5 Tips for Rebuilding Your Credit After Bankruptcy

While getting a mortgage at the Lake of the Ozarks after going through bankruptcy is challenging, it's not impossible. Your dream of owning your own home is still possible with a little hard work to build your credit back up. There's no quick fix for improving your credit over night, but following these steps can get you going in the right direction.

1. Open a New Credit Card Account.

Start by opening a secured credit card. They are typically easy to get and are a great way to rebuild your credit. You provide the bank with a deposit and then you are issued a card with a limit equal to that deposit. While the card works just like any other credit card, you charge expenses and then get sent a bill that you pay each month. The key here is to obtain a card from a quality bank and stay away from offers with extreme interest rates.

2. Pay Your Bills On Time.

Most people think about big bills such as rent, car loans and credit cards affecting their credit score, but it's also important to pay the small things on time. Utilities, medical bills, library fines, cell phone plans, gym memberships and traffic tickets can all impact your credit score. If you're regularly late on payments, you could be reported to a collection agency, which will lower your score. Even if you pay off the collection, it will remain on your credit report for up to seven years.

3. Apply for Credit Cautiously.

When you apply for new credit, do so with caution. Any new applications will typically result in a "hard inquiry" on your credit report. While the impact varies from person to person, hard inquiries can negatively affect your credit score. Opening several new lines of credit within a short time frame can indicate that you're having money troubles, and that can negatively affect your credit score.

4. Don't Close Old Accounts.

While it may seem like closing accounts would be a good idea to reduce the amount of debt you can rack up, closing credit accounts reduces the amount of credit you have available, which increases your overall credit utilization rate. This can result in a lower credit score. It's best to keep the account open, but if you are tempted to overspend, you can cut up the card.

5. Monitor Your Credit Closely.

Monitor your credit closely for accurate information. Make sure that all the accounts that were discharged in the bankruptcy are accurately reported as "Discharged in Bankruptcy" as opposed to stating "Charge Off" or any other inaccurate information. Any mistakes found should be immediately reported to the credit reporting agency.

After you've completed the required waiting period for the loan of which you want to apply, and you've rebuilt your credit, talk to a mortgage professional at the Lake of the Ozarks about your home financing options. I'm here to work with you every step of the way through the mortgage process. Give me a call at 573-746-7211 today!

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.

4 Mortgage Myths Debunked

The mortgage industry can be complicated. There are a lot of myths and misconceptions surrounding the process of obtaining a mortgage at the Lake of the Ozarks. In today's blog, the best mortgage lender in Osage Beach is here to offer the truth behind some of those common myths you've likely heard.

1. You Have to Have a 20% Down Payment. 

Probably the biggest myth about mortgage loans is that you have to put 20% down. While this figure was typical in the past, some programs now allow for as little as 0% down. The minimum amount for your down payment will vary by lender and loan program. The only thing to keep in mind is that when you put less than 20% down, you will be required to pay private mortgage insurance. In addition, the more you're able to put down upfront, the better deal you'll be able to get and the more money you can save in the long haul. You will also start out with more equity in your home.

2. You Have to Have Good Credit to Purchase a Home. 

The other myth that you hear a lot is that you can't purchase a home if you have a low credit score. While this is not true at all, it is true that a good credit score will get you better rates. There are programs available to assist buyers with low credit scores, however, the interest rates on those programs are going to be higher. You also may be able to offset the negative factor of a low credit score by offering up a larger down payment or meeting other qualifications. For most people, credit alone is not a show stopper when purchasing a home.

3. Once You're Pre-Qualified, You're Set on Your Loan. 

Many people don't understand the differences between a pre-qualification, a pre-approval and a mortgage approval. Being pre-qualified for a certain amount does not mean that you will be approved for a loan in that amount. A pre-qualification is a simple process that gives you a crude estimate of how much you might qualify for in a mortgage. A pre-approval is a much better indication of how much you'll qualify for and even what type of interest rate you will be offered, because your file is actually reviewed by an underwriter prior to you finding a property.

4. Your Interest Rate Reflects the Cost of Your Mortgage. 

While you obviously want to get a low interest rate on your mortgage, the interest rate isn't the only number to be concerned with. All mortgages have other fees that are rolled into the cost of your loan. These fees are reflected in the APR. Don't get caught up on the lowest interest rate, because a loan option with a slightly higher interest rate, but a lower APR, is going to be the better deal. When comparing loan options and lenders, you'll want to compare the APR, not the interest rate.

As your Lake of the Ozarks mortgage lender, I'm here to help you understand the mortgage process. I'll discuss your Lake of the Ozarks home financing needs, offer competitive interest rates and back it up with the first-class service you deserve. Give me a call today at 573-746-7211 to get started on your mortgage approval today!

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.

Prepping for Your Mortgage Application

While the mortgage application process may seem daunting, tedious and time-consuming, don't let that stop you from getting started. If you're in the market to purchase a home at the Lake of the Ozarks, I'm here to help. Start early and prepare properly, applying for a mortgage will be easier than it looks. As your Lake of the Ozarks mortgage lender, I'm here to work with you every step of the way!

Start Early 

The earlier your start preparing for the mortgage application process, the better off you'll be. If you know that a home purchase is coming in the near future, start getting yourself ready. One of the first things you can do is be aware of your credit score by reviewing your credit report. Your credit score is an important determining factor when applying for a home loan at the Lake of the Ozarks. Not only do you want to be aware of your score, but you also want to check your report for any errors that may be on there. If you find that you have a low credit score, now's the time to start repairing your credit before you apply for a loan. Your mortgage lender can advise you on the best steps to take in this situation. Communication with your lender is key to a successful mortgage process; you don't have to go through this alone. 

Repair Your Credit 

If you have credit card debt, start paying down that debt. Your debt-to-income ratio plays a big role in your mortgage approval. Keep in mind though, that you don't want to drain your savings trying to pay off your debt. You need to have cash for a down payment, closing costs and an emergency fund. Whether you have debts or not, it's important that you also don't open any new credit accounts or make any large purchases on credit right before you apply for a home loan or during the loan process. The new furniture and household items can wait to be purchased after you close on your new home at the Lake of the Ozarks. 

Gather Your Documents

Not only do you need to be aware of your financial situation, but your lender is going to need verification of your income, assets and debts. By gathering these financial documents ahead of time, you'll save yourself the headache of searching for them later, which could delay your mortgage approval. Gather your recent pay stubs, statements for bank accounts/investment accounts/retirement accounts, the last two years of tax returns, along with W-2s, 1099s and K-1s. 

Know Your Numbers 

Before you start house hunting, it's important to know how much you can afford. To determine this, you'll want to get a mortgage pre-approval from your mortgage professional at the Lake of the Ozarks. Together you will be able to determine how much you qualify for and how much you can comfortably afford for your monthly mortgage payment. You can also discuss how much money you will need for a down payment and closing costs. Having all these numbers in mind before you start the process will ensure a successful home buying experience. Finding a home you love that you can't afford would be the worst.    

As your local mortgage lender, I'm here to work with you every step of the way. I'm here for all your Lake of the Ozarks home financing needs. I'll discuss your options, offer competitive interest rates and back it up with the first-class service you deserve. If you're thinking about purchasing a new home in the near future, talk to me today - call 573-746-7211!

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.

When Should You Talk to a Mortgage Professional?

The excitement of purchasing a home at the Lake of the Ozarks can easily get in the way of how you proceed with the process. Most people start house hunting before they even think about how they are going to fund their investment. When you make the decision to buy a home, the first thing you should do is talk to a Lake of the Ozarks mortgage lender. Keep reading to find out why.

BEFORE You Start House Hunting 

Why should a mortgage professional be the first person you talk to during the home buying process? Not only can you get a realistic picture of what type of Lake of the Ozarks home financing is available to you, but it makes you more attractive to sellers and real estate agents alike. Having a mortgage pre-approval sets you apart from the rest of the buyers in the market. If you're serious about getting into the home of your dreams, finding a mortgage lender is the place to start!

Setting Realistic Expectations 

There's nothing more disappointing than finding the home of your dreams, and then realizing it's just outside of your financial reach. By talking with a mortgage lender, you can get a realistic idea of how much you will qualify for in a home loan at the Lake of the Ozarks, and then you can determine how much you feel comfortable paying in a monthly mortgage payment. You'll get an idea of the price range of homes you should be looking at, and then you can weed out the ones that don't fit in that price bracket when you do start house hunting. Remember that you're going to have more than just the price tag of that home wrapped up into your monthly mortgage payments. You need to consider taxes, homeowners insurance and possibly private mortgage insurance if you don't have 20% to put down.

Having a Competitive Edge 

Whether you're talking with a real estate agent or a potential seller, coming to the table with a mortgage pre-approval shows you're serious about buying a home. You want to present yourself as a hassle-free buyer, not someone who's just shopping. Real estate agents have more of a desire to work with those buyers that are serious. Having a pre-approval can also make you more appealing to sellers because they know you're ready to sign a check. If multiple offers come in, your pre-approval could set you apart from the rest of the buyers in the pool.

Getting a Jump Start on Paperwork 

Purchasing a home involves a lot of paperwork, especially when it comes to the financing. By getting a pre-approval, you have a big chunk of the paperwork done before you even find your home. You will have already provided all the necessary documents to get your mortgage approval completed, and that can greatly decrease the amount of time it takes to close on the home once you do find that perfect place. This also reduces the likelihood of the seller pulling out due to mortgage complications.

If you're considering a home purchase in the near future, now's the time to contact a mortgage professional at the Lake of the Ozarks. I'm here to work with you every step of the way, from the pre-approval, to the closing and beyond. I'll discuss your financing options, offer competitive interest 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 

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.

7 Tips for First-Time Home Buyers

Buying a home involves a lot of preparation, planning and work. From the mortgage pre-approval to finding a home and closing on it, there are several steps that need to be completed. For a first-time home buyer, this process can be overwhelming. Your Lake of the Ozarks mortgage lender is here to help make it easier on you with these home buying tips.

1. Start Saving Early. 

No matter when you plan on purchasing your first home, start saving now. The more money you have saved up for a down payment, the better deal you're likely to get. While there are programs out there that allow for a lower down payment than the traditional 20%, you want to save up as much cash as possible to cover not only the down payment but also closing costs and any unexpected expenses that may come up. You also don't want to drain your savings to buy your first home, so it's important you keep a separate fund for emergencies.

2. Determine How Much You Can Afford. 

While the house hunting process can be super exciting, don't jump in too soon. You'll first want to make sure you know how much you can afford in a home. The best way to do this is to get a Lake of the Ozarks mortgage pre-approval. Keep in mind that just because you are approved for a certain amount, that doesn't mean you should spend that much on your house. Make sure that you are comfortable with what the monthly mortgage payment will be after taxes, insurance, etc. are added in.

3. Keep Your Credit in Check. 

Your credit score has a big impact on your mortgage approval and the rates that you qualify for. Not only do you want to check your credit before applying for a mortgage to make sure there aren't any mistakes on your report, you want to ensure your credit situation doesn't change during the process. That means pause any credit activity until after the closing on your new home at the Lake of the Ozarks. New credit inquiries can ding your credit and increased credit limits can affect your debt-to-income ratio. Make sure you don't rack up a bunch of purchases, like buying new furniture or incurring additional charges on your existing credit cards. Changes like this could cause delays or complications with your mortgage approval.

4. Research Your Mortgage Options. 

There are a wide variety of Lake of the Ozarks home financing options out there. You'll want to do some research to determine what the right program is for you. Don't worry, your mortgage professional at the Lake of the Ozarks can help you with this step. Together you will discuss your options and choose the best mortgage for your situation. As a first-time home buyer, we do offer the First Place Loan Program that includes cash assistance for down payment and closing costs.

5. Find the Right Buyer's Agent. 

Finding a good real estate agent is just as important as finding the right lender. You will be working closely with both your lender and agent during the home buying process and you want to make sure you're working with people you can trust. You want a buyer's agent that has experience, is highly skilled, motivated to work for you and is knowledgeable about the area. A good buyer's agent will help you find a home that meets your needs and fits your budget. You want someone that's willing to negotiate for you, and is good at it. Ask your friends, family and even your lender for recommendations on a local real estate agent, but you should interview a few of them before making your decision.

6. Be Willing to Compromise. 

When it comes to buying a home at the Lake of the Ozarks, it's easy to get swept up in all the excitement. Make sure that you are making your decisions based on more than just your emotions. Be willing to compromise when needed. While you don't want to be too picky, you also need to be realistic. When your funds are limited, you might have to take some items off your wishlist. Be sure that you're not lacking vision. If you find a home that meets your needs, you can always change the paint color or replace the flooring down the road. Don't let physical imperfections turn you away from a great deal on a new home.

7. Get a Home Inspection. 

The home inspection is something that, as a buyer, you don't want to skip out on. You want to make sure you know exactly what shape the house is in before you close on it. One of the worst things that can happen to a first-time home buyer is to close on a home and then find some major problems after the fact that could be costly. Any issues that come up during the inspection are leverage for the buyer to negotiate repairs or a reduced price with the seller. If something major comes up on the inspection, you will have saved yourself the headache of investing in a money-pit.

If you're ready to take the plunge and become a first-time home buyer, I'm here to help you every step of the way. As your Lake of the Ozarks mortgage lender, I'll discuss your financing options, offer competitive interest rates and back it up with the first-class service you deserve. Give me a call today at 573-746-7211 to get started today!

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.

Understanding Private Mortgage Insurance

If you're in the market to buy a new home at the Lake of the Ozarks, you've likely heard of private mortgage insurance or PMI. Many prospective homeowners, however, don't necessarily understand what it is or how it works. Today's blog from your Lake of the Ozarks mortgage lender dives into private mortgage insurance to get your questions answered.

What is Private Mortgage Insurance? 

Private Mortgage Insurance, or PMI, is an insurance that protects the lender if the borrower stops making payments on their loan. It ensures the lender doesn't lose money if the borrower's house ends up in foreclosure. On the buyer's side, it's beneficial because it allows you to purchase a home sooner, without having to wait to save up a hefty down payment. It's important to understand that this insurance does not protect the borrower in the event that you run into problems paying your mortgage. PMI rates can vary from person to person and are varied depending on different factors, including, but not limited to debt-to-income ratio, credit score and loan-to-value amounts.

How Does PMI Work? 

If you purchase a home with less than a 20% down payment, PMI will likely be required by your mortgage professional at the Lake of the Ozarks. The PMI premium payment is included in your monthly mortgage payment, in addition to your principal, interest, property tax, and homeowners insurance. In most cases, you can cancel your PMI insurance policy once you have built up enough equity in your home. Be sure to contact your lender once you've reached that point to discuss removing the premiums from your monthly payment.

As your local mortgage professional, I'm here for all your Lake of the Ozarks home financing needs. I'll discuss your options, address your concerns, offer competitive rates and back it up with the first-class service you deserve. Whether you're in the market for your first home, a new home or to refinance your home at the Lake of the Ozarks, I'm here to help! Give me a call at 573-746-7211.

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 Common Credit Report Errors to Watch For

When it comes to applying for a mortgage loan at the Lake of the Ozarks, your credit score and credit report play an important role in the approval process. In addition to getting approved, your credit score can also affect the terms of your loan. Unfortunately, credit report errors are quite common, therefore, it's important to review your credit report before applying for a home loan to make sure all the information is current and accurate. Keep reading to learn about some of the common credit report errors you should watch for.

1. Incorrect Personal Information. 

The first thing you'll want to check on your credit report is that all the personal information is correct and current. Many people have very similar names and, therefore, their information can easily get mixed up. Ensure that your name is spelled correctly and that your middle initial and/or middle name is listed. Also be sure to review your address, employment information and your SSN. 

2. Duplicate Accounts. 

When reviewing your credit report, check for accounts that are listed more than once. Duplicate accounts make it appear like you have more open credit than you actually do. It also shows that you have more debt than you actually do. Review all the accounts on your credit report for accuracy, ensuring each one is only listed once and that all the accounts do in fact belong to you. 

3. Old Bad Debts. 

After 7 years, credit reporting companies are supposed to remove any bad debts from your credit report. Ensure that anything over 7 years old is no longer listed on your credit report. If you've ever filed for bankruptcy, those discharged debts should also be removed from your credit report. However, your bankruptcy will show on the credit report. 

4. Debts from an Ex-Spouse. 

If you are currently going through or recently obtained a divorce, be sure to remove your name from any joint accounts. This will prevent you from being liable for future debts. Check your credit report after the divorce is final to make sure no new debts from your ex-spouse have been added to your record. Notify the credit reporting companies if any information is incorrect and needs to be removed. 

5. Incorrect Accounts. 

There are a variety of situations that can result in incorrect accounts being listed on your credit report. One issue relates to identity theft, when someone uses your personal information to open a new credit account. Another issue is when a closed account is still being listed on your credit report. In addition to making sure there aren't any incorrect accounts, be sure to check for accounts that are incorrectly reported as late or delinquent. This can happen if a payment is applied to the incorrect account. 

Make sure you report any errors on your credit report to the credit reporting agencies. If you notice discrepancies once you've already begun a mortgage application, be sure to communicate those errors with your mortgage lender at the Lake of the Ozarks. For more information about how your credit report and other factors can affect your Lake of the Ozarks home financing, give us a call at 573-746-7211.

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.

Celebrate Valentine's Day at the Lake of the Ozarks

Valentine's Day is just around the corner and love is in the air! How will you be celebrating with that special someone this year? Your Lake of the Ozarks mortgage lender has the details on all the great local places to celebrate. Keep reading for some ideas and start making your plans today!

Valentine's Day Dinner at HK's - February 9, 10 or 14 

Head over to The Lodge of Four Seasons for a delectable Valentine's Day Dinner, available February 9th, 10th and 14th starting at 5 PM each night. Start your evening off with succulent crab cakes, lobster bisque or a sweetheart salad, then move on to the entree choices of surf and turf, classic steak Diane or pan roasted sea bass. If there's room for dessert, HK's chocolate covered strawberry cheesecake should do the trick! Make your Valentine's Day Dinner memorable at HK's. 

Free Wedding Vow Renewal at Bridal Cave - February 11 

Bridal Cave cordially invites you to celebrate Valentine's Day at the cave to renew your wedding vows! On Sunday, February 11th between 9 AM and 4 PM take the opportunity to profess your love to one another once again. Each couple will receive fresh flowers for the bride from Janine's Flowers, a wedding portrait available for download online from Lindsey Webster Photography, a goodie bag with Lake area discounts and a lifetime pass to Bridal Cave at NO CHARGE! 

Romantic Valentine's Day Dinner at Seven Springs Winery - February 14 

Enjoy a romantic Valentine's Day Dinner at Seven Springs Winery with 3 courses featuring: a Caesar salad, 10 oz K.C. strip and lobster tail, with garlic mashed potatoes, asparagus and turtle cheesecake for dessert. Dinner will be served from 5 PM to 8 PM at $99 per couple. Make your reservations today by calling 573-317-0100. 

Valentine's in the Cavern - February 14 

Stark Caverns is please to announce that they are partnering with Shawnee Bluff Winery and Vineyard for a special Valentine's Day event. Valentine's in the Cavern will offer a special two-hour food and wine experience in an unbelievable setting on the evening of February 14th beginning at 5:30 PM. Stations setup throughout the cave will feature wine and appetizers from Shawnee Bluff. Anticipate music, romantic photo opportunities and of course chocolate, for an evening to remember. Tickets are just $35 per person. Call Stark Caverns at 573-369-3306 to make reservations.

Valentine's Day at Camden on the Lake - February 14-17

Head over to H. Toad's Bar & Grill for a special couple's meal for $99 either February 14, 15, 16 or 17. Call 573-365-5620 to make reservations. 

Valentine's Dinner for Two - February 16 

Enjoy an evening of dinner and dancing at the Ozark Yacht Club Anchor Room from 7-11 PM on February 16. There will be live music, a photo opportunity and a red rose for the ladies! Tickets are $49.99 per couple. Please RSVP by calling 573-552-8401. 

Speaking of love, would you love to purchase a new home this spring? Or would you love to reduce your mortgage interest rate or monthly mortgage payment? Talk to me about a new home loan or refinancing your home at the Lake of the Ozarks. As your mortgage lender, I'm here to work with you every step of the way. From discussing your options to offering competitive interest rates, I'm here for all your Lake of the Ozarks home financing needs!

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.