Friday, November 30, 2018

The Best Loan Type for Second Homes

The Lake of the Ozarks is an incredible place to live for both full time and vacationers alike. It is no surprise that after a few vacations in the area you may already be dreaming of owning a vacation home at the Lake of the Ozarks. Team Lasson makes it our goal to help you accomplish this by providing mortgages at the Lake of the Ozarks. If you already have a mortgage, here are a few things you can keep in mind as you make plans to take on a mortgage for your second home.


What Financing is Available for Vacation Homes?

There are two paths that will lead you to your vacation home. You can take out a conventional mortgage loan for the purchase of the new home or you can refinance your present mortgage or take out a home equity loan (aka home equity line of credit, HELOC) on your existing property. Here are a few important details about each of these loans types.

Conventional Loans

This process will be similar to paying a mortgage for a primary residence. You will have to put down an initial down payment, and from there set up a payment plan over a span of 30 years. These loans also come with either a fixed or adjustable interest rate.

What makes this different than your mortgage on your primary residence? Second homes require a larger down payment. They are also suited to individuals who are stable in their career and lifestyle. You will need a good credit score, stable income, and a low debt-to-income ratio, and be able to show an ability-to-repay to meet the lending guidelines. Another difference is that you will need to prove that this new residence will be a vacation home and not an investment property.

Home Equity

Another option would be to borrow from your existing property equity, and there are a few ways to accomplish this. One of the more popular ways of doing this would be to take out a HELOC. A HELOC is a line of credit backed by the equity you have in your home. Your primary mortgage would stay the same, and the HELOC would count as a separate loan. These loans usually carry variable interest rates and they require good credit scores.

A Home Equity Loan or Second Mortgage is another popular option. They are also backed by the equity you have in your home. This provides you with your funds in a lump sum, rather than a line of credit that you draw from and pay off repeatedly. These loans typically have fixed interest rates.

Another option would be to refinance your primary home to pay off the existing mortgage and take additional funds out of the equity to use to purchase the new property.

5 Things to Remember About a Vacation Home Loan

Here are 5 things that we briefly mentioned above, but that you will want to focus on while planning your vacation home loan at the Lake of the Ozarks.

  1. Good credit
  2. Ability to make a down payment
  3. Qualifying savings
  4. Low income-to-debt ratio
  5. Proof that the property will be a vacation home


Time to Finance Your Vacation Home

Team Lasson would be honored to assist you with purchasing your vacation home at the Lake of the Ozarks. From fishing cabins to million dollar mansions right on the Lake, our team is here to make the process as easy as possible. Visit our website to learn more about our mortgage services, or give us a call to get started. We love the Lake of the Ozarks, and cannot wait to help you love it as well.


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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Location: Osage Beach, MO, USA

Wednesday, November 21, 2018

5 Reasons We Are Thankful for the Lake of the Ozarks

We want to join those who are creating a warm and thankful environment on the world wide web this season. We have planted our roots here in the Lake of the Ozarks community through living here, working here, and making it a priority to help others obtain their dream homes in this great area, as well. It only seems fitting to tell you why we are thankful for this wonderful community.



We Are Thankful For Their Heart

Search far and wide, and you will be hard pressed to find a community that loves so hard. There are people who work tirelessly and consistently to help their fellow men. From people who are hurting from a terrible loss to those who are having a hard year and just need a helping hand, there are angels at the Lake who dedicate hours to helping those in need. This community comes together like no other to show how much every single person means to them. Through amazing events that bring the community together to support a cause, and organizations who dedicate time and money, we are seeing big things happen in this area.

We Are Thankful For New Innovations

There are always new ideas happening at the Lake of the Ozarks. While people primarily think of enjoying vacations at the Lake of the Ozarks, there is so much more to this area. There is a community of people who call the Lake home and who are the driving force behind improving the working and living environments for everyone here. We LOVE to see all of the forward-thinking ideas that come from people who love where they live and have a passion for what they do. Thank you!

We Are Thankful For The FUN!

The Lake of the Ozarks is such a fun place to be, and we are thankful for it. From weekend trips on the water to enjoy the sunset to evenings out at amazing restaurants to hear exciting live music - you really cannot beat this “Fun Lake.” During the summer, there are fun events planned to keep your schedule full and make many great memories. You cannot forget the winter, though. That is really when the Lake area works hard to appreciate the people who live here full time and pour back into each other's lives through great community events hosted by our amazing organizations.

We Are Thankful For The Next Generation

The amount of planning, time, and love that is poured into the children of this area is incredible. The amazing school districts that you find in the Lake community are just the beginning. Each and every teacher is consistently giving themselves to the kids of the area, and it is amazing to see. We also have thriving organizations that are doing everything they can to make sure that the youth of our area are given the tools they need to succeed. It starts with helping provide clothing and food to then offering scholarships that further their education. It is a powerful thing to see, and we are thankful for it.



We Love the Lake of the Ozarks

Team Lasson truly believes in the power of this community, which is why we provide mortgages at the Lake of the Ozarks. We love it so much, that we want to assist you in joining in on the fun. If you have considered buying a vacation home at the Lake of the Ozarks, or maybe you are looking for a permanent residence - we would be honored if you contacted us. Our team is ready to help you from start to finish, and before you know it, you will have a beautiful house at the Lake of the Ozarks! We are so thankful for this great area. What are you thankful for about the Lake of the Ozarks? Leave your gratitude filled comments below, or on our social media channels!


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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Location: Osage Beach, MO, USA

Friday, November 16, 2018

A Home for the Holidays: Is There Time To Buy?

Are you thinking about buying a home at the Lake of the Ozarks before the holidays? There are two reasons main reasons to close before this date. Either you want to enjoy your home for the holidays, or you want a tax break for purchasing before the end of the year. You may be cutting it close, but keep these details in mind as you make your real estate plans.


The Mortgage Timeline

While one home purchase can go fast, another could take longer. Team Lasson will do whatever is in our power to make your mortgage at the Lake of the Ozarks go smoothly. If we do run into challenges, we look forward to helping you through them!

1st. Start by scheduling an appointment with Team Lasson to get your pre-approval. We will review your credit, income, and debt to determine the maximum amount that you can borrow. Give us a call at 573-746-7211 to get started. This step can be finished quickly, as we can work with you in person or over the phone and email.

2nd. After you are pre-approved for a specific amount, it is time to hire a real estate agent at the Lake of the Ozarks. You can now begin the house-hunting process. Finding the right home can go quickly, but it can also take some time. It all depends on what is currently on the market, and what you are looking for. Once you have found the right home, your agent will help you make an offer.

3rd. After the sellers accept your offer, it is time to get the ball rolling on your purchase by having your agent order the necessary inspections and finalizing your lending terms with Team Lasson so we can complete your loan approval.

4th. Upon receipt of your Sales Contract and Loan Application, we will provide you with the required disclosures for your loan which will include a Loan Estimate to show you the anticipated costs associated with your mortgage. We will also give you a specific amount of time to lock in the interest rate that we have offered on your home loan. You will have to lock this down before the cutoff if you do not want it to be subject to change.

5th. After receiving your signed loan disclosures and additional requested documentation, we will be processing your loan application and getting your loan file submitted to our underwriting department for final loan approval.

6th. After step five is finished, it is time to start the closing process. At least three business days prior to your closing, we will issue your Closing Disclosure to you for review and signatures. On your closing date, we will and meet at the title company to sign the documents!

Do You Have Time?

The end of the year is quickly approaching, however, we can still get you in your new home before then. Call us today to get started!


Get Pre-Approved

The first step to getting your vacation home is to get pre-approved. We can easily do this with you in person, online or over the phone, whichever works best for your schedule. We look forward to walking through the home loan process with you. Owning a home at the Lake of the Ozarks is a wonderful way to enjoy weekends and vacations in the Lake area. We look forward to having you a part of our community, whether full-time or part-time!

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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Location: Osage Beach, MO, USA

Friday, November 9, 2018

5 Tips for Buying a Vacation Home in the Off-Season

If you have been dreaming of the perfect vacation home at the Lake of the Ozarks, now is a great time to start your search. Much like any other real estate, there are things you need to keep your eye open for in the winter. The good news is that when things slow down during the off-season, you may even find the perfect home for an even better price. Here are a few things that Team Lasson suggests you keep in mind as you buy a second home at the Lake of the Ozarks.


Understand the Pros and Anticipate the Cons

There are always pros and cons to buying in any season - don’t let either be a driving force for your decision. The pros of buying in the winter are that there will be less competition for Lake of the Ozarks real estate. Prices may also be better on homes because owners are eager to get them off the market. Cons could include that weather could postpone a showing if there is ice or snow. Another con could be that you won’t get to see all of the summer beauty. Either way, take everything in stride and realize that there are pros and cons to every season.

Buy for the View

When buying a vacation home, it can be easy to get swept away with finding a home in the perfect location, or next to your favorite restaurant. However, we think that buying for the view is even more important than buying for location. Unlike your full-time home, where you’ll be making a daily commute, or need to be in a specific district, your vacation home is strictly for enjoyment. When you look out of the windows or sit on the balcony or back deck - make sure that the view is breathtaking! Of course, when buying a home at the Lake of the Ozarks, you may find both!

Tax Season Incentives

If you’re buying your vacation home on or before December 31, you can deduct the interest and property tax portions of your mortgage payment, points on your loan, and interest costs from your taxes. End-of-year tax benefits can be a great reason to buy a vacation home in the winter, and it can be helpful for paying off your Lake of the Ozarks home loan.

Keep Summer In Mind

It’s important to keep summer in mind when buying your vacation home in the winter. Because you aren’t seeing the home in the summer months, there may be aspects of the house you forget to focus on. Remember that you will be using your air conditioning a LOT during the summer months, and it most likely won’t be turned on during the winter months. Ask lots of questions about this part of the home. You can ask when was it replaced, how often was it serviced, and if there is paperwork to verify these maintenance tasks. You’ll also be spending a lot of time in the outdoor spaces. While they may not be in their prime during the winter, make sure you take a look at the patios, porches, and balconies of the home. You’ll also want to look over the dock if the home comes with one. Docks can be very susceptible to winter conditions, so look closely and ask your inspector to focus on it while checking the home.

Who Will Watch Your Home For the Winter?

Finally, the last thing to think about while buying a vacation home (and this applies in any season) is, who will be looking out for the property during the offseason? Empty home’s can be more susceptible to conditions if there is no one around to check for water leaks or power outages. The Lake of the Ozarks has many incredible companies who provide home watch services.


Ready to Start the Process?

If you want to buy a home at the Lake of the Ozarks, the first step is to get pre-approved. Team Lasson is here for you, and we can assist in making the mortgage process easy. Our team is here to answer all of your questions about buying a home, but also the Lake area. We live here full time and can make suggestions to help you get settled in. Buying a home starts with getting your mortgage, and we are here to help!

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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