Showing posts with label owning a second home at the Lake of the Ozarks. Show all posts
Showing posts with label owning a second home at the Lake of the Ozarks. Show all posts

Friday, July 17, 2020

Things to Know When Buying a Vacation Home in 2020

2020 has been quite the year for the real estate market. Homes are selling right and left and the interest rates are phenomenal, which means that if you have been considering purchasing a vacation home at Lake of the Ozarks, this is the time to get involved. Vacation homes at the Lake are considered an excellent investment, but with any investment, there are a few things you will want to know going into this purchase. Here are a few things that may be helpful as you navigate real estate buying at Lake of the Ozarks through 2020.

Consider Your Budget

This is the first and most important step in purchasing a new home - how much can you afford? The cost of the home is just the beginning, as you will also want to consider property taxes, insurance, utilities, and HOA fees. You will also want to plan for the additional items like furnishings, seasonal gear (dock and boating accessories, water toys, etc.), kayaks, and more.

One easy way to figure out how much home you can afford is by getting the process started with a pre-approval. You can visit our website at www.yourlakeloan.com, fill out the application, and when we have finished running the numbers, we will let you know the maximum amount you can spend on a new property.

Take Advantage of the Interest Rates

If you have been thinking about purchasing a home, there really is no time like the present. The reason you should make the consideration now is that the mortgage rates are exceptional. While this may not be a great reason to make a sudden decision to buy a home (but it is still a consideration!), it is a good reason to change your timeline if you have been considering it, but just were not sure when you wanted to take the leap. For all the people buying homes, we are also seeing a large surge in people refinancing their homes, so knowing what is happening in the interest rate world should play a role in your thought process when buying a vacation home at Lake of the Ozarks.

Consider Your Long-Term Goals

When you are planning on buying a home in 2020, it is important to think about long-term goals. Will you want a place to retreat to on the weekends, or are you looking for a place to get out and enjoy time with friends and family. Are you looking for an investment property? Or you are planning for a potential retirement home? Thinking about your future plans for the property will not only help you know what type of home to get and where, but can also help with the type of loan that you will choose as well. Investment properties can have different requirements, so if you are planning on going that route, it is better to know in advance.


2020 Is Your Year

If you have been dreaming about buying a home at Lake of the Ozarks, this could be the year for you. We invite you to visit our website and learn more about our mortgage division at Lake of the Ozarks, as well as fill out an application for a pre-approval. We look forward to working with you and helping you secure the home of your dreams a Missouri mortgage. Happy house hunting!

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






**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

Wednesday, May 6, 2020

FAQs About 2nd Home Mortgages

Buying a second home can feel a lot like buying a first, but there are certainly some new questions that may come up during the process. This is a wonderful time to purchase a home at Lake of the Ozarks, and if you have been considering this next financial step, we want to help answer your questions. Here are a few frequently asked questions that come up during the mortgage process, but more specifically when buying a second home.


Q: Can I Handle the Financial Responsibility?

A: This is something that you will have to consider carefully. Not only will you be taking on the additional mortgage, but you will also be signing up for a second homeowner’s insurance policy, property taxes, additional utilities, and maintenance. Another aspect that is unique to second homes is that they do not qualify for government-backed mortgages. If you are curious about how a second home will impact your finances, be sure to fill out the application on our website (www.YourLakeLoan.com) and we can help you take a look.

Q: Why Do I Want to Purchase a Second Home?

A: This may seem like it has a simple answer, but for many second homeowners, it could be much more involved. For some homeowners, a second home is going to be a weekend getaway where they can enjoy the quiet peacefulness of the Lake, for others, it is going to be an investment property where they can hopefully enjoy it a few times during the busy season, but mostly rent it out. Knowing how you want to use this property from the start will affect many different choices down the road, from the type of mortgage you choose to the insurance you select.

Q: Are Interest Rates Higher for an Investment Property vs. a Vacation Home?

A: They can be. When a buyer is purchasing a home to be their vacation property at Lake of the Ozarks, for example, it is generally far less risky than for an investment property. If someone is planning to purchase a condo or a lakefront home and will be relying on renters and vacationers to assist with paying for the mortgage, it can often be seen as a risk. This does not mean that you cannot get good rates, though! If you are interested in getting a mortgage on an investment property, fill out the application on our website and we can talk about the details.

Q: What are the most popular ways to purchase a second home property?

A: There are several ways to make this happen. A common strategy is to do a cash-out refinance on your primary home to get the proceeds to use for a down payment on the new purchase or to pay cash for it, if there is enough equity in your primary home. A second way is to get a HELOC (home equity line of credit on your current real estate. A third way is to get a conventional loan on the second home. All three options are things we can help with, and we can show you all the options to help you decide which one is right for you.


Ready to Buy Your Dream Home?

The first step is to fill out the application on our website (www.YourLakeLoan.com). After you have completed that process, we can discuss which options are better suited to your needs, and help you choose the right financing options. At Team Lasson, we are so excited to help you make your dreams a reality, and we look forward to assisting you in purchasing a home at Lake of the Ozarks. Visit our website to learn more about our team, as well as to get started!

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 24, 2019

5 Reasons to Buy a Lake Home

Owning a home at the Lake of the Ozarks is both a great way to have some fun vacations, as well as a wonderful investment. Now is a great time to purchase a Lake of the Ozarks home, and Team Lasson is here to help! If you're still on the fence about taking this next step, here are five reasons you should buy a home at the Lake of the Ozarks!


Outdoor Recreation

This is one of the biggest draws for people wanting to live at the Lake of the Ozarks. The Lake provides entertainment both on and off the water, but especially on the water. With hundreds of homes lining the shores of our lake, and with docks attached to those properties, you can quickly see what people love about our area! Of course, it’s not all just water-related activities that keep people’s interest while they stay here. Hiking, horseback riding, golfing, local events, camping, hunting, and more are additional draws as our beautiful Ozark hills provide a place to enjoy the great outdoors. On the water, cruising, coving, fishing, water skiing, wakeboarding are just a few of the ways people enjoy the water at the Lake of the Ozarks.

Relaxing Environment

There’s nothing quite like waking up on a beautiful summer weekend, fixing your favorite breakfast and beverages, and enjoying the atmosphere from your beautiful lakefront deck or watching the sunrise over the Ozark hills, listening to the birds chirping, watching deer graze down the hill, and listening to the squirrels twittering on the branches above are some of the beautiful relaxing ways to enjoy your home at the Lake of the Ozarks. Others may find social activities more relaxing, which could involve getting the boat out and hopping from one lakefront restaurant to the next, coving out with friends, and enjoying some fun in the sun. Still, others may enjoy a day out on the golf course and wrapping up the day with a few drinks at your favorite local spot. The ways to enjoy and relax at the Lake of the Ozarks are endless, which is why it’s such a popular vacation destination, and why SO many people want to own a home at the Lake of the Ozarks.

Privacy

The Lake of the Ozarks is home to celebrities, wealthy business people, and more - but you may not even know because this area is the perfect place for some privacy! Of course, others come down and enjoy a little fan appreciation, so you’ll see photos crop up occasionally, but for those seeking out a private lifestyle that is still filled with a vacation atmosphere and a hometown feel - the Lake of the Ozarks can meet those needs. If you’re looking for discretion in a home purchase at the Lake of the Ozarks, Team Lasson is here to assist.

Wildlife

We mentioned it above, but one beautiful reason to purchase a home at the Lake of the Ozarks is to get just a little closer to nature. The wildlife around here is majestic and perfectly at home in their Ozark hills. From whitetail deer, wild turkeys, squirrels, chipmunks, birds, fish, and turtles, there are many ways to enjoy these creatures in their natural habitat. Whether this is from quietly immersing yourself in their world from your back deck to heading over to one of our two state parks to enjoy a hike and take in the scenery.

Entertaining

The Lake area offers many forms of entertainment! We have several venues that bring in TOP-NOTCH performers to the area. If you enjoy a good concert, we have several options for you, and if you want to enjoy a meal at the same time, many of our local restaurants bring in artists to perform as well.

Of course, this could also mean entertaining guests - which is another reason to purchase a home at the Lake. It’s the perfect place to bring friends or family for a weekend away, some time to catch up, and fun activities that you wouldn’t get to enjoy elsewhere.


Ready to Buy a Lake of the Ozarks Home?

Team Lasson is ready to help you purchase your home at the Lake of the Ozarks! If you’ve been dreaming about a lakefront home at the Lake of the Ozarks, this is an excellent time to purchase. Team Lasson has been helping homeowners for over 20 years secure their dream homes, and we want you to be the next. Visit our website to submit your application, we look forward to working with 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

Wednesday, June 26, 2019

Documents Needed for a Mortgage Loan

When purchasing a second home, you will still need to go through the mortgage process, just like you did when purchasing any other property. If you’re ready to take the big step and purchase a vacation home at the Lake of the Ozarks, Team Lasson is ready to help you walk through the mortgage process. The application process can be started on our website, and after this is complete, we’ll start collecting the documents that are needed to move forward in the process. Here is a basic list of the documents you will want to gather as you being the mortgage process.
 

Proof of Income

Proving your income will generally require providing a few specific documents:
  • The last 30 days of pay stubs
  • Your current tax returns, personal and business (some programs may require 2 years of returns) 
  • Tax forms such as, W-2 and 1099s

Insurance

Start checking with some insurance agents to get quotes for coverage on the property you are looking to buy so you have an idea of what the annual premium will be to figure into your debt ratio

Monthly Debt Load

We will know most of your debts during a credit check, but it’s still important for you to account for additional information regarding those debts and other debts that might not be reported. You’ll want to grab provide documents like:
  • Your current mortgage statements for all properties you currently own
  • Proof of taxes, insurance and association dues on properties you own, if not escrowed
  • Student loan payments

Total Assets

You will need to provide a current statement for your assets.
  • Checking and Savings accounts
  • Stocks
  • Bonds
  • Mutual funds
  • CDs
  • Retirement accounts

It’s Time to Get Started!

There’s still time to purchase a home, and Team Lasson would like to assist. Purchasing a vacation home at the Lake of the Ozarks can be a wonderful process, and with the right team behind you, you will be amazed at how easy it can be to get a mortgage for your second home. Visit our website to learn more about our mortgage company at the Lake of the Ozarks. You can also fill out your an on-line application to get the process started! We look forward to assisting you in accomplishing this exciting goal - and before you know it, it will be time to cut get the keys and throw a housewarming party!

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

Wednesday, May 8, 2019

5 Locations for Your Vacation Home at the Lake of the Ozarks

The Lake of the Ozarks is a unique place to own a vacation home because there are so many different areas to choose from. Looking for a small fishing cabin at the Lake of the Ozarks nestled in the Ozark woods on a quiet arm of the lake? No problem! Maybe you’re looking for a large and luxurious lakefront mansion at the Lake of the Ozarks, located on the main channel with lots of activity and close to all of the excitement with all of the amenities? We’ve got some of that too! With several different towns to choose from, there is something for everyone. Let’s introduce you to the Lake area communities to help get you started!


Camdenton

The City of Camdenton is a wonderful place to enjoy a weekend, a week, a month, or forever! The city offers many different attractions, from an aquatic center to shopping, outstanding golf courses, restaurants, and more. It’s located equal distances from Kansas City and St. Louis and is only 45 minutes from Jefferson City. It can be accessed easily from both sides of the Lake and offers many fun events throughout the year.

Eldon

If you’re looking for a small town with strong family values and a great community, Eldon may be the place for you. It’s located only 15 minutes from the Lake of the Ozarks and 30 miles from Jefferson City. There is a strong base of civic and service organizations for people of all ages, from 4-H and FFA to the Lions Club and Kiwanis.

Lake Ozark

Lake Ozark is a prime spot for those either looking for excellent family homes or large luxury dwellings. It’s located North of Osage Beach, and boasts of several communities within that are a great place to either settle down or keep as a vacation home. Many amenities will be close by when you buy a home in Lake Ozark, MO, such as when you buy within the boundaries of Four Seasons. Pools, golf courses, activity centers to rent out and more - it can be a wonderful place to buy a home.

Osage Beach

This is a town that feels like it’s in the center of it all. Osage Beach offers many places to play and dine, from shopping and hiking to five-star dining. It also has many attractions like for all ages, as well as great shopping locations, fun activities, and more. Osage Beach is a great place to own a vacation home at the Lake of the Ozarks, from a large home to a vacation condo. You’ll also find our mortgage office at the Lake of the Ozarks right in Osage Beach - we’d love to see you when you’re in town next!

Sunrise Beach

Sunrise Beach is located on the Western side of Camdenton and has that quaint small-town feel. If you’re looking for the quiet vacation life with nearby amenities, a few grocery stores, and several fantastic restaurants to eat out at - this may be the place for you. However, there are also some luxury locations within the boundaries of Sunrise Beach, such as the Porto Cima private club. With its beautiful golf course, lovely homes, and many amenities, it can be the perfect combination of quiet and deluxe.


Ready to Get Started?

Team Lasson feels that NOW is the perfect time to buy a home at the Lake of the Ozarks. As your mortgage experts, we are ready to assist you with the purchase of your vacation home at the Lake of the Ozarks. No matter where you choose to settle, we are ready to help. Visit our website to learn more about us, or to start your application. We are excited to work with you and help you buy a home at the Lake of the Ozarks!

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, March 19, 2019

Spring Cleaning Your Vacation Home

There is only a short time before the lake area will start to hustle and bustle again and Summer will begin with full force. As you get the Lake itch and start making your plans for utilizing your vacation home at the Lake of the Ozarks, start by thinking about Spring cleaning. Even if you hire a company to do regular cleanings at your vacation home, it is always a good idea to take time to perform a deep cleaning. You can think of this as an investment in your property that will pay off in the long run, and a few good deep cleanings a year can also help improve the reviews left by renters. Here are a few key things you can deep clean before the busy season gets here.


Shampoo the Carpets

Carpets receive a lot of wear and tear, especially when you allow additional guests (and pets, if allowed) to stay in your Lake of the Ozarks vacation home. This is especially true for lake homes, as wet and sandy lake shoes track dirt across them. Cleaning your carpets can help lift stains and make your place smell fresh and ready for you and your visitors.

Wash the Window Treatments

It is no surprise that dust and allergens will build up in the window treatments all year round. Take down the drapes, curtains, and blinds to give them a good deep cleaning at least once per year. This is even more important for the windows in the kitchen or dining room. It is likely that there is residual cooking grease on the curtains - make sure you do proper research on getting this out of the material safely.

Remove and Clean Light Fixtures

Dirty light fixtures are one of the fastest ways for a home to look unkempt. Help your vacation home look pristine by cleaning out the light fixtures to prevent grime from building up, and replace the burnt out bulbs as you go. This will also help the rooms to look brighter and more inviting!

Clear the Vents

Now is a great time to remove the covers and clean the vents for your HVAC and bathroom exhaust systems. Clean any dust that has collected along the grates and replace filters that look old and dirty.

A clean vent will most likely go completely unnoticed by a guest, but a dirty one is likely to end up in a review at some point.

Clean out the Kitchen Cabinets and Drawers

Take some time to remove everything out of the cabinets and drawers to give them a thorough clean inside and out. Once you have everything out, you can also do an inventory check. Take an inventory of the silverware, utensils, cookware, glasses, and table settings.

Depending on how frequently your Lake of the Ozarks vacation home is occupied, you may want to do this inventory a few times a year around the peak seasons. This will ensure that you have plenty of utensils for larger groups and are not short on anything.

Move Major Appliances

Now is a great time to pull out your stove, refrigerator, washing machine, and dryer to clean behind them. While you are at it, you can scrub down all surfaces on your appliances, especially those in the kitchen. Do not forget the oven warming drawer, and you can also run an oven cleaning cycle to clean away any leftover cooking debris. Check into having your dryer vent completely cleaned out by a professional as this will help keep that appliance running longer and avoid the possibility of it starting a house fire.

Tackle the Time Consuming Bathroom Tasks

If you hire a cleaning service to come in routinely, they will get the basics like wiping down the toilet, shower, and mirrors - as well as replenishing the supplies. However, sometimes bathrooms have some unique cleaning requirements that do not get taken care of regularly. One example would be a jacuzzi tub. It is always a good idea to deep clean the jetted components by removing them and soaking them. You can also run a cleaning cycle through the lines. This is not just a great way to detail clean your tub, but also help reduce the need for more expensive maintenance down the road.

Clean the Nooks and Crannies

Finally, inspect every last inch of your lake home for dirt and dust. Look over the closet shelves, vaulted ceilings, and those hard to reach corners where the dust bunnies collect. A deep cleaning can take anywhere from 2-4 days, so plan accordingly next time you plan on coming out to stay in your home! 


Vacation Home Mortgages at the Lake of the Ozarks

Do you need a vacation home? Now is a great time to buy a home at the Lake of the Ozarks, and Team Lasson is ready to assist. The Summer season is coming fast, but there is still plenty of time to start your home search and secure the vacation home of your dreams. Visit our website to learn more about our mortgages, as well as to apply for the pre-approval process. It is the perfect first step if you are ready to buy a hoe at the Lake of the Ozarks!


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.

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

Friday, November 30, 2018

The Best Loan Type for Second Homes

The Lake of the Ozarks is an incredible place to live for both full time and vacationers alike. It is no surprise that after a few vacations in the area you may already be dreaming of owning a vacation home at the Lake of the Ozarks. Team Lasson makes it our goal to help you accomplish this by providing mortgages at the Lake of the Ozarks. If you already have a mortgage, here are a few things you can keep in mind as you make plans to take on a mortgage for your second home.


What Financing is Available for Vacation Homes?

There are two paths that will lead you to your vacation home. You can take out a conventional mortgage loan for the purchase of the new home or you can refinance your present mortgage or take out a home equity loan (aka home equity line of credit, HELOC) on your existing property. Here are a few important details about each of these loans types.

Conventional Loans

This process will be similar to paying a mortgage for a primary residence. You will have to put down an initial down payment, and from there set up a payment plan over a span of 30 years. These loans also come with either a fixed or adjustable interest rate.

What makes this different than your mortgage on your primary residence? Second homes require a larger down payment. They are also suited to individuals who are stable in their career and lifestyle. You will need a good credit score, stable income, and a low debt-to-income ratio, and be able to show an ability-to-repay to meet the lending guidelines. Another difference is that you will need to prove that this new residence will be a vacation home and not an investment property.

Home Equity

Another option would be to borrow from your existing property equity, and there are a few ways to accomplish this. One of the more popular ways of doing this would be to take out a HELOC. A HELOC is a line of credit backed by the equity you have in your home. Your primary mortgage would stay the same, and the HELOC would count as a separate loan. These loans usually carry variable interest rates and they require good credit scores.

A Home Equity Loan or Second Mortgage is another popular option. They are also backed by the equity you have in your home. This provides you with your funds in a lump sum, rather than a line of credit that you draw from and pay off repeatedly. These loans typically have fixed interest rates.

Another option would be to refinance your primary home to pay off the existing mortgage and take additional funds out of the equity to use to purchase the new property.

5 Things to Remember About a Vacation Home Loan

Here are 5 things that we briefly mentioned above, but that you will want to focus on while planning your vacation home loan at the Lake of the Ozarks.

  1. Good credit
  2. Ability to make a down payment
  3. Qualifying savings
  4. Low income-to-debt ratio
  5. Proof that the property will be a vacation home


Time to Finance Your Vacation Home

Team Lasson would be honored to assist you with purchasing your vacation home at the Lake of the Ozarks. From fishing cabins to million dollar mansions right on the Lake, our team is here to make the process as easy as possible. Visit our website to learn more about our mortgage services, or give us a call to get started. We love the Lake of the Ozarks, and cannot wait to help you love it as well.


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
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