Fourth of July Activities at the Lake of the Ozarks

Can you believe summer is well underway and the 4th of July holiday is just around the corner? With Independence Day falling on Tuesday this year, this weekend at Lake of the Ozarks is full of family-fun festivities leading up to the holiday. Today's blog from your favorite Lake of the Ozarks mortgage lender offers information on some of these great events. Be sure to catch one of the amazing firework displays over the lake!

4th of July Festivities 2017

4th of July Fireworks Fun Fest at Old Kinderhook 
Kick off 4th of July weekend at this free, family-fun event on Friday, June 30, from 5-9 pm. There are lots of free activities for both kids and adults including live music, bounce houses, games, face painting and much more. Fireworks will begin at dark, and there will also be an All American Cook Out dinner available for purchase.

Windermere's Freedom Celebration
The Annual Freedom Celebration at Windermere will be held on Sunday, July 2nd, starting at 5 pm. Enjoy a BBQ supper, old fashioned games, live music and the lake! Bring your own lawn chair or blanket for the fireworks at 9 pm.

Eldon 4th of July Celebration
On Saturday, July 1, head over to Eldon Air Park for the Annual 4th of July Celebration! The day kicks off with a 5K run at 7:30 am. The 4th of July Parade, games and vendors will start at 10 am. Live music will start at 5 pm and the fireworks will begin at dusk!

Fourth of July Bash at My Playhouse
My Playhouse will be open from 9 am to 3 pm on Tuesday, July 4! Treats and crafts will be available. At My Playhouse, the adults can enjoy a cup of coffee in a comfortable chair, while the kids play within view. It's the perfect family-friendly activity for your vacation!

Miller County Fair
The Miller County Fair will take place July 4-8 this year! Join us for live music, figure 8 racing, a demolition derby, a rodeo, truck & tractor pulls, youth livestock shows, the 4-H & FFA exhibit hall and a carnival! For more information, visit: www.millercountyfair.com.


Firework Displays 

• Old Kinderhook: Friday, June 30 at Dusk
• Eldon Air Park: Saturday, July 1 at Dusk 
• Bear Bottom Resort: Saturday, July 1 at 9:45 pm 
• Fireworks at the 5 MM: Saturday, July 1 at 9:30 pm
• Runaway II Resort & Campground: Saturday, July 1 at 9:30 pm
• Windermere Conference Center: Sunday, July 2 at 9 pm 
• Celebration Cruises Bagnell Dam (573-480-3212): Sunday, July 2 from 8 to 10 pm 
• Captain Ron's Bar & Grill: Monday, July 3 at Dusk 
• Point Randall Resort: Monday, July 3 from 9:15 to 10 pm
• Playin' Hooky Fireworks Cruise (573-434-2627): Tuesday, July 4 from 8:30 to 10 pm  
• The Lodge of Four Seasons: Tuesday, July 4 at Dusk 
• Celebration Cruises Grand Glaize (573-480-3212): Tuesday, July 4 from 7 to 10 pm 
• Tan-Tar-A Resort: Tuesday, July 4 from 8:30 to 9:30 pm 
• Tropic Island Cruises (573-348-0083): Tuesday, July 4 from 7:30 to 10 pm 
• Bear Bottom Resort: Tuesday, July 4 at 9:45 pm 
• Lake Valley Country Club: Tuesday, July 4 at Dusk 

Aside from getting to enjoy all the great holiday festivities each year, there are a lot of benefits to owning a second home at the Lake of the Ozarks. If you're interested in purchasing a vacation home, give me a call at 573-746-7211. We'll discuss your Lake of the Ozarks home financing options, I'll offer competitive interest rates and back it up with the first-class service you deserve. Let us help you open the doors to your dream Lake home!

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.

What are Compensating Factors?

For those of you that are just slightly short of qualifying for a Lake of the Ozarks mortgage when it comes to your credit score and/or debt-to-income ratio, keep reading! Today's blog discusses what compensating factors are and how, while they can't "fix" everything, they can be helpful.

Compensating Factors

Compensating factors are essentially factors that compensate for your shortcomings when it comes to applying for a mortgage at the Lake of the Ozarks. For example, if your credit score is a little low or your debt-to-income ratio is a little high, a compensating factor could level it out for you. However, a really awful credit score or out of control debt can't be overcome with these factors. Compensating factors make it possible for those on the borderline of getting approved. Below is a list of a few common compensating factors you may come across; however, each type of loan and each lender will determine what factors are acceptable and how much weight they have.

1. Cash - The more cash you have upfront to use as a down payment on a home, the less risk you pose. Therefore, the more likely you are to get approved for a loan. For example, if you're able to put more down than what's required, you may be able to slide by with a not-so-great credit score. This is dependent upon how bad your credit score is and what caused it to get there.

2. Savings - Not only can your available cash help you, but your savings is another compensating factor. Banks refer to long-term savings as "reserves" and will count these reserves in your favor, especially when they are of a substantial amount. A good example of savings could be your 401k.

3. Credit Score - If you have an excellent credit score, chances are that this will make up for other problems in your profile. As long as you meet the minimum requirements for the loan program, a really high credit score can allow a higher debt-to-income ratio.

4. Debt-to-Income Ratio - Your debt-to-income ratio is one of the best indicators of how likely you are to default on your Lake of the Ozarks home loan. Keep your debt-to-income ratio low and it can become a compensating factor. Therefore, if your debt is reasonable or well below the lowest risk tier, you can still get approved with a slightly unfavorable credit score or a lower down payment.

Obtaining a mortgage is not straightforward; there are a lot of factors that can affect your application and its approval. As your Lake of the Ozarks mortgage lender, I'll help you analyze these factors and help you through every step of the mortgage process, starting with a pre-approval. 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.

6 Mortgage Facts to Know

Mortgages can be quite complicated. If you've never purchased a mortgage before or you're re-entering the buying market after some time, you may not completely understand how mortgages work today. Keep reading to learn some important facts about mortgages from your Lake of the Ozarks mortgage lender that you'll want to know:

1. Interest Rates Change Rapidly. 

Many homeowners ask, "What's the rate?" Unfortunately, that question is nearly impossible to answer. Not only does the rate available to you factor in your financial situation, but interest rates are constantly fluctuating. Interest rates change the same way that stocks, bonds and other financial investments rise and fall throughout the day. with currently favorable interest rates, it's not much of an issue, but it could be in more challenging interest rate environments. Therefore, it's important you lock in a good rate when you can.

2. The Interest Rate Isn't The Only Rate To Be Concerned With. 

While you obviously want a low interest rate, since that determines the amount of interest you pay over the life of the loan, there's more to it than that. The APR, or Annual Percentage Rate, measures the total mortgage cost to you. In addition to interest, the APR includes origination fees, closing costs and any mortgage points you may buy. Therefore, the APR gives you a better gauge to use for mortgage comparisons.

3. The Better Your Credit, The Better Deal You Can Get.  

Taking care of your credit is more important than you might think. The better your credit, the better your chances are for not only getting approved for a mortgage loan at the Lake of the Ozarks, but also getting a better rate. While there are programs out there to help those with not-so-great credit get approved for a home loan, they aren't going to give you a great deal.

4. You Don't Have To Have a Large Downpayment to Buy a House. 

You may have heard in the past that you need 20% to put toward a downpayment for a house. Fortunately, that's no longer the case. While 20% down would give you immediate home equity and the ability to avoid private mortgage insurance, it's not required. There are a variety of Lake of the Ozarks home loan options that require anywhere from just 0-5% down upfront. Talk to your lender about the options available to you.

5. You Can Refinance Your Home at Any Time. 

You can refinance your home at the Lake of the Ozarks at any time. However, that doesn't mean you should. Refinancing has it's benefits, but you need to make sure it's right for you. Think about the reason you want to refinance. Is it to lower your monthly mortgage payment? Is it to take advantage of lower interest rates? No matter the reason you're thinking about a refinance, make sure that it makes financial sense. Do the math and make sure you're coming out on top and not paying more in fees than what you'll save in the long run.

6. You Can Still Get A Mortgage Loan After a Foreclosure. 

If you've been through a foreclosure on a home, whether due to income loss or other unfortunate circumstances, there's still some good news. Once you get back on your feet and get your finances in order, you can apply for a mortgage again. There are different waiting periods depending on the type of loan you're looking to get. For example, an FHA loan requires you wait 3 years after a foreclosure, while a VA loan only requires a 2 year waiting period.

If you're considering a home purchase at the Lake of the Ozarks, give me a call at 573-746-7211. As your mortgage professional at the Lake of the Ozarks, 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.

Choosing the Right Mortage Loan for You

When you choose to work with the best mortgage lender at the Lake of the Ozarks, you'll have a variety of loan options available to you. Whether you're a first-time homebuyer or are looking to refinance your home at the Lake of the Ozarks, we'll discuss your needs and find the best mortgage product for you! Today's blog takes a look at several of the different products we provide our clients:

Conventional Loans

Conventional loans offer competitive rates and flexible terms. Downpayment requirements can vary from 5-20% down. These loans are available from 10-30 years and can be fixed or adjustable-rate. Whether you're looking to purchase a new home or refinance your current one, conventional loans can be a great option. If you have great credit and a substantial amount for a downpayment, then a conventional loan is the way to go! 

USDA Loans 

The United State Department of Agriculture (USDA) loan requires no downpayment and is available to borrowers with lower credit. This is the only zero-down loan available to those without a military service history. These loans typically come with very low interest rates and less expensive mortgage insurance, keeping the monthly payments down and beating the affordability of even FHA loans. Compared to other loan products, the USDA loan has a lower upfront and monthly costs. This makes the USDA loan more affordable for families on a tight budget. These loans are restricted to homes in "rural" areas, and the homes are usually modest in design, size and cost.  

FHA Loans

The Federal Housing Administration is the largest insurer of residential mortgages in the world. FHA loans typically require higher income and credit qualifications than USDA loans. The minimum downpayment can vary, but most of the time a 3.5% downpayment applies to FHA loans. The terms of FHA loans are flexible, and closing costs are typically low. Whether you're purchasing a new home or refinancing, the FHA loan offers competitive rates.

VA Loans

In order to qualify for a VA loan, you must be a veteran or active duty military. Like the USDA loan, VA loans do not require a downpayment. If you qualify, the VA loan is a great option as it offers low interest rates and no downpayment. This program was designed to make homeownership more affordable for qualified US veterans. Closing costs are generally low on these loans and there are no pre-payment penalties - and while there's no downpayment requirement, you still don't have to pay monthly mortgage insurance premiums.

First-Time Homebuyer Program

In addition to the above products, our company offers a First-Time Homebuyer Program to help you get in a home faster and easier. The First Place Loan Program gives first-time homebuyers the edge needed to purchase a home. These loans offer affordable interest rates, as well as a 3% cash assistance loan for downpayment and closing costs. Incentives offered by the Missouri Housing Development Commission (MHDC) allows prospective buyers to obtain a Lake of the Ozarks mortgage in a competitive market.

With all the loan options available, it might be hard to find a place to start. As your Lake of the Ozarks mortgage lender, I'm here to work with you every step of the way. Give me a call at 573-46-7211 to discuss your needs and I'll help you find the perfect loan option for your situation.

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.

7 Common Causes of Mortgage Delays

There are a variety of situations that can lead to delays in finalizing your mortgage at the Lake of the Ozarks. Make sure you know how to avoid these delays before buying a home at the Lake of the Ozarks, to prevent any issues with your home purchase. Keep reading for a few of the most common causes of mortgage delays: 

1. The borrower is slow to submit the requested documents to the lender.

When applying for a mortgage, you're required to provide a variety of different documents. Taking too long to get these to your mortgage lender will delay the processing and increase the time it takes for you to get approved.

2. The borrower delays signing the e-consent and initial loan disclosures.

By not quickly signing the required forms, you delay everything. Without your signature, your Lake of the Ozarks mortgage lender cannot continue to process your mortgage application. 

3. The processing and underwriting are not done in house.

While some mortgage companies have in-house processing and underwriting, others do not. When not done in-house, you have to wait for the paperwork to be sent off and then returned by whomever is doing the processing and underwriting.  

4. The home inspection & appraisal are not done quickly.

Be sure to schedule a home inspection as soon as possible. That has to be done before the appraisal can be ordered, and the appraisal can take a week or more to come back. Stay on top of everything to avoid delays. 

5. The borrower makes purchases on credit after going under contract on a home.

Always ask your Lake of the Ozark mortgage lender before buying any new cars, washers, dryers, furniture, etc. These large purchases will affect your credit, and your lender will be required to check your credit again before the closing.

6. The borrower deposits large amounts of cash into his or her account.

Cash deposits are hard to track the source. Your lender needs to document where any new funds come from. Large deposits need to be sourced as well, so be prepared to provide a copy of each check to your lender.

7. The borrower's driver's license or valid ID is expired. 

In order to close on a home, your ID must not be expired. Sometimes the closing date can get pushed back later than expected, so if your ID is close to expiring, it's a good idea to go ahead and get it renewed.

If you're thinking about purchasing a home, give me a call at 573-746-7211. I'm here to assist with all your Lake of the Ozarks home financing needs. From going over the different loan options to offering competitive interest rates, I'm here to work with you every step of the way. Let me help you get into your dream lake 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

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.