Showing posts with label Lake of the Ozarks home buying. Show all posts
Showing posts with label Lake of the Ozarks home buying. Show all posts

Wednesday, June 10, 2020

Important Aspects of Interest Rates

Interest rates can seem a bit mysterious. It is an illustrious number that is created based on carefully curated aspects of your life. The interest rate can hold a huge weight, as it determines how much money you will be spending on your loan over the lifetime of it. Team Lasson believes that this is truly the best time to secure a loan or refinance your home. So we are covering a few aspects of interest rates that you may find very interesting.



Interest Rates Can Be Volatile

The thing about interest rates is that at any given point in the year, they can be high or low. This means that when the rates are low, you will want to take advantage of them! Within a loan that you already have, your interest rate will stay the same, so long as you do not have an adjustable-rate mortgage (ARM).

Mortgages All Around

What makes mortgages so interesting is how many people have them. Having a home mortgage is not limited to certain classes or to people who only make a specific amount of money. In fact, it may surprise you to find out that even the very wealthy people still get mortgages on their homes.

Income vs. Assets

It may be surprising, but the money that you make every month is more important than your assets. Obviously, having money in the bank can be a very helpful asset when buying a home, but when lenders are looking at the details that make up your financial situation, the monthly income is considered more stable than having assets.


Fun Facts About Mortgages

1. It was 1968, and mortgage rates were over 8.5%. For perspective, right now, a good average is in the 3.5% range (maybe a little higher or lower depending on factors). However, through 1967, the rates went down to 7% and homeowners were able to buy a home that was 15-20% larger for the same monthly payment!

2. As if the 60’s interest rates did not seem crazy enough, in 1981, mortgage rates reached 18.63%! If you are curious how that affected a monthly payment, a $300,000 home with a 30-year mortgage would be approximately $4,676 a month compared to roughly $1,347 a month now for that same property.

The average mortgage rate for the past 50 years is just over 8%, which is making the interest rates of today look REALLY good.


Getting a New Mortgage or Refinancing

If you have been thinking about refinancing your home or purchasing a vacation home at Lake of the Ozarks, there truly is no time like the present. We have been busy keeping up with the current demand as so many are trying to secure the best interest rates they can, but we cannot imagine doing anything else!We are so honored to be serving Lake of the Ozarks with our mortgage services, as well as assisting home buyers on their journey to buying a new home. Visit our website to learn more about us, as well as fill out an application to get started. We can get a pre-approval ready for you, and this will make the home buying process so much easier. We look forward to welcoming you 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






**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

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.

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Location: Osage Beach, MO 65065, USA

Thursday, July 12, 2018

3 Reasons to Purchase a Home Now

With interest rates remaining historically low and home prices expected to increase, 2018 could be the perfect year for you to purchase a home at the Lake of the Ozarks. Keep reading for a few reasons why NOW is the time to buy!

1. Mortgage Rates are Still Low. 


For now, buyers can still take advantage of low interest rates on mortgages. Unfortunately, it's not likely to continue to stay that way. While mortgage rates have been edging slightly higher in recent months, they continue to stay near historically low levels. In 1981, the average interest rate was nearly 19%. When you compare today's rates to those, you can see that now is a great time to invest in a new home. For information on what rates you qualify for, contact the best mortgage lender at the Lake of the Ozarks for a pre-approval.

2. Home Prices are Rising. 


One of the biggest issues in the housing market today is inventory of homes for sale. Due to favorable interest rates and low supply, demand is driving housing prices up. The latest S&P CoreLogic Case-Shiller Index showed that the average home cost increased by 6.4% between April 2017 and April 2018. This trend is not expected to slow down either. For those in a position to buy, now's a great time to act. In addition, buying now could be a wise investment decision. If you plan to stay in your house for a while, even a steady increase in home prices could cause your home to appreciate in value.   

3. Rent Prices are Increasing. 


Owning vs renting your home may be one of the biggest debates regarding housing. You can argue about which is better, but there's no denying that rent prices are increasing across the country. When you run the numbers, if you're planning to stay in your home for more than just a few years, it usually makes more financial sense to purchase home. Calculate the difference between renting and buying a home with our online Rent vs. Own Calculator. When you own your own home, you don't have to worry about your landlord raising the rent each year when your lease is up for renewal.

Are you ready to dive in and start your home search this summer? Senior Loan Officer Michael Lasson is here to help! Contact us at 573-746-7211 to get started today. As your Lake of the Ozarks mortgage lender, I'll discuss your financing 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.

Posted by at No comments:
Labels: , , , ,
Location: Osage Beach, MO 65065, USA
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