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Saturday, August 25, 2018

5 Creative Ways to Save For a Down Payment

Saving for your first home can be a challenge. Not only do you need enough for a decent down payment, but you'll want to have a sizable amount in your savings account for emergencies as well. Today's blog from your Lake of the Ozarks mortgage lender offers some creative ways for you to cut back on daily expenses to put more in your home buying fund.

1. Limit the Meals You Eat Out. 


One of the biggest expenses that people have, often without even realizing it, is the amount of money spent on eating out. You grab a meal here or there, grab some drinks with friends after work, and those small purchases can really add up as the month goes on. While it may seem easier to avoid cooking and just grab something quick from a restaurant, those habits are cutting into your home buying fund.

2. Cut Back on Grocery Expenses. 


If you're like most Americans,  you walk into the grocery store and make several impulse buys. Something looks great, but then you end up with a cart full of junk food and nothing that really goes together. Plus, if you buy too much perishable food, you could end up throwing stuff away because you can't eat it all before it goes bad. To cut back on grocery waste and impulse buys, plan your meals before heading to the store. Make a list of what you need to get and try to stick to that list. You'll be surprised at how much you can save on groceries just by doing some planning ahead. You also might consider looking for coupons, or planning your meals around the sale ads to save even more!

3. Reduce Your Utility Bills. 


While it may not seem like a lot to save a few dollars each month on your utility bills, those numbers add up over time. Make sure you turn off lights when you leave a room, and don't leave the water running while you're brushing your teeth. Set your thermostat just a few degrees higher during the summer and a few degrees lower in the winter to save on your electric bill. You can also adjust that thermostat while you're gone for the day to save even more. Think about all your bills to see how you might be able to trim those expenses, even just a little.

4. Decrease Your Gasoline Usage. 


The cost of gasoline is another monthly expense that you'll want to keep an eye on. To decrease your gasoline usage, try shopping online to cut down on the number of trips you make to the store. If that's not the best option for you, try to group your errands together. Instead of just making a trip here and there when you think about needing something, carve some time out of your day to stop at multiple stores in the same trip. You'll also want to pay attention to gas prices. Look for a place on your route with the lowest price. The Gas Buddy app is a great way to compare gas prices at the stations near you. Some grocery stores, such as Hy-Vee or Woods, even have fuel saver programs that help you save on gas when you purchase everyday items at their store.

5. Pay Attention to Unused Subscriptions. 


Many people have subscriptions that they don't even use. The charges come out of your account every month without you even thinking about it. Take a look at any monthly subscriptions you may have signed up for and examine which ones you are actually using. Do you have a monthly gym membership, but can't remember the last time you went there? Cancel that membership and get some dumbbells and an exercise ball to do some workouts at home instead. How much are you paying each month for TV service? Do you only watch a few of the hundreds of channels you're paying for? Consider scaling back your package. With the streaming services available today, many people are cancelling their TV service altogether and watching their shows through Hulu and Netflix.

By taking a closer look at your monthly expenses to see where you can cut back, you'll be on your way to saving for a new home in no time! As your mortgage professional at the Lake of the Ozarks, I'm here to help you throughout the entire Lake of the Ozarks home buying process. If you're ready to get started with the pre-approval process and determine how much you can afford in a new home, give me a call at 573-746-7211 today!

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:

Tuesday, August 21, 2018

7 Home Buying Mistakes to Avoid

The decision to buy your first home can be an exciting time, but make sure you don't get swept up in all the excitement that you make these common mistakes. Keep reading to learn about some home buying mistakes you'll want to be sure to avoid. Your Lake of the Ozarks mortgage lender is here to help you have a successful home buying experience at the Lake!

Mistake #1: Underestimating the Costs of Homeownership. 


Likely one of the biggest mistakes new home buyers make is underestimating the true cost. You think you're tired of paying rent every month with nothing to show for it, but what you don't realize is that your landlord may be taking care of more than you realized. When you become a homeowner, you're now in charge of fixing any appliances that don't work, hiring someone for the lawn care or doing it yourself, etc. You also didn't think about the cost of homeowners insurance and taxes. Make sure you have a good estimate for the upkeep and maintenance of your new home and have budgeted for this going forward.

Mistake #2: Not Knowing How Much You Can Afford. 


One of the first steps in the home buying process should be determining how much you can afford. The easiest way to accomplish this is to get a mortgage pre-approval at the Lake of the Ozarks. By getting pre-approved, not only will you have a good idea of how much you can afford, you're one step ahead of the rest of the buyers on the market. Sellers and real estate agents will know that you're serious about buying a home.

Mistake #3: House Hunting Before Getting a Mortgage. 


This mistake goes along with Mistake #2. You want to get that pre-approval and know how much you can afford before you start looking at houses, not the other way around. You don't want to waste your time looking at hoses you can't afford, or even worse, fall in love with a home that you can't afford. You want to make sure you get a loan with a comfortable monthly payment that won't put you in a financial strain.

Mistake #4: Emptying Your Savings to Buy a Home. 


Those extra costs to consider that we mentioned in Mistake #1 are going to require cash on hand. You do not want to wipe your savings account to cover the down payment and closing costs. It's important that you keep enough cash on hand for an emergency fund. You never know when something in your new home is going to require repairs. When budgeting and saving for your first home, be sure to include an emergency fund in those numbers.

Mistake #5: Not Using a Knowledgeable Real Estate Agent. 


While it's possible to purchase a home without a real estate agent, it's not easy. Think about how much time and stress a good, knowledgeable buyer's agent can save you. Real estate agents have access to resources to help you narrow down the listings you should look at, can help you determine a fair price and negotiate to that price, and recommend other professionals to work with such as a good home inspector. Buying a new home at the Lake of the Ozarks is a big investment; don't go it alone.

Mistake #6: Not Researching the Neighborhood. 


Many people get swept up in the excitement of finding the perfect home, that they fail to consider the neighborhood that home is in. Do you have children or do you plan on having them in the future? Be sure to check out the school district that the home is located in. Do you feel safe coming home at night in this neighborhood? Drive through the neighborhood at different times of day to see what's going on and if you're comfortable there. Talk to your prospective neighbors, look through the local newspapers, check local crime reports, scout out nearby churches, shopping, dining etc.

Mistake #7: Applying for Credit Before the Home Sale Closes. 


The period between when you apply for a mortgage and when you close on your new home is critical. You want to make sure that you don't do anything during that period that could jeopardize the approval of your home loan at the Lake of the Ozarks. During this time, don't touch your credit. Any changes in your credit situation could affect your ability to obtain that mortgage. Don't apply for any new credit accounts, this includes credit cards, car loans, etc. In addition, don't start buying a bunch of new stuff for your home on credit, like furniture and decor, until after the closing is final. Doing so would change your debt-to-income ratio and could cause a delay or denial on your mortgage approval.

As your mortgage lender at the Lake of the Ozarks , I'm here to help you every step of the way. From determining how much you can afford through a pre-approval to the closing, I'll be here to answer all your questions. I'll discuss your loan options, offer competitive interest rates and back it up with the first-class service you deserve. For all your Lake of the Ozarks home financing needs, give me a call at 573-746-7211.

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 No comments:

Thursday, August 16, 2018

End of Summer Events at the Lake of the Ozarks

While summer may be coming to an end, the fun at the Lake of the Ozarks continues! There's constantly something to do at the Lake, from concerts to festivals, all year round. Keep reading for a snapshot of some of the upcoming Lake events from your favorite Lake of the Ozarks mortgage lender.

Photo Credit: FunLake.com
30th Annual Lake of the Ozarks Shootout - August 18-26 


The Lake of the Ozarks Shootout, held at Captain Ron's Bar & Grill and the 33 MM - 34.5 MM, will bring top powerboat racers and offshore racing power boats from across the country, topping 200 MPH. This is the largest unsanctioned boat race in the Midwest with over 100 racers and 100,000 spectators. Proceeds will benefit the Lake Area Rescue Teams and other local charitable organizations. Before the races on Saturday and Sunday, enjoy an entire week of festivities! There will be a Mini Shootout, Treasure Hunt, Strip Street Party, Vendor Villages, Live & Silent Auctions, Poker Runs, Live Entertainment and much more! For more information about the entire Shootout schedule of events, visit: www.LakeoftheOzarksShootout.org.

Supercat Fest with the Dave Baker Band - August 24-25


Supercat Fest is a gathering of the fastest, most exotic offshore marine hardware in the world! Head over to the Horny Toad Entertainment Complex at Camden on the Lake for this incredible event, and be in the middle of all the action as Dave Baker Band takes the stage from 8 pm to 1 am each night!

A Contagious Labor Day Weekend - August 31 - September 2 


Hop on over to the Horny Toad Entertainment Complex at Camden on the Lake for a Contagious Labor Day Weekend! Contagious keeps the party going Friday, Saturday and Sunday from 8 pm to 1 am each night.

A Berry Filled Labor Day Weekend - September 1 


Float on over to The Boathouse on Highway W (W-20), or the 3 MM by water, for an awesome i-Berry experience! Saturday from 8 pm to midnight, the i-Berry's will show you a great time with their Celtic Irish Band. They are one of the most energetic and talented groups of local musicians you will ever see.

Aaron Lewis Live in Concert - September 1


Ozarks Amphitheater is excited to welcome back Aaron Lewis. Doors open at 6 pm, and the concert starts at 7 pm. The Ozarks Amphitheater was recently voted #5 of the Best Live Music Venues in Missouri. This beautiful outdoor venue is nestled in the heart of the Lake of the Ozarks. For tickets and more info visit: Ozarksamp.com.

Labor Day Couples Golf Tournament - September 2-3


Old Kinderhook will be hosting a couples golf tournament Labor Day Weekend, September 2-3. The entry fee is $400 per couple and includes: 4 tournament rounds (2 per player), on-course events, tee gifts, dinner and dance, Sunday night discounted rounds, and discounted lodging rates. Prizes will be awarded for multiple flights. Call 573-317-3573 for tee times.

Photo Credit: FunLake.com
Hot Summer Nights - September 7 


Hot Summer Nights is back on September 7th from 6-11 pm. This is a classic vehicle cruise and family night on the Bagnell Dam Strip in Lake Ozark. Admission and participation is free, and the event will go on rain or shine. All makes and models of cars, trucks and motorcycles will line the Strip and cruise around. This kid-friendly event offers games, activities, live entertainment and more!

Bellamy Brothers Live in Concert - September 7 


The Bellamy Brothers join us at the Lake of the Ozarks at Shawnee Bluff Vineyard on September 7th. Doors open at 5 pm, and music on the Patio by Makenna & Brock will get the party started. The opener will take the stage at 7 pm, and the Bellamy Brothers take the stage at 8 pm. Food vendors include Tilly's California Burritos and Taco Truck, Hart's Smoked BBQ & More Truck, and a Kettle Corn provider will be there starting at 5 pm. This is a show for all ages. For tickets, visit: https://www.showclix.com/event/bellamy-brothers-sbv.

31st Annual Reel Help for Kids Charity Bass Tournament - September 7-8


On September 7th & 8th, IUOE Local 148 will host its 31st Annual Charity Bass Tournament at Public Beach Area #2 at Lake of the Ozarks. Since its inception at Sterett Creek on Truman Lake in 1989, this "one of a kind" tournament has raised over $1.8 million dollars for Cystic Fibrosis, Leuukemia & Lymphoma Society, Cardinal Glennon and now Ronald McDonald House Charities of St. Louis. The tournament is designed to give the everyday non-tournament fishermen the opportunity to have a fun day of fishing along with helping out a good cause. For more information, visit their website at: http://www.local148.com/bass/.

Westlake Street Machine Fall Follies Car Show - September 8 


The Laurie Sunrise Beach Rotary Club will be hosting their annual Car Show at the Laurie Fairgrounds on September 8, 2018. The car show will include a parade through Laurie, vendor tents, 50's & 60's music, beer garden, engine blow and a fireworks show that evening in the Laurie Park to conclude the event. Awards will be given to 33 classes. Proceeds from the event will go to charity and various community projects. For more information, visit: http://lsbrotary.org/.

Photo Credit: Shootout Website
Lil' Boat & Pontoon Shootout Poker Run - September 8 


Presented by Deck and Pontoon Boat Magazine and Border X'Pressions, this poker run will start at 9 am at Captain Ron's in Sunrise Beach on September 8. After a day full of fun, winners will be announced at 6 pm back at Captain Ron's. For more information on the event, visit: https://lakeoftheozarksshootout.org/events/lil-boat-pontoon-boat-poker-run/.

If you love all the Lake events as much as we do, why not come to the Lake as often as you want? We are here to help you buy a second home at the Lake of the Ozarks! When it comes to your Lake of the Ozarks home financing needs, Lakelender Michael Lasson is here for you. Give our office a call at 573-746-7211 today!

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 No comments:

Friday, August 10, 2018

How to Obtain a Mortgage Pre-Approval

One of the very first steps in the home buying process is obtaining a mortgage pre-approval. Essentially, a pre-approval is a promise from the lender that you're qualified to borrow a certain amount of money at a specific interest rate, subject to a property appraisal and other requirements. Keep reading for some tips and information about getting a mortgage pre-approval at the Lake of the Ozarks.

Information Required for a Pre-Approval 


In order to get a mortgage pre-approval, you will need to submit some personal and financial information to your Lake of the Ozarks mortgage lender. This can include:

Identification Documentation
You'll need to provide personal information such as social security number, driver's license, current address, etc. There's a lot of paperwork involved in obtaining a mortgage pre-approval, so be prepared to fill everything out thoroughly and quickly to get through the process smoothly.

Proof of Income & Assets
In order to determine how much you qualify for in a home loan, your lender is going to need proof of how much money you make. Borrowers will need to show W-2 statements from the past 2 years, recent pay stubs, proof of any additional income and the two most recent years' tax returns (personal and business, if applicable).

Acceptable Credit Score
The better your credit, the better the interest rates you'll qualify for. Too low of a score could cause you to be denied for a mortgage. If your credit score is less than desirable, your lender will typically work with you to find ways that you can improve your score and better your chances at a mortgage approval down the road.

Employment Verification
Not only will your lender want to see recent pay stubs, but they will call your employer to check on your employment status and your salary. If you have recently changed jobs, your lender may want to talk with your previous employer. During the mortgage process, it's important that you don't change jobs. Any changes in employment and/or salary, could delay or even deny your approval. Self-employed borrowers will need to provide additional paperwork concerning their business and income.

Once you've provided all this information, your lender will evaluate your situation and determine what loan options, loan amount and interest rate you can qualify for. They will present this information to you in a pre-approval letter that is typically good for 60-90 days. Then you're ready to start house hunting!

Tips for Getting Pre-Approved

Not everyone can get approved for a mortgage. However, there are some things you can do to better your chances.

1. Gather Your Documents Early. 
Before making an appointment with your lender, be sure to gather up all the necessary documentation. Having all this information together and handy can speed up the process. If your lender asks you for any additional documentation, the sooner you can get it to them, the quicker the process of obtaining your mortgage pre-approval.

2. Improve Your Credit Score. 
Your credit score plays a big role in your mortgage pre-approval. If you're planning to apply for a home loan in the near future, it's a good idea to start taking a look at your credit now. Many people don't even know what their credit score is. Once you know your score, you can improve it by making sure to pay your debts on time, not opening any new credit accounts and scanning your report for any errors that may be on it.

3. Lower Your Debt-to-Income Ratio. 
Your debt-to-income ratio also plays an important part in a mortgage pre-approval. As a general guideline, you want your debt-to-income ratio to be 36% or less. Decrease your overall debt to improve your debt-to-income ratio.

4. Increase Your Down Payment. 
The amount of cash you have available for a down payment also comes into play when getting a mortgage pre-approval. Having a larger down payment can sometimes make up for less than desirable credit scores or other issues that could prevent you from obtaining a home loan.

Getting a mortgage pre-approval shows sellers and real estate agents that you are a serious buyer. Sellers have the confidence that you will be approved for a home loan at the Lake of the Ozarks after they accept your offer. If you have any questions about obtaining a mortgage pre-approval, please don't hesitate to reach out. If you're ready to get started on your mortgage pre-approval today, 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 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 No comments:

Friday, August 3, 2018

Steps to Prepare for a Home Purchase

The process of preparing to buy a home at the Lake of the Ozarks can be daunting. From coming up with a down payment to filling out all the paperwork, you've got a lot on your mind. Today's blog breaks down the process of preparing for a home purchase into manageable steps. As your Lake of the Ozarks mortgage lender, I'm here to help you every step of the way!

1. Improve Your Credit Score.


Your credit score has a big impact on your mortgage approval and the interest rates that you can qualify for. If you're thinking about buying a home in the near future, now's the time to take a look at your credit score and see if there's any room for improvement. Not only do you want to look at the credit score, but take a look at your credit report to check for any errors. You want to make sure that your score isn't being penalized for old, paid or settled debts. Maintain a good credit score by ensuring your pay all your bills as agreed or in full and on time. In addition, stop applying for new credit accounts one year before you apply for a mortgage, and don't make any large purchases before closing on your home.

2. Save for a Down Payment. 


One of the most difficult steps in preparing to purchase a home is saving for the down payment. While there are programs available to assist with the down payment, you will get a better interest rate if you have some money to put down. Plus, anything less than a 20% down payment will require you to pay Private Mortgage Insurance. Talk to a mortgage professional at the Lake of the Ozarks to discuss your options.

3. Get a Mortgage Pre-Approval. 


The sooner you talk with a local lender the better! Before you even start looking at homes to buy, you'll want to get a Lake of the Ozarks mortgage pre-approval. This pre-approval will help you determine how much you can afford in a home. Work with your lender to determine the best budget for your unique situation. You want to make sure that your mortgage payment is something that you can comfortably afford. Once you have a price range in mind, you'll be able to start looking at homes that fit your budget. In addition, having a mortgage pre-approval presents you as a serious, qualified buyer, which both realtors and sellers want to work with.

4. Build a Healthy Savings Account.


When preparing to become a home owner, the down payment and closing costs aren't the only expenses you need to be concerned with. It's important that you start building a healthy savings account. It is good to show that you're not living paycheck to paycheck. Having several months' worth of mortgage payments set aside also makes you a better candidate for a mortgage loan at the Lake of the Ozarks. You don't want to spend all the cash that you have on your down payment and closing costs. You need to have some extra money set aside to cover maintenance and repairs of the home.

5. Interview Real Estate Agents. 


Once you've got your finances in order, it's time to start interviewing real estate agents. Having a knowledgeable real estate agent is an important factor in purchasing a home. You want to find an agent that you can trust, knows the area and someone that has your best interests in mind. A good real estate agent is going to help you find the perfect home for your needs, will be there to help you through the negotiating process and see it through to the end of closing on your new home. Your real estate agent will work together with you and your lender to ensure a smooth buying process.

Buying your first home is an exciting process, but following these steps can help you stay organized and on track, resulting in a successful home buying experience. As your mortgage lender at the Lake of the Ozarks, I'll discuss your 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 start discussing your Lake of the Ozarks home financing needs today!

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: