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Tuesday, May 29, 2018

7 Steps to Take Before the House Hunting Begins

You're thinking about buying a new home at the Lake of the Ozarks. This is an exciting time, but make sure you don't get too swept up in that excitement of finding the house of your dreams. Before you even start looking at houses, you should follow these steps:

1. Start Saving for a Down Payment. 


Depending on the loan program you are looking to obtain, you don't necessarily have to have the traditional 20% down payment these days, however, the more you can put down, the better off you'll be. Not only will you start this transaction off with a little equity in your home, but you're also likely to get better rates and terms if you have a nice size down payment.

2. Check Your Credit. 


Your credit score plays a big role in getting approved for a mortgage at the Lake of the Ozarks. If you don't have any idea what your credit score is, it's a good idea to take a look. There might be ways you can improve that score before you apply for a mortgage. You'll also want to check your credit report for any mistakes. If you're worried about your credit score, talk to your mortgage professional for advice on how to work on repairing it.

3. Get a Mortgage Pre-Approval. 


Before you dive into the house hunting process, it's important that you talk to a mortgage lender at the Lake of the Ozarks and get a mortgage pre-approval. The pre-approval is the first step any serious home buyer should take. Not only does the process help you determine what you can afford, it shows both sellers and real estate agents that you're serious about buying a home. Real estate agents will be more eager to work with you and sellers will likely be willing to negotiate and/or accept your bid over those who don't have a pre-approval.

4. Come Up with a Budget. 


Once you have your pre-approval, you'll know how much you'll be able to borrow. You can use this information to come up with an affordable budget for your homeowner expenses. Remember that you need to consider more than just your monthly mortgage payment. You need to consider taxes, homeowner's insurance and any emergency expenses that may arise. You no longer have a landlord to take care of all the home maintenance issues that can come up unexpectedly.

5. Find a Good Real Estate Agent. 


With all the resources available today, it might seem fine to start your home search on your own. While you might be able to find the perfect home by browsing listings online, you don't have the expertise on how real estate transactions work. Your agent does so much more than just show you homes you would be interested in. They're there to work with you through the process to help you understand the paperwork and transaction details, as well as answer any questions you may have. They can also help with negotiations and ensure the entire process runs smoothly.

6. Make a Needs and Wants List. 


Another step you should take before looking at properties is to make a list of things you need in a home and things you would want in a home. Unless you're building your own home, you're likely not going to find one that has everything you desire. You're going to have to determine what's most important and then make some compromises. Making a list will help you narrow down the properties that you will go look at, and keep you from wasting any time.

7. Prepare Yourself Emotionally. 


Buying a home can be an emotional process. It's important that you don't let your emotions cloud your judgement. Buying a home is one of the largest purchases you'll ever make in your life. It's important that you make financially responsible decisions in regard to a home purchase. Therefore, it's a good idea to prepare yourself emotionally before you start looking at homes. You don't want to get attached to something you can't afford.

If you're ready to start the home buying process, give me a call at 573-746-7211 today! As your Lake of the Ozarks mortgage lender, I'm here to help you with everything from the pre-approval to the closing. 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 


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.

at 1 comment:

Wednesday, May 23, 2018

Understanding Escrow Accounts

As a first-time home buyer, you're introduced to a variety of terms that you may have never heard before. As your Lake of the Ozarks mortgage lender, I'm here to help you understand every aspect of the mortgage process. Today's blog focuses on escrow accounts, what they are and what it has to do with you and your mortgage at the Lake of the Ozarks.

What is an Escrow Account? 


In the mortgage industry, an "escrow account" refers to an account setup by your lender to hold the money that will pay certain property-related expenses. This includes your homeowner's property taxes and homeowner's insurance. Many lenders require this account to ensure that these expenses are being paid in full and on time.

How Does an Escrow Account Work? 


A portion of each month's mortgage payment will go into this account to cover these expenses. Rather than receiving a big bill once or twice a year to pay these expenses, they will be paid through your lender out of this account. This breaks up the payment into smaller pieces so that you don't have to come up with all the money at once. Instead, you are able to pay all your mortgage-related expenses in one easy monthly payment. It's just less bills that you have to worry about.

Escrow Account Advice 


While escrow accounts are often required by your lender, that's not always the case. In the event an escrow account is not mandatory, you should consider electing to have one. Without one, you will have to plan on paying these large expenses yourself. You will need to carefully budget for these expenses so they don't catch you by surprise. If you fail to pay your property taxes, you could be fined, have a tax lien placed on your property or even face a foreclosure on your property.

For any questions regarding escrow accounts or home loans at the Lake of the Ozarks, give the best mortgage lender at the Lake of the Ozarks a call at 573-746-7211. I'm here to work with you every step of the way! I'll discuss your options, offer competitive interest rates and back it up with the first-class service you deserve. Let me help you 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.

at 6 comments:

Friday, May 18, 2018

Getting a Mortgage Loan After Financial Hardship

Many people go through financial hardship at some point in their lives, and that can have negative effects on other aspects of life. In some cases, financial hardship can lead to bankruptcy, foreclosure or a short sale. Unfortunately, this can make it more difficult to obtain a new mortgage loan at the Lake of the Ozarks, even after you have your financial situation under control again. Most people think they have to wait at least 7 years before they can apply again, but this isn't necessarily the case anymore. Keep reading to learn about the 2018 guidelines for various types of mortgages.


2018 FHA Guidelines


For an FHA loan, the following guidelines must be met before you can apply for a home loan after a financial hardship:
  • Bankruptcy - 2 year waiting period after discharge of a Chapter 7 Bankruptcy or 1 year waiting period after discharge of a Chapter 13 Bankruptcy (Be sure not to confuse the discharge date with the date the bankruptcy was filed).  
  • Foreclosure - 3 year waiting period after the sale/deed transfer date. 
  • Short Sale / Deed in Lieu - 3 year waiting period after the sale/deed transfer date. 
In addition to the above waiting periods, you much have re-established your credit, with no late payments in the past 12-24 months, depending on the type of hardship. 

2018 VA Guidelines 


For a VA loan, the following guidelines must be met before you can apply for a home loan after a financial hardship: 
  • Bankruptcy - 2 year waiting period after a Chapter 7 Bankruptcy. For a Chapter 13 Bankruptcy, if you have finished making all payments satisfactorily, the lender may conclude that you have re-established satisfactory credit. If you've satisfactorily made at least 12 months' worth of the payments and the Trustee or Bankruptcy Judge approved of the new credit, the lender may give favorable consideration. 
  • Foreclosure / Deed in Lieu - 2 year waiting period after the sale/deed transfer date. 
  • Short Sale - The VA does not recognize a short sale as a derogatory event. Therefore, if you are able to credit qualify for a VA loan, the short sale would not prevent you from being eligible. 
In addition to the above waiting periods, credit must be re-established, with a minimum 620 credit score. 

2018 USDA Guidelines 


For a USDA loan, the following guidelines must be met before you can apply for a home loan after financial hardship: 
  • Bankruptcy - 3 year waiting period after the discharge of a Chapter 7 or 13 Bankruptcy. 
  • Foreclosure - 3 year waiting period after the sale/deed transfer date. 
  • Short Sale / Deed in Lieu of Foreclosure - If you had big issues, the deed in lieu of foreclosure will be viewed as a foreclosure and you would want to wait no less than 3 years if the score is under 640.  If you have a credit score over 640, you may be able to apply after 1 year. 

2018 Conventional Loan Guidelines 


For a conventional loan, the following guidelines must be met before you can apply for a home loan after financial hardship: 
  • Bankruptcy - 4 year waiting period after your Chapter 7 Bankruptcy has been discharged. For a Chapter 13 Bankruptcy, there is a 2 year waiting period. 
  • Foreclosure - 7 year waiting period after the sale date of your foreclosure. 
  • Short Sale / Deed in Lieu of Foreclosure - 4 year waiting period from the date your name was removed from the title for a short sale or deed in lieu not included in a bankruptcy.
In addition to the above waiting periods, credit must be re-established, with a minimum of 620 credit score. Fannie Mae and Freddie Mac have reduced waiting periods in cases of extenuating circumstances. 

If you're concerned about a past financial hardship affecting your current home options, give me a call at 573-746-7211. As your Lake of the Ozarks mortgage lender, I'll work with you to determine your options and offer advice for how to overcome any challenges you may be facing with homeownership 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.





at 3 comments:

Thursday, May 10, 2018

Spend Mother's Day at the Lake of the Ozarks

Mother's Day is this weekend! Celebrate your Mothers and Grandmas this weekend by bringing them to a delicious brunch at the Lake of the Ozarks. From omelets and other traditional breakfast food to salmon and pork, each of these Mother's Day Brunches has something amazing to offer this Sunday.

Mother's Day Brunch at Tan-Tar-A 


Celebrate the women in your life at Tan-Tar-A Resort this Mother's Day! Brunch will be held in the Grand Ballroom on Sunday, May 13 from 11 am to 2 pm. Reservations are required, so call 573-348-8619. The menu will include Applewood Smoked Ham with Bourbon Praline Glaze, Carved Prime Rib with Au Jus and Horseradish Cream, Chicken Bonne Femme with White Wine Mushroom Cream, Seafood Stuffed Pasta Shells with Sauce Newburg, Griller Spring Vegetable Salad with Lavender Vinaigrette and much more!

Mother's Day Brunch at Captain Ron's


Head over to Captain Ron's on Sunday, May 13th for a Mother's Day Brunch served from 9 am to 1 pm. Call 573-374-5852 for more details. Also happening this weekend is their Ozark Pirate Fest! Learn more at www.CaptainRonsattheLake.com.

Mother's Day Brunch at Lake Valley Country Club 


Traditional breakfast items, omelet station, salads, potatoes, vegetables, 3 entrees and assorted desserts are just some of the items you'll find at the Mother's Day Brunch at Lake Valley Country Club this Sunday, May 13th. Brunch will be served from 9 am to 2 pm. Call 573-346-7213 for reservations.

Mother's Day Brunch at The Lodge of Four Seasons 


Head to The Lodge of Four Seasons for a Mother's Day Brunch in the HK's Dining Room on Sunday, May 13th from 10 am to 2 pm. Reservations are highly recommended - call 573-365-3000. Menu selections will include a raw bar, omelet station, carving station an dessert bar.

Mother's Day Brunch at Osage National 


Come celebrate mom with great food and scenery at Osage National! Brunch will be served from 10 am to 2 pm on Sunday, May 13th. Reservations are required, so call 573-365-1950 ext. 23. Menu selections include assorted fruit, scrambled eggs, applewood bacon, biscuits and gravy, french toast, baked ham, roast beef, mashed potatoes, salads, mini cheesecakes, cookies and more!

Mother's Day Brunch at Old Kinderhook 


Treat mom to a Mother's Day Brunch in The Trophy Room at Old Kinderhook on Sunday, May 13th. Reservations are required, so call 573-317-3560. Some of the menu items include fresh baked pastries, smoked salmon, scrambled eggs, biscuits and gravy, Belgian waffles, prime rib, glazed pit ham, garlic mashed potatoes, vegetables, carrot cake and fresh baked cookies.

Mother's Day Features at H. Toad's Bar & Grill 


Head over to H. Toad's Bar & Grill for a very special selection of features offered for your very special Mother on Mother's Day. Features crafted by H. Toad's certified Chef, Thomas Robinett, promise to be pleasing to the eye and the palate for a meal to remember. Call 573-365-5620 for more information and to make a reservation.

Mother's Day Brunch at the Inn at Grand Glaize


Treat mom to a delicious Sunday brunch at the Inn at Grand Glaize on Sunday, May 13th from 10 am to 2 pm. The menu includes made to order omelettes, hickory smoked bacon, a waffle station, carrot cake, fruit cobblers, vegetables, scalloped potatoes, salads, dinner rolls, pineapple honey glazed ham, chicken Alfredo and prime rib. Call 573-348-4731 for more details.

You can always expect a wide variety of activities and holiday events happening at the Lake of the Ozarks all year round. If you're thinking about relocating to the Lake of the Ozarks or buying a second home here, I'm here to help with all your home financing needs! Call 573-746-7211 to discuss your home loan options with a professional mortgage lender 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.




at 2 comments:

Thursday, May 3, 2018

3 Ways to Pay Off Your Mortgage Sooner

Who doesn't want to have their mortgage paid off? That's just one less monthly bill you have to worry about. Most mortgages are financed for 30 years, but that doesn't mean you have to take the full 30 years to pay it back. Today's blog from your favorite Lake of the Ozarks mortgage lender offers several different ways that you can pay off your mortgage sooner.

1. Make a Larger Monthly Payment. 


Probably one of the easiest ways to pay off your mortgage faster is to just add a little extra to each of your monthly payments. Consider creating a household budget. Look at your monthly expenses and compare it to your monthly income. See if there's any extra money that you could apply to your monthly mortgage payment. Talk to your mortgage lender at the Lake of the Ozarks to make sure that the extra you are paying is being applied to the principle of the loan. This will help you pay off your mortgage faster and save money on overall interest. 

2. Make an Extra Payment. 


Maybe you don't have enough extra each month to add on to your payment, but that's okay. Do you get a yearly bonus at work? Do you get paid commissions? Do you have a nice sized tax return? Try adding in a 13th payment somewhere during the year when you have some extra cash to spare. You can make an extra payment whenever it's convenient for you. Do that each year and you'll be able to pay off your mortgage sooner than expected. 

3. Refinance Your Loan. 


If you've been paying on a 30-year loan for some time, you might consider getting your home loan refinanced at the Lake of the Ozarks. Interest rates are currently still near historic lows, and interest rates on a 15-year loan are typically less compared to the 30-year loans. If you can reduce your interest rate and even possibly shorten the term, this accelerates your repayment, saves you on interest and may not even increase your monthly payment. Talk to your mortgage professional about your refinancing options. 

Learn more about your options by talking to your lender today about your Lake of the Ozarks home financing options. Your circumstances may be different now than when your first bought your home. You might be able to get a better interest rate or make a larger monthly payment. Give me a call at 573-746-7211 with any questions you may have regarding your home loan 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.




at 1 comment: