic budget. In addition, you'll want to consider how much you can afford to pay monthly. Just because you get approved for a large loan amount, doesn't mean you can comfortably make those payments each month. The price of the home you purchase is a large factor that should be considered carefully.

2. Find a Great Real Estate Agent. 

If you don't have a real estate agent in mind, your Lake of the Ozarks mortgage lender can recommend one. While you may feel like you can find a home on your own, a real estate agent brings expertise in the industry that you don't have. They are familiar with the local market, have access to properties just coming on the market, are good at negotiating and can walk you through the entire process, avoiding added stress during your home search. With the help of a real estate professional, you'll find the perfect home in no time.

3. Make a Features List. 

After price, features are the next thing you'll want to consider. It's unlikely that you will find a home that has everything you want within  your price range. Therefore, it's a good idea to create a features list before you start your shopping. You'll want to divide this list into sections: features you require and features you could do without if you had to. Consider the size of the home, the number of bedrooms and number of bathrooms. Be sure to keep your interests top of mind throughout the home buying process.

4. Consider the Location. 

While the house itself may be most important, you'll also want to consider where it's located. How far is the home from your work? What school district is the home in? Is it considered a "safe" neighborhood? Consider the distance of the home from various activities you like to participate in. Do you want a home within walking distance to a park? Location is an important factor to be considered. Long commutes can add extra expenses that could possibly be avoided when purchasing a home in a different location.

If you are ready to start your home search, call 573-746-7211 to discuss a Lake of the Ozarks mortgage pre-approval. When it comes to your Lake of the Ozarks home 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!

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.

6 Common Refinancing Mistakes

With interest rates still low, many homeowners are thinking about refinancing a home at the Lake of the Ozarks. While refinancing could possibly save you money in the long run, it's important to look at the big picture. Keep reading to learn about some of the most common refinancing mistakes you can make.

1. Not Taking Care of Your Credit

Your credit score is one of the biggest contributing factors in determining what interest rate you'll qualify for. Take a look at your credit report to make sure there aren't any errors. In addition, be sure to pay all your bills on time. You want to do everything you can to increase your credit score before going in to refinance your home loan at the Lake of the Ozarks. 

2. Opening New Credit Accounts and Increasing Debt

One way to hurt your credit score and your chances at a good mortgage interest rate, is to open up new lines of credit. Doing so can lead to delays in the mortgage approval process and could even cause you to get rejected. Not only does this cause a change in your debt-to-income ratio, but every time you open a new credit account, your credit score drops. 

3. Failing to Consider All Costs

While lowering your monthly payment or getting a better mortgage rate is your main goal when refinancing, it's important to consider all associated costs. Before jumping on what seems like a great deal, weigh the amount of time left on your current mortgage and the closing costs of the refinance. If you don't plan to stay in your house very long or you're close to paying it off, a refinance might not make sense financially. Be sure to look at the big picture.

4. Not Checking Your Property Value

Chances are, your home's value is not the same as it was when you first financed your house. Overestimating your property value is one of the easiest refinancing mistakes you can make. Talk to real estate agents in your area to see what homes similar to yours are going for these days. Having a realistic number in mind can help you avoid a costly financial mistake.

5. Financing Short-Term Expenses with a Long-Term Loan

With the rise in home prices, many homeowners are tapping into newfound equity to accomplish financial goals. While a cash-out refinance may seem like a great way to pay for that cruise you've been dreaming to take, it will cost you more for that trip. Before refinancing, think about the value you're getting. Homeowners may receive more value by investing in home improvements, a college education or a promising business venture. Make sure your refinance will yield good returns in the long-term. 

6. Refinancing Too Often

With interest rates near all-time lows, it can be tempting for homeowners to refinance. However, like mentioned above, there's more to think about than just the interest rate. Frequent refinancing extends the mortgage term again and again. Sometimes the lowest possible payment is a priority for a homeowner with limited cash flow. However, a financially stable borrower should focus on lifetime savings. One strategy would be to refinance with a shorter term. You can also make additional principle payments to avoid extending the repayment time frame.

Talk to your Lake of the Ozarks mortgage professional if you are considering a home refinance. I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve. Together, we can decide if refinancing your mortgage at the Lake of the Ozarks is the right decision 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

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 Mortgage Discount Points

When applying for a home loan at the Lake of the Ozarks, you want to get the best rate possible for you. In today's blog, your Lake of the Ozarks mortgage lender discusses mortgage discount points and how they can help you lower your interest rate and save you money in the long run. 

Mortgage Discount Points

Mortgage discount points are a one-time, upfront fee that gives the borrower access to a discounted mortgage rate. Essentially, it's prepaid mortgage interest. In general, one discount point will lower your mortgage rate by 25 basis points or 0.25%. The points are fees used to "buy-down" your mortgage interest rate. The cost of each discount point is equal to 1% of your total loan. Be sure not to confuse these points with "origination points," which are fees the bank charges to do your loan.

How Your Mortgage is Affected

As a rule of thumb, one discount point will lower your mortgage rate by 0.25%. However, two discounts points won't necessarily lower your mortgage rate by 0.5%. Different banks will offer different sets of discounts in exchange for you buying points. While your upfront costs will increase, you can see a significant savings in your monthly payment when you choose to purchase discount points. In addition, the costs of your discount points are tax-deductible, so there's also a tax advantage to purchasing discount points.

Should I Purchase Discount Points?

Every Lake of the Ozarks mortgage loan will have its breakeven point for buying points. If you plan to stay in your home beyond that point (and don't plan to refinance), then purchasing the discount points is probably a good idea. If not, the points can be a waste, so be sure to do the math to see if its the right move for you. Also, be sure to look at the mortgage rate alone, not the APR. The APR is a calculation that shows the long-term cost of holding a mortgage, but it assumes you'll hold your loan for 30 years, which is rarely the case.

Choosing to purchase discount points is a financial decision that varies from borrower to borrower. Talk to your favorite mortgage lender at the Lake of the Ozarks today to see what rates are available to you and go from there. For all your home financing needs, give us a call at 573-746-7211. Home loan rates are still at all-time lows, so act now before they start rising!

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.

Enjoy a Turkey Feast at the Lake this Thanksgiving!

The holiday season is upon us and this week, people will be gathering with family and friends for delicious food! For those of you that are tired of cooking all day for that big Thanksgiving feast, consider eating out at one of the fine dining restaurants at the Lake of the Ozarks. In today's blog, your Lake of the Ozarks mortgage lender offers a few places you can enjoy an amazing Thanksgiving feast this Thursday!

Thanksgiving Feasts at Lake of the Ozarks

H. Toads Bar & Grill
Time: 11 AM to 3 PM
Prices: $26 for Adults, $20 for Seniors, $12 for Children 6-12, Free for Children 5 and Under
Reservations: 573-365-5620  

The Lodge of Four Seasons
Time:  11 AM to 3 PM
Prices: $39.95 for Adults, Half Price for Children Under 12, Free for Children Under 5
Reservations Required: 573-365-3000

The Inn at Grand Glaize 
Time:  3 AM to 3 PM
Prices: $18.95 for Adults, $15.95 for Seniors, $9.95 for Children 12 and Under, Free for Children Under 3
Reservations Recommended: 573-348-4731

Old Kinderhook 
Time: 11 AM to 4 PM
Prices: $35 for Adults, $27 for Seniors, $12 for Children 5-10, Free for Children 4 and Under
Reservations: 573-317-3560

Tan-Tar-A Resort
Time: 11 AM to 5 PM
Prices: $28.95 for Adults, $18.95 for Seniors (55+), $14.95 for Children Ages 4-12, Free for Children 3 and Under
Reservations: 573-348-3131

J. Bruner's Restaurant
Time: Restaurant Opens at 3 PM
Prices: $29 per Person
Reservations: 573-348-2966

The Turkey Tradition 

As you're eating turkey each year, do you ever think about why most people eat turkey at Thanksgiving? While there may not have been turkey on the table at the "First" Thanksgiving in 1621, there were definitely wild turkeys in the Plymouth area. Due to the fact that wild turkey was hunted then and that it's a uniquely American bird, turkey gained traction as the Thanksgiving meal of choice soon after Lincoln declared Thanksgiving as a national holiday in 1863. In addition, turkeys were large enough to feed an entire table (unlike a chicken) and were also not as common as pork, so they seemed suitable for such a special occasion.

Happy Thanksgiving from your favorite mortgage lender at the Lake of the Ozarks! If you enjoy these annual events at the Lake of the Ozarks each year, consider making the Lake area your second home. I'm here to help you with all your Lake of the Ozarks home financing needs. Give us a call at 573-746-7211 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

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.

Avoiding Private Mortgage Insurance

When you choose to become a homeowner, you're taking on more expenses than just a monthly mortgage payment. One of the those expenses could be private mortgage insurance (PMI). This type of insurance protects the Lake of the Ozarks mortgage lender if the borrower defaults on the loan. Keep reading to learn how you can avoid paying PMI on your home loan at the Lake of the Ozarks.

What is Private Mortgage Insurance (PMI)? 

Private Mortgage Insurance, or PMI, is an insurance policy paid by the homeowner to protect the lender in the event the homeowner isn't able to make payments on the home. For conventional loans, PMI is required when a home's equity percentage is less than 20%. This insurance exists because homes that default typically sell at auctions and may go for up to 20% less than the home's true value. PMI is called "private" because it is offered by private companies as opposed to the government. PMI automatically ends when a homeowner's equity reaches 20% of the home's value.

Ways to Avoid Paying PMI

The easiest way to avoid paying PMI is to put down 20% or more when obtaining your Lake of the Ozarks mortgage loan. Depending on the purchase price of your home, coming up with enough cash to cover 20% can be difficult. Don't worry though, there are plenty of options out there that allow lower downpayments, many of which also don't require PMI. Talk to your mortgage lender at the Lake of the Ozarks about first-time home buyer programs and other low-to-no downpayment options that you could qualify for. Here are a couple options to consider:

1. VA Loans 
With favorable terms, competitive interest rates, and no monthly mortgage insurance premium, VA Loans are designed to make homeownership more affordable for qualified U.S. veterans. This option allows you up to 100% financing without having to pay PMI. 

2. USDA Loans 
Rural Housing loans, sponsored by the U.S. Department of Agriculture, are designed to make homeownership more affordable for borrowers in rural communities. For qualified borrowers, a Rural Housing loan can provide up to 100% financing with competitive rates and terms. This option also does not require paying PMI, even with little to no downpayment. 

Your Lake of the Ozarks Mortgage Professional

When it comes to your Lake of the Ozarks home financing needs, Lakelender Michael Lasson is here to help!  I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve. Give us a call at 573-746-7211 to learn more about your mortgage options!
 

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.

Proud Sponsor of the 2016 Signature Chefs Auction

Your Lakelender Michael Lasson of First State Bank Mortgage is a silver sponsor for the 2016 Signature Chefs Auction at the Lake of the Ozarks to be held on November 9. Guests will enjoy an evening of culinary excellence, while supporting the March of Dimes. Keep reading to learn more about the upcoming event.

Signature Chefs Auction Lake Ozark 

The March of Dimes Signature Chefs Auction is an annual fundraiser that is always in good taste! The gala showcases enticing culinary creations from Central Missouri's top chefs, along with distinctive, one-of-a-kind auction items and experiences.

Date: Wednesday, November 9
Time: 5:30 PM
Place: Lodge of Four Seasons, Lake Ozark, MO

About March of Dimes

The March of Dimes is dedicated to healthy pregnancies and to giving every baby a healthy start, but the key ingredient is you! Fund the Mission provides an opportunity to make a significant investment to further the mission of the March of Dimes. Fund the Mission gifts are 100% tax deductible.

Culinary Talent 

The Signature Chefs events feature local culinary talent who create a selection of fine cuisine for an exclusive audience. Our chefs are artists, innovators and philanthropists, and we look forward to sharing their talents at the event. This year's chefs include:

• Corey Roberts, Baxter's Lakeside Grille
• Christopher (Red) Messinio, Camden on the Lake 
• The Grille at Porto Cima
• HK's 
• Bill Ferguson, JB Hook's 
• Mark Wedig, JJ Twig's 
• Joseph Cape, JJ's at the Copper Pot 
• Chris Galloway, PaPPo's Pizzeria and Pub 
• Pierre Torres, Redhead Yacht Club 
• Ruthie D's 
• Robert Sills, The Savannah Grille 
• Shorty Pants 

Your Lake of the Ozarks mortgage lender is a proud sponsor of this event. We hope you can attend this wonderful dinner event. You won't be disappointed - the food is amazing!

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.

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 

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.