Credit Scores that Lenders Use

Your credit score is a number that influences the amount of credit that is available to you. When it comes to taking out a loan, your credit score is a vital factor in the terms your Lake of the Ozarks mortgage lender will offer you.  When you apply for credit, whether it be a credit card, car loan or home loan at the Lake of the Ozarks, lenders want to know the risk they will be taking by loaning money to you. A credit score is a number that summarizes your credit risk and helps the lender evaluate your credit report. "FICO Scores" are the most commonly used credit scores among lenders. Beware of those companies offering you a free credit score online because the majority of them are not true FICO scores and can vary a lot.

FICO Scores  

The most widely used credit score is one created by Fair Isaac Corporation.  Lenders use this score to help them make billions of credit decisions each and every year.  The FICO score is based solely on information in consumer credit reports maintained at the credit reporting agencies.  These scores range from 300 to 850 and is calculated by a mathematical equation that evaluates many types of information from your credit report.  By comparing this number to the patterns of hundreds of thousands of past credit reports, the FICO Score is able to estimate your level of future credit risk.

For more information on understanding FICO Scores visit: http://www.myfico.com

What Makes a Good FICO Score

When it comes to the FICO Score, the higher the score, the lower the risk.  However, no single score can tell you whether a specific candidate will be a "good" or "bad" customer.  While many mortgage lenders at the Lake of the Ozarks use the FICO score to help them make a lending decision, each lender has their own strategy. There is no single "cutoff" score number that says you will or won't get a loan.  Many other factors go into determining your actual interest rates.  Along with your credit score, the credit reporting agency will provide up to five reasons of why your score is what it is.

For information on how to improve your FICO Score visit: http://www.myfico.com

Calculating FICO Scores

In order to calculate your FICO Score, there has to be enough information regarding your credit. Generally, you must have at least one credit account that has been open for at least six months and at least one account that has some recent activity (within the last six months) that's been reported to the agency.  You will actually have 3 different FICO Scores, one for each of the credit bureaus: Equifax, TransUnion and Experian.  Each score is based on the information that the respective bureau has for you, meaning that each of these numbers can differ.  As your credit information changes over the years, so will your current credit score.  Therefore the FICO Score you got a month ago is probably not the same score a lender would get from the credit reporting agency today.      

For more information on how credit scores can change visit: http://www.myfico.com

Although the FICO Score is an important factor when determining your Lake of the Ozarks interest rates, lenders will not base their decision on this number solely.  If you have more questions on your credit score or about qualifying for a mortgage loan at the Lake of the Ozarks, give Michael Lasson a call at 573-746-7211.  When it comes to your financing needs, he's committed to working with you every step of the way!

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

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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

Remember the True Meaning of Memorial Day this Weekend!

Memorial Day Weekend marks the start of the Season here at the Lake of the Ozarks! With all the hustle and bustle of Summer fun though, we can get distracted from the real meaning of the holiday. Your Lake of the Ozarks mortgage lender wanted to share some Memorial Day history with you in preparation for this weekends festivities.

Memorial Day, formerly known as Decoration Day, was established following the Civil War as a time to remember those who died in service and to decorate their graves with flowers.  It was not until after World War I, however, that the day was expanded to honor those who have died in all American wars.  In 1971, Memorial Day was declared a national holiday by Congress and the date was moved to the last Monday in May.

The First Memorial Day Celebrations 

One of the first observances occurred in Columbus, Mississippi on April 25, 1866, when a group of women visited a cemetery to decorate the graves of Confederate soldiers who had fallen in battle at Shiloh.  Many cities in the North and South today claim to be the birthplace of Memorial Day.  Macon and Columbus, Georgia, as well as Richmond Virginia all claim the title.  While Boalsburg, Pennsylvania claims the holiday began there two years earlier.  A cemetery stone in Carbondale, Illinois, the wartime home of General Logan, carries the statement that the first Decoration Day took place there on April 29, 1866.  Approximately 25 places, most being in the South where most of the war dead were buried, have been named in connection with the origin of Memorial Day.  

The Official Birthplace of Memorial Day Declared 

In 1966, President Lyndon Johnson declared Waterloo, New York the "birthplace" of Memorial Day. A ceremony was held on May 5, 1866 to honor local veterans who had fought in the Civil War. Businesses closed and residents flew flags at half-staff.  Supporters of Waterloo's claim say the earlier observances mentioned above were either informal, not community-wide or one-time events.  By the end of the 19th century, Memorial Day was being celebrated throughout the nation on May 30.  State legislature passed proclamations designating the day and the Army & Navy adopted regulations for proper observance at their facilities.

Some States Still Have Confederate Observances   

Many Southern states also have their own days for honoring the Confederate dead.  These states include Mississippi, Alabama, Georgia, North & South Carolina, Louisiana, Tennessee, Texas and Viginia.

Confederate Memorial Day

• Mississippi - last Monday in April 
• Alabama - fourth Monday in April 
• Georgia - April 26
• North & South Carolina - May 10 
• Louisianna - June 3 
• Virginia - last Monday in May 

Confederate Decoration Day 

• Tennessee - June 3 

Confederate Heroes Day 

• Texas - January 19 

The first Memorial Day Ceremony held at Arlington National Cemetery of about 5,000 people is approximately the same size crowd that still attends today.  Each year, small American flags are placed on each grave, a tradition that has spread to many other national cemeteries today.

“Not only are they commemorated by columns and inscriptions, but there dwells also an unwritten memorial of them, graven not on stone but in the hearts of men.” - Pericles

To ensure the sacrifices of America's fallen heroes are never forgotten, the US Congress passed "The National Moment of Remembrance Act" in December 2011 which created the White House Commission and the National Moment of Remembrance.  The commissions charter is to "encourage the people of the United States to give something back to their country, which provides them so much freedom and opportunity."  The National Moment of Remembrance encourages all Americans to pause wherever they are at 3 PM local time on Memorial Day for a minute of silence to remember and honor those who have died in service to the nation.  "It's a way we can all help put the memorial back in Memorial Day" - Carmella La Spada, Moment of Remembrance Founder

For more information on the history of Memorial Day please visit: http://www.va.gov

I would love the opportunity to help you manage your Lake of the Ozarks Mortgage Loan or refinance.  Give me a call at (573) 746-7211 or send me an email at mlasson@fsbfinancial.com with any questions you may have!!

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

5 Common Mortgage Loan Pre-Approval Myths Debunked

Many first time home buyers have concerns, not only about finding the right home, but also about the Lake of the Ozarks mortgage loan pre-approval process.  If you haven't gone through the process before, its completely normal to be apprehensive.  Often times you hear things about the process, that probably aren't even true and then have this preconceived idea that the whole process is going to be a nightmare. HomeSourceDallas.com has a great list of common myths about mortgage pre-approvals, as well as to why they are false.  Join us as we debunk some of these common myths below!

1. "Having a mortgage lender pull my credit will hurt my credit score." 

According the developers of the FICO scoring model that lenders use, the score ignores inquiries made in the past 30 days.  Even if that wasn't true, the pre-approval process is inevitable at some point unless you are paying cash or have another form of non-traditional financing arranged.

2. "I don't want to commit to a particular lender, I want to shop around for the best deal/rate on a mortgage." 

Obtaining a pre-approval from a lender gives them the opportunity to earn your business, but it does not commit you to working with them.  A the time of pre-approval, the lender will not ask you to sign anything that commits you to use them for your loan.  In fact, you aren't fully committed to a lender until you sign the documents at closing.  That being said, you want to make sure you have picked a lender well before the closing date.

3. "Having multiple mortgage lenders pull my credit will hurt my credit score."

This would have to be one of the most circulated pre-approval myths out there.  Some lenders will even insinuate this to instill fear into buyers so they won't shop around for other lenders.  The FICO credit score model's company specifically states on their website that mortgage inquiries are treated differently than other types of credit inquiries.  As mentioned above, the score ignores inquiries made within the last 30 days of scoring.  Therefore, if you find a loan within 30 days, the inquiries won't affect your score while you are rate shopping.  Also all credit inquiries made within either a 14 day period for the old scoring model or a 45 day period for the new model are only counted as one credit inquiry.

4. "I already know my credit is good so that means I will be approved for a loan." 

Simply having a good credit score, even a perfect score doesn't necessarily mean you will be approved.  There are many other factors that lenders look at when approving a loan such as income, including the debt-to-income ratio, credit depth, down payment and reserves.

5. "Its easier to find a house first and then worry about getting a mortgage afterwards."

You can find many reasons as to why this statement is false.  The pre-approval process isn't just about getting the approval letter, its about getting important questions answered ahead of time. You need to know the expected down payment, monthly payment, interest rate, expected closing date and how the loan process will work in general before you commit to buying a home.  Without having at least an estimate of these numbers, you run the risk of committing to purchase a home that you cannot afford.  Most sellers and agents will require a pre-approval, they aren't going to take their house of the market if they don't know that you will qualify for a loan; they could miss out on a buyer that is qualified already.

The pre-approval mortgage loan process at the Lake of the Ozarks is actually very simple.  Give me a call today to discuss your 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.  Michael Lasson, Your Lakelender opening the doors to your new Lake Home!

I would love the opportunity to help you manage your Lake of the Ozarks Mortgage Loan or refinance.  Give me a call at (573) 746-7211 or send me an email at mlasson@fsbfinancial.com with any questions you may have!!

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

How to Easily Create a Home Inventory List

Whether you have owned your home for decades or are new to homeownership at the Lake of the Ozarks, this information is for you! Imagine the nightmare of having your home damaged or destroyed; now to make matters worse, imagine trying to remember every valuable item in your home to report to the insurance company.  Would you even be able to remember all the contents of your home?  Thousands of Americans find themselves in this situation every year and now's the time to make sure it doesn't happen to you!

Why do you need a home inventory? 

When you make an insurance claim, you will be required to provide information about everything that was lost.  This can be extremely difficult while you are experiencing a loss.  For example, if someone broke into your home and robbed you, you're going to be stressed out, worried it might happen again and feeling unsafe.  This is not the time you want to be trying to remember everything that was in your house so you can report what is missing.  Some things such as a TV may be obvious, but other items like jewelry may not be as noticeable.  Having a list of everything in each room of your home will allow for a speedier process so you can get your life back to normal as quickly as possible.

How do you create a home inventory? 

For starters, you could take a video of your home including each room and all the major items in them. This will get you by until you have time to compile a detailed list of inventory information. You now need to decide how you are going to store the inventory information you collect. Thanks to the Insurance Information Institute, you can easily create a home inventory list with their free "Know Your Stuff" software.  The software is user-friendly, takes just four easy steps and provides free, secure online storage.  You can even access your inventory list from your phone through their smartphone app.  After you set up an account, you create a name for each room and simply add the items contained in that room.  The program also provides you with all the specific information your insurance company is going to want to know when a claim is filed. You can even upload images of the items as well as receipts to prove the value of large ticket items.  

Now that you have a home inventory, be sure to keep it up-to-date as much as possible.  If you invest in a new purchase or get a nice gift for your birthday or other holiday, be sure to add it to the list.  You should update it at least once a year and more often if you make any expensive purchases such as a TV or furniture.  Spending some time to keep your inventory up-to-date will relieve some future stress if something were to happen to your home. You will also want to make sure your insurance covers all your personal property.  Go over your completed list with your insurance agent to ensure you have proper coverage.  A home inventory is a very inexpensive and easy way to save yourself a headache and valuable time down the road, so do yourself a favor and start one today!

I would love the opportunity to help you manage your Lake of the Ozarks Mortgage Loan or refinance.  Give me a call at (573) 746-7211 or send me an email at mlasson@fsbfinancial.com with any questions you may have!!

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 2014 Lake of the Ozarks Magic Dragon Street Meet is this Weekend!

If you own a home at the Lake of the Ozarks, then you already know about all the great events the area has to offer including the Annual Magic Dragon Street Meet Nationals!  Join us again this year for Central Missouri's Largest Car Show, the only car show that gives away a new muscle car! This weekend, cruise the Historic Bagnell Dam Strip for a unique show with all makes and models, from cars to trucks to motorcycles.  The 2014 event promises to be the best ever, so don't miss this legendary weekend at the Lake of the Ozarks!

Magic Dragon Schedule of Events

Thursday, May 1
Noon - COB..........Aces High Poker Run
Noon - 5 PM..........Street meet Participant Registration at Willmore Lodge Visitor Center

Friday, May 2
8 AM - 11 AM..........Vendor Registration at Big Lot on the Bagnell Dam Strip
10 AM - 8 PM..........Street Meet Participant Registration at Willmore Lodge Visitor Center
12 PM - 5 PM..........2014 Magic Dragon Street Meet Nationals Show Hours
6 PM - Late Night..........Enjoy tunes from Cool 102.7

Photo from: www.magicdragoncarshow.com

Saturday, May 3
6 AM..........Street is closed to regular traffic - Registered Show Vehicles ONLY
8 AM - 4 PM..........Street Meet Participant Registration at Willmore Lodge Visitor Center
8 AM - 7 PM..........2014 Magic Dragon Street Meet Nationals Show Hours
8 AM - 7 PM..........Kids Zone - located at Big Lot at the north end of Bagnell Dam Strip
10 AM..........Make-N-Take Model Event at the White House on Bagnell Dam Strip
5 PM..........Poker Run Winner Announcement at the Main Stage
5 PM..........50/50 Raffle Winner Announcement at the Main Stage
5 PM..........Lake Ozark Daybreak Rotary Car Giveaway at the Main Stage
5 PM - Late Night..........Enjoy tunes from Cool 102.7

Sunday, May 4
8 AM - 1 PM..........2014 Magic Dragon Street Meet Nationals Shows Hours
9 AM - 11 AM..........Judging - Vehicles to be judged must be in designated area no later than 9 AM
1 PM..........Awards at Main Stage

For more information on the event visit:  http://www.magicdragoncarshow.com

Lake of the Ozarks is a great place to live, not only because of great events like these, but the area has so much more to offer!  If you are thinking about purchasing at home at the Lake of the Ozarks, give me a call for all your 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.  And if you already own a home, talk to me about refinancing your home at the Lake of the Ozarks.

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

Eldon Chamber Presents Their 2014 Annual Dinner Awards Ceremony!

Eldon is the gateway to the Lake of the Ozarks, making the Eldon Chamber of Commerce a great organization to get involved with!  Come to the 2014 Annual Dinner Awards Ceremony to see what the organization is all about.  The event will take place at Shawnee Bluff Winery this Thursday, April 24th starting at 5:30 pm. Check out the schedule for the event below!

Red Carpet Arrival: 5:30 to 6:30 pm
Cast: Chamber Members & Guests
Featuring: Cash Bar & Social Hour

Silent Auction: 5:30 pm to 7:00 pm
Featuring: Items & Services Provided by Generous Chamber Businesses

Dinner Buffet: 6:30 pm to 7:30 pm
Featuring: Carmelized Beef Tenderloin,
Honey and Applewood Bacon Tilapia

Awards & Election: 7:30 pm to 8:30 pm
Presentation of Board of Directors/Officers & 2014 Awards

The RSVP deadline is today, so call 573-392-3752 to purchase your tickets now!  You don't want to miss this grand event!  The Lake Area is composed of so many great towns; so whether you own a home at the Lake of the Ozarks or in Eldon or Camdenton, the Eldon Chamber of Commerce is a great way to get involved in the great community here at the Lake!

When it comes to your Lake Ozark 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

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

6 Tips to Save Money Without Changing Your Lifestyle

The end of the month always seems to creep up on you and you're wondering where all your money has gone.  You don't think much about where your money is actually going or how to lower those monthly car or house payments at the Lake of the Ozarks that are eating up all your income.  How can you end each month with more money, but without giving up the small luxuries you enjoy? These 6 tips below might just be the answer you've been looking for!

1. Trim Your Bills.

You can save on electricity just by turning off the lights when you leave a room.  Turn off the water while brushing your teeth to save on your water bill.  Keep the thermostat just a few degrees higher in the summer and a few degrees lower in the winter to save on your electric bill. Always adjust your thermostat a few degrees when you leave the house too.  In addition to utilities, you probably have a car payment, mortgage at the Lake of the Ozarks, and more!  Look into refinancing options to lower payments.  Even if it's just a few dollars a month, those dollars add up.
 

2. Examine What You're Using and Not Using

Many people have subscriptions to things they never use, such as gym memberships or a vast television channel subscription.  There's even an 80/20 rule that says people spend 80 percent of their tv-viewing time watching only 20 percent of their channels.  Consider scaling down your package or even switching to online streaming to cut the costs.  If you only use the gym once or twice a month, look into the walk-in fees rather than paying for a membership each month.  Do you have a pile of magazines stacking up that you never have time to read?  Consider cancelling your subscriptions or at least narrowing them down to the one you read the most.  

3. Cut Back on Grocery Waste.

Plan your meals before heading to the store. If you head in with no idea of what you're looking for, you will end up with a cart full of junk food. You'll end up with way more items than you intended on buying therefore blowing your grocery budget for the month. Only buying what you need will not only reduce your spending, but will also reduce waste of perishable food items.

4. Reduce the Number of Times You Eat Out

At the end of a long day, no one wants to take the time to cook a meal.  Sometimes it seems easier to just order takeout or go to a restaurant, but those habits are wasting away your income. Consider buying a Crock Pot to save some money and time with the food preparation.  You can throw in some chicken breasts and broth before work and dinner is just about ready when you walk in the door that evening.

5. Compare Prices and Shop Around

While in the store, you should always look at the unit sticker when trying to decide between two similar items.  The price of the best option might be higher, but gives you more for your money. Buy generic when you can; occasionally the quality won't be the same, but for the most part you are just buying the brand name on the same product.  Compare Wal-Mart's prices to your local grocery store to make sure you are getting the lowest prices in town.  On certain items such as toilet paper and trash bags that you use regularly, consider buying in bulk to save you money in the long run.  Check the paper ads and stock up when these items go on sale!  You may be paying more this month, but next month you won't have to buy it at all.

6. Skimp on Gasoline

With gas prices dramatically changing everyday, this is definitely an area of your monthly budget that you will want to keep an eye on.  To save on gasoline, consider shopping online, but if that's not an option, bundle your errands together.  Pick a time when you can go to several stores in the same trip rather than going to a different one each day and wasting gas.  Pay attention to gas prices while you are out and about.  Try to find the one on your route with the lowest price, but don't go out of your way to find one.  Most of the time the money you save at the cheapest gas station doesn't make up for the gas you burn looking for it.  There is even an app for your phone called Gas Buddy to help you find the nearest gas stations with the lowest prices.  Some stores such as Hyvee have programs that save you money on groceries and your gas, so look into those.  If you are shopping there anyway, you might as well same some money on gas.  Maintaining proper inflation in your tires will not only extend the life of your tires, it will also help you improve your car's fuel economy.

Maybe its your crazy shopping sprees or outrageous mortgage payment preventing you from ending the month with money to spare.  Unfortunately I don't have a cure for you shopaholics, but I can help you with your mortgage questions.  Call me today to discuss how to lower your house payments by refinancing your home at the Lake of the Ozarks! When it comes to your 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

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