Labor Day Weekend Fireworks

Summer is winding down and Labor Day weekend is upon us! There's no better place to spend the long, holiday weekend than the Lake of the Ozarks. Keep reading to learn some history about Labor Day and fireworks, as well as a list of where you can watch fireworks over the lake this year.

The Labor Day Holiday

Observed on the first Monday in September, Labor Day is a holiday dedicated to the contributions and achievements of American workers. In the late 18th century, organized strikes and rallies protested the poor work conditions. In 1882, 10,000 workers took unpaid time off to march from City Hall to Union Square in New York City, which is known at the first Labor Day parade. In 1894, Labor Day finally became a federal holiday. Today, the holiday marks the end of summer. People across the country celebrate with barbecues, parades, fireworks and more.

Labor Day Fireworks 

The Labor Day parades are obviously symbolic of the strikes and marches from the Industrial Revolution period, but how did the fireworks come into play? While fireworks may have began as something to demonstrate our freedom on the 4th of July, they've evolved into a fun, family activity enjoyed at almost every summer holiday. Who doesn't love a fireworks display, especially over the glistening water?

Fireworks at Lake of the Ozarks

Friday, September 1 

• Old Kinderhook Fireworks Fun Fest: 5-9 PM

Saturday, September 2 

• Bear Bottom Resort (38 MM): 9:45 PM 
• Celebration Cruises Bagnell Dam (0 MM): Boarding 7:30 PM, Departing 8 PM

Sunday, September 3 

• Inn at Grand Glaize (1 MM Grand Glaize Arm): 9 PM
• Tan-Tar-A Resort (26 MM): Dusk 
• Topic Island Cruises: Boarding 7 PM, Departing 7:30 PM 
• The Lodge of Four Seasons BBQ (13 MM): 4-9 PM 
• Celebration Cruises Grand Glaize: Boarding 7:30 PM, Departing 8 PM 

Your favorite Lake of the Ozarks mortgage lender hopes you have a wonderful Labor Day Weekend! If you just can't get enough of the lake life, consider investing in a second home at the Lake of the Ozarks. Give me a call at 573-746-7211 to discuss your 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.

How Your Debt Affects Your Mortgage

When you're looking into financing a home at the Lake of the Ozarks, you've got several different factors that have to be reviewed. You've surely heard that your credit score can impact your chances at getting approved for a mortgage, but that number alone is not the only thing a Lake of the Ozarks mortgage lender will check. Keep reading to learn how your debt, and more specifically your debt-to-income ratio, can affect your mortgage.

Debt-to-Income Ratio 

To figure out your debt-to-income ratio, add up all your monthly payments including credit cards, personal loans and/or a current mortgage loan. Then divide that number by your gross monthly income. That number is your debt-to-income ratio. That ratio helps the lender determine if you can afford another debt payment each month, and if so, how much of a monthly payment. An ideal debt-to-income ratio would be 25% or less. If your debt-to-income ratio rises above 43%, you may have a difficult time qualifying for a mortgage at the Lake of the Ozarks.

Types of Debt: Secured vs. Unsecured

While different types of debt can actually boost your credit score, and show that you are reliable in paying those debts back, over borrowing can hurt your chances at qualifying for a mortgage. First of all, there are two main types of debt: secured and unsecured. A debt that is secured means the debt is balanced against something that could get taken away, such as a house or a vehicle. Unsecured debt is the other stuff like credit card debt and student loans.

Unsecured Debt

While credit card debt does not look good, especially if your credit utilization is high, student loans aren't necessarily bad if you've paid your bills on time. Student loans can actually help raise your score. Other loans, like personal loans or credit card debt, even when paid on time, can actually lower your score. Although student loans can have a positive effect on your credit score, they're still added into your debt-to-income ratio, so large loan balances can make it difficult to qualify for a mortgage.

Secured Debt 

Auto loans are a secured debt because the lender can repossess the car if you don't pay your bill. In some cases, auto loans can raise your credit score by diversifying the type of debts you have. Also, due to the fact that auto loans are harder to obtain than credit cards, some lenders may view auto loan debt favorably. Mortgage payments also look good on your credit report, as long as they've been paid on time. If you were ever late on a payment, that looks like a risk to your new lender.

If you're concerned with how your debt will affect your chances of obtaining a home loan at the Lake of the Ozarks, give me a call at 573-746-7211. I'll discuss your questions and concerns, go over your financing options, offer competitive interest rates and back it up with the first-class service you deserve. Together, we'll work towards getting you into that dream home of yours!

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.

Financing Your Home with a VA Loan

Are you a veteran looking to purchase a home? 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. Keep reading to learn about financing your home at the Lake of the Ozarks with a VA Loan.

What is a VA Loan? 

VA Loans are a benefit offered to qualified veterans. While VA Loans are provided by private lenders, the VA guarantees a portion of the loan against loss. This allows the lender to offer more favorable terms. This type of loan can be used to either purchase a new home for primary residence or refinance an existing home. Most active duty military, veterans, reservists and National Guard members are eligible for the VA loan program. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply. For more details on eligibility, please visit: http://www.benefits.va.gov/HOMELOANS/purchaseco_eligibility.asp. 

 Benefits of a VA Loan 

Probably the most important benefit of the VA Loan is that a down payment is not required; up to 100% financing is available with these loans. In addition, no monthly mortgage insurance premiums are due. Other loan programs require this insurance when a down payment of less than 20% is made. This translates to a significant monthly savings for those borrowers. Other benefits of a VA Loan through your Lake of the Ozarks mortgage lender include no pre-payment penalties, low closing costs and in-house processing and underwriting. While the borrower needs sufficient income and no excessive debt, the guidelines for a VA Loan are typically more flexible compared to conventional loans and other loan options. Another benefit is that the VA will assist borrowers that are struggling to make their payments. The VA will actually negotiate with the lender on the borrowers behalf. If you're a qualified veteran, there's really no better loan option for you. The benefit can also be reused; it's not just for first-time home buyers.

If you're a veteran and looking to purchase a home at the Lake of the Ozarks, give me a call at 573-746-7211. We can work together to determine your eligibility for the VA Loan program, and I'll be here for you every step of the way. Let me help get you and your family into that home you've been dreaming of. Contact the best mortgage lender at the Lake of the Ozarks 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.

5 Home Buying Tips to Get You Off to a Great Start

You've decided to purchase a home at the Lake of the Ozarks! Where do you even start? You need to think about financing, what you want in a house and where you want the house to be located. Today's blog from your Lake of the Ozarks mortgage lender offers you some home buying tips to get you off to a great start:

1. Do Your Research. 

There are thousands of home buying tips and tricks on the internet and hundreds of blogs, (just like this one), to get you started. Not only do you want to do research on the home buying process itself, but you'll want to research a team of professionals with whom you will work. You want to find a qualified real estate agent and a knowledgeable mortgage lender at the Lake of the Ozarks. Having a great team by your side is going to make the home buying process so much more smooth and enjoyable!

2. Come Up with a Budget. 

When purchasing a home, it's important that you know how much you can afford before you start looking at home choices. The best way to get an idea of what you can afford is to get a Lake of the Ozarks mortgage loan pre-approval. In order to get pre-approved, you'll need to fill out an application and provide your lender with a few necessary documents to show your income & debts. Now this pre-approval amount just tells you an estimate of how much you can borrow. You'll still need to determine what a comfortable monthly payment is and go from there.

3. Consider All the Expenses of Owning a Home. 

While making that budget mentioned above, you need to consider more than just the monthly mortgage payment. Homeownership has its advantages, but there are many costs that often get overlooked in the beginning. The additional expenses of utilities, furniture, appliances, insurance, etc. are often forgotten in the excitement of purchasing a new home. Be sure to add these types of things into your budget, and don't wipe out your savings and emergency fund for a down payment either.

4. Make a List of Needs and Wants. 

Think about your dream home and what it would look like. Then take that picture and divide the features up into a needs list and a wants list. For example, if you have a couple children, you'll need at least 3 bedrooms. If you like to cook, you'll want a large kitchen that has a great flow. Determine what the most important aspects are for your prospective home and which ones you have a little more flexibility on. You're not likely to find a home that has every single thing you desire, so be prepared to make some compromises by creating a well thought out list.

5. Take Your Time with the Search. 

Buying a home is one of the biggest investments you'll ever make, and you'll likely live with your decision for quite a few years to come. Don't rush into anything, and don't jump on a home due to an emotional response. Think rationally, referring to the list you made of your needs and wants, and take your time searching for the perfect place for you. Your real estate agent will be able to help you narrow down the homes that fit your criteria, but it's still worthwhile for you to do some searching on your own and bring any new possibilities to your agent.

If you're thinking about buying a home at the Lake of the Ozarks, give me a call at 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 Lake of the Ozarks home 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.

Understanding Closing Costs

The final step in purchasing a home at the Lake of the Ozarks is the closing. During this process, you will meet with everyone involved in the transaction, sign all the papers and receive the keys to your new home. Along with this process, comes some fees, known as closing costs. Keep reading to learn more about closing costs from your Lake of the Ozarks mortgage lender.

Understanding Closing Costs

Many home buyers don't realize how much money they will need to contribute upfront when purchasing a home. As you work with a mortgage professional at the Lake of the Ozarks to determine a budget for your home purchase, you'll want to make sure to consider closing costs. When shopping for homes, you'll want to mentally add in several thousand dollars to cover those costs and help you determine if that property is affordable for you. Generally, your closing costs will be anywhere from 3-5% of the loan amount.

What are Closing Costs? 

There are a lot of applicable fees that go into the "closing costs." Below is a breakdown of what the closing costs typically include:

• Loan Origination Fees - charged by the lender to pay for the evaluation & preparation of your home loan at the Lake of the Ozarks. 
• Discount Points - prepaid finance charges to "pay down" the interest rate, if you plan to stay in your home at least 5 years, these points will benefit you buy saving money on interest in the long-run. 
• Credit Report Check - covers the fee for pulling your credit. 
• Inspection Fees - covers the cost to have the home inspected.

• Appraisal Fees - covers the home appraisal, which determines the market value of the home. 
• Homeowner's Insurance - home insurance is usually mandatory and has to be in place prior to the closing. 
• Private Mortgage Insurance - depending on how much of down payment you provide, you may be required to purchase PMI. The premiums are usually setup to be paid annually through an escrow account or can be paid in full at closing. 
• Attorney Fees - sometimes a buyer will want an attorney to represent them, and those fees are typically based on the cost of the home and how complicated the sale becomes. 
• Taxes - in most states, the buyer will be required to provide 4-8 months of taxes at the time of closing, and that money will go into an escrow account. 
• Daily Rate of Interest - this fee covers the loan interest from the closing date through the end of the first month and is paid to your lender. 
• Document Preparation & Title Fees - these are paid to the title company, and include the title search and title insurance. A recording fee is also charged by the title company to cover the cost of recording the transfer of the title at the county clerk's office. 
• Survey Costs - covers the cost of a survey on the property, which makes certain that there are no new structures added to the property since the last survey and that the property meets legal codes. 

As you can see, there are a lot of processes that go into the purchase of a home and costs involved. This is not a comprehensive list, and you will need to talk with your lender to determine an estimate of what your specific closing costs will be. 

For more information about what's involved with financing a home at the Lake of the Ozarks, give Lakelender Michael Lasson a call at 573-746-7211. I'm committed to working with you every step of the way. I'll discuss your 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.