Benefits of Buying a Home vs. Renting

 The long-standing question, "Is it better to buy a home or rent one?" We get asked this one quite often. While there is no definitive answer, as it depends on a variety of your situational factors, buying a home at Lake of the Ozarks certainly has its benefits. Team Lasson is here today to provide some insight into the benefits of homeownership that should be considered when deciding whether to buy or rent. Read on to learn more!

Building Equity

When you rent a home, you're essentially helping someone else pay their mortgage. However, when you own your own home, you are building equity. Owning your own home allows you the freedom to do as you please to the property, such as upgrades, remodels, and the like. You'll also be able to retain the value of these changes to the home over the years and even recoup some of the costs should you sell. The economic stability and equity established over the years are great benefits to own a home vs. renting, from a financial standpoint.

Tax Advantages

Homeownership also comes with some tax advantages. While things are ever-changing in the world of tax laws, there are substantial tax advantages to owning a home. Some advantages include deductions for property tax, mortgage interest, points, private mortgage insurance, and sale of the home. Yet another financially beneficial reason to own a home over renting.

Protection from Rising Rent

When you rent, you're always subject to rising rent, year after year. However, in some areas of the country, the cost of your monthly mortgage payment could be less than what you're paying in rent, even after taxes and insurance are added. When you purchase a home, you'll have the opportunity to lock in your interest rate, ensuring that your payment will not be changing through the life of the loan.

Low Fixed-Rate Mortgages

As mentioned above, low fixed-rate mortgages are available to qualified borrowers when they obtain a mortgage loan. Ensuring that you have a fixed rate allows you to have control over your budget and peace of mind knowing that your mortgage payments will not increase year after year.

We hope that you have found your read enjoyable and educational. If you've been on the fence about buying vs. renting, we encourage you to contact your premier mortgage professional at Lake of the Ozarks, Team Lasson. We offer a variety of homebuying programs that can assist first-time homebuyers in obtaining a mortgage, as well as other lower down payment programs for qualified borrowers. So, if you're ready to obtain a mortgage at Lake of the Ozarks, our team is readily available, just give us a call at (573) 746-7211 or visit our website www.yourlakeloan.com. We can't wait to help your dreams of homeownership become a reality!

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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.

Four Reasons to Buy a Home at the Lake of the Ozarks

We love our Lake community, now more than ever. It is a wonderful place to enjoy a Summer vacation and an even better place to settle down and start a life. If you have been considering buying a home at Lake of the Ozarks, we would love to be the first to say “DO IT!” If you are still on the fence, as your local mortgage lenders at Lake of the Ozarks, we feel qualified to share a few reasons why you will love having a home here - because we do!

1. Location, Location, Location!

One thing that makes the Lake so unique is that it is so centrally located. The Lake is close enough to easily make the trip in a morning or afternoon for many people that live in or around Missouri, but still far enough away to feel like a true getaway. Lake of the Ozarks is located in the center of the big city triangle where it is easy to get to and even easier to enjoy.

2. A Variety of Activities

You can find just about anything at the Lake, from concerts and live music to quiet picnic locations and relaxing lakefront sunrises. Whether you are a fun-loving extrovert who wants vacation to be the life of the party or a quiet introvert who uses this time to get close to nature, it is here! Owning a lakefront home at Lake of the Ozarks provides you with an easy vacation destination in Missouri, and you will look forward to coming back on weekends or for extended vacations. Hiking, biking, golfing, fishing, hunting, bar hopping, boating, dancing, shopping, dining, or reclining - it is all happening at Lake of the Ozarks.

3. Every Season Has Something to Offer

While the highlight of the Lake is the Summer season, there are aspects to appreciate about every season at Lake of the Ozarks. When you own a home at Lake of the Ozarks, it makes it so much easier to come down regularly, and then you really get to appreciate what the other seasons have to offer. Summer is obviously high energy, exciting, busy, and filled with life and laughter. However, Fall has a different sort of appeal as the changing leaves are breathtaking, and fishermen and golfers tend to take advantage of the gorgeous weather. Winter is definitely a quieter season, but there are so many fun events and ways to get involved with the community that you may find you enjoy this slow-paced and enjoyable season more than you may have expected. Obviously, Spring is the preface to Summer, but it also has its own appeal. Leaves are popping, flowers are blooming, and local activities are kicking off. The weather is mild, and there are many Springtime events to be enjoyed.

4. A Relaxing Retreat

While the activities, dining options, and events can be a huge draw, there is still one other - the quiet getaway in your very own vacation home at Lake of the Ozarks. With so many different home styles and locations on the market, you are sure to find the home of your dreams at the Lake. One of the most refreshing and enjoyable moments can be waking up on a bright and breezy morning, fixing a delicious breakfast, and enjoying it from the comfort and privacy of your very own lakefront home.

If you are considering purchasing a second home at Lake of the Ozarks, this is a wonderful time to do it. If you are not sure whether it is the right financial step for you right now or are curious about what types of rates you can get, we invite you to fill out at application on our website (www.YourLakeLoan.com). We can run some quick numbers and give you pre-approval to get you moving in the right direction. Make 2020 memorable because you have purchased a dream vacation home at Lake of the Ozarks!

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

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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.

What’s Happening at the Lake This Fall?

It’s no surprise that Fall is a busy season around the Lake of the Ozarks. Last year, we were voted the 2nd best place in the nation to view the Fall colors, and combine that with great outdoor activities and a wonderful community, the calendars are filled! If you are still looking for fun things to do in the area over the next few weeks, we’ve got the scoop.

Fall Festivals & Events

34th Annual Fall Harbor Hop
Oct 12, 2019, from 9am-7pm
Multiple Waterfront Locations

Thunder Mountain Bridal Cave Fall Festival
Oct 05, 2019 - Oct 27, 2019
Saturdays & Sundays in October
Bridal Cave Thunder Mountain

19th Annual City of Osage Beach Fall Festival
Oct 12, 2019, from 10 am - 5 pm
Osage Beach City Park

OkToaderFest at The Horny Toad
Oct 12, 2019, from 11am-3pm
Horny Toad Entertainment Complex at Camden on the Lake

Apple Butter Days & Fall Festival
Oct 18, 2019 - Oct 19, 2019, from 9am-4pm
Camden County Museum

Alhonna Fall Classic Open Bass Buddy Tournament
Oct 26, 2019 - Oct 27, 2019, at 7 am
Alhonna Resort

Haunted Halloween

Halloween Havoc Baseball Tournament
Oct 19, 2019 - Oct 20, 2019
Osage Beach City Park

YMCA Halloween Spooktacular and Trunk-Or-Treat
Oct 19, 2019, from 1pm-3pm
Tri-County YMCA of the Ozarks

Lake Regional Cares For Kids Festival
Oct 19, 2019, from 10am-1pm
Lake Regional Hospital-Lot B

The Walking Dead Zombie Shoot
Oct 19, 2019, at 12pm
Haunted Holler/Fort 54 Paintball

Witches N' Wine
Oct 19, 2019 - Oct 20, 2019, from 5pm-11pm
Shawnee Bluff Vineyard

Haunted Holler Zombie Paintball Game
Oct 20, 2019, at 12:00 pm
Haunted Holler/Fort 54 Paintball

Halloween Bash on the Strip
Oct 26, 2019, from 2-5:00 pm
Bagnell Dam Strip

Halloween Happenings @ Stark Caverns
Oct 26, 2019 - Oct 27, 2019, Saturday at 6-10:00 pm, Sunday at Noon-5:00 pm
Stark Caverns

Captain Ron's 13th Annual Adult Halloween Party
Oct 26, 2019, at 7:00
Captain Ron’s

Captain Ron's 13th Annual Kids Spooktacular
Oct 26, 2019, from 5-6:30 pm
Captain Ron’s

Eldon PTO Trunk or Treat
Oct 26, 2019, from 6-8:00 pm
Eldon Elementary School

Halloween Family Day at Haunted Holler
Oct 26, 2019, at 12:00 pm
The Walking Dead at Haunted Holler/Fort 54 Paintball

Howl-O-Ween Festival
Oct 27, 2019, from 11am-3pm
Dogwood Animal Shelter

Haunted Holler Sunday Funday
Oct 27, 2019, at 12:00 pm
Haunted Holler/Fort 54 Paintball

HyVee Hallow Trick or Treat Maze
Oct 31, 2019, from 3pm-6pm
Hy-Vee Osage Beach

Halloween Spooktacular at Mid-County Fire
Oct 31, 2019, from 5-8:30 pm
Mid-County Fire Protection District

Halloween Trunk or Treat at Kent Memorial Church
Oct 31, 2019 - Nov 01, 2019, from 5pm-7pm
Kent Memorial Lutheran Church

Mark Your Calendars!

If you are filling out the rest of your October calendars, be sure to make plans and hit up one of these events this month! If you’re visiting the Lake of the Ozarks with the hopes of enjoying the Fall colors, you may just “Fall” in love with the area. If you do, Team Lasson is ready to help you make the dream a reality with mortgage services at the Lake of the Ozarks. Now is looking to be one of the best times in a long time to purchase a dream home. Whether you’re ready to take the leap and buy a vacation home at the Lake of the Ozarks or refinance your current residence in Missouri, we can help. Visit our website to learn more, and to 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.

FAQs About Getting a Home Mortgage in the Fall

While it may not feel like it yet, the Fall season is here and we are so excited about what it means to our home buyers. There have been some interesting things happening in the mortgage market, and many homebuyers are finding that the interest rates are phenomenal. From new mortgages to refinancing, this is truly looking to be one of the best seasons to buy. If you have been thinking about purchasing a home at the Lake of the Ozarks over the next few months, here are the answers to a few frequently asked questions that may guide you towards the right decision for you.

Q: Does the season really matter when buying a home?
A: Essentially, no. However, certain things will happen year-round to influence buying trends, price drops, and interest rates. This year has been interesting, as we are seeing some incredibly low-interest rates. It is being fueled by other things that are impacting the housing market and even the world - but it leads to NOW being an excellent time to buy a home.

Q: Can I save money by buying in the Fall instead of the Summer?
A: This is dependent upon your area, but for the Lake of the Ozarks, time of year can play a huge roll in the price of a home. Summer is a busy season, where the area is hopping with excitement, and the homes are at their peak in terms of curb appeal and Summer fun. Summer is also a great time of year for moving, and many more homes are listed during the summer months. However, as we move into Fall, you may find that the inventory goes up, prices come down, and it becomes the best time for you to secure your dream vacation home at the Lake of the Ozarks.

Q: What is happening right now to affect the loan rates?
A: There was a little trade deal with Japan that happened, and with solid housing numbers, and hopeful news on the U.S./China trade dispute, it was enough to cancel out the improvement in rates that we had been seeing. There was also a Fed rate cut, and currently, it looks like there is at least a 70% chance the Fed will cut the overnight Fed Funds Rate by .25% by year-end.

What home buyers and those looking to refinance must understand is that Fed rate cuts do not equal lower home loan rates. Fed rate cuts are designed to keep the U.S. economic expansion alive while promoting inflation, and if the Fed is successful in that endeavor, there is a limit to how low home loan rates can go.

On the other hand, if the Fed is unsuccessful and our economy slows further, and our inflation rate cools further, then we will see lower home loan rates in the future. Think bad news is good for home loan rates. This basically means that home loan rates have essentially moved sideways to slightly higher in the past few weeks, but still remain just above three-year lows making it a great opportunity to refinance or purchase a home.

Now Is The Time To Buy

As we move into the holiday seasons, keep in mind that fewer people will want to take on the task of buying a home. This means that not only are the rates looking really good, but you may also have a LOT to choose from. The first step is getting your pre-approval completed, after that, it is time to start shopping! Visit our website and provide the information needed for the pre-approval for your Lake of the Ozarks mortgage. We look forward to working with you over this season as you make your home purchase!

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.

Steps to Mortgage Approval

It’s the perfect time to buy a home at the Lake of the Ozarks! If the change of season has you anticipating new goals, and looking for fun opportunities, then buying a vacation home at the Lake of the Ozarks may be for you. Buying a home in the Fall is prime time, not just because interest rates are looking better than ever, but also because the busy Summer season is over and it is time to soak in the crisp breeze as everyone prepares for the Winter. If you are ready to purchase a home at the Lake, the first step is getting approved for a mortgage, and that’s where Team Lasson comes in. Here are a few steps about the mortgage process, and how we can assist you with the home buying process.

Submit Your Application

This is the most important step you will take in starting the process. Many house hunters will wait until they have found the perfect home, try to get approval, and then find out that the home is way more than they can afford. By starting with your application, you can get a pre-approval. This will give you a more solid answer as to how much you should be spending on a home right now - plus it can make the mortgage process go smoother when you have a pre-approval in hand.

Avoid Taking On New Debt

While your loan is in process, it’s important to avoid certain actions like opening new credit cards or making other financial changes. New loans will change your debt-to-income ratio and could impede your mortgage approval.

Plan for a Home Inspection

Once you have found a home that you love, it’s time to schedule a home inspection as soon as possible. Many times, your real estate agent will handle this for you, but asking about it and knowing who they recommend is important. This will give you adequate time before your closing date to negotiate with the seller if the inspection proves to be less than what you expected.

Check Your Methods of Contact!

After you applied and are qualified for a mortgage, you’ll receive your conditional approval. Keep your alerts turned on, your phone handy, check emails regularly and be ready to respond promptly for any additional documentation that may be needed or documents that may need your signatures, such as the preliminary Closing Disclosure. This can help keep your application moving forward.

Look Into Homeowner’s Insurance

Proof of insurance is a requirement for the mortgage process. It is a good idea to start this process as soon as you have found a property. Waiting until the last minute could cause a delay in your closing. If you don’t know who you would like to use for your homeowner’s insurance, just ask! We have some incredible referrals.

Review the Documents

You’ve had your loan approved, passed your inspection, the appraisal and title search are complete, and the lender has set a closing date. Take a look at the documents, make sure you have everything, and prepare the money you’ll need for the closing!

Buying a Lake of the Ozarks Home

This is such an incredible time to buy a home, and we aren’t the only ones saying it. A quick search on the web will show that for many buyers, the rates are incredible and the homes are available. If you are looking to purchase a new property, this is an amazing time to do it. Visit our website to learn more about our mortgage company at the Lake of the Ozarks, as well as start your first application. We look forward to helping you achieve your home-owning dreams!

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.

How Long Does It Take to Buy a Home?

As vacation season comes to a close at the Lake of the Ozarks, home buying season is still going full swing. We’ll be busier than ever over the next few months as we help clients secure their mortgage and take steps to own a home at the Lake of the Ozarks. If you’ve been considering buying a vacation home, NOW is the time to get started. We’re working our way towards a very good buyer’s market, interest rates are doing well, and it’s going to be an incredible time to jump in and secure the home of your dreams.

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.

The Home Buying Process

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 the Lake of the Ozarks will typically ask for documentation to verify your assets, income, and credit history. During the process you’ll 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’ll need to submit.

Finding a Home

After you’ve 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’ve found the home that 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 Indefinite

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 2019, 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. This is going to be an amazing time to buy a home, so we look forward to hearing from you and helping you purchase your dream home!

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.

Learning Mortgage Jargon

Vocabulary surrounding mortgages can confuse the best of us. Whether you have purchased many homes, or you’re buying your very first vacation home at the Lake of the Ozarks, having a helpful guide is always welcome. Team Lasson wants to make your mortgage process as easy as possible. If that means you need a quick guide to language and verbiage that you may hear throughout the mortgage process, then that is what you will get!

Adjustable Rate Mortgages (ARM) 

This is a loan that has an initial fixed-rate period, generally 3, 5, 7, or 10 years. After the fixed-rate period is over, your interest rate may change once per year, either up or down depending on the current market conditions.

Amortization

This refers to a gradual reduction of a debt over the term of the loan. Amortization occurs through the repayment of principal.

Annual Percentage Rate (APR)

The APR refers to the yearly cost of a mortgage including interest and other expenses or charges. Those additional charges could be private mortgage insurance and points expressed as a percentage.

Appraisal

This will refer to a written estimate of a property’s current market value.

Closing

Hooray! This is the conclusion of your real estate transaction. The legal documents will be signed, the funds are disbursed, and it’s time to get your keys.

Closing Costs

This refers to expenses over and above the cost of the property and may include items like:

• Title insurance
• Appraisal
• Processing
• Underwriting
• Surveying Fees

Pre-Paid Costs

This is typically your home owner’s insurance premium and any escrow amounts for the insurance and property taxes put in your escrow account

Credit-Report

This will be a report from an independent agency which details the credit history, including previous, and current debt to help determine your creditworthiness.

Credit Score

This is a mathematical formula that will predict the creditworthiness of an applicant. It’s specifically based on credit card history, outstanding debt, type of credit, bankruptcies, late payments, collection judgments, too little credit history, and too many credit lines.

Warranty Deed

This is the legal document that transfers the property from one owner to another.

Down Payment

A down payment refers to the difference between a property’s purchase price and the amount of financing you are obtaining.

Earnest Money

This is a deposit made by a buyer toward the down payment to show good faith when the purchase agreement is signed. This is typically written to the title company to be held in escrow until closing.

Equity

This refers to Tthe monetary difference between your mortgage balance and the actual market value of your home.

Fixed-Rate Mortgages

This is a mortgage with an interest rate and payment that will not change over the term of the loan. If the market interest rate falls below your fixed rate, it’s time to contact Team Lasson at the Lake of the Ozarks to discuss the benefits of refinancing.

Principal

The balance (not counting the interest) owed on a loan is called the principal. A 30 year fixed rate mortgage is amortized so that the longer you have the loan, the more principal you reduce with each payment.

Title Search

The is an examination of municipal records to ensure that the seller is the legal owner of a property, determine any easements that may exist, as well as to make certain that there are no liens or other claims against the property.

Underwriting

In mortgage lending, this is the process of determining the risks involved in a particular loan and establishing suitable terms and conditions for the loan.

Ready to Buy a Home?

Team Lasson is ready to help you make your homeownership dreams a reality with mortgages at the Lake of the Ozarks. From first time home buyers to luxury vacation homes at the Lake of the Ozarks, we are ready to assist. Visit our website to learn more about our company, or you can apply for your mortgage right there! Now is a great time to buy a home, and Team Lasson is ready!

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.