Showing posts with label home loan lake of the ozarks. Show all posts
Showing posts with label home loan lake of the ozarks. Show all posts

Wednesday, February 19, 2020

The Rise in House Prices & What it Can Mean For You

In 2019, home prices rose at a rate of 3.3%, which is a drop of 1.7% from 2018’s 5% increase. The price increase went down, but the home prices still rose. This can be a bonus for sellers who bought their homes before the prices started rising, but it can make things harder for buyers if they cannot afford the homes on the market. This temporary imbalance can mean that determined buyers have to figure out how to save enough to make their monthly mortgage payment affordable. Whether you are buying or selling, the current home prices can have a huge impact on your financial journey, so we are going to break it down and learn why.


For Buyers

If you are planning on buying a home in 2020, it will be important for you to sit down and analyze the best price for your budget. You can work through this process by submitting a home loan application on our website and letting our team of mortgage lenders at the Lake of the Ozarks assist you - or you can figure the rough estimates on your own.

This is especially essential when you are purchasing a vacation home at the Lake of the Ozarks as you will now be paying for two mortgages. Some experts suggest that you do not want to pay more than 25% of your take-home pay on a mortgage, but after you analyze your finances you can make an informed decision. The best news is that while home prices may be on the rise, home loan rates are better than they have been in years! If you find a home you love, this is a great time to secure your loan.

For Sellers

From a seller's perspective, higher home prices can mean it is a great time to sell your home. Because you want to get the best possible price out of your home, it is important to work with a real estate agent who is experienced in the Lake area as well as has experience selling homes like yours. They can use a competitive market analysis to find out what similar homes are selling for in your area and help you with your listing price.

For Homeowners

If you own a home, you may be curious about how the value of your home is doing. As the prices of homes are going up, is your home value appreciating as well? If you bought your home eight to ten years ago, there is a strong chance that you have a very nice profit tied up in your home! In fact, some studies show that people who had owned their home for four to seven years, were getting $52,000-68,900 more than they purchased them for, if they sold them last year!


The Housing Market at the Lake of the Ozarks

We have been saying this for a few months now, but if you are considering purchasing a home, NOW is the time to get it done! Home interest rates have been at incredible lows, and we do not want you to miss them. Team Lasson is ready to help you work through the home loan process. Visit our website to learn more about our mortgage company at the Lake of the Ozarks, or to fill out your application and get started! We cannot wait to see you get the home of your dreams just in time for Summer!

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



Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211





**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

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Location: Osage Beach, MO, USA

Tuesday, December 3, 2019

Factors That Influence Interest Rates

Interest rates have been doing some amazing things over the last few months! Team Lasson has been assisting many in securing a home loan at the Lake of the Ozarks, and if you’ve been considering buying a home, there are many reasons why NOW is the time to get started! However, several factors can influence the interest rates above and beyond what is considered “standard.” Here are a few things to keep in mind as you move forward on your hunt for a vacation home at the Lake of the Ozarks.


Credit Score

Your credit score is going to be one of the best indicators of how reliable you will be in paying off your loan. It will take into account your payment history, amounts owed, types and length of credit, and new credit inquiries. A good rule of thumb is that the higher the credit score, the better rate you’ll qualify for.

The Downpayment Amount

The larger the amount you choose to pay upfront on your home will not only decrease the amount of the loan but can also help you get a better interest rate. Mortgage lenders at the Lake of the Ozarks see less of a risk when you're more invested in the property.

The Type of Property

The type of property you're purchasing will also have an effect on the interest rates you're offered. A condominium unit or investment property will sometimes have a higher interest rate than a single family residence or primary/second home will.

The Loan Type & Term

Rates can vary depending on the type of loan that you choose, such as Conventional, FHA, VA, USDA, etc. Also, the term of your loan can impact the rate. While 30-year mortgages are the most typical, choosing a 15-year mortgage could get you a lower rate. This would also lower your overall costs, but you would be making higher monthly payments.

Loan Amount & Home Price

The price of the home minus the amount of your down payment will determine the loan amount or the amount you will need to borrow. Typically, your rate will be higher if you're taking out a particularly small or a particularly high loan.

The Interest Rate Type

There are two basic types of interest rates: fixed and adjustable. Fixed rates never change throughout the life of the loan. Adjustable rates will start at a fixed rate for some time and then can increase or decrease depending on the market. You can typically get a better initial rate on adjustable-rate mortgages, however, you then risk the chance of it increasing significantly over the life of the loan.


Ready to Buy a Home?

Team Lasson is here to help with all of your mortgage needs. From buying a primary residence to a second home at the Lake of the Ozarks, we would consider it an honor to walk through the process with you. Now has proven to be an excellent time to buy a home, so if you’ve had a lakefront home at the Lake of the Ozarks on your bucket list NOW is the time to get started! Visit our website (www.YourLakeLoan.com) to submit your application - we look forward to assisting you!

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



Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211





**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

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Location: Osage Beach, MO, USA

Tuesday, July 2, 2019

Stunning Outdoor Trends for Lake Homes

As Summer is now in full swing at the Lake, more and more people will be finding ways to get outside and enjoy their yards. If you’ve been considering a landscape makeover at your Lake of the Ozarks vacation home, there are a few really fun things trending that you may want to incorporate. With a few changes, you could be enjoying your outdoor spaces even more through these warm summer months!


Keeping Everything Low Maintenance

This is especially important for vacation homes - which is an excellent reason why low maintenance landscaping is becoming so popular. From the types of plants to technology, and even groundcover, everything is low-maintenance now.

Plants & Gardening: If you’re looking to keep things easy, many are choosing to have plants which are natural to the region they live in. There are so many options available now, that it won’t be hard to minimize the time you spend investing in your outdoor spaces. Items can include dwarf size shrubs, which require less pruning, to native plants which don’t need as much fertilizer, pesticides or additional water. Succulents are also still very popular, not just because their appearance is trending, but because they are low maintenance, available in many price ranges, and come in hundreds of unique varieties.

Technology: Did you know that there are apps and tools to now help with making a low maintenance yard? Robotic lawn mowers are the biggest bandwagon to jump on this year - as the trend moves from vacuums to landscapes. You can also have an irrigation system added so that you are spending more time enjoying your space rather than caring for it. You can then program your irrigation with an app or timer so you never have to worry about it. The same programming techniques can also be used for your landscape lighting, plant fertilization, and more.

Large Scale Groundcover: This doesn’t mean artificial turf or cementing your yard and painting it a grassy shade of green; the goal is to use artful landscape techniques to turn large areas into soothing rock beds, stamped concrete paths, and even pavers with other natural ground covers like brass buttons, phlox, and vinca minor.

Everything Is Multifunctional

One of the biggest trends for the summer is creating spaces and features that are multifunctional. The idea is to make sure that the space or object can serve more than one purpose, like a fire pit that can be converted to a table, or a space divider that offers both shade and a hanging edible garden. The possibilities are endless, and these areas are becoming extremely popular!

Fire is HOT

Fire features are hot in more ways than one this summer. Fire pits are used as both sources of light, heat, and ambiance. These are perfect ways to create a space where your guests will feel at home and may never want to leave.

Pergolas For Defining Spaces

2019 is the year for defining spaces. Whether it’s an indoor space for working or playing, to an outdoor space used for recreation or relaxing, Pergolas are a fun way to help define a space, and are the perfect way to add a touch of luxury to your space. Some even come with all of the bells and whistles, like drop down windows, blinds, built-in sound systems, and even space heaters so you can stay warm once the sun goes down. Pair this with an outdoor kitchen and you will have the perfect place for family game nights, evening conversations, and a place to crash after a busy day on the water.

Make it Pink!

Pink is all the rage this summer, which isn’t a surprise, as Living Coral was named the 2019 color of the year by Pantone. Add pops of color with roses, petunias, zinnias, and hibiscus, all of which come in beautiful pink hues - perfect for a garden space. Blush tones are also really popular, especially for furniture, stone pavers, and foliage.

Bold Metal Decor

Iron and steel accents are definitely trending this year in the landscape arena. This has spread through accessories to functional pieces, and can really make your yard look like it was designed professionally. Sculptures and water features are also great ways to incorporate the metal theme that is so up and coming.


It’s Time to Get Outside!

Of course, none of this will make much of a difference if you don’t have an outdoor lake space to renovate. If you are still on the hunt for your perfect lake home or need money to remodel your current property, Team Lasson is ready to help you get the purchase ready and secured. Visit our website to learn more about getting a Lake of the Ozarks mortgage, and you can even apply to get started! There is still plenty of Summer left to purchase a home, so if you’ve always dreamt about buying a vacation home at the Lake of the Ozarks NOW is a great time to do it!

Local Event Highlights

Looking for something fun to do at the Lake of the Ozarks? Check out these exciting events happening over the next week!

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



Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211





**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

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Location: Osage Beach, MO, USA

Thursday, June 7, 2018

Bad Mortgage Advice Homeowners Actually Believe

As a new homeowner, there are a lot of things you're going to have to learn. One of those things is your mortgage. Unfortunately, there are a lot of misconceptions floating around about mortgages. Today's blog from your favorite Lake of the Ozarks mortgage lender discusses some of the bad advice you might hear about getting a mortgage.

1. Don't Bother Getting a Mortgage Pre-Approval. 


You might have heard that a pre-approval isn't really important. People will say a pre-approval isn't "real" and doesn't guarantee you a mortgage. They will say that if you've only just begun looking for a home, it isn't necessary to worry about the mortgage part of things just yet. Unfortunately, that's bad advice. While a pre-approval might not be "official," it can prevent problems down the road. By getting a pre-approval, you'll know how much you can qualify for, and then you can just look at homes in that price range. A pre-approval also gives you a leg up if you find a property and are competing with other buyers that haven't even started the mortgage process yet. A pre-approval tells sellers and real estate agents that you're serious about buying a home.

2. Always Go with the Lowest Interest Rate. 


While obtaining the lowest interest rate possible may seem like great advice, the interest rate isn't the only thing you should be concerned with. You need to take into consideration other associated fees. Each mortgage lender at the Lake of the Ozarks can charge different fees for their services, and this could affect your overall payment amount. You also need to understand that while an adjustable-rate mortgage may give you the best interest rate to begin with, those rates change with the market and could go up significantly. It's important that you take everything into careful consideration instead of just focusing on the interest rate itself.

3. Borrow the Maximum Amount You're Approved For. 


Who doesn't want the biggest and best house they can qualify for? You got approved for the loan, so why not use it all, right? Wrong. It's always best to live just under your means; you never know when life will throw you a curve ball of expenses. You could experience a layoff or medical issues. If you're spending everything you have on your mortgage, there's nothing left for emergency expenses. This can easily cause you to default on your loan and could even result in foreclosure. Be sure to come up with a budget and don't purchase a house with a payment that you're not comfortable making.

If you're thinking about purchasing a home at the Lake of the Ozarks, your first step should be to talk to a mortgage professional like me. As your lender, I'll work with you every step of the way, making sure to give you the best advice for your unique situation. Give me a call at 573-746-7211 to get started on your Lake of the Ozarks home financing today!

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211



**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

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Location: Osage Beach, MO 65065, USA

Wednesday, June 21, 2017

What are Compensating Factors?

For those of you that are just slightly short of qualifying for a Lake of the Ozarks mortgage when it comes to your credit score and/or debt-to-income ratio, keep reading! Today's blog discusses what compensating factors are and how, while they can't "fix" everything, they can be helpful.

Compensating Factors


Compensating factors are essentially factors that compensate for your shortcomings when it comes to applying for a mortgage at the Lake of the Ozarks. For example, if your credit score is a little low or your debt-to-income ratio is a little high, a compensating factor could level it out for you. However, a really awful credit score or out of control debt can't be overcome with these factors. Compensating factors make it possible for those on the borderline of getting approved. Below is a list of a few common compensating factors you may come across; however, each type of loan and each lender will determine what factors are acceptable and how much weight they have.

1. Cash - The more cash you have upfront to use as a down payment on a home, the less risk you pose. Therefore, the more likely you are to get approved for a loan. For example, if you're able to put more down than what's required, you may be able to slide by with a not-so-great credit score. This is dependent upon how bad your credit score is and what caused it to get there.

2. Savings - Not only can your available cash help you, but your savings is another compensating factor. Banks refer to long-term savings as "reserves" and will count these reserves in your favor, especially when they are of a substantial amount. A good example of savings could be your 401k.

3. Credit Score - If you have an excellent credit score, chances are that this will make up for other problems in your profile. As long as you meet the minimum requirements for the loan program, a really high credit score can allow a higher debt-to-income ratio.

4. Debt-to-Income Ratio - Your debt-to-income ratio is one of the best indicators of how likely you are to default on your Lake of the Ozarks home loan. Keep your debt-to-income ratio low and it can become a compensating factor. Therefore, if your debt is reasonable or well below the lowest risk tier, you can still get approved with a slightly unfavorable credit score or a lower down payment.

Obtaining a mortgage is not straightforward; there are a lot of factors that can affect your application and its approval. As your Lake of the Ozarks mortgage lender, I'll help you analyze these factors and help you through every step of the mortgage process, starting with a pre-approval. Give me a call at 573-746-7211 to get started today!

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct:  (573) 746-7211

Email:  mlasson@fsbfinancial.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.



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Location: Osage Beach, MO 65065, USA

Monday, March 6, 2017

3 Considerations for an Adjustable Rate Mortgage

When choosing to finance a home at the Lake of the Ozarks, you have options. One decision you'll need to make is whether you want a fixed rate mortgage or an adjustable rate mortgage. With a fixed rate mortgage, your interest rate stays the same throughout the life of the loan. However, with an adjustable rate mortgage, you may be able to secure an even lower rate in the beginning; after that introductory period, the interest rate then moves with the market. Keep reading to learn more about adjustable rate mortgages and what you should consider about them from your Lake of the Ozarks mortgage lender.

1. Consider the Current Spread. 


The "spread" is the difference between the adjustable rate and the fixed rate. This difference is your incentive for choosing an adjustable rate mortgage over a fixed one. The bigger the spread, the more attractive an adjustable rate mortgage will look. The "teaser period" is the duration that the loan will stay at that introductory rate before it shifts to the market rate, which could be higher or lower than what you were previously paying. That's the risk you take when choosing an adjustable rate mortgage. In general, the shorter your teaser period, the better introductory rate you can get. The savings available with an adjustable rate mortgage can be substantial during the teaser period. However, after the mortgage enters the adjustment period, the savings can be reduced or even eliminated.

2. Consider Your Time Frame. 


Another important consideration when choosing between an adjustable rate mortgage or a fixed mortgage is how long you plan to stay in the home. If you feel you'll stay in your home for the rest of your life (past the teaser period), then you might be better off sticking with a fixed rate mortgage. However, if you think you'll only stay in this house for a few years before selling or refinancing, then an adjustable rate mortgage may be the better option. According the the National Association of REALTORS, homeowners typically own property for close to 7 years before selling. Older homeowners typically keep a home longer, while first-time home buyers will often keep a home for a shorter period of time. There's no sense in paying the interest rate for a 30-year mortgage if you're only planning to stay in the home for 5 years or less. See what kind of savings you could get with an adjustable rate mortgage if this is the case.

3. Consider the Loan Size. 


Are you purchasing a home that requires a "Jumbo Loan"? A jumbo loan is a mortgage loan which exceeds the loan size limits for an area. When borrowing more than your area's loan limit allows, the fixed rate pricing tends to deteriorate and your best choice could be an adjustable rate mortgage. The savings you can get with an adjustable rate mortgage on a jumbo loan can be huge. It's not uncommon to see the adjustable rate on a jumbo mortgage beat the fixed rate by 250 basis points or more. That's a pretty big incentive to choose an adjustable
rate over a fixed rate mortgage.

With mortgage rates remaining low, the savings of an adjustable rate loan are even better. If you're considering a home loan at the Lake of the Ozarks, give us a call at 573-746-7211 to discuss your options. As your mortgage lender at the Lake of the Ozarks, I'm here to work with you every step of the way. When it comes to your financing needs, I'll discuss your options, offer competitive interest rates and back it up with the first class service you deserve.

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct:  (573) 746-7211

Email:  mlasson@fsbfinancial.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.


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Location: Osage Beach, MO 65065, USA

Wednesday, December 14, 2016

4 Tips to Finding the Perfect Home

Are you in the market for a new home? Whether you're a first-time home buyer, looking to downsize or find something larger, there are a lot of things to consider before you start your search. In today's blog, your favorite mortgage lender at the Lake of the Ozarks offers a few tips to help you find your dream home!

1. Know Your Budget. 


One thing that can really put a damper on the home buying process is finding a home you love, only to find out you can't afford it. When purchasing a home at the Lake of the Ozarks, your first step should be to get a loan pre-approval. Once you know how much you're able to borrow, you'll be able to create a realistic budget. In addition, you'll want to consider how much you can afford to pay monthly. Just because you get approved for a large loan amount, doesn't mean you can comfortably make those payments each month. The price of the home you purchase is a large factor that should be considered carefully.

2. Find a Great Real Estate Agent. 


If you don't have a real estate agent in mind, your Lake of the Ozarks mortgage lender can recommend one. While you may feel like you can find a home on your own, a real estate agent brings expertise in the industry that you don't have. They are familiar with the local market, have access to properties just coming on the market, are good at negotiating and can walk you through the entire process, avoiding added stress during your home search. With the help of a real estate professional, you'll find the perfect home in no time.

3. Make a Features List. 


After price, features are the next thing you'll want to consider. It's unlikely that you will find a home that has everything you want within  your price range. Therefore, it's a good idea to create a features list before you start your shopping. You'll want to divide this list into sections: features you require and features you could do without if you had to. Consider the size of the home, the number of bedrooms and number of bathrooms. Be sure to keep your interests top of mind throughout the home buying process.

4. Consider the Location. 


While the house itself may be most important, you'll also want to consider where it's located. How far is the home from your work? What school district is the home in? Is it considered a "safe" neighborhood? Consider the distance of the home from various activities you like to participate in. Do you want a home within walking distance to a park? Location is an important factor to be considered. Long commutes can add extra expenses that could possibly be avoided when purchasing a home in a different location.

If you are ready to start your home search, call 573-746-7211 to discuss a Lake of the Ozarks mortgage pre-approval. When it comes to your Lake of the Ozarks home financing needs, I'm committed to working with you every step of the way. I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve!

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct:  (573) 746-7211

Email:  mlasson@fsbfinancial.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Posted by at No comments:
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Location: Osage Beach, MO 65065, USA
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