When is the Best Time to Buy A Lake Home?

It seems like everyone is flocking to Lake of the Ozarks and purchasing lake homes one after another, but the real question is, “When is the best time to buy a lake home?” There are many factors that come into play when you are choosing a time to buy, and they could depend on the market, what is available, and even the interest rates. The best mortgage lender at the lake is here this week to look at a few of these factors that will help guide you into the best choice for your buying needs.

What to Remember When Buying During Peak Season

There can be many highlights to purchasing a home during peak season. For the Lake of the Ozarks area, peak season runs from Memorial Day to Labor Day. One of the most popular reasons for purchasing during the peak season is because there are generally more homes on the market. However, this year is a little different. Not only are there more homes to choose from during the peak buying season, but homes are selling faster than they are getting listed!

The competition for buying lake homes is through the roof. Homes sell a lot faster during the peak season as everyone wants to get a contract on their favorite listing before others do. You may also find the prices are higher during the peak season because of the higher competition.

What to Remember When Buying During the Off Season

Off season at Lake of the Ozarks is through the fall months into early spring. Although, during the past year there really was not much of an off season because so many people moved to the Lake area. There is still traffic all through the year as different homeowners enjoy the quiet serenity of the Lake during those months. Some of the pros of buying during the off season are that you can generally get a home with smaller competition. Purchasing a vacation home at Lake of the Ozarks during the winter allows you to see what the area looks like when things are slower and more relaxed.

A few downsides to purchasing a vacation home in the winter may be things like the lake levels being lower through the off season, the wildlife and plants hibernating, and the slower environment creating a different feel than it does during the hustle and bustle of summer.

When do You Want to Buy?

All in all, the best time to purchase a vacation home at Lake of the Ozarks comes down to two things:

• When are you ready to buy? 
• What homes are available?

As summer is arriving, if you have the money ready and find a home on the market that could be perfect for you, then now is the best time to buy! Team Lasson has been assisting many homebuyers as they secure their dream homes at the Lake. We are experiencing an incredible market as we speak, so if you have considered buying a vacation home at Lake of the Ozarks, visit our website to learn more about us and fill out an application to begin the process!

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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.

Choosing the Right Mortgage Program for your Homebuying Needs

 Buying a home at Lake of the Ozarks is a time to celebrate, but it's also important to not get swept up in the buying process and forget some of the more intricate details - such as financing. Your mortgage at Lake of the Ozarks should conform to the type of home you're wanting to buy, as well as your future plans for the home. One of the main ways to ensure that you're getting the best rates, terms, and results from your mortgage is choosing the correct loan product. In this week's blog, I am going to inform you of the various loan products that Team Lasson can offer you to suit your homebuying needs.

Conventional

A conventional loan is one of the most common in the industry. This loan is funded by private financial lenders and is then sold (or kept with servicing retained - the bank provides your services for managing the loan. This varies bank to bank) to government enterprises such as Fannie Mae and Freddie Mac.  Conventional loans typically require higher down payment requirements depending on whether it's your first or second home. As well as having more stringent credit requirements, which are directly tied to the interest rate you will receive. For established buyers, conventional loans can provide great, long or short-term interest rates.

USDA

United States Department of Agriculture loans (USDA) are an advantageous way to acquire a home if you have low to moderate income and are lacking on the down payment side of things. These are typically low-interest, no down payment mortgages used to help finance homes located within eligible rural areas. There are special regulations a home and borrowers must meet to be eligible for this product, so be sure to speak with your lender about your situation and plans for buying a home.

FHA

Federal Housing Administration loans (FHA) are backed by said administration that was created to help home buyers qualify for a mortgage. They are a great option for first time homebuyers as they have more lenient credit requirements and allow for less of a down payment required by providing their own form of private mortgage insurance. 

VA

Veterans Affairs loans (VA) are issued by private lenders and guaranteed by the United States Department of Veterans Affairs. VA loans are a no-down payment mortgage option with low interest rates for active or retired veterans to purchase a primary residence or refinance an existing mortgage. There are different regulations and standards the home must meet to be processed and approved through the VA appraisal and underwriting process compared to conventional loans. So, be sure that the type of home you're looking to buy fits within these standards by speaking to your lender upfront about your plans. 

I hope that you have found this information helpful and that it helps you in obtaining a mortgage at Lake of the Ozarks. As always, I am here to help you make the best financial decisions when buying a home at Lake of the Ozarks and would be happy to discuss any of these options and which may suit your needs as a homeowner best. So, if you're looking to buy at the Lake, please feel free to give me a call or apply online to begin your journey to becoming a homeowner at Lake of the Ozarks.

 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 Much Vacation Home Can I Afford?

When purchasing a vacation home at Lake of the Ozarks, one of the first questions to ask yourself is how much can you afford to put into a second home. You already have a pretty good idea of the costs involved with your current home, but it’s important to not just look at the monthly mortgage payment. In addition to a monthly mortgage payment, you will also need to figure out the upfront home buying costs, the closing costs, and the regular homeownership expenses. Here is a quick overview of costs that come up through the start of your mortgage and how to prepare for these when you are purchasing your second home at Lake of the Ozarks.

Upfront Buying Costs

Your monthly mortgage payment is only one piece of the puzzle when you are figuring out how much you can afford to pay for a vacation home. A few of these are going to be the Inspection and Appraisal fees, the earnest money, and the down payment.

Earnest Money - this is your initial deposit on your home. It can be beneficial because if your offer is accepted, it can put weight behind your purchase. Also, if your offer is one of many bids, the earnest money put down could give you some advantages with the seller’s decision.

Down Payment - generally, the more you pay down, the better your mortgage rate can be. A 20% down payment is ideal, but down payments can be higher or lower than that depending on the loan program you qualify for and how much you have saved for the down payment.

Closing Costs

A good rule of thumb is that your final closing costs will typically range from 2-4% of the total loan amount. Here is a quick overview of what can be included in closing costs - depending on many factors:

• Mortgage Origination Fees
• Attorney's Fees
• Inspections and Surveys
• Title Insurance and Title Search
• Recording Fees
• Appraisal Fees

Expenses Associated with Homeownership

There can be many additional costs included with owning a home, some are obvious, some may get forgotten while you are working through your budget. It’s important to be informed on all of the costs of homeownership before committing, so let’s take a look at some of these:

• Mortgage Insurance
• Home Owner’s Insurance
• Utilities
• Repairs
• Property Taxes
• Home Owner Association Dues

Now is the Time to Buy

2020 has been a great year for both buying a home or refinancing your current real estate. If you have been thinking about buying a home, but you need to know how much you can afford to spend on one, let Team Lasson help! Visit our website, fill out an application, and we can get a preapproval ready for you. This will give you a good idea about how much you can afford to spend on a home. We look forward to assisting you through this exciting process and can’t wait to help you get the keys to your new vacation home through our mortgage services at Lake of the Ozarks.

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.

Important Mortgage Facts

When purchasing a home, there are many details to be involved in. Whether you’ve never purchased a home or you are re-entering the market again after several years - some of these mortgage facts may come as a surprise to you. Your Lake of the Ozarks Mortgage lender has a few interesting facts that you’ll want to know when you get your next mortgage.

You Can Refinance At Any Point in Your Loan

In some instances, you don’t have to have your loan for a certain period of time before you refinance, which means that when you feel like it’s the best time - you can do it! You will want to do the math and make sure that you will be coming out ahead by the time it’s all over. We have many clients ready to refinance right now because the rates are fantastic. If you are considering refinancing your home, the goal is to make sure that it will lower your monthly mortgage payment and help you take advantage of lower interest rates. Refinancing certainly has some benefits, so if you’ve been considering it, we would be glad to help you make some final decisions.

Interest Rates Change Quickly

One of the first questions a soon-to-be homeowner will ask is “what’s the interest rate?” This answer is virtually impossible to answer straight away, but with a little bit of research, we can help you learn what your interest rate will be. An interest rate is figured based on your financial situation, but interest rates are also ever-fluctuating, similar to stocks, bonds, and other financial investments.

Better Credit = Better Deal

It shouldn’t come to a surprise to you, but the better your credit, the more options you have available to you. In fact, the better your credit, the better your chances are for not only getting approved for a mortgage loan at Lake of the Ozarks but also getting a better rate. There are programs out there that can help with not-so-great credit, but if you want a great deal, you can invest the time and effort it takes now to help improve your credit.

A Large Down Payment Isn’t Required (But It Is Helpful!)

It’s a common thought that you need to have 20% to put toward a down payment - but this isn’t always the case. A large down payment is still beneficial if you have it, but if you don’t, there are a variety of home loan options that will allow you to put down as little as $0.00. You can fill out the application on our website and we can discuss the different options available for you and will provide a pre-approval, should you qualify!

If you're considering a home purchase at Lake of the Ozarks, give us a call at 573-746-7211. As your mortgage professional at Lake of the Ozarks, we can discuss your options, offer competitive rates, and back it up with the first-class service you deserve!

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.

5 Things to Know About Mortgage Insurance

When you are purchasing a new home, one aspect to prepare for is mortgage insurance. Mortgage insurance can be a huge asset to homebuyers, as it can allow them to purchase a home without having to put the full 20% down. Here are a few things you will want to know about mortgage insurance as you go through the process of purchasing your next vacation home at the Lake of the Ozarks.

What is PMI (Private Mortgage Insurance)?

Generally, if your mortgage down payment is less than 20% you will be required to carry mortgage insurance. This isn’t to be confused with homeowner's insurance, as they are two separate points of coverage protecting from two different events. The basis of it is that if a borrower were to stop payments on their mortgage, the insurance company would make sure that the lender is paid.

Will You Need Mortgage Insurance?

If you are able to pay the full 20% down, you will not need mortgage insurance. One interesting aspect is that if you are required to purchase mortgage insurance when you first get your loan, you can often request to cancel it after a certain period of time, usually when your loan reaches a point that you have 20% equity in the property.

What Types of Mortgage Insurance Are Available?

There are commonly two types of mortgage insurance available, private and public. If you get private mortgage insurance, it means you have a conventional loan and that the insurance is obtained through a PMI company. If you have public mortgage insurance, it means that your insurance is bought from the government and is usually paired with a government loan, such as FHA. The mortgage insurance that you will be required to obtain will depend on the type of loan that you are choosing, but we can help you with this as we progress through your loan process.

How Long Do I Have to Keep the PMI?

As a general rule, you usually pay the insurance premiums until your loan-to-value (LTV) ratio hits 80%. The LTV is essentially the amount of money that you borrowed and then divided by the value of the property you bought. You can often cancel the mortgage insurance policy when you have 20% of the home’s equity built up!

How Much Does PMI Cost?

The premiums for a conventional loan can vary, but a good rule of thumb is that the lower your down payment, and/or the lower your credit score, the higher your premium will be. Generally, the premiums can range from $30-$70 per month for every $100,000 borrowed. However, on FHA loans, there are some additional fees. There is a UFMIP (up front mortgage insurance premium) as well as an annual premium that will be collected monthly. For VA loans, you will have an upfront fee, but no annual or monthly premiums, unless you are exempt from the funding fee.

It's a Great Time to Buy

If you have further questions about this, we invite you to fill out the application for a loan on our website (www.YourLakeLoan.com), and we can talk with you further about the details that are specific to you! We look forward to discussing your options when it comes to your financing needs, and we’re committed to working with you every step of the way.

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.

A Look at the Home Buying Process Part 2

If you will be buying a new property soon, it can be helpful to refresh yourself on the buying process. As your mortgage lenders at Lake of the Ozarks, we look forward to being here with you from beginning to end as you buy a new home. Here are a few things you can expect through the process, as well as a few things you can do to get prepared. If you missed part 1, you can visit our previous blog to see A Look at the Home Buying Process Part 1

Make An Offer

After you have found the right home you will work with your real estate agent to negotiate an offer that is based on the value of the home and comparable to the value of the homes in the same neighborhood and home type. When you have reached an agreement on the price, the home with go into escrow. Escrow is the period of time it takes to complete all of the final steps in the home buying process.

Get a Home Inspection

In many cases, the purchase offers are contingent on the home inspection. A home inspection will check for signs of structural damage as well as things that may need to be fixed. Your real estate agent at Lake of the Ozarks can assist with arranging the inspection, and it is generally conducted within a few days of your offer being accepted by the seller. The contingency is there to help protect you as a buyer by giving you the chance to renegotiate your offer, or even withdraw it without a penalty if the inspection reveals significant material damage.

Work with Your Mortgage Lender to Select Your Loan Program

This is the step where Team Lasson really gets to shine in the home buying process! We will provide a range of competitively priced loan programs for you to look over. As you have questions about the loan options, we can provide exceptional customer service and experience to assist you in making the process easier. Every home buyer is going to have their own priorities when choosing a mortgage. While some are interested in keeping monthly payments low, others are going to be interested in making sure that their monthly payments never increase, still others will want to pick a loan based on the knowledge that they will be potentially selling the home again in a few years.

Have the Home Appraised

Our team will arrange for an appraiser to provide an independent estimate of the value of the house that you are buying. The appraiser is a member of a third party company and will not be directly associated with anyone involved in the transaction. After the appraisal is completed, they will provide a report regarding the value of the property so you know that you are paying a fair price for the home.

Time for Paperwork

It is no surprise that there is a lot of paperwork involved when buying a house. During the contract negotiations, a title company will be selected to handle all of the paperwork and they will make sure that the seller is the rightful owner of the house that you are purchasing and will provide a title commitment showing all documents and/or liens that are filed of record against the property.

Closing Time!

When it comes time to close on your home, you will sign all of the paperwork required to complete the purchase, including the loan documents. Once the check has been delivered to the seller, you are ready to move into your new home!

Purchasing a Home at Lake of the Ozarks

We love Lake of the Ozarks, and we love to welcome new home buyers to the area. If you are considering purchasing a second home at Lake of the Ozarks, we would be honored to assist you. Now is a great time to purchase a new property! Visit our website to learn more about us (www.YourLakeLoan.com) or to fill out an 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.

Decorating Tips for Your Vacation Home

As Summer gets closer, now is a great time to think about your vacation home’s design and maybe update it. Your vacation home at the Lake of the Ozarks is a respite, a place to escape, and where worries do not exist, and the design should reflect that. Here are a few things to keep in mind as you start dreaming about those Summer days in your Lake of the Ozarks property and thinking about the way you decorate it!

Choose a Vibe Over a Theme

Instead of choosing a theme for your vacation home, like shells or boats, aim for a vibe. Trying to find the items that create a theme is going to not only take a lot of time and money, but you can also lose the unique style you bring to the table in search of the pieces to make this style. Instead, try to think a bit more outside the box and tap into your own style and the way you want to feel when you enter the home. Instead of filling your walls with matching style decor, choose one or two pieces for the home, and then look for something that is a bit outside of the box. Find a vintage map of the lake and frame it, or locate a cool piece of driftwood to turn into wall art.

The Vacation Vibe with Wall Color

It is amazing what kind of tone a wall color can set for a home, and your vacation home is no different. A great rule of thumb is to bring the colors of the outside to the inside, and then add complementary colors against them to create a beautiful and subtle combination of colors, shades, and textures.

There are many different ways you can choose the paint color, whether going for something bold and dramatic or neutral and natural - but the walls of your home can easily tie everything together and really make the space feel vibrant and fresh.

Invest in Outdoor Spaces

Outdoor spaces are becoming more and more popular, and the lake area is not exempt! There are so many reasons to focus on your outdoor living spaces, and one of the best ways to invest in them is to add a little light. Adding some cafe lights can take your home to a whole new level and can help create a space that everyone will want to enjoy all Summer long. The Bohemian look is also in for beach homes, so it can work for lake homes as well. You can easily build furniture from scrap wood and embody the whole rustic and weathered look!

Scale Back on the Furniture

You will want to include plenty of furniture outside of your vacation home, but it is okay to keep things light and airy indoors. This means that you do not have to dedicate your entire budget to the indoor furniture and can feel free to mix and match things until you find the right look. Simple, eclectic, spacious, and clean can all be words you use to think about your space. Think about the items you really do need, like comfortable beds and couches, and steer clear of other items like big bulky dressers that you will not fill for short-term vacations.

Creating a New Space

Now is a great time to really hone in on what you want to achieve in the look of your vacation home! Summer will be here before you know it, and you will want to have a home that is functional, clean, and stylish. If you are still looking for the perfect lake home at the Lake of the Ozarks, there is still time to make your purchase. Team Lasson is here to assist you with financing your new vacation home at the Lake of the Ozarks. We look forward to welcoming you down here and enjoying this wonderful area together!

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.