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!

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.

Shootout Week 2020 at Lake of the Ozarks!

It is a big week at the Lake as we eagerly await one of the Summer’s biggest events - The Shootout! If you don’t have plans this weekend, you do now! Your favorite mortgage lender at Lake of the Ozarks has all of the details about this fun, fast, and exciting event! Here is a schedule of events for this week as well as some history about The Lake of the Ozarks Shootout!



Shootout On The Strip Street Party
Aug 26, 2020
Bagnell Dam Strip
Bagnell Dam Blvd.
Lake Ozark Missouri 65049

Hours of Operation: 5:00 pm to 10:00 pm

The “Shootout on the Strip” presented by Waves & Wheels is a fun, family event where over 5,000 people come to see your boat up close and personal on the Historic Bagnell Dam Strip! Feel free to bring along photos or pictures of your boat to autograph for the kids!

Shootout Poker Run Meet & Greet
Aug 27, 2020
Performance Boat Center
1650 Yacht Club Dr
Osage Beach MO 65065

Website: https://lakeoftheozarksshootout.com/events/silent-auction/
Facebook: https://www.facebook.com/LakeOfTheOzarksShootout/
Hours of Operation: 4:00 pm – 9:00 pm

Shootout Poker Run Meet & Greet presented by PolyLift Boat Lifts and Lakefront Living Realty. Annie Faulstich.

Shoot Out Welcome Party
Aug 27, 2020
High Tide and Performance Boat Center
1675 Yacht Club Drive
Osage Beach MO 65065

Hours of Operation: 5:30 pm

Poly Lift Poker Run registration is at 4:00pm. The buffet will start at 5:30pm and go until 8:30pm. The Buffalo Ruckus will play at High Tide from 7:00pm to 10:00pm. Fireworks will start at 9:00pm. This is also the Launch party for Good Boy Vodka. Can't wait to see you there!

The Great Lake of the Ozarks Shootout Silent Auction
Aug 28, 2020
Captain Ron's
82 Aloha Ln
Sunrise Beach MO 65079

Website: https://lakeoftheozarksshootout.com/events/the-great-lake-of-the-ozarks-shootout-silent-auction/
Facebook: https://www.facebook.com/LakeOfTheOzarksShootout/

The Great Lake of the Ozarks Shootout Silent Auction Presented by Boulevard Brewery.
Location: Captain Ron’s inside Chill Zone Auction Tent
Friday, August 28th; 8:00 am – 5:00 pm
Saturday, August 29th; 9:00 am – 3:00 pm

Shootout Poker Run
Aug 28, 2020
Multiple Locations
82 Aloha Ln
Sunrise Beach MO 65079

Website: https://lakeoftheozarksshootout.com/events/poly-lift-poker-run/
Facebook: https://www.facebook.com/LakeOfTheOzarksShootout/

Lake of the Ozarks Shootout Poker Run presented by PolyLift Boat Lifts and Lakefront Living Realty, Annie Faulstich.

• Captain Ron’s (Breakfast Stop: (8:00 – 10:00 am)
• Big Dick’s Halfway Inn
• Larry’s on the Lake
• Nauti Fish
• Waves ‘N Wheels Boardwalk
• Paradise
• Red Head’s Lake Side Grill
• Shady Gators (Final Stop & Awards Presentation: 6 PM)

32nd Annual Lake of the Ozarks Shootout
Aug 29, 2020 - Aug 30, 2020
Captain Ron's
82 Aloha Lane
Sunrise Beach MO 65079

Email: duggan@usmo.com
Website: http://www.lakeoftheozarksshootout.com

The Lake of the Ozarks Shootout, held at Captain Ron's Bar & Grill and the 33MM-34.5MM, will bring top powerboat racers and offshore racing powerboats from across the country, topping 200 MPH. 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 charitable organizations!

Make a whole week of it! Enjoy Shootout events happening all week leading up to the main event. Events include R/C Mini Powerboats Shootout, Golf Tournament, Treasure Hunt, Shootout Strip Street Party, Vendor Villages, Live & Silent Auctions, Poker Runs, Live Entertainment and much more.

For more information and a complete schedule visit the official Lake of the Ozarks Shootout website.

32ND ANNUAL SHOOTOUT

"The Lake of the Ozarks Shootout is the largest unsanctioned boat race in the US, named one of the nation’s eight “must-see” boating events according to Powerboat Magazine, the Shootout will take place for the ninth year at Captain Ron’s Bar & Grill in Sunrise Beach (Lake Road 5-50, mile marker 34.5). The event raises funds for eight Lake-area rescue teams and numerous other charitable organizations; last year, $357,000.00 to 32 different Charities and 8 Fire Departments. The Lake of the Ozarks Shootout is alive and well and looking forward to the 32nd year in August of 2020."

Have a Safe & Fun Weekend!

Team Lasson hopes that you have a great weekend at Lake of the Ozarks! If you are visiting for the weekend and realize how much you love it, we have the perfect solution for you. This is an amazing time to buy a home at Lake of the Ozarks and Team Lasson is ready to help you with your Missouri mortgage. You can visit our website to learn more about our services (www.YourLakeLoan.com) or submit your application.

For Lake area news, resources and tips on financial services, please 

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.

The Historical Lake of the Ozarks

The Lake of the Ozarks has been making headlines since it was created - but it hasn’t always been around. It’s actually a man-made lake and is filled with history. Because this area wouldn’t be what it is today without the incredible Lake, we wanted to take a few moments to share some cool tidbits about the history of the Lake.

Bagnell Dam History

Bagnell Dam was the start of it all, and it was considered the most skillful engineering feat of its day! Construction began on August 6, 1929, by Union Electric Company of St. Louis, MO, now known as AmerenUE.

Only four months into the project, the Great Depression hit, but the construction of the Dam continued on. There are around 4,600 workers that were employed at one time, and among 20,500 total individuals over the two years it took to complete the project! It was a great asset to the area when the rest of the nation was experiencing the stock market crash.

The lake began to fill on February 2, 1931, and the lake was opened to travel on May 30, 1931. The reservoir encompasses 92 square miles or some 54,000 acres of which 30,000 acres required clearing.

All About the Dam

The dam is 2,543 ft long and consists of a 511 ft long power station, a 520 ft long spillway section, and two non-overflow retaining sections by the riverbanks. The dam supports a concrete highway structure with a 20ft wide roadway and a 3 ft sidewalk that spans the entire length of the dam.

About the Lake

The Lake of the Ozarks covers 54,000 acres, impounds 646 billion gallons of water and has 1,150 miles of cove indented shoreline. The immense statistical facts about the Lake of the Ozarks are a huge reason that we experience the incredible level of tourism in our area. Thousands of visitors will travel here every year to enjoy the beauty and recreation that wouldn’t be possible without the Great Osage River Project.

Photo Credit: FunLake.com

Buying a Home at the Lake of the Ozarks

The Lake of the Ozarks is a wonderful place to vacation, but it’s also a wonderful place to live. Do you want to relocate to our beautiful area and call the Lake home? Living here full time can be extremely fulfilling. We have a wonderful community, great people, and living the Lake life full time is exciting. Of course, for many, having a vacation home at the Lake of the Ozarks is the next best option. If you are interested in purchasing a Lake of the Ozarks home, I can assist you in getting started. Getting pre-approved for your Lake of the Ozarks mortgage is the first step, and the Lasson Team is here for you. Visit our website to learn more about our services, or give us a call to get started. We look forward to assisting you in achieving your real estate goals!

For Lake area news, resources and tips on financial services, please 

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.

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