5 Creative Ways to Save For a Down Payment

Saving for your first home can be a challenge. Not only do you need enough for a decent down payment, but you'll want to have a sizable amount in your savings account for emergencies as well. Today's blog from your Lake of the Ozarks mortgage lender offers some creative ways for you to cut back on daily expenses to put more in your home buying fund.

1. Limit the Meals You Eat Out. 

One of the biggest expenses that people have, often without even realizing it, is the amount of money spent on eating out. You grab a meal here or there, grab some drinks with friends after work, and those small purchases can really add up as the month goes on. While it may seem easier to avoid cooking and just grab something quick from a restaurant, those habits are cutting into your home buying fund.

2. Cut Back on Grocery Expenses. 

If you're like most Americans,  you walk into the grocery store and make several impulse buys. Something looks great, but then you end up with a cart full of junk food and nothing that really goes together. Plus, if you buy too much perishable food, you could end up throwing stuff away because you can't eat it all before it goes bad. To cut back on grocery waste and impulse buys, plan your meals before heading to the store. Make a list of what you need to get and try to stick to that list. You'll be surprised at how much you can save on groceries just by doing some planning ahead. You also might consider looking for coupons, or planning your meals around the sale ads to save even more!

3. Reduce Your Utility Bills. 

While it may not seem like a lot to save a few dollars each month on your utility bills, those numbers add up over time. Make sure you turn off lights when you leave a room, and don't leave the water running while you're brushing your teeth. Set your thermostat just a few degrees higher during the summer and a few degrees lower in the winter to save on your electric bill. You can also adjust that thermostat while you're gone for the day to save even more. Think about all your bills to see how you might be able to trim those expenses, even just a little.

4. Decrease Your Gasoline Usage. 

The cost of gasoline is another monthly expense that you'll want to keep an eye on. To decrease your gasoline usage, try shopping online to cut down on the number of trips you make to the store. If that's not the best option for you, try to group your errands together. Instead of just making a trip here and there when you think about needing something, carve some time out of your day to stop at multiple stores in the same trip. You'll also want to pay attention to gas prices. Look for a place on your route with the lowest price. The Gas Buddy app is a great way to compare gas prices at the stations near you. Some grocery stores, such as Hy-Vee or Woods, even have fuel saver programs that help you save on gas when you purchase everyday items at their store.

5. Pay Attention to Unused Subscriptions. 

Many people have subscriptions that they don't even use. The charges come out of your account every month without you even thinking about it. Take a look at any monthly subscriptions you may have signed up for and examine which ones you are actually using. Do you have a monthly gym membership, but can't remember the last time you went there? Cancel that membership and get some dumbbells and an exercise ball to do some workouts at home instead. How much are you paying each month for TV service? Do you only watch a few of the hundreds of channels you're paying for? Consider scaling back your package. With the streaming services available today, many people are cancelling their TV service altogether and watching their shows through Hulu and Netflix.

By taking a closer look at your monthly expenses to see where you can cut back, you'll be on your way to saving for a new home in no time! As your mortgage professional at the Lake of the Ozarks, I'm here to help you throughout the entire Lake of the Ozarks home buying process. If you're ready to get started with the pre-approval process and determine how much you can afford in a new home, 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.

7 Steps to Take Before the House Hunting Begins

You're thinking about buying a new home at the Lake of the Ozarks. This is an exciting time, but make sure you don't get too swept up in that excitement of finding the house of your dreams. Before you even start looking at houses, you should follow these steps:

1. Start Saving for a Down Payment. 

Depending on the loan program you are looking to obtain, you don't necessarily have to have the traditional 20% down payment these days, however, the more you can put down, the better off you'll be. Not only will you start this transaction off with a little equity in your home, but you're also likely to get better rates and terms if you have a nice size down payment.

2. Check Your Credit. 

Your credit score plays a big role in getting approved for a mortgage at the Lake of the Ozarks. If you don't have any idea what your credit score is, it's a good idea to take a look. There might be ways you can improve that score before you apply for a mortgage. You'll also want to check your credit report for any mistakes. If you're worried about your credit score, talk to your mortgage professional for advice on how to work on repairing it.

3. Get a Mortgage Pre-Approval. 

Before you dive into the house hunting process, it's important that you talk to a mortgage lender at the Lake of the Ozarks and get a mortgage pre-approval. The pre-approval is the first step any serious home buyer should take. Not only does the process help you determine what you can afford, it shows both sellers and real estate agents that you're serious about buying a home. Real estate agents will be more eager to work with you and sellers will likely be willing to negotiate and/or accept your bid over those who don't have a pre-approval.

4. Come Up with a Budget. 

Once you have your pre-approval, you'll know how much you'll be able to borrow. You can use this information to come up with an affordable budget for your homeowner expenses. Remember that you need to consider more than just your monthly mortgage payment. You need to consider taxes, homeowner's insurance and any emergency expenses that may arise. You no longer have a landlord to take care of all the home maintenance issues that can come up unexpectedly.

5. Find a Good Real Estate Agent. 

With all the resources available today, it might seem fine to start your home search on your own. While you might be able to find the perfect home by browsing listings online, you don't have the expertise on how real estate transactions work. Your agent does so much more than just show you homes you would be interested in. They're there to work with you through the process to help you understand the paperwork and transaction details, as well as answer any questions you may have. They can also help with negotiations and ensure the entire process runs smoothly.

6. Make a Needs and Wants List. 

Another step you should take before looking at properties is to make a list of things you need in a home and things you would want in a home. Unless you're building your own home, you're likely not going to find one that has everything you desire. You're going to have to determine what's most important and then make some compromises. Making a list will help you narrow down the properties that you will go look at, and keep you from wasting any time.

7. Prepare Yourself Emotionally. 

Buying a home can be an emotional process. It's important that you don't let your emotions cloud your judgement. Buying a home is one of the largest purchases you'll ever make in your life. It's important that you make financially responsible decisions in regard to a home purchase. Therefore, it's a good idea to prepare yourself emotionally before you start looking at homes. You don't want to get attached to something you can't afford.

If you're ready to start the home buying process, give me a call at 573-746-7211 today! As your Lake of the Ozarks mortgage lender, I'm here to help you with everything from the pre-approval to the closing. 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 

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.

Can I Get a Home Loan While Still Paying Off Student Debt?

One common misconception about getting a mortgage at the Lake of the Ozarks is that you can't have any student loan debt. While it's true that your debt-to-income ratio will affect your mortgage approval, having some debt is okay - actually it's even better than having none at all. Keep reading to learn about getting a mortgage while you're still paying off your student loans.

Student Loan Debt vs Credit Card Debt 

The first thing to understand is that there's a big difference between student loan debt and credit card debt. Debt itself is essentially borrowing from your future self. However, with student loans, you are investing in a better future. You'll be more employable and earn more with a college degree. During the loan application, your Lake of the Ozarks mortgage lender will take a look at not only how much debt you have, but what type of debt it is. Having student debt is okay, but having a lot of credit card debt might raise some issues. Talk these things through with your lender, he or she is there to help!

Facts About Student Loan Debt 

Below you will find 6 things you should know about student loan debt:

• 40% of the nation's total student loan debt is from graduate degree debt, not undergraduate
• 75% of borrowers age 20-30 have monthly student loan payments of $400 or less (50% of those borrowers have monthly payments of $203 or less) 
• $351 is the average monthly student loan debt payment, while $750 is the average extra monthly earnings for a college degree 
• 15% is the approximate rate of return on a college degree
• 42% of student loan borrowers owe less than $10,000 
• Of homeowners age 31-35, 35% have a high school diploma, 39% have a bachelor's degree or higher and DID NOT borrow money for college and 50% have a bachelor's or higher and DID borrow for college. 

As you can see, student loan debt isn't as big of a problem for most people as some may think it is. Many homeowners have purchased a home with student loan debt still on their plate, and chances are, so can you. You'll just want to make sure you have everything else in order.

If you're considering purchasing a home at the Lake of the Ozarks, give me a call at 573-746-7211 today. As your mortgage professional at the Lake of the Ozarks, I'm here to help you every step of the way. I'll discuss your options, offer competitive interest rates and back it up with the first-class service you deserve. Don't worry about your student loan debt just yet, come talk to me first! 

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 Tips for Getting Through the Mortgage Approval Process

One of the biggest investments you'll ever make in your life is purchasing a home. To get there, you're going to have to go through the mortgage approval process. This can be long and confusing if you're not working with the right mortgage lender at the Lake of the Ozarks. In today's blog, we offer a few tips for getting through the mortgage approval process, quickly and painlessly.

1. Review Your Credit Report. 

The first big hurdle in the mortgage approval process is your credit score, which is a big determining factor in your mortgage. A low credit score could affect your interest rate, costs or even cause your application to get denied. Before you start the Lake of the Ozarks home loan process, be sure to review your credit report. Make sure you are aware of what your credit score is. Talk to your mortgage professional about correcting any mistakes that may have been made on your credit report and if there are any ways you can improve your score before you take the next step in the home buying process.

2. Have Your Documents in Order. 

Your credit score is just one of the factors that a Lake of the Ozarks mortgage lender will take into account. Your lender is going to need documentation on your income, assets and monthly debt payments. Your debt-to-income ratio also plays an important role in the mortgage approval process. You can improve your chances by paying off some debts prior to applying for a mortgage loan. Talk this over with your mortgage lender at the Lake of the Ozarks first. However, if that's unrealistic, just ensure you don't take on any new debts while going through the mortgage process.

3. Get a Mortgage Pre-Approval. 

One of the first steps in the mortgage approval process is getting a pre-approval. It is very important to understand the differences between a pre-qualification and a pre-approval. A pre-qualification is a preliminary determination that you should be able to get approved, and this can be done at any time. The purpose is to determine how much of a loan you could be approved for and the down payment you would need to make; however, a pre-qualification is not binding, it's more of a hypothetical situation. A pre-approval is more attractive to sellers and real estate agents because it demonstrates that you would be a good candidate for loan approval because you've already done the necessary credit check and other financial evaluations. On a pre-approval, all your information and documentation has been obtained and reviewed by an underwriter to determine that you qualify for the loan program you applied for.

4. Don't Change Employers. 

Once you've begun the mortgage approval process, be careful that your activities don't do anything to jeopardize it. Not opening any new credit accounts or taking on any new debt was mentioned earlier, but you also don't want any changes in income, which includes changing employers. Your lender wants to see a steady income from the same employer. Changing jobs, even if it's within the same industry and roughly the same pay or more, is not a good idea. You, and the lender, don't know if this new job is going to work out the way you expect it to. Refrain from making any changes to your job or income as it can have a major effect on your mortgage approval. Stability is very important in the mortgage approval process.

5. Have the Home Appraised. 

The home appraisal plays a critical role in the mortgage approval process. A mortgage lender is not likely to lend more money than what the property is worth. If the appraisal determines that the property is not worth the asking price, you will either have to renegotiate with the seller, bring in additional funds at closing or find a different property.

If you're ready to start the mortgage approval process, give me a call today at 573-746-7211. 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 

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.

Christmas at the Lake of the Ozarks

The Lake of the Ozarks is a spectacular destination, not just during the summer time, but all year round. From delicious feasts to holiday lights, Christmas time at the Lake of the Ozarks is a magical experience. In today's blog, your Lake of the Ozarks mortgage lender presents a list of Christmas activities for you to take part in this season.

Holiday Lights at the Lake of the Ozarks

Photo Credit: FunLake.com

While the holiday light displays have been available for viewing all month long, they won't be around much longer! Here's a list of places to check out amazing displays of holiday lights:

• Enchanted Village of Lights - Laurie Fairgrounds - Open nightly from 5-9 pm (10 on weekends) through January 1
• St. Patrick's Festival of Lights - Shrine of St. Patrick / Mother's Shrine - Open from 5-10 pm daily through December 31 
• Versailles Unity Circle of Lights - Versailles City Park - Open from dark until midnight through January 1
• Osage Beach Holiday Lights in the Park - Osage Beach City Park & Osage Beach Pkwy - Open Wednesday through Sunday evenings through December 31

As of January 1st, these light displays will be taken down until next year, so be sure to check them out now!

Christmas Village at Old Kinderhook 

The last weekend for the Christmas Village at Old Kinderhook is December 22-24. The Ice at Old Kinderhook will feature fun activities and much more! Horse drawn carriage rides, gingerbread house decorating, tree lighting and trimming, Santa & Mrs. Claus, Elf Storytelling, S'mores around the fire pit, fun games for the entire family, great food and great company all await you at The Ice at Old Kidnerhook this holiday season. Call 573-317-3500 for hours and more details.

Christmas Eve & Christmas Day at J. Bruner's 

Enjoy your family get together without all the fuss and mess by letting the chefs at J. Bruner's prepare you a special holiday dinner with great steaks and seafood. The restaurant will open at 5 pm on Christmas Eve and 3 pm on Christmas Day. Reservations are recommended - call 573-348-2966.

Christmas Dinner at HK's Restaurant 

HK's Restaurant in The Lodge of Four Seasons is hosting Christmas dinner on Sunday, December 24 and Monday, December 25. The restaurant will be open from 3-9 pm both evenings. Call 573-365-3000 for reservations.

Christmas Day Buffet at Tan-Tar-A 

Head over to the Black Bear Lodge Restaurant at Tan-Tar-A for their famous Christmas buffet. The restaurant will be open from 11 am to 4 pm on Monday, December 25. Reservations are required. Please call 573-348-8619.

When you own a second home at the Lake of the Ozarks, you can enjoy the spectacular Lake events all year round! From Easter and 4th of July to Thanksgiving and New Year's Eve, there's always something fun happening at the Lake of the Ozarks. To discuss your Lake of the Ozarks home financing needs, give Lakelender Michael Lasson a call at 573-746-7211 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.

Halloween Events at the Lake of the Ozarks

The month of October is quickly coming to an end, which means it's time for the scariest holiday of all. Will you be spending Halloween at the Lake this year? Your favorite mortgage lender at the Lake of the Ozarks has all the details on the upcoming Halloween events.

Hy-Vee Hollow Trick-or-Treat 

Date: Thursday, October 26
Time: 4-7 pm
Place: Hy-Vee Parking Lot
Details: Bring the kids for trick-or-treating at Hy-Vee. Admission is $2 per child, and all of the proceeds will benefit 2 local organizations: The Dream Factory and Camp Wonderland. Refreshments will be provided.

Zombie Wasteland Haunted House

Date: Thursday, Friday and Saturday, October 26-28
Time: Opens at 7 pm
Place: 474 S. Hwy 7 in Camdenton (Next to the Airport)
Details: Survive a zombie wasteland with lots of foam darts and a nerf gun of your choice. Tickets are $10 per person and proceeds benefit Kids Harbor Child Advocacy Center.

The Haunted Holler

Date: Friday & Saturday, October 27-28
Time: 8 pm to Midnight
Place: Trail located 1 mile behind Hy-Vee in Osage Beach
Details: The Haunted Holler is a quarter mile haunted trail in the woods. Admission is $10 per person on Friday and $15 per person on Saturday. Recommended for ages 6 and up, and children 12 and under must be accompanied by an adult.

Howl-O-Ween Festival 

Date: Saturday, October 28
Time: 10 am to 2 pm
Place: Dogwood Animal Shelter
Details: The 7th Annual Howl-O-Ween Festival is free to attend. There will be a pet costume contest and other fun competitions, a raffle, grilled lunches for purchase, local artists and crafters on site, a mini Dogwood Thrift Shop and more!

Halloween on the Bagnell Dam Strip 

Date: Saturday, October 28
Time: 8 am to 9 pm
Place: Bagnell Dam Strip
Details: Halloween on the strip will feature a 3K Haunted Fun Run, Pancake Breakfast Fundraiser, Trick-or-Treating on the Strip, Games of Skill, a Cookie Walk, Costume Contest, Pie Eating Contest, Teen Night with a scary movie and bonfire, all followed by adult fun with costume contest, bands and other entertainment.

Kid's Halloween Spooktacular at Captain Ron's

Date: Sunday, October 29
Time: 5-6:30 pm
Place: Captain Ron's
Details: Bring your little ghosts & goblins to Captain Ron's to grab some loot! Several local businesses will be handing out goodies.

SpookTacular Trick-or-Treat 

Date: Tuesday, October 31
Time: 6-9 pm
Place: Splatz Paintball
Details: A safe, family-friendly trick-or-treating experience with music, contest, fun and games!

Happy Halloween from Lakelender Michael Lasson! If you love spending time at the Lake, and want to be able to partake in fun holiday events all year round, consider purchasing a second home at the Lake of the Ozarks. As your Lake of the Ozarks mortgage lender, I'm here for all your home financing needs. I'll work with you every step of the way, to 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 

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

Fax:(866) 397-0318

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.

3 Common Reasons People Don't Qualify for a Mortgage

You have decided you're ready to take the next step in your life and purchase a home at the Lake of the Ozarks. The challenge now is going to be a qualifying for a mortgage loan. Your Lake of the Ozarks mortgage lender is here to make you aware of some of the common reasons people don't qualify for a mortgage. This can help you get all your ducks in a row and be prepared for the loan approval process.

1. Bad Credit or No Credit at All. 

Your credit is one of the most important factors that goes into determining if your mortgage application is approved or not. If you have bad credit or no credit at all, you could have a difficult time getting home financing at the Lake of the Ozarks. Before applying, be aware of your credit score. Take a look at your credit report and correct any errors. Make sure to pay your bills in full and on time to avoid hurting your credit. If you don't have any credit at all yet, work on building some good credit before attempting to apply for a home loan. This is why it's important to start planning early for a home purchase. It can often take some time to get your credit cleaned up.

2. Unsubstantiated Income. 

Unsubstantiated income is income that you can't prove or verify is actually what you say it is. When you apply for a mortgage, your lender is going to look at your current employment and income. This factors in to how much you are able to borrow and how likely you are to make your monthly payments. If you aren't able to provide documentation of a stable income, you might have a difficult time getting approved. (This is why you shouldn't change jobs during the mortgage process either.) This is a common issue for self-employed buyers because they don't have the proper paperwork. Necessary documents include profit and loss statements, as well as tax returns that are filed properly and timely.

3. No Money for a Down Payment. 

While there are programs now that require a no/low down payment, not having any money to put down makes you a bigger risk. Your mortgage lender at the Lake of the Ozarks wants to know that you have sufficient income and assets to make your monthly payment on time and in full. Your down payment is an investment, which shows you are "invested" in this transaction. While the traditional 20% down isn't necessary, you'll want to have 3-5% to put down, depending on the type of loan for which you apply. Another reason to start planning for your future home early, you need time to save for a down payment.

If you think you're ready to apply for a home loan at the Lake of the Ozarks, give me a call at 573-746-7211. I'm here to work with you every step of the way, from filling out your application to getting you through the closing. I'll 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

Fax:(866) 397-0318

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.