Showing posts with label Lake of the Ozarks mortgage lending. Show all posts
Showing posts with label Lake of the Ozarks mortgage lending. Show all posts

Thursday, August 20, 2020

FAQs About Closing Costs

Buying a home at Lake of the Ozarks is a big undertaking that can feel so rewarding when you finally sign all of the paperwork and get your keys! Of course, there is still one more piece of the puzzle that you will also do on closing day and that is to finalize your costs. If you aren’t sure what is involved in closing costs, we are going to take a look at a few frequently asked questions about closing costs and what they are!



Q: What Do Closing Costs Cover

A: If you’re curious about what closing costs cover, you’ve come to the right place! They are made up of a combination of payments to vendors, government entities, and your lending institution. All of these businesses played a role in helping you get your new home, which is why the closing costs are there. Closing costs are payable with your down payment, but they are separate fees.

Here are some of the most common fees that could be included with the closing costs:
  • Appraisal Fee
  • Attorney Fees
  • Closing Fees
  • Credit Report Fee
  • Discount Points
  • Document Preparation Fee
  • Escrowed Deposits for Property Taxes and Insurance
  • FHA Up-Front Mortgage Insurance Premium
  • Flood Determination Fee
  • Home Inspection
  • Home Warranty
  • Homeowner’s Association (HOA) Fees
  • Homeowners Insurance Premium for first year
  • Miscellaneous State and Local Fees
  • Notary Fee
  • Owner’s and Lender’s Title Insurance Policy
  • Origination Fee
  • Pest Inspection
  • Prepaid Interest Fee
  • Private Mortgage Insurance Fee (PMI)
  • Property Tax
  • Real Estate Agent Commission
  • Recording Fees
  • Settlement Fee
  • Survey Fee
  • Title Company Title Search Fee
  • Title Insurance and Binder
  • Title Search
  • Transfer Taxes
  • Wire Transfer Fee
  • VA Funding Fee

Q: How Much Are Closing Costs?

A: It’s hard to pin down exactly how much the closing costs are going to be, but they generally range between 2-5 percent of the total sales price.

Q: When are Closing Costs Due?

A: You can anticipate that the closings costs are due on the day of closing, however some purchases and fees may be paid independently of closing.



As you can see, there are a lot of processes that go into the purchase of a home and the costs involved. This is not a comprehensive list, and you will need to talk with your lender to determine an estimate of what your specific closing costs will be.

For more information about what's involved with financing a home at Lake of the Ozarks, give Lakelender Michael Lasson a call at 573-746-7211. I'm committed to working with you every step of the way. 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






**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, July 31, 2020

Tips for Building Your Credit Score

Your credit score will play a large role in getting your home loan, which means that paying attention to it and working to build it can be valuable. Your credit score will be used to determine your financial trustworthiness, and even if you aren’t thinking about buying a house right now, it can take time and planning to build it. Team Lasson has a few tips to help you make sure that you are working for the benefit of your credit score!


Watch Your Card Balances

One of the biggest things that you will want to watch is that you keep your credit card balances low. One of the major factors in determining your credit score is how much of that available credit you’re actually using. A good rule of thumb is the smaller the percentage the better, and an ideal percentage would be around 30% or lower. Another tip is to see if your credit card issuer will accept multiple payments throughout the month in order to get that statement balance down.

Consolidate Credit Card Debt

If you have multiple cards with small balances on each one, a good way that you can aim to improve your credit score is to get rid of those balances completely. An interesting factor that plays a role in determining your credit score is simply how many cards you have with balances.

Keep Your Credit Looking Strong

Two issues that can sink your credit or cause you to look risky are missing payments or suddenly paying less or charging more than you normally do. These actions can indicate risk in your accounts and could make it more challenging for your loan to go through. Essentially, you want every purchase to show that you are not going to be a risky investment and that you will pay the money back with timely payments.

Keep Accounts Open and Don’t Open New Ones

Did you know that closing unused credit cards will not raise your score? In fact, in most cases, it can cause your utilization rate to dramatically increase. On the other hand, you don’t want to open many new accounts while you are in the process of raising your credit score as this could reduce your utilization rate and backfire on you. Just keep a slow and steady pace and know that every step you take in the right direction will help get you there.

Pay Bills On Time

When planning to purchase a home at Lake of the Ozarks, you may be saving up money, but don’t let that savings spree delay your monthly expenses. It’s important to continue to pay your bills on time, as paying them after the due date can affect your credit score. Remember that even if you have a large sum of money in savings, a drop in your credit score due to not paying your bills on time could cause issues with your home purchase.


In general, building your credit score is about fixing errors in your credit history and then maintaining a consistent, good credit history from there on out. Raising your credit score will take patience and discipline, but it will all be worth it when you get to buy a dream home at Lake of the Ozarks. If you're thinking about applying for a home loan at Lake of the Ozarks anytime soon, contact me at 573-746-7211. As your Lake of the Ozarks mortgage lender, I'll work with you every step of the way!

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

Wednesday, July 8, 2020

Tips to Help Speed Up the Mortgage Process

The mortgage process can often feel like a long and daunting event, but it doesn’t have to be. While there are always aspects of the mortgage process that can’t be controlled, there are so many things that you can set the pace for. Team Lasson wants to help you purchase your Lake of the Ozarks Vacation home, and we want to help you get everything in order as fast as possible. This real estate market has been busy, to say the least, so anything that you can do to help speed it up on your end is going to be very helpful.

Gather Your Documents

This is one of the first things you can do to get a head start and help speed up the mortgage process. Getting your loan approved will require a series of documents, and if you have them ready at a moment's notice, the pre-approval process will be much smoother and faster. Here are a few documents that you will want to dig out of your files.

Personal Information:
  • Social Security Number
  • Date of Birth
  • Current driver’s license or photo ID
  • Current and previous addresses (two year history)
  • Names and information of any co-signers or co-borrowers

Income & Employment Information:
  • Most recent two years W-2
  • Current paycheck stub reflecting a year-to-date income of 30 days or more.
  • Present employer’s name, address, and phone number. Length of employment, position, and salary. If employed less than two years, please provide a previous employer’s name, address, and phone number to cover two consecutive years. Exact dates are required.
  • Last two months’ bank statements for all accounts. Please provide explanations of any deposits larger than a normal paycheck and please include all pages, even if blank.
  • If self-employed or paid any commission or have any business income, please provide complete copies of your federal tax returns along with all schedules and W-2s for the past two years. Include corporate or partnership returns, if applicable, for your business. Also, include a year-to-date Profit & Loss statement.
  • Verification of other income needed to qualify, such as retirement, rental, interest, or dividend income. If receiving Social Security or pension income, you will need to provide the current award letters.

Get Pre-Approved

This can speed up your mortgage process exponentially. When you have a pre-approval letter in your hand while house hunting, you are essentially saying “this is how much my lender is willing to lend me right now.” This means that your lender has reviewed your information and has decided that you would be approved based on some initial basic information about your financial status. You can apply for this pre-approval on our website (www.YourLakeLoan.com), and while we are a mortgage company based out of Lake of the Ozarks, we can assist you anywhere across the country with your next mortgage.

Finalize Negotiations Quickly

This will be done with your real estate agent, but it can really slow down the buying process if both parties aren’t communicating quickly. There will be a variety of negotiations that happen between the buyer and seller, and as you get these notifications from your agent, it’s important to respond quickly and not let these things sit around for too long. Properties are selling quickly these days, and it’s important to keep this process moving - there are plenty of other buyers ready to swoop in.

Schedule the Inspections

Your home will require a variety of inspections. If you schedule these well in advance of the closing date, you are giving yourself plenty of time to react to these inspections.

Avoid These Slow Downs

There are a few things you can do that will really slow down the mortgage process. If at all possible refrain from doing any of these things while purchasing a home:
  • Changing jobs
  • Applying for new credit cards
  • Changing bank accounts
  • Missing payments or bouncing checks
  • Transferring money within your accounts
  • Make large deposits
  • Co-sign on any new accounts
  • Pay off or close debts

Don’t Forget to Stay In Touch

When you are in the process of purchasing a home, one of the most important things you can do is stay in touch with your mortgage lender at Lake of the Ozarks. We want to help you close on this home as quickly as possible, but if there are delays in communication, this can slow things down.

If you are ready to buy a home at Lake of the Ozarks, we are ready to assist! This has been an amazing time to buy and refinance homes - and if you are looking for a good rate, it may be worth it to do it now. You can visit our website to submit an application or learn more about our company, we look forward to working with you, and helping you close as fast as possible!

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

Thursday, September 13, 2018

3 Easy Ways to Prepare for a Vacation Home Loan

Many think of the Lake of the Ozarks as a vacation destination, but it’s also the perfect place to live. The lake is great for seeking rest and relaxation, or a beautiful retreat from hectic city living. Have you been thinking about buying a vacation home at the Lake of the Ozarks? I would be honored to assist you with your home loan at Lake of the Ozarks. Here are three things you can keep in mind as we get the process started on owning a home or condo at Lake of the Ozarks.


Think About Your Goals

What do you want to do with your vacation home? Do you need a place to stay on the weekends, holidays, or during the summer? Will this be a home that you retire to in the next several years? Do you intend to use it as an investment property and rent it during the times you aren’t using it? Owning a second home may come with some nice benefits, like tax write-offs, but this all depends on how you will be using it.

Start with the Numbers

We can take an in-depth look at the numbers when you start working with us. There are a few key factors to consider, and the first is how much of a down payment you have. This will impact the type of loan you can obtain, as well as your interest rate and monthly payments. If you have a stable income with a cash reserve, you are on your way to being a vacation homeowner at the Lake of the Ozarks! You should also think about property taxes, insurance, maintenance, repairs, furnishings, and property management fees. You can prepare for those more down the road, but you'll want to keep those expenses on your radar.

Think About Loan Terms

What type of loan do you have on your primary residence? It’s most likely a 30-year mortgage. While that works for your first home, it may not be the best option for your vacation home at the Lake of the Ozarks. So, what is the best option for you? Let's We will take a look at your finances and overall picture to determine what works best for your situation. We can talk about the different loan programs and terms when we discuss your lending options.


Let’s Get Started!

The first thing you need to do is complete an online application at www.yourlakeloan.com. Before you know how much you can spend on a vacation home, you’ll need to get pre-approved. This will make your entire real estate buying experience smooth and efficient. After you’ve been pre-approved, your real estate agent will have a better grasp on what you can afford and will be able to find the right property for you. Once you find the perfect property, we will assist you through the loan process so you can be relaxing in your vacation home before you know it. Visit our website to learn more about our services, or follow our social media channels to stay in touch.

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

Monday, October 31, 2016

First State Bank Holds Open House and Ribbon Cutting

The Lake Area Chamber recently held a ribbon cutting for First State Bank Mortgage at their new location at 4655 B Osage Beach Pkwy in Osage Beach. The ribbon cutting took place on October 19 at 4:30 pm, with First State Bank Mortgage's Lake of the Ozarks mortgage lending team of Michael Lasson, Bob O'Steen and Michelle Lasson, other First State Bank Mortgage staff, as well as several Lake Area Chamber staff, board members, and volunteers in attendance.


First State Bank Mortgage


First State Bank Mortgage, a division of First State Bank of St. Charles, is a full service mortgage lender whose professional staff offers expertise in all areas of mortgage lending and an array of convenient online tools for customer account management. Founded in 1867, First State Bank is one of the oldest independent community banks west of the Mississippi and serves customers through full-service banking centers and mortgage offices.

Why Choose First State Bank Mortgage? 


At First State Bank Mortgage, we believe that everyone deserves the opportunity to own their home at the Lake of the Ozarks. Our team strives to go beyond simply providing you with a loan; we help you choose a beneficial, long-term financial solution, and even after your loan closes, we will help you manage your debt over time. With direct access to hundreds of Lake of the Ozarks home loan products, we provide the most efficient way to obtain financing tailored to your specific financial goals. It's our job to offer you peace of mind as we escort your loan application through the entire process, and wade through all the options for your loan, to find the most cost-effective and convenient loan for you!

As part of the First State Bank Mortgage team and your trusted Lake of the Ozarks mortgage lender, I'm committed to working with you every step of the way. I'll discuss financing options, offer competitive rates and back it up with the first class service you deserve! Give me a call at 573-746-7211 to get started 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

Email:  mlasson@fsbfinancial.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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Location: Osage Beach, MO 65065, USA
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