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Thursday, September 28, 2017

3 Reasons to Speak with a Mortgage Lender BEFORE Starting Your Home Search

Making the decision to purchase a home at the Lake of the Ozarks is definitely an exciting experience. You just can't wait to dive in and see what options are out on the market. Before doing so though, you should contact a mortgage professional at the Lake of the Ozarks. Keep reading for a few reasons why this is an important first step when buying a new home.

1. To Set Realistic Expectations. 


When buying a home, especially if it's your first home, the excitement can take over. You begin looking at what's available online and next thing you know you fall in love with a home you can't afford. By talking with a Lake of the Ozarks mortgage lender before starting your home search, you'll be able to determine how much you can borrow and also how much you can reasonably afford for a monthly mortgage payment. By having a budget in mind, you'll have realistic expectations going into that home search. You can weed out the ones that are out of your price range before looking at them, that way you won't fall in love with something that's just out of reach for you financially. 

2. To Show the Seller You're Serious. 


Getting a mortgage pre-approval from a lender shows that you aren't just shopping around, but that you are serious about buying a home. Realtors often prefer that you have a mortgage pre-approval before they start showing you homes. The seller wants to know that you can afford it and that you aren't going to back out on the sale. By getting a pre-approval, you're showing the realtor and the seller that you're a hassle-free and complication-free buyer. In addition, if you're competing with other buyers for the same house, that pre-approval could be a determining factor in whose offer the seller accepts. 

3. To Get a Jump Start on the Paperwork. 


When obtaining a Lake of the Ozarks mortgage loan, there's a lot of paperwork involved. By getting a mortgage pre-approval, you'll have a jump start on getting all those documents filled out. Then once you find that dream home of yours, you're already halfway done with the process and can move to the closing date that much faster. Your mortgage lender will be there to help you every step of the way, from the pre-approval to the closing, so make sure you find a great one from the start!

If you're considering a home loan at the Lake of the Ozarks, give Lakelender Michael Lasson a call today at 573-746-7211. I'll discuss your financing options, offer competitive interest rates and back it up with the first-class service you deserve. Let me help you get into your dream home at the Lake!

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


Michael Lasson
Sr. Loan Officer
NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049

Direct:  (573) 746-7211

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.





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Friday, September 22, 2017

How Credit Card Usage Affects Your Credit Score

Knowing what affects your credit score will help you through your Lake of the Ozarks mortgage loan process. The way that you use your credit cards can have a significant impact on your credit score. Keep reading to learn about actions that can negatively affect your credit score. Some of these items may come as a surprise to you.

1. Not Having Credit Cards at All. 


Many people think that avoiding credit cards altogether keeps them from ruining their credit. However, not using credit cards at all can actually hurt your credit. Part of your credit score is based on the types of credit you have, and having no credit cards at all will make you lose points. If you've never had any type of credit account, you won't have a credit score at all. Having a credit score is vital to obtaining a home loan at the Lake of the Ozarks because it shows the lender how you've paid debts in the past, and the likelihood of you paying future debts on time and in full.

2. Requesting a Credit Limit Increase. 


When requesting a credit limit increase, some credit card issuers will do a "hard" pull or inquiry on your credit. Doing this is similar to what happens when you submit a new credit card application. These inquiries are 10% of your credit score, and every new inquiry could drop your credit score by a few points.

3. Closing a Credit Card. 


While you may think having less credit cards is a good thing, closing credit accounts can actually hurt your credit score. Closing an account will increase your credit utilization, as you are reducing the amount of credit you have available to you. Rather than closing the account, keep it open and just keep the balance low.

4. Applying for Multiple Credit Cards at Once. 


Every time you apply for a credit card, a credit inquiry is made. Putting in multiple credit accounts adds multiple credit inquiries to your credit report. This can cause your credit score to drop by dozens of points. Opening a new credit card can also hurt your score.

5. Maxing Out Your Credit Cards. 


Your credit utilization is one of the factors that goes into determining your credit score. When you max out a credit card, you're increasing your credit utilization. It's important to try to keep your credit card balances at around 30% of the credit limit. This minimizes your credit utilization and increases your credit score.

If you have questions about your credit score and how it could affect your mortgage process, give your Lake of the Ozarks mortgage lender a call at 573-746-7211. As your lender, I'm here to assist 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. Let me help you get into your dream home at the Lake of the Ozarks!

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct:  (573) 746-7211

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.








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Thursday, September 14, 2017

6 Tips for Refinancing Your Home at the Lake of the Ozarks

Refinancing a home has a variety of benefits. Whether you're looking to lower your monthly payment, get a better interest rate or tap into some of your home equity, refinancing is an option to consider. Here are a few tips for refinancing your home at the Lake of the Ozarks: 

1. Stop Procrastinating: Make the Decision to Refinance Today.  


If you purchased your home awhile ago, chances are you're paying a higher interest rate than necessary. Interest rates recently hit historical lows and are now climbing their way back up. If you want to refinance, now's the time to do it! Once those rates start going up, homeowners are likely to regret missing the opportunity to take advantage of appealing rates. 

2. Ensure Your Credit is Good. 


Refinancing your home is similar to applying for a home loan in that your credit history plays a large role. If you have struggled with your credit rating in the past, refinancing may not be the best option for you. Consult your Lake of the Ozarks mortgage lender to review your credit history and determine what interest rates will be available to you. Together you can decide if refinancing will help you save money. 

3. Debate If Paying Points Makes Sense. 


While paying points isn't always the best option, it's something that should be considered. Paying points is where you pay some money upfront to permanently lower your interest rate. Be sure to run the numbers to ensure the amount your saving in the long run justifies spending the money upfront for those points. 

4. Consider Switching from an Adjustable to Fixed Rate. 


If you currently have an adjustable-rate mortgage and are worried about rising interest rates, now might be the time to refinance to a fixed-rate mortgage. With a fixed-rate mortgage you can lock in a new rate, making your monthly payments more predictable. 

5. Beware of Taking Cash Out. 


When refinancing your home, it can be tempting to do a cash-out refinance to pay for that car or that vacation you've been wanting. While cash is nice, you're setting yourself up with a bigger mortgage and less equity. You will want to consider carefully if it is worth taking the cash; often, it is not.  

6. Ignore the 1% Rule.  


Maybe you've heard the rule that you shouldn't refinance unless you can get at least 1% less on your interest rate. However, that's not always true. In some instances though, a rate reduction of just a quarter of a percent can provide benefits and savings. Run the numbers yourself to determine if a refinance is the right decision for you.

If you're considering a home refinance, call 573-746-7211 to discuss your options. As your mortgage lender at the Lake of the Ozarks, I'll work with you every step of the way. I'll 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 


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct:  (573) 746-7211

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.



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Friday, September 8, 2017

Steps to Getting a Home Loan at the Lake of the Ozarks

While purchasing a home at the Lake of the Ozarks is exciting, there are lots of things you need to do to prepare. Today's blog focuses on some of the major steps you will take to work your way through the mortgage process. Remember that your Lake of the Ozarks mortgage lender is here to help you every step of the way.

1. Improve Your Credit Score.


Your credit score is one of the most important factors when it comes to being approved for a mortgage at the Lake of the Ozarks. The better your credit score, not only the better your chances of approval, but the better rate you'll be offered as well. If your credit score is under 620, you're likely to not be approved. Take steps to improve your credit by paying down debt, paying bills on time, and cleaning up any discrepancies on your credit report.

2. Decide on a Budget.


Before starting your home shopping, you want to come up with a budget. You want to make sure you know what price range you can afford, and only look at homes in that price range. A good rule of thumb is, if you have a 20% down payment and a moderate amount of debt, keep your price range at no more than 3 to 5 times your annual household income.

3. Get a Pre-Approval.


Getting pre-approved for a mortgage goes hand in hand with creating a budget. By getting a pre-approval, you will know exactly how much you can borrow for a home. With that being said, you don't necessarily want to buy a house for the maximum amount you're approved for. You want to make sure you're personally comfortable with the monthly payment you would be making. In addition to budget, a pre-approval helps you in the buying process because it shows sellers you're serious about making a purchase.

4. Organize Your Papers.


Documentation is a huge component of applying for a home loan at the Lake of the Ozarks. Be prepared to show your pay stubs, tax returns, bank statements, etc. Your lender will need to see these documents for proof of income, assets, expenses and debts. You will also need basic documents like your driver's license and social security number to prove your identity.

5. Decide on a Loan Type.


With a variety of different loan options available, it can be difficult knowing where to start. Your Lake of the Ozarks mortgage lender will be able to discuss your options with you and help you determine what loan type works best for you and your unique situation. Considerations when determining what type of loan to get include how much you have for a down payment, what your credit score and debt to income ratios look like, etc.

6. Shop for a Home.


After you've finished all the preliminary work, knowing you're pre-approved and how much you can afford, it's time to start looking for your dream home. Take as much time as you need to find the right home; don't rush into a purchase this large. Once you've selected your desired home, work with a buyer's agent to help you negotiate a fair offer.

7. Don't Make Last Minute Mistakes.

Throughout the home loan process, you'll want to avoid doing anything that could hurt your chances of getting that mortgage. This includes changes in your credit report by making large purchases or opening new credit accounts, and quitting or changing your job to reflect new income numbers. Your lender will check all these things one more time before the closing.

8. Close the Sale.


Once you've found your dream home and the sellers have accepted your offer, you schedule the closing date. At this time, you will sign all the documents required for the transfer of ownership of the home and the documents required for the loan. At this time you'll get the keys and will be ready to start moving into your new home!

If you're ready to start the home buying process, talk to a mortgage professional at the Lake of the Ozarks today! Call 573-746-7211 with any questions you may have about the mortgage process and purchasing a home at the lake. As your lender, I'll work 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 


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct:  (573) 746-7211

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.



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