USDA Rural Development Loan Program

 

USDA – Rural Development Loans

Many first time home buyers do not have the standard down payment saved to invest in their new home purchase.  There are several loan programs available to help with this dilemma….USDA Rural Development Loans are one of those options.

This program will allow the borrower to purchase their new home with no money down and will also allow for the seller to pay closing costs for the borrower so they could potentially purchase a new home with no money out of their own pocket.

This program has several requirements that must be met by the borrowers such as:

-    Household income limits (this includes income for all persons that will be living in the home, not            just the borrowers on the loan)

-    Debt ratio limits (these are typically lower than conventional loan requirements)

-    Limited Assets (borrowers cannot have access to monies that could be used to meet the 20%                   down payment requirements for conventional financing)

When pursing a USDA Rural Development Loan, the property must also meet certain inspection requirements with regards to safety issues, water sources, etc.  These inspections can usually be performed by the appraiser to see if they meet the requirements of USDA, if the appraiser is certified by USDA; if not, a separate inspector will be required to perform these inspections.

Depending on how the property appraises, the borrower can sometimes roll closing costs into their loan and/or have upgrades to the property (i.e., flooring replacement, etc.) included in their loan amount.

Team Lasson is here for all your home buying needs! If you're thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan programs works best for your financial goals. The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks. To get started, visit www.yourlakeloan.com or give us a call at (573) 746-7211!

Michael Lasson

Senior Loan Officer

NMLS #: 493712

 First State Bank Mortgage – Michael Lasson 

2751 Bagnell Dam Blvd Suite B 

Lake Ozark, MO 65049

 Cell:   (573) 216-7258

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.

Mortgage Technology - Moving Forward in 2024

 

Mortgage Technology – Moving forward in 2024

Do you remember the days of having to physically go to an office, be it a title company, lawyer’s office, or banking center to spend an hour or more signing documents to purchase or refinance your home or condo?  Sometimes you’d spend half the day waiting for the funds to be wired in and disbursed so you could get on with your day and go enjoy your new property.

Well, those days are over!  Team Lasson has been using the hybrid closing system offered by First State Bank Mortgage for quite some time, and it’s fantastic!  This system not only streamlines the process but also significantly reduces the time spent at the actual closing.  Here’s how it works:

·         A few days prior to the closing, the borrowers receive an electronic copy of their closing documents through our secure client portal.

·         Upon receipt, the borrowers should review these documents in case they have any questions or to notify us of any errors prior to the closing. 

·         The morning of closing, the documents that can be signed electronically are sent to the client portal to be electronically signed by all borrowers. 

·         At the closing, borrowers sign documents that require a “wet” signature.  This includes the Note and other documents which require a Notary Public. 

Sometimes borrowers are unable to be present for their closing and need to do it remotely.  We have a couple of solutions for that as well.  The first option is to have a mobile Notary meet with the borrowers to sign the closing documents in person.  This can also be done in conjunction with the Hybrid closing mentioned above.  This process is usually completed the day before the actual closing date so the Notary can overnight the original packet back to the title company or lender on or before the date of the closing so funds can be disbursed on time.

The second option is a newer process called Remote Online Notarization or “RON” Closing.  In this online digital closing, the Notary and borrowers meet through an audio-video application, enabling the signing and notarization of documents in an electronic format. While the fundamental elements of this closing resemble those of any other closing, specific requirements must be met. These conditions typically include:

·         Notary must be physically present and licensed in the state of the property

·         The RON technology platform must offer multi-factor authentication and knowledge-based identification to verify the identity of the signers

·         The RON platform must have the ability to scan a government-issued ID for the Notary to verify the identity of the signer and the validity of their ID

·         Documents must be digitally stamped and tamper-sealed to prevent interference with the authenticity and security of the notarial ceremony

·         The notary must keep a video recording as well as an electronic journal as backup files of the notarial ceremony.  These must be kept for a period specified by the state law (if not specified, the standard is 7 years)

Please Note: Not all the states allow for RON closings, and each state has its own laws regarding them. Be sure to check with your lender, title company, and attorney to determine if this is a feasible option for you.

Team Lasson is here for all your home buying needs! If you're thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan programs works best for your financial goals. The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks. To get started, visit www.yourlakeloan.com or give us a call at (573) 746-7211!

Michael Lasson

Senior Loan Officer

NMLS #: 493712

First State Bank Mortgage – Michael Lasson 

2751 Bagnell Dam Blvd Suite B 

Lake Ozark, MO 65049

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.

 

5 Tips to Pay Off your Mortgage Sooner

Purchasing a home at Lake of the Ozarks is a big investment, and most likely the most valuable asset you have because your mortgage at Lake of the Ozarks is often your largest debt. Depending on the terms of your loan, you are adding thousands of dollars more to the price of your home. The faster you can pay off your Lake of the Ozarks home loan, the more money you are going to save. Not only will you no longer have the burden of that huge monthly payment, but you will have security in owning your own home. Today's blog from your favorite Lake of the Ozarks mortgage lender offers several different ways that you can pay off your mortgage sooner!

1. Make a Larger Monthly Payment

An easy way to pay off your mortgage faster is to add a little extra to each of your monthly payments. Whether it be $10 or $100, choose what you can comfortably afford because every little bit helps. Use a mortgage calculator to see how adding just a little to your payments can save you money in the long run. When you pay extra, make sure that it is being applied to your principal and not set aside for the next month's payment. By paying down the principal, the amount that your interest is calculated on decreases. You should also check your contract before making extra payments, as some have prepayment penalties.

2. Pay Every Two Weeks

Rather than making one payment a month, consider paying biweekly. This method of payment takes advantage of the fact that there are 52 weeks in a year and only 12 months. When the year is over, you will have made 26 half payments, which is the equivalent of 13 full monthly payments. Check to see if your bank will set up a biweekly payment plan. Some will do it for free and some will charge you for it. Be sure to have the bank credit the extra payments toward the principal so you save more on interest; some banks will hold the extra payments until the end of the year and therefore, your still paying interest on that amount.

3. Apply Any Extra Cash You Get

Tax season is a great time to reduce the principal on your Lake of the Ozarks mortgage. Consider applying your next tax return towards your mortgage principal. If you receive any other larger sums of money throughout the year, maybe as a holiday bonus at work or a commission check, consider applying those amounts to your mortgage principal as well. The more you can pay upfront, the more you will save in the long haul and the faster you will be able to pay your home off.

4. Refinance Your Home

Refinancing your home at Lake of the Ozarks to either lower your interest rate or shorten the term of your loan is another great way to get your home loan paid off faster and save money. If you have an adjustable rate loan, you can refinance to get the comfort of the stability that a fixed rate loan offers. Depending on what interest rates are available, you may be able to get a 15 year loan for a little more than what you currently pay for a 30 year loan.

5. Downsize Your Home

If you are struggling to pay off your mortgage, one of the simplest solutions is to downsize. Do you really need 2 spare bedrooms or that extra office space? While having a nice big spacious house is something you've dreamed of, think about how much more enjoyable life could be without all that debt hanging over your head. If your near retirement age or approaching an "empty nest," downsizing makes the most sense. In this economy, it's great knowing that your home belongs to you instead of the bank.

 

For all of your mortgage questions, I am here to help. You can learn more about your options by talking to your lender today about your Lake of the Ozarks home financing options. Your circumstances may be different now than when your first bought your home. You might be able to get a better interest rate or make a larger monthly payment. Give me a call at 573-746-7211 with any questions you may have regarding your home loan at Lake of the Ozarks.

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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.

 

5 Ways to Enjoy Fall at Lake of the Ozarks

Summer may be the most popular season at Lake of the Ozarks, but Fall at the Lake will really catch you by surprise. The first day of Fall is one week away, so get ready for the Fall colors to come our way. All of those dreams about pumpkin pie, hot apple cider, bonfires, and hayrides will be here before you know it. If you have not been around for a Lake of the Ozarks Fall, you may find that you love it even more than Summer with all of the beauty and appeal that is there to be appreciated! Read on to learn about what makes Fall at the Lake so desirable and how Team Lasson is here to help get you settled into your new Lake of the Ozarks home!

Photo Credit: Fun Lake

1. Fall foliage

The colors at Lake of the Ozarks are breathtaking. With 1,150 miles of shoreline, Lake of the Ozarks offers boaters some of the best fall foliage viewing opportunities in the Midwest, and arguably, the nation. Those rolling Ozark hills are painted in beautiful shades of yellow, red, and orange. The colors will make you want to pour a cup of something warm and cuddle on the porch with a big knit blanket to enjoy the scenery. There are many different ways to enjoy the colors, as well. Since it doesn’t get too cold in the Fall, you can delay winterizing for a bit if you enjoy Fall boating excursions! The leaves are breathtaking from the water, and you’ll find some amazing places to enjoy them while watching the sunset over the water.

2. Fall Harbor Hop

The Fall Harbor Hop signals the unofficial end to the boating season at Lake of the Ozarks. For many, the Fall Harbor Hop is their last hurrah. The 36th Annual Fall Harbor Hop is on October 9, 2021. This is a great event to visit over 40 participating locations on the water to collect your poker hand and qualify for a big win.

3. Sense of Community

The Fall season brings out the sense of community at the Lake of the Ozarks. With school starting back up a whole new calendar of events begins. Local sporting events, school fundraisers, and other community activities are all great ways for the area to band together and celebrate the incredible place we live. When you vacation at the Lake of the Ozarks, you probably don’t get the opportunity to see how the area works together to support each other, but when you own a home at the Lake of the Ozarks, you get the chance to see a whole new side of the Lake community.

4. Big Bass Bash

This amateur only fishing tournament is held on October 2-3, 2021. Like the professionals, weekend anglers will have a chance to win big prize money. There will be $100,000 given to the angler who hauls in the biggest bass! In total, over $325,000 in cash payouts! Anglers can enter online until October 2, 2021. Get the details here.

5. Festive Outdoor Activities

From Fall Festivals to great games of golf at Lake of the Ozarks, there’s something for everyone. When you move to Lake of the Ozarks, you will find that this community is a great place for enjoying the outdoors, making friends, and exploring the wonderful place we live. The Fall season is perfect for golfing - you’ll find that Lake of the Ozarks is home to some amazing courses that were designed by Arnold Palmer, Tom Weiskopf, Fred Farley, Ken Kavanaugh, Robert Trent Jones Sr. Jack Nicklaus, and Von Hagge/Devlin. You will love the Fall season when you are enjoying it from one of our 16 golf courses! Even if golf isn’t your cup of tea, you will find caves to explore, trails to hike, festivals attend to, and shopping to be done!

Photo Credit: Fun Lake

What Are You Waiting For?

Lake of the Ozarks is a special and beautiful place during the Fall. If you love the area as much as we do, why not buy a second home at Lake of the Ozarks? From cozy condos to luxurious vacation homes, you will find the perfect place to call home at the Lake. Before you start the house hunting process, be sure to give Team Lasson a call! We can help you look at your finances and determine the best loan amount for you. Let’s get you pre-approved and ready to find your dream place, so that you can enjoy Fall at the Lake!

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.

 

How Long Does it Take to Buy a House?

Home buying season at Lake of the Ozarks is still in full swing. If you have been considering owning a home at Lake of the Ozarks, now is the time to get started. 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!

Photo Credit: Fun Lake

The Home Buying Process

Buying a home takes a lot of planning and preparation. 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 Lake of the Ozarks will typically ask for documentation to verify your assets, income, and credit history. During the process you will 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 will need to submit.

 

Finding a Home

After you have 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 have found the home 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 Undetermined

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 2021, 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. We look forward to hearing from you and helping you purchase your dream home!

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.

August Events at the Lake!

Summer is still in full swing at Lake of the Ozarks, and we have been having great weather! If you are looking for something fun to do while at the Lake, there is a calendar full of activities happening where you and your family can get out and enjoy the weather, family fun, and Lake of the Ozarks lifestyle! August is a huge month, so here is a fun list of things you can do through August at Lake of the Ozarks.

Photo Credit: Fun Lake

Best Dam Blood Drive

Aug 03 – Aug 04, 2021

Hours of Operation: 10:00 am – 3:00 pm

Camdenton Area Chamber of Commerce

739 US-54

Camdenton, MO 65020

ZZ Top with George Thorogood

Aug 06, 2021

Hours of Operation: 7:00 pm

Ozarks Amphitheater

2629 North Business Route 5

Camdenton, MO 65020

Best BBQ Birthday Bash

Aug 06 – Aug 07, 2021

Hours of Operation: 9:15 am

Laurie Fairgrounds

269 Fairgrounds Drive

Laurie, MO 65037

Best Dam 5K Fun Run/Walk

Aug 07, 2021

Hours of Operation: 7:00 am – 11:00 am

Old Kinderhook Resort

Old Kinderhook Dr.

Camdenton, MO 65020

Best Dam Motorcycle Ride

Aug 07, 2021

Hours of Operation: 9:00 am

Zach Wheat American Legion Post 624

852 American Legion Dr.

Sunrise Beach, MO 65079

Best Dam En Plein Air Art Festival

Aug 09 – Aug 14, 2021

5513 Osage Beach Pkwy

Osage Beach, MO 65065

Missouri’s Ice Cream Day

Aug 10, 2021

Hours of Operation: 9:15 am – 9:00 pm

Various Locations

Lake Ozark, MO 65049

Best Dam Fireworks Display

Aug 10, 2021

Hours of Operation: 8:45 pm

Lake Wide Event

Lake Ozark, MO 65049

Best Dam Birthday Bash

Aug 11, 2021

Hours of Operation: 8:00 pm

Ozarks Amphitheater

Camdenton, MO 65020

Shinedown with Pop Evil

Aug 11, 2021

Hours of Operation: 7:00 pm

Ozarks Amphitheater

2629 North Business Route 5

Camdenton, MO 65020

Kane Brown

Aug 12, 2021

Hours of Operation: 7:00 pm

Ozarks Amphitheater

2629 North Business Route 5

Camdenton, MO 65020

Missouri Bicentennial 200th Birthday Party & Hot Summer Nights

Aug 13, 2021

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

Bagnell Dam Strip

Lake Ozark, MO 65049

Willie Nelson & Family

Aug 16, 2021

Hours of Operation: 6:30 pm

Ozarks Amphitheater

2629 North Business Route 5

Camdenton, MO 65020

Crossover Music Festival

Aug 20 – Aug 22, 2021

Hours of Operation: 6:00 pm

Ozarks Amphitheater

2629 North Business Route 5

Camdenton, MO 65020

Run What you Brung Poker Run

Aug 20, 2021

Hours of Operation: 8:30 am

Begin at Captain Rons

82 Aloha Ln

Sunrise Beach, MO 65079

12th Annual Mini Shootout

Aug 20 – Aug 22, 2021

Hours of Operation: Begins 5:00 pm on Friday the 20th

Ha Ha Tonka State Park

1491 Missouri D

Camdenton, MO 65020

Float Your Boat

Aug 22, 2021

Hours of Operation: 1:00 pm

Captain Rons

82 Aloha Ln

Sunrise Beach, MO 65079

The Great Shootout Treasure Hunt

Aug 23, 2021

Hours of Operation: 5:00 pm

Captain Ron's

82 Aloha Ln

Sunrise Beach, MO 65079

Shootout on the Strip Meet & Greet

Aug 25, 2021

Hours of Operation: 5:00 pm

Bagnell Dam Strip

1 Bagnell Dam Blvd.

Lake Ozark, 65049

Shootout Car, Truck & Bike Show

Aug 26, 2021

Hours of Operation: 12:00 pm

Bagnell Dam Strip

1 Bagnell Dam Blvd.

Lake Ozark, 65049

Shootout Poker Run

Aug 27, 2021

Hours of Operation: 8:00 am

Begin at Captain Rons

82 Aloha Ln

Sunrise Beach, MO 65079

33rd Annual Lake of the Ozarks Shootout

Aug 28 – Aug 29, 2021

Hours of Operation: 8:00 am

Begin at Captain Rons

82 Aloha Ln

Sunrise Beach, MO 65079

Photo Credit: Fun Lake

Welcome to the Lake!

Whether you are visiting us this month or a regular at the Lake, we hope that you have a wonderful and safe vacation at Lake of the Ozarks. If you are vacationing and decide that you could see yourself living here, Team Lasson is ready to assist as your local Lake of the Ozarks mortgage lender. You can visit our website (www.YourLakeLoan.com) to learn more about our company and get the pre-approval process started by completing the online application! This is an amazing time to take advantage of the low-interest rates and purchase a home, and we would love to have you here at the Lake!

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.