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 

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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.

6 Tips for Refinancing Your Home at the Lake of the Ozarks

Refinancing a home has a variety of benefits. Whether you're looking to lower your monthly payment, get a better interest rate or tap into some of your home equity, refinancing is an option to consider. Here are a few tips for refinancing your home at the Lake of the Ozarks: 

1. Stop Procrastinating: Make the Decision to Refinance Today.  

If you purchased your home awhile ago, chances are you're paying a higher interest rate than necessary. Interest rates recently hit historical lows and are now climbing their way back up. If you want to refinance, now's the time to do it! Once those rates start going up, homeowners are likely to regret missing the opportunity to take advantage of appealing rates. 

2. Ensure Your Credit is Good. 

Refinancing your home is similar to applying for a home loan in that your credit history plays a large role. If you have struggled with your credit rating in the past, refinancing may not be the best option for you. Consult your Lake of the Ozarks mortgage lender to review your credit history and determine what interest rates will be available to you. Together you can decide if refinancing will help you save money. 

3. Debate If Paying Points Makes Sense. 

While paying points isn't always the best option, it's something that should be considered. Paying points is where you pay some money upfront to permanently lower your interest rate. Be sure to run the numbers to ensure the amount your saving in the long run justifies spending the money upfront for those points. 

4. Consider Switching from an Adjustable to Fixed Rate. 

If you currently have an adjustable-rate mortgage and are worried about rising interest rates, now might be the time to refinance to a fixed-rate mortgage. With a fixed-rate mortgage you can lock in a new rate, making your monthly payments more predictable. 

5. Beware of Taking Cash Out. 

When refinancing your home, it can be tempting to do a cash-out refinance to pay for that car or that vacation you've been wanting. While cash is nice, you're setting yourself up with a bigger mortgage and less equity. You will want to consider carefully if it is worth taking the cash; often, it is not.  

6. Ignore the 1% Rule.  

Maybe you've heard the rule that you shouldn't refinance unless you can get at least 1% less on your interest rate. However, that's not always true. In some instances though, a rate reduction of just a quarter of a percent can provide benefits and savings. Run the numbers yourself to determine if a refinance is the right decision for you.

If you're considering a home refinance, call 573-746-7211 to discuss your options. As your mortgage lender at the Lake of the Ozarks, I'll work with you every step of the way. I'll 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.

Refinancing Your Home at the Lake of the Ozarks

Buying a brand new home isn't the only reason you would need a home loan at the Lake of the Ozarks. Today's blog from your Lake of the Ozarks mortgage lender discusses how refinancing your home works. Keep reading to find out if refinancing may be right for you.

What is Home Refinancing? 

Refinancing is when you get a new mortgage to replace the original one you had on your home. This is done in an effort to reduce the monthly payment amount, lower the interest rate or take cash out for larger purchases. In today's economic conditions, it can be difficult for some to make the monthly payments on their mortgage. Should you find yourself in a situation where you're struggling to make your mortgage payments each month, refinancing is something to consider.

How Does Refinancing Work? 

When refinancing a home at the Lake of the Ozarks, the first loan is actually paid off, allowing the second loan to be created. Therefore, there will be costs associated with creating a new loan. It's important to make sure that the benefits of refinancing will outweigh the associated costs. You will need to consider all of the closing costs, such as application fee, title insurance and title search fees, attorney review fees and points and fees incurred in loan origination. Run the numbers and see if refinancing makes sense for you. Talking to a mortgage professional at the Lake of the Ozarks and discussing your options will also help.

Advantages of Refinancing 

There are a variety of advantages to refinancing your home. The main advantage is being able to reduce your interest rate. Whether interest rates have dropped since you first got your mortgage or your credit score has improved allowing you to qualify for a better interest rate, refinancing might be a great option for you. A lower interest rate can have a huge impact on your monthly payments, potentially saving you hundreds of dollars each year. This brings us to the next advantage, the ability to reduce your monthly mortgage payment. Whether you took a pay decrease or just want to be able to set money aside in savings, a reduction in your monthly mortgage payment by refinancing could be a great solution.

If you're considering a Lake of the Ozarks home refinance, give Michael Lasson a call at 573-746-7211. As your mortgage lender at the Lake of the Ozarks, I'm committed to working with you every step of the way, from deciding if refinancing is right for you to closing the loan. 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

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.

6 Common Refinancing Mistakes

With interest rates still low, many homeowners are thinking about refinancing a home at the Lake of the Ozarks. While refinancing could possibly save you money in the long run, it's important to look at the big picture. Keep reading to learn about some of the most common refinancing mistakes you can make.

1. Not Taking Care of Your Credit

Your credit score is one of the biggest contributing factors in determining what interest rate you'll qualify for. Take a look at your credit report to make sure there aren't any errors. In addition, be sure to pay all your bills on time. You want to do everything you can to increase your credit score before going in to refinance your home loan at the Lake of the Ozarks. 

2. Opening New Credit Accounts and Increasing Debt

One way to hurt your credit score and your chances at a good mortgage interest rate, is to open up new lines of credit. Doing so can lead to delays in the mortgage approval process and could even cause you to get rejected. Not only does this cause a change in your debt-to-income ratio, but every time you open a new credit account, your credit score drops. 

3. Failing to Consider All Costs

While lowering your monthly payment or getting a better mortgage rate is your main goal when refinancing, it's important to consider all associated costs. Before jumping on what seems like a great deal, weigh the amount of time left on your current mortgage and the closing costs of the refinance. If you don't plan to stay in your house very long or you're close to paying it off, a refinance might not make sense financially. Be sure to look at the big picture.

4. Not Checking Your Property Value

Chances are, your home's value is not the same as it was when you first financed your house. Overestimating your property value is one of the easiest refinancing mistakes you can make. Talk to real estate agents in your area to see what homes similar to yours are going for these days. Having a realistic number in mind can help you avoid a costly financial mistake.

5. Financing Short-Term Expenses with a Long-Term Loan

With the rise in home prices, many homeowners are tapping into newfound equity to accomplish financial goals. While a cash-out refinance may seem like a great way to pay for that cruise you've been dreaming to take, it will cost you more for that trip. Before refinancing, think about the value you're getting. Homeowners may receive more value by investing in home improvements, a college education or a promising business venture. Make sure your refinance will yield good returns in the long-term. 

6. Refinancing Too Often

With interest rates near all-time lows, it can be tempting for homeowners to refinance. However, like mentioned above, there's more to think about than just the interest rate. Frequent refinancing extends the mortgage term again and again. Sometimes the lowest possible payment is a priority for a homeowner with limited cash flow. However, a financially stable borrower should focus on lifetime savings. One strategy would be to refinance with a shorter term. You can also make additional principle payments to avoid extending the repayment time frame.

Talk to your Lake of the Ozarks mortgage professional if you are considering a home refinance. I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve. Together, we can decide if refinancing your mortgage at the Lake of the Ozarks is the right decision for you!

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.

Why NOW is the Time to Refinance Your Home

If you've been thinking about refinancing your home, now is the time to do it. Whether you're looking for a better rate or you want to shorten the length of your loan, refinancing now might be the right move. In today's blog, your Lake of the Ozarks mortgage lender discusses why NOW is the time to refinance your home at the Lake of the Ozarks.

Low Interest Rates

Interest rates currently remain in historically low territory. Consumer inflation has remained tame over the past few months, and tame inflation tends to be good news for Lake of the Ozarks home loan rates since they are tied to mortgage bonds. Inflation is also one of the many economic factors the Federal Open Market Committee (FOMC) considers when setting monetary policy. July's meeting notes didn't provide a clear signal regarding when the Fed may next change the Fed Funds Rate. This is the rate banks use to lend money to one another overnight. The September meeting provides the next opportunity for the Fed to consider an adjustment. An increase in the Fed Funds Rate could negatively affect home loan rates, so this is something to keep an eye on. One of the main reasons people choose to refinance their home is to get a better rate. With the possibility of an increased Fed Funds Rate, now is the time to talk to the best mortgage lender at the Lake of the Ozarks about refinancing your home before interest rates start rising.  

Changing Loan Terms

Historically low interest rates have enticed more homeowners to refinance in order to shorten their loan term. Depending on the rate you had before and what you can secure now, homeowners could possibly cut the loan term in half without a huge jump in monthly payments. In addition to the term length, you need to consider other factors affecting your loan. Do you have an adjustable-rate mortgage? If so, you may want to consider refinancing to a fixed rate, as interest rates could start rising in the near future. They've remained at historic lows for a while now, and there's no telling exactly what the Fed Funds Rate will do and how mortgage rates could be affected in the near future.

Refinancing may not be the right move for everyone, and talking to a mortgage professional is the first step. When it comes to your Lake of the Ozarks home financing needs, Lakelender Lasson is committed to working with 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!

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

Sr. Loan Officer

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

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.

Short Sale vs. Foreclosure

If a financial hardship situation puts you in a position of not being able to remain in your home any longer, you have two options: a short sale or a foreclosure. As your Lake of the Ozarks mortgage lender, my hope is that you don't find yourself in either of these situations. However, sometimes things happen and you can't make your mortgage payments like you thought you would be able to. Let's take a look at each of these options, their differences and what these situations mean for you as a homeowner or prospective homeowner in the future.

Short Sales

A "short sale" in real estate refers to a real estate transaction where the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens' full amounts. This can happen when you owe more on your loan than the home is worth and you need to sell it. You can only do a short sale if your lender approves it because they must agree to make less money than they're owed. To qualify for a short sale, you must prove financial hardship with documentation.  

Foreclosures 

A "foreclosure" is a property that has been taken over by the lending institution as a result of the mortgagor's failure to keep up on the mortgage payments. If you're in financial hardship situation and stop making your payments, a foreclosure will be the ultimate result. When you miss a payment it's called default. After a period of no payments, your lender will begin the foreclosure process. When this happens, the homeowner's rights to the property are forfeited. If the homeowner cannot pay off the outstanding debt or sell it via short sale, the home goes to a foreclosure auction. If the property does not sell at auction, it becomes the property of the lending institution.   

What Does It Mean For You? 

In either situation, your credit score will be affected and it could be harder to secure a mortgage loan in the future. A short sale will cause your credit score to drop as little as 50 points if you don't incur any late mortgage payments during the short sale process, or as much as 200 points if you do incur late payments. Getting a new home loan after a short sale can happen in as little as 2 years if you can put down 20 percent. In a foreclosure, your credit score can drop 200 to 400 points. A foreclosure hits your credit harder than a short sale because you have to accrue late mortgage payments on your way to foreclosure. It can take up to 7 years to get a new home loan after a foreclosure, but it can be significantly shorter if your hardship was beyond your control, like a job loss.

If you're worried about being able to make your mortgage payments in the future, give me a call at 573-7467211 to talk about your options. There's a possibility we might be able to refinance your home at the Lake of the Ozarks to get your payments lower before you run into the issue of not being able to pay. When it comes to your financing needs, I'm committed to working with you every step of the way!

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

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

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 Things to Consider Before Refinancing Your Home

Have you considered refinancing your home? While it can be a great option for some people, it may not be the right choice for everyone. Here are a few things you'll want to consider before deciding if refinancing at the Lake of the Ozarks is the right move for you.

1. Reason for Refinancing

The main reason people choose to refinance their homes is to get a better deal. This could be in the form of a lower interest rate, lower monthly payments, or a shorter/longer loan period. You'll need to consider your personal reasons for wanting to refinance. Maybe it's to free up some cash to pay off higher interest loans such as a car payment. What goals do you want to accomplish through the refinancing process? Be sure to examine the pros and cons of refinancing your home before taking any action. You need to see if your timing and circumstances are right for refinancing. If your credit score has improved or your income has changed, you might be ready for a refinance.

2. Current Interest Rates

Interest rates are one of the main factors determining the cost of your mortgage at the Lake of the Ozarks. On average, a borrower that refinances their home reduces their interest rate by about 1.5 percentage points. That may not sound like much, but over the life of the loan it adds up. Keep in mind that published interest rates are only a guideline, as interest rates differ for each borrowers individual situation. Your credit score and intended loan type will influence the rate available to you.

3. Costs and Penalties Involved

Be careful that penalties don't eat up all that you're saving with your refinance. Some financial institutions charge hefty fees for paying off your loan early. These fees can make it unfeasible to refinance your home at the Lake of the Ozarks. Refinanced loans often incur "moving costs" such as legal fees, disbursement costs, new valuation costs and stamp duty. Make sure to check the numbers to see if you're actually saving money before you decide to go through with the refinance. You want your long-term savings with lower payments to outweigh the immediate costs of refinancing.

For all of your Lake of the Ozarks home financing needs, give me a call at 573-746-7211. I'm committed to working with you every step of they way. As your Lake of the Ozarks mortgage lender, I'll discuss the best options for your unique situation, 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

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

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.

What is a Loan Modification?

Are you going through a financial hardship? Have you fallen behind on your mortgage payments? Are you facing a foreclosure on your home? A loan modification might be the solution to your mortgage problems. Your Lake of the Ozarks mortgage lender is here to help you understand what a loan modification is and can help you determine if you're eligible for one. 

Loan Modification 

A loan modification is an agreement between you and your mortgage company to change the original terms of your mortgage. This could be a change in the payment amount, length of the loan, interest rate, etc. In most cases, you can modify your loan so your monthly payments are more affordable. You might consider a loan modification if you're ineligible for a refinance, you're facing a long-term hardship, or you're several months behind on your mortgage.

Determining a Borrower's Eligibility

Lenders will use specific financial analysis criteria to determine if a borrower is eligible for a loan modification. This criteria includes:

• Financial Hardship: The borrower experienced an unavoidable, verifiable loss of income or increase in living expenses. This could include job loss, death of a spouse or child, illness or disability.
• Ability to Pay: The borrower can prove he/she will be able to make the new payments now and the original payment again after 6 months.
• Debt-to-Income Ratio: While this may vary, most lenders require the borrower's debt-to-income ratio in the 36% to 45% range. Compensating factors such as credit score and the amount of equity in the property will also be considered.
• Inability to Refinance: The borrower is unable to refinance, but still needs temporary lower payments to make it through financial hardship. 
• New Applicant: The mortgagor has not received a loan modification in the previous 24 month period. 

Steps to Take

If you are interested in seeing if you qualify for a loan modification, follow these steps:

1.  Gather Financial Information: Make sure you have your basic financial and loan information on hand before you call your lender. This information includes: your mortgage statements, monthly debt payment information such as student loans, car loans or credit card payments, and your income details proven through pay stubs and tax return documents. 
2. Explain Your Situation: Be prepared to outline your current financial hardship and why you're having trouble making your monthly mortgage payments. You will also need to let the lender know if this is a short-term or long-term problem.
3. Once you have completed steps 1 and 2, you're ready to call your mortgage company at the Lake of the Ozarks to let them know you are interested in a loan modification and would like to see if you qualify. 

Lakelender Michael Lasson is here to help with all your Lake of the Ozarks home financing needs. From new home loans to refinancing your home at the Lake of the Ozarks, I'm here to help you every step of the way. For information or questions you may have regarding mortgages, 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

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

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.