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Thursday, August 29, 2019

FAQs About Your Debt to Income Ratio When Buying a Home

When buying a home, several factors can play a role in the type of loan you qualify for, the interest rate you receive, and if you are approved for the loan, to begin with. Debt-to-income ratios are one of the factors that can play a huge role in your Lake of the Ozarks mortgage, so we’re going to cover a few frequently asked questions about them for you.


FAQs About DTI

Q: Why is debt-to-income important?
A: Your lender will use the debt-to-income ratio as a way to measure your ability to manage the payments you make each month, and repay the money you have borrowed.

Q: What sources of income are considered?
A: Typically these are considered:

  • Wages
  • Salaries
  • Commissions & Bonuses
  • Pension
  • Social Security
  • Child Support & Alimony
  • Any other additional income


Q: What monthly payments are included in the debt-to-income ratio?
A:

  • Mortgage payments
  • Real estate taxes
  • Home owner’s insurance
  • Home Owner Association Dues
  • Student loan payments
  • Minimum monthly credit card payments
  • Timeshare payments
  • Loan payments
  • Child support payment
  • Alimony payment
  • Any co-signed loan payments


Q: What payment is used for my credit card debts, the minimum payment required or what I actually pay monthly?
A: Typically, your lender will use the minimum monthly payment that is reported on your credit report.

Q: What is considered a good debt-to-income ratio?
A: Each lender is going to consider a different ratio based on the size, purpose, and type of loan that you are applying for. As a general rule, most lenders like to see a DTI below 45%.

Q: What is the formula for calculating my debt-to-income ratio?
A: It is calculated by dividing your total recurring monthly debt by your gross monthly income.

Q: How does my debt-to-income ratio affect my ability to get a loan?
A: Lenders will calculate your DTI to ensure you can afford to take on an additional payment. A low debt-to-income ratio reflects a good balance between your income and debt.


Are You Ready to Buy a Home?

As we move out of the summer season and into the fall season, we can’t affirm enough what a wonderful time it is to buy a home at the Lake of the Ozarks. If you have been dreaming about buying a home, it’s time to apply. Interest rates are statistically lower than they have been, and Team Lasson is ready to assist. Visit our website to submit your application and get started!

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 22, 2019

Buying vs. Renting - Which is Right for You?

When looking for real estate at the Lake of the Ozarks, there are several options to choose from. This includes large luxury homes, fishing cabins, condos, and more. In addition to the styles, there are also a few ways to stay in these homes. You can either buy one or you can rent one. Both are popular options, but there are definitely some advantages to buying a property at the Lake of the Ozarks vs renting one. Here are a few things to remember when trying to decide which is best for you!


Why Buy?

It can feel like a hard decision, but there are actually many advantages to buying a property that you will not experience by just renting one. Curious what these are, keep reading?

Rent Rise
Rent costs are continuing to rise across the country. Buying a property at the Lake of the Ozarks with a fixed loan can freeze the housing costs, so to speak. Not to mention, interest rates are incredible right now, so it is THE time to buy!

Tax Breaks
Many times, homeowners can take advantage of tax breaks that renters will not get to utilize. This can be a huge advantage, especially as we get closer to the end of the year.

Forced Savings
Owning a home will typically increase your wealth significantly with “forced savings” which is not available when renting.

It Pays to Buy

Condos or a small home are a great first investment if you are just getting started, especially when you do not need a huge place yet. In addition, because properties at Lake of the Ozarks are located at a vacation destination, you can rent it out when you are not using it. This can provide extra income, as well as provide the flexibility you like to still come and visit and make use of the amenities.

What Do You Need to Know?

There are so many pros to buying a home or condo, but there are always a few things that you may want to know before taking the plunge

HOA Fees
While these are very beneficial, it is important to know that many condos and some neighborhoods require this. It will help cover the maintenance of the condo building and common areas, as well as the amenities you love. Your HOA may have strict rules, so you will want to look into those before making your purchase.

Location, Location, Location
As you make plans to buy a house or condo, you will want to think about what is around you. How far do you have to drive to your favorite restaurant or grocery stores? Are you looking for a place in the center of all of the fun, or do you prefer a quiet hide-a-way? These are all things that your real estate agent will help you navigate through, but there is no harm in thinking about it now.


Ready to Get Started?

It may be the end of the Summer season, but it is never too late to buy a vacation home at the Lake of the Ozarks. If you have been thinking about it, Team Lasson highly suggests getting the process started. This is a wonderful time to buy a home, and we would love to assist you through the process. The first step is to start the pre-approval, which you can do on our website. After that, we can help you determine the best price point to shop for, and then it is time to start shopping. We cannot wait to have you vacationing at the Lake even more in your very own house or condo!

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 16, 2019

How Long Does It Take to Buy a Home?

As vacation season comes to a close at the Lake of the Ozarks, home buying season is still going full swing. We’ll be busier than ever over the next few months as we help clients secure their mortgage and take steps to own a home at the Lake of the Ozarks. If you’ve been considering buying a vacation home, NOW is the time to get started. We’re working our way towards a very good buyer’s market, interest rates are doing well, and it’s going to be an incredible time to jump in and secure the home of your dreams.

Whether you are a seasoned home buyer, or still just learning the ropes, it can be helpful to become more familiar with the process. Here is a quick overview of how long it takes to buy a home, and how Team Lasson will do what we can to make this a quick and seamless process.


The Home Buying Process

To map out your home-buying timeline, here is a closer look at the steps along the way.

Getting Pre-approved for a Mortgage

Completing your pre-approval first can show that you are a serious homebuyer. It can also show how much you are approved to borrow. Your lenders at the Lake of the Ozarks will typically ask for documentation to verify your assets, income, and credit history. During the process you’ll want to do a few things, like preparing a down payment, avoid taking out new loans, do not switch jobs, continue managing your monthly payments, and gathering the documents that you’ll need to submit.

Finding a Home

After you’ve been pre-approved for a mortgage at the Lake of the Ozarks, you can start looking for the home of your dreams. It is time to find your real estate agent who can assist you in the search for the perfect home in your price range. The house-hunting process can go quickly or it can take some time, just depending on your tastes, the location, season, the buying competition, and available homes for sale.

Negotiating a Contract

After you’ve found the home that you are ready to purchase, your real estate agent will help you put in an offer. Negotiations with the seller could be quick or could take some time to reach a point where are parties are in agreement. Your agent will help guide you down this path.

After your contract is accepted, it will be time to schedule a home inspection, termite inspection and any other inspections you and your real estate agent deem necessary. Check with your lender as well on inspections as some government loans may require certain inspections for that program. If anything shows up during the inspection, this could add additional time to the timeline.

The Closing Process

Once the inspections have been completed, your Lake of the Ozarks lender will then move the loan into underwriting. It may be necessary to submit additional paperwork during this process, and an appraisal will also need to be checked off of the list.

After your mortgage has been approved, your lender will give you a copy of your closing disclosure at least three business days before the closing date. The will include loan details, fees, and terms, as well as what you’ll need to pay in closing costs to finalize the purchase.


The Timeline is Indefinite

As you can see, many different moving pieces make up the completion of a home purchase. In general, it can be done in as little as a month, but with other purchases, it could take a few months. If you are hoping to buy a home before the end of 2019, now is the time to get started. You can start the process to get pre-approved with Team Lasson by visiting our website (www.YourLakeLoan.com), and from there we can help you move towards the next step. This is going to be an amazing time to buy a home, so we look forward to hearing from you and helping you purchase your dream home!

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:

Wednesday, August 7, 2019

Reasons to Buy a Second Home NOW

Are you thinking about buying a second home at the Lake of the Ozarks? There are many reasons why now is such an incredible time to make your purchase. Team Lasson is your resident mortgage lender at the Lake of the Ozarks, and we want to provide you with the information that you need to help you make the best decision about your real estate purchase. Here are a few reasons why NOW is an incredible time to buy a vacation home at the Lake of the Ozarks!


The Federal Reserve

If you have not been paying attention to the Federal Reserve in the last week, they cut the Fed Funds Rate by .25% to 2.25%, which was the first rate cut in 10 years. While many are wondering why the home loans rates are not declining by .25% parallel to the fed action, there are some good reasons why. While the FFR (Fed Funds Rate) has no effect whatsoever on home loan rates, they are driven by pricing and trading action in mortgage-backed securities. These tend to ebb and flow with the direction of the US 10-Year Note.

The interesting thing to note, though, is that since last November up until last Wednesday’s Fed rate cut, home loan rates have declined by over 1.00%. Home loan rates are already declining by so much!

In the end, all of this means that home loan rates are near three-year lows and, thanks to low inflation, the slowing growth around the globe, and the U.S./China trade war renewed, rates may likely go lower still.

Take Season Into Consideration

As the Summer season starts to come to a close, this could be a huge asset to you in your home hunting ventures. The advantage of buying after the close of a busy season is that you may just find a really good deal on the home of your dreams. Not to mention, the Fall season will be creeping up soon, and the Lake of the Ozarks was voted one of the best places in the country to enjoy the changing colors!

Now is the perfect time to purchase your new home or condo!

You Can Close Before the End of the Year

For those who are purchasing homes exclusively for personal enjoyment, closing in 2019 could provide some great benefits! Generally, you can deduct your mortgage interest and real estate taxes, the same as you would on a primary residence. By getting your vacation home purchased now, you still have time to make payments and build up the mortgage interest before the end of the year!


Vacation Properties at the Lake of the Ozarks

If you are considering a purchase, you may want to think about it sooner rather than later. Team Lasson feels that NOW is a great time to buy a home, and we would love to help you through the process. Visit our website at www.yourlakeloan.com, to learn more about us, or give us a call to schedule an appointment. We would love to chat with you about your goals!

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 2, 2019

Fishing Month at the Lake of the Ozarks

August is Fishing Month! There are many reasons for people to come down and stay at the vacation home at the Lake of the Ozarks, but one of the biggest includes fishing. Whether you are an avid fisherman, or just getting started, there are some “big ones” that are ready to be caught in our lake. Here are some fun fishing facts, a few of the most common species you’ll find in our waters, as well as some upcoming fishing events that you won’t want to miss!












Fun Freshwater Fishing Facts

  • Many fish can distinguish colors, though this is only useful in shallow water and in the daytime. Vision probably is black-and-white in deep water and at night, due to low light levels.
  • A fish's eyes are usually located toward the top of the head. This results in a tendency to eat prey that is above the fish. (You'll want to take advantage of this by presenting most lures and baits slightly above the fish's eye level.)
  • A fish hears by using bones in its head called otoliths. The hearing system then sends information to the brain.
  • Taste buds are not always located in a fish's mouth. For instance, a good-sized catfish has 175,000 taste buds spread all over its body, with another 20,000 inside the mouth.

Lake of the Ozarks Fish

There are MANY fish in the Lake of the Ozarks, but here are a few of the “Best Bets” from the Annual Prospects Report from the MDC

  • Largemouth Bass
  • White Bass
  • White Crappie
  • Blue Catfish
  • Channel Catfish
  • Paddlefish
  • Bluegill


Fishing Events at the Lake of the Ozarks

Fishing is enjoyed at the Lake of the Ozarks all year long, but prime times are in the spring and fall months. Makes plans to come out to the Lake of the Ozarks this fall to participate in these great events!

Osage Beach Fishing Derby
Oct 05, 2019
Osage Beach City Park Lake Front
950 Hatchery Road
Osage Beach MO 65065
Phone: 573-302-7460

The City of Osage Beach Fishing Derby will be held on October 5th at the Osage Beach City Park! Join us at this free event which includes prizes and a hot dog lunch! All equipment will be provided. Open to all children ages 15 and under and their families. For more information visit www.osagebeach.org

Fall Big Bass Bash
Oct 05, 2019 - Oct 06, 2019
Lake Wide
Lake Ozark MO 65049
Phone: 314-703-8462

The Big Bass Bash is a bass tournament designed for amateurs only. Its unique format allows the weekend angler a chance to win big money like the professionals. Unlike most fishing tournaments which have a team arrangement where prizes are based on total weight, the Big Bass Bash format is distinctive in that it only takes one fisherman just one big bass to win.

Angler's Port Marine Shootout Crappie Tournament
Oct 27, 2019
Captain Ron's
Lake Rd 5-50
Sunrise Beach MO 65079
Phone: 660-351-2791

Registration at Captain Ron’s Friday from 5pm-8pm and Saturday at 6am.
Lake Rd 5-50, Sunrise Beach, MO
Fishing Hours: 7 a.m. – 3 p.m.
Must be in the weigh-in line by 4 p.m.


Need a Fishing Cabin?

If you need a getaway at the Lake of the Ozarks, Team Lasson is ready to help you secure the perfect spot. Now is a great time to get a mortgage at the Lake of the Ozarks, and we would be honored to help you secure the home of your dreams. From quaint cabins in quiet waters to luxury homes with elaborate docks - there is a little bit of everything, don’t let the right home get away from you!

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: