Things to Consider Before You Start House Hunting

If you have been thinking about purchasing a home at Lake of the Ozarks, it can be tempting to start the process by scouring the MLS listings. Before you start daydreaming about the perfect home and choosing the location where you want your vacation home at Lake of the Ozarks to be - there are a few things you can do to give you a good start. Team Lasson is here to help, so we have a few tips to get you started before you begin looking for a home.

1. Speak With A Mortgage Lender

One of the first things you may think to do when you are ready to purchase a home would be to speak with a real estate agent. While it will be vital to speak with a reputable real estate agent to buy a home, it’s not necessarily the first step in the process. When you speak with a mortgage lender first, you will get a good idea for how much you can afford in your monthly mortgage. We will start with a pre-approval for a mortgage loan, and you can apply for this by simply going to our website (www.YourLakeLoan.com)

2. Decide What You Want In Your Home

Before you start looking at homes and are fascinated by their charm and appeal, you should sit down and decide what you genuinely want. Do you want your vacation lake home to have an amazing view? Would you prefer a large kitchen or plenty of guest room space? Spend this initial time making a list of needs and a list of wants so that you can pick through homes accordingly once you start your search.

3. Start Saving For A Down Payment

If you have not already started saving for a home purchase, start now! Depending on the loan program you are looking to obtain, you do not necessarily have to have the traditional 20% down payment these days, however, the more you can put down, the better off you will 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.

4. Get A Mortgage Preapproval

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 more willing to negotiate and/or accept your bid over those who don't have a pre-approval.

After you have completed these steps, now you can start your home search. You, your mortgage lender, and your real estate agent will all work together throughout the entire home buying process. If you are ready to start the process, give me a call at 573-746-7211 today! As your Lake of the Ozarks mortgage lender, I am here to help you with everything from the pre-approval to the closing. I will discuss your options, offer competitive interest rates, and back it up with the first-class service you deserve!

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Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

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

Tips For Understanding Your FICO Score

Your credit score is a number that influences the amount of credit that is available to you. When the time comes to apply for a mortgage at the Lake of the Ozarks, your lender will need to determine the likelihood of you making your payments. Lenders use the FICO Score (credit score) to determine your credit risk. Beware of those companies offering you a free credit score online because the majority of them are not true FICO scores and can vary a lot. Today we are going to talk about how your Lake of the Ozarks mortgage lender can help you understand what this number means, and how it affects your home buying capabilities.

What is a FICO Score?

FICO Scores are the most widely used credit scores. This type of credit score was created by the Fair Isaac Corporation, which specializes in “predictive analytics.” Predictive Analytics means that they take information and analyze it to predict what is likely to happen. They also create credit scores, but FICO itself is not a credit reporting agency. They will use the information provided by Equifax, Experian, or TransUnion. In the end, the FICO Score, along with other details, will be used to assess credit risk and help your lenders determine whether or not to extend credit.

 

How is a FICO Score Determined

FICO Scores range from 300 to 850. In general, scores above 660 indicate good credit, while those below 620 indicate not so good credit. The score takes into account information from 5 different areas, each carrying a different weight in the equation:
Payment History - 35%
Current Level of Indebtedness - 30%
Types of Credit Used - 10%
Length of Credit History - 15%
New Credit Accounts - 10%

The importance of any one of these factors is also determined by the overall information on your credit report. For example, if you have not been using credit very long, your score will be factored differently than those with a longer credit history.

 

Understanding a FICO Score

One of the first things that a mortgage lender will want to know is whether or not you have paid past credit accounts on time. The next important point is how much you currently owe (your debt to income ratio). One good thing to remember is that having credit accounts and owing money on them does not necessarily mean that you are a high-risk borrower. Another aspect that plays into your FICO Score is the length of your credit history. In general, a longer credit history will increase your FICO Score. Your credit history takes into account how long your credit accounts have been established, including the age of your oldest account, the age of your newest account and an average of all your accounts. Credit history also looks at how long specific accounts have been established and how long it has been since you used certain accounts. The next step is to look at what types of credit you have, including credit cards, retail accounts, installment loans, finance company accounts, and mortgage loans. New credit accounts will also come into play. Research shows that opening several credit card accounts in a short period represents a greater risk. Collections, past-due accounts, late payments and charged off accounts have a negative impact on your score and can significantly decrease it.

Buying a Home at the Lake of the Ozarks

Although the FICO Score is an important factor when determining your Lake of the Ozarks interest rates, lenders will not base their decision on this number solely. Your FICO Score is not only used to determine whether or not you will be approved for a home loan at the Lake of the Ozarks but will also determine what interest rate will be offered to you. If you have questions about your credit score and how it affects your plans to purchase a home at the Lake of the Ozarks, let us know! You can fill out an application on our website at www.yourlakeloan.com as well as contact us directly to learn more. We look forward to helping you with this next step in your life!

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Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

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

Why You Should Work With A Local Mortgage Lender

The home buying process is going to be filled with questions, concerns, complexities, and a really rewarding finish! If you have purchased a home before, you may have experienced the work that is involved, but you also know the relief and excitement that comes with signing the mortgage paperwork, getting your keys, and walking through the front door of your new home. All of the challenges can be made so much easier when you have a team of experts behind you, which is why we suggest hiring a local mortgage lender when purchasing a home at the Lake of the Ozarks. When shopping for a mortgage, it is definitely important to get a competitive mortgage interest rate, but you also want to have a professional and experienced mortgage lender working for you. Team Lasson is here to help you navigate the mortgage process, so read on to learn why it is best to work with a local lender!

1. They Know Their Clients by Asking Questions

In order to give an accurate mortgage quote, a mortgage lender will first need to collect information from you. A good lender should be expected to ask questions about your credit rating, property type, how long you expect to own the home and uses for the home, among other questions. A local lender can use this information to offer multiple mortgage options that are right for your needs, and explain what each loan option means for you.

 

2. They Know the Community

Lake of the Ozarks is a wonderful community filled with exceptional people, businesses, and schools. By hiring a local mortgage lender, you are not just fueling the local economy, but you are investing in an expert who can help guide you towards the best financial option for your unique situation.

 

3. They Are Invested in You

When working with a local lender they will know more about the area and local real estate market than an out-of-town lender. A local lender will appear more attractive to certain home sellers and real estate agents because of the importance of a timely closing and a smooth process. Having a local, trusted mortgage lender could be the difference between landing a house or not.

 

4. They Have the Reputation

Local lenders have an incentive to provide you with excellent service because they want you to be a source of referrals for future business. These people live and work in the local area, and it is their reputation they want to uphold.

Photo Credit: Fun Lake

Whether you are purchasing a vacation home at Lake of the Ozarks, planning to move to the lake area full time, or refinancing a home, Team Lasson is ready to help with your mortgage needs. We have been helping home buyers for over 20 years, and we are proud to be a part of the lake community. When it comes to your Lake of the Ozarks home financing needs, we are here for you every step of the way, to answer any questions that you may have. We will discuss financing options, offer competitive interest rates and back it up with the first class service you deserve. Call your local lender, Michael Lasson, at 573-746-7211 for all of your home loan needs!

 

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

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

FAQS About Owning A Second Home

While it might sound fun to have a vacation home or a good idea to take on an investment property, there are certainly some new questions that may come up during the process. This is a wonderful, yet competitive time to purchase a home at Lake of the Ozarks. If you have been considering this next financial step, we want to help answer and questions that may arise throughout the process. Here are a few frequently asked questions that come up during the mortgage process, but more specifically when buying a second home.

Q: Why Do I Want to Purchase A Second Home?

A: This may seem like a simple answer, but for second homeowners, it could be much more involved. For many homeowners, a second home is going to be a weekend getaway where they can enjoy the serenity of the lake, and for others, it will be intended as an investment property to generate rental income. Knowing how you want to use this property from the start will affect many different choices down the road.

 

Q: Can I Handle the Financial Responsibility?

A: This is something that you will have to consider carefully. Not only will you be taking on the additional mortgage, but you will also be signing up for a second homeowner’s insurance policy, property taxes, homeowner’s dues, additional utilities, and maintenance. Another aspect that is unique to a second home is that they do not qualify for government-backed mortgages. If you are curious about how a second home will impact your finances, be sure to fill out the application on our website (www.yourlakeloan.com) and we can help guide your through this process.

 

Are Interest Rates Higher for an Investment Property VS. A Vacation Home?

A: Yes, they can be. When a buyer is purchasing a home as their vacation property at Lake of the Ozarks, for example, it is generally far less risky than for an investment property. If someone is planning to purchase a condo or a lakefront home and will be relying on renters and vacationers to assist with paying for the mortgage, it can often be seen as a risk. This does not mean that you cannot get good rates, though. Whether you are interested in getting a mortgage on an investment property or a second home, fill out the application on our website and we can talk about the details.

 

Q: What Are the Most Popular Ways to Purchase A Second Home Property?

A: There are several ways to make this happen. A common strategy is to do a cash-out refinance on your primary home to get the proceeds for a down payment on the new purchase, or to pay cash for it if there is enough equity in your primary home. A second way is to get a HELOC (home equity line of credit) on your current real estate. A third way is to get a conventional loan on the second home. All three options are things we can help with, and we can show you all the options to help you decide which one is right for you.

Ready to Buy Your Dream Home?

The first step is to visit our website at www.yourlakeloan.com and complete the online application. After you have completed that process, we can discuss which options are better suited to your needs, and help you choose the right financing options. At Team Lasson, we are so excited to help you make your dreams a reality, and we look forward to assisting you in purchasing a home at Lake of the Ozarks. Visit our website to learn more about our team, as well as to get started!

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

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

When is the Best Time to Buy A Lake Home?

It seems like everyone is flocking to Lake of the Ozarks and purchasing lake homes one after another, but the real question is, “When is the best time to buy a lake home?” There are many factors that come into play when you are choosing a time to buy, and they could depend on the market, what is available, and even the interest rates. The best mortgage lender at the lake is here this week to look at a few of these factors that will help guide you into the best choice for your buying needs.

What to Remember When Buying During Peak Season

There can be many highlights to purchasing a home during peak season. For the Lake of the Ozarks area, peak season runs from Memorial Day to Labor Day. One of the most popular reasons for purchasing during the peak season is because there are generally more homes on the market. However, this year is a little different. Not only are there more homes to choose from during the peak buying season, but homes are selling faster than they are getting listed!

The competition for buying lake homes is through the roof. Homes sell a lot faster during the peak season as everyone wants to get a contract on their favorite listing before others do. You may also find the prices are higher during the peak season because of the higher competition.

What to Remember When Buying During the Off Season

Off season at Lake of the Ozarks is through the fall months into early spring. Although, during the past year there really was not much of an off season because so many people moved to the Lake area. There is still traffic all through the year as different homeowners enjoy the quiet serenity of the Lake during those months. Some of the pros of buying during the off season are that you can generally get a home with smaller competition. Purchasing a vacation home at Lake of the Ozarks during the winter allows you to see what the area looks like when things are slower and more relaxed.

A few downsides to purchasing a vacation home in the winter may be things like the lake levels being lower through the off season, the wildlife and plants hibernating, and the slower environment creating a different feel than it does during the hustle and bustle of summer.

When do You Want to Buy?

All in all, the best time to purchase a vacation home at Lake of the Ozarks comes down to two things:

• When are you ready to buy? 
• What homes are available?

As summer is arriving, if you have the money ready and find a home on the market that could be perfect for you, then now is the best time to buy! Team Lasson has been assisting many homebuyers as they secure their dream homes at the Lake. We are experiencing an incredible market as we speak, so if you have considered buying a vacation home at Lake of the Ozarks, visit our website to learn more about us and fill out an application to begin the process!

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

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