First State Bank Mortgage Loan Programs

Whether you're dreaming of a new home or looking to lower your monthly mortgage payments, we can help! As your Lake of the Ozarks mortgage lender, I am here to help you find the perfect loan for your situation. First State Bank Mortgage provides a full portfolio of fixed and adjustable-rate mortgage products. Here is a breakdown of the loan options availble when you choose me for all your Lake of the Ozarks home financing needs!

Conventional Loan Program – Traditional Mortgage

Conventional loans offer flexible terms and competitively-priced rates. With a conventional loan, you can get financing for up to 95% of your home's value. Whether you're looking to buy a new home or finance your current one, a traditional mortgage is a great option. Benefits of a Conventional Loan include:

• Flexible Terms from 10-30 years available
• Fixed and adjustable-rate mortgages available
• Down payments as low as 5% of sales price
• Multiple options for Mortgage Insurance, if applicable
• Competitive rates on new home purchases and refinances
• In-house processing and underwriting

FHA Loan Program

An FHA loan is a loan that is insured by the Federal Housing Administration. FHA loans offer competitively-priced rates and a low down payment option. Benfits of an FHA Loan include:

• Flexible credit and underwriting standards 
• Low closing costs
• Fixed and adjustable-rate mortgages available
• Down payments as low as 3.5% of sales price
• Competitive rates on new home purchases and refinances
• In-house processing and underwriting

USDA Rural Housing Loans

Sponsored by the U.S. Department of Agriculture, rural housing loans are designed to make homeownership more affordable for those borrowers living in rural communities. For qualified borrowers, a Rural Housing Loan can provide up to 100% financing with competitive rates and terms. Benefits of a USDA Home Loan include:

• Up to 100% financing
• NO monthly mortgage insurance premiums due
• Low closing costs
• Affordable fixed rates
• Flexible credit and qualifying guidelines
• Available on new or existing homes

VA Home Loans

VA Loans are designed to make homeownership more affordable for qualified U.S. veterans. They offer favorable terms, competitive interest rates and no monthly mortgage insurance premium. If you’re eligible for a VA-Guaranteed Loan, you’ve earned several major benefits including:

• Up to 100% financing
• NO monthly mortgage insurance premiums due
• NO pre-payment penalties
• Low closing costs
• In-house processing and underwriting

First-Time Homebuyer Program

The "First Place Loan" offers a great financing option for first-time homebuyers. The program gives first-time homebuyers and qualified veterans the edge they need to purchase a home. Affordable interest rates, in combination with additional incentives offered by the Missouri Housing Development Commission (MHDC), allow prospective buyers to obtain mortgage financing in a competitive market. Benefits of a MHDC First-Time Homebuyer Loan include:

• 3% cash assistance loan for down payment and closing costs
• Fixed-rate mortgage
• FHA, VA, USDA Rural Development, Fannie Mae qualified
• In-house processing and underwriting
• First-time homebuyer requirements are waived for qualifying veterans and for homes purchased in targeted areas

Rehab Home Loan Program

With the brand-new Rehab Loan Program, qualified homebuyers can now buy the home of their dreams and borrow additional funds dedicated to improving or upgrading the property. This is a fixed-rate mortgage that allows the homeowner to have rehabilitation construction completed on their single family property. Funds may be used to make necessary cosmetic or functional improvements to the home.

For more information on which Lake of the Ozarks home loan options you may be eligible for, contact Lakelender Michael Lasson at 573-746-7211. I'm committed to working with you every step of the way. When you choose First State Bank Mortgage and the BEST mortgage lender at Lake of the Ozarks, owning a new home can go from dream to reality!

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

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

Mortgage Insurance 101

When purchasing a new home at the Lake of the Ozarks, there are lots of things to consider. While buying may make more sense than renting in your situation, sometimes it is difficult to come up with a 20 percent down payment. This is where mortgage insurance can help you out! You can secure a Lake of the Ozarks mortgage loan with less than 20 percent down if you purchase mortgage insurance.

What is Mortgage Insurance? 

Mortgage insurance, also known as mortgage guarantee or home loan insurance, is an insurance policy that compensates lenders or investors for losses due to the default of a mortgage loan. If a borrower stops payment on  a mortgage, the insurance company ensures that the lender will still get paid in full. With mortgage insurance, the borrower pays the premiums, but the lender is the beneficiary.

Mortgage Insurance FAQs 

1. Who is required to have mortgage insurance? 

Typically, if the down payment is less than 20 percent of the value of your home, you are required to carry mortgage insurance. You usually pay those insurance premiums until your loan-to-value ratio (LTV) hits 80 percent. The LTV is simply the amount of money you borrowed divided by the value of the property you bought. Once you have that 20 percent of home equity built up, you can usually cancel your mortgage insurance policy.

2. Are there different types of mortgage insurance? 

In general, there are two types of mortgage insurance: public and private. Public mortgage insurance is bought from the government, designed for those with FHA or VA loans. For conventional loans, the insurance is bought from the private sector and is called Private Mortgage Insurance (PMI). The type of mortgage insurance required will depend on the type of home loan at the Lake of the Ozarks you are getting.

3. How much does mortgage insurance cost? 

Insurance premiums for conventional loans can vary. Typically, the lower your down payment and/or the lower your credit score, the higher your premium will be. Premiums can range anywhere from $30-$70 per month for every $100,000 borrowed. On FHA loans, there is an upfront MIP (mortgage insurance premium), as well as an annual premium that is collected monthly. On VA loans, you have an upfront fee (funding fee) and no annual or monthly premiums. Your Lake of the Ozarks mortgage lender will be able to provide you with insurance costs for your specific situation.

4. Is there a way to avoid paying for mortgage insurance? 

If you make a down payment of 20 percent or more when you buy a home, you can typically avoid paying mortgage insurance on a conventional loan. Even if you are required to purchase mortgage insurance when you first get your loan, you can often request to cancel it after a certain period of time. As mentioned above, once you've built up a certain amount of equity in your home (usually 20 percent), you can most likely stop paying for the mortgage insurance.

If you're thinking about purchasing a new home and don't have enough for a 20 percent down payment, contact the best mortgage lender at Lake of the Ozarks at 573-746-7211 to discuss your options. 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.

5 Ways to Get Your Mortgage Unapproved

Now you're probably thinking, why would I want to get my mortgage unapproved?  Well, you don't and that's the point. Many people do things to jeopardize their loan approval without even realizing it!  Your Lake of the Ozarks mortgage lender is here to help you make sure you don't make a mistake that could cost you your dream home. Here are 5 things that could cause your mortgage loan at the Lake of the Ozarks to get unapproved:

1. Buying a New Car. 

The purchase of a new car increases your debt, changing your debt-to-income ratio. Your debt-to-income ratio is a large contributing factor in the loan approval process. The bank wants to make sure that you will be able to make your mortgage payments. Lending money is a risk and the bank wants to do everything they can to minimize that risk.

2. Quitting or Changing Jobs. 

Steady income is important for any new home buyer. Your mortgage lender needs to know that you have enough money coming in to make your mortgage payments on top of your other monthly bills. You definitely do not want to switch from a salaried position to a heavily-commissioned job. Lenders want employment stability and favor applicants that stay in the same industry.

3. Making Large, Random, Undocumented Deposits. 

The federal government, banks and lenders get really nervous when they see large sums of cash being deposited, especially just before applying for a mortgage. If a relative or someone gives you a large cash gift, be sure to fill out the proper paperwork to justify that income. The same goes for transferring large sums of money between bank accounts. While often times you have a legitimate reason for the deposit, it will raise questions. If you need to make large deposits or transfers during the home buying process, be prepared to answer a lot of questions and provide documentation as well.

4. Forgetting to Pay Your Bills. 

Not paying your bills on time or even at all doesn't look good. Any signs that show you might not be able to pay your mortgage has you on your way to being unapproved. Failing to pay your bills also puts your credit score in jeopardy. Collection accounts have a negative impact on your credit standing, even after you pay the debt. While making on-time payments won't directly improve your credit score, not making them can get you into trouble.

5. Opening or Closing Credit Cards.

Your credit report is another high contributing factor in getting a home loan at the Lake of the Ozarks. Too many credit inquiries over a relatively short period of time are never a good thing for your credit score. Your mortgage lender will actually view any unused lines of credit more similar to unsecured "loans." Beware of those tempting deals to save 10% or more at your favorite department store by opening up a line of credit through them. You also don't want to close any accounts. While it seems like a smart idea to close accounts that you don't use, you can actually increase your debt-to-credit limit ratio. If you have balances, your percentage of credit "utilization" is going to increase. This is very bad from a lender's perspective.

The loan process takes time, time where you could easily make one of these mistakes. Remember that your mortgage lender at the Lake of the Ozarks will verify your employment and your credit report just before closing. If there has been a change, there is a possibility that you will no longer qualify for a Lake of the Ozarks mortgage loan. If you have any other questions regarding the loan approval process, contact Lakelender Michael Lasson 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.

Join us on the Bagnell Dam Strip for Lake Race 2015!

The event you've all been waiting for, the first big boating event of the season is here! Lake Race 2015 is this weekend. Join us for some family-fun at the Lake! Your Lake of the Ozarks mortgage lender is here to keep you in the know about awesome events all season long. Here's the details on this year's annual boat race:

Lake Race Schedule

Friday, June 5 
9 AM - The lower Bagnell Dam Strip area will be closed to traffic and Race Village setup will begin.
6 PM - Lake Race Street Party on Historic Bagnell Dam Strip begins. Open to the public to enjoy a family fun area, meet with the Race Teams and see the boats up close.
8:30 PM - Entertainment on the Street with The Patrick Lentz Band from Kansas City.

Saturday, June 6 
9 AM - Crane starts operating and Bagnell Dam is closed to traffic so spectators can view the race.
11:30 AM - Honorary Chairman Emeritus Dave Scott will take the ceremonious first lap of Lake Race 2015.
11:55 AM - Opening Ceremony on the Docks at Beavers at the Dam
Noon - Powerboat Racing at its best begins; 3 hours of live TV and radio coverage begins on Fox KRBK TV.
4 PM - Racing concludes and Bagnell Dam is reopened to traffic.
8 PM - Lake Race Party at Beavers at the Dam with Disco Dick and the Mirrorballs on stage.

Sunday, June 7
10 AM - Crane starts operating and Bagnell Dam is closed to traffic for spectators to view the race.
11:55 AM - National Anthem
12 Noon - Powerboat Racing Begins
4 PM - Racing concludes and Bagnell Dam is reopened to traffic.
5:30 PM - Awards Ceremony on stage at Beavers at the Dam
6 PM - Lower Bagnell Dam Strip is reopened to traffic.

As a second homeowner at the Lake of the Ozarks, you could experience as many of these annual events as you like. If purchasing a home here at the Lake has been on your mind, contact your mortgage lender at the Lake of the Ozarks today at 573-746-7211. We can discuss financing options and you're on your way to a new Lake home!

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.

The Home Buying Process

Buying a house is one of the most exciting adventures you'll undergo in your lifetime. It is also one of the largest investments you will ever make. To uncomplicate the home buying process, your Lake of the Ozarks mortgage lender is here to help! Follow these steps to help you make the best decisions possible:

1. Determine How Much You Can Afford. 

Lenders will generally recommend you look for a home that is no more than 3-5 times your annual household income. However, you should make this decision based on your own financial situation. How much you can afford will depend on your income, credit rating, current monthly expenses, down payment and the interest rate. Use our online calculators to help throughout the mortgage process!

2. Get Prequalified and Preapproved for a Loan. 

Most first-time home buyers will need financing and a consultation with a mortgage lender is a crucial step. Now there is a difference between getting prequalified and getting preapproved for a Lake of the Ozarks mortgage loan. Getting prequalified is just a guess based on what you tell the lender and there is no guarantee. Whereas with a preapproval, you'll get a better idea of how big a loan you qualify for based on your credit and other financial documents you provide. Your offer will look more appealing than other buyers who have not been preapproved.

3. Find a Real Estate Agent. 

Many times, your mortgage lender will be able to provide recommendations on great real estate agents in the area. Since the lender is involved throughout the entire home buying process, they'll be able to recommend an agent that gets a lot of closings. While it may seem like you can find a home on your own, with the maze of forms, financing, inspections, marketing, pricing and negotiating, it makes sense to hire a professional who knows the community and much more!

4. Shop Around. 

Make a list of all the things you want in a house. Since you're going to have to live with this decision for awhile, you want to make sure you choose a home wisely. Once you've made a list of must-haves, think about the neighborhood, schools, commute to work and the convenience of local shopping. Once you start touring homes, it might be helpful to make some notes. Write down the pros and cons of each place you visit. Take as much time as you need to find the right home for you!

5. Make an Offer. 

Once you've found the home you like, it's time to make an offer. Most sellers will price their homes a little high, expecting some negotiating to be involved. This is where you will work with your real estate agent to negotiate a fair offer based on the value of comparable homes. Making an offer is not final, as the seller can come back with a counter-offer. Once you've agreed on a price, the house will go into escrow, which is the period of time it takes to complete the rest of the steps in the home buying process.

6. Get a Loan. 

First State Bank Mortgage has a variety of loan options, from adjustable rate to fixed rate. When it comes to your financing needs, Lakelender Michael Lasson will discuss financing options, offer competitive interest rates and back it up with the first class service you deserve! Every home buyer has different needs when it comes to their mortgage; you may be interested in the lowest monthly payment possible or interested in getting the best interest rate out there. Your lender will be able to help you every step of the way!

7. Get a Home Inspection. 

Offers are typically contingent on a home inspection to ensure there's no structural damage or anything else that may need fixing. It will be well-worth the money to know the property is in good condition. This contingency protects the buyer by allowing a renegotiation or withdraw of the offer without penalty if the inspect reveals significant material damage. Once you receive a report, you can decide if you want to ask the seller to fix anything before the closing.

8. Get an Appraisal. 

Your mortgage lender will arrange for an appraiser to provide an estimate on the value of the house you are buying. The appraisal will let all the parties involved know that you are paying a fair price for the home. A home appraisal also protects the bank from getting stuck with property that is worth less than what they've invested. The home appraisal is a no-nonsense factor in a decision that is often emotional for the buyer.

9. Find Homeowners Insurance. 

You wouldn't drive a car without insurance, so why would you own a house without it? Real estate insurance protects the owners in the event of a catastrophe. You never know when something could happen to your home, therefore it is important to have insurance lined up before the closing, when ownership is transferred to you.

10. Close on the Home. 

At closing, you will sign all the appropriate documents to complete the purchase. Be sure to talk to your mortgage lender to understand all the costs that will be involved in the closing. Closing costs typically include, but aren't limited to, your down payment, title fees, appraisal fees, attorney fees and inspection fees. It typically takes a few days for your new home loan at the Lake of the Ozarks to be funded after the paperwork is complete. Once the check is delivered to the seller, it's time to move into your new home!

With home loan rates currently at attractive levels, now is the time to consider purchasing a home at the Lake of the Ozarks! Contact me today at 573-746-7211 to discuss home loan options. Lakelender Michael Lasson is opening the doors to your Lake Home! 

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.

Watch Fireworks Over Beautiful Lake of the Ozarks this Memorial Day Weekend!

Memorial Day Weekend is almost here! The first big weekend at the Lake this season will be filled with BBQs, boating and of course fireworks! Your Lake of the Ozarks mortgage lender is here to ensure you know about all the great events going on this weekend. Check it out!

FIREWORKS 

Bear Bottom Resort: May 23 at 9:45 PM

View by land at Bear Bottom Resort or by water at the 38 Mile Marker. Parking is limited; Arrive early. Call for details: 573-374-6905. 

Tan-Tar-A Resort: May 24 from 8:30-9:30 PM

Viewing by land on the Tan-Tar-A property reserved for resort guests only. View by water at the 26 Mile Marker. Call for details: 573-348-3131.  

Tropic Island Cruise: May 24 from 8:30-9:30 PM 

View the Tan-Tar-A Resort fireworks display from the water at the 26 Mile Marker, aboard the Tropic Island Cruises yacht. Call for reservations and details: 573-348-0083. 

The Lodge of Four Seasons: May 24 from 6-10 PM 

BBQ and Carnival held prior to the fireworks event (weather permitting). Adult $22, Children $12, 5 and under Free. Paid Non-Hotel Guests must be on the Lodge of Four Seasons property before 8:00 pm.

View by water at the 13 Mile Marker. Call for details: 573-365-3000. 

Celebration Cruises: May 24 fom 7-9:30 PM 

View the Lodge of Four Seasons fireworks display from the water at the 13 Mile Marker, aboard the Celebration Cruises yacht. Call for reservations and details: (573) 480-3212. 

OTHER EVENTS

Gun Show at the Lake:  May 22-24 

Make your way to the new Gun Show at the Lake at the Lodge of Four Seasons in Lake Ozark. You’ll find a huge selection guns and related items such as ammo, rifles, handguns, shotguns, magazines, grips, scopes, knives, military surplus and so much more. Show Hours: Friday 2-8, Saturday 9-5 and Sunday 10-4. 

Contagious & Lucas Bebee Live in Concert:  May 22-24 

H.Toad's Summer Concert Series at Camden on the Lake Resort Outside Stage: Contagious – The Ultimate Party Band! A crafty mix of polished pop-rock with the best classic-rock hits. 9PM - 1AM each night Memorial Day Weekend. Inside Stage: Lucas Bebee - 9PM - 1 AM each night Memorial Day Weekend.

OYC's Parade of Lights:  May 23

Both power and sail boats will be decorated with lights from bow to stern and join together in a parade from the Ozark Yacht Club, along Bagnell Dam in front of Willmore Lodge to Beacon Point Condominiums and returning along the south side of the Lake back to OYC. This parade commemorates U.S men and women who performed service for their country. Please join us in the parade or along the parade route from 8-10 PM. If you are interested in participating in this event please contact Sara at 573-552-8401.

Sanctified Blues in Concert:  May 23

The Sanctified Blue Band will perform in concert at 8 p.m. on Saturday, May 23 on the Luby’s Stage next to the Wok and Roll Thai restaurant on Bagnell Dam Boulevard in Lake Ozark. The concert is free and starts at 8 pm. 

Putting for Patriots:  May 23-24

Pirate’s Cove Adventure Golf, in Osage Beach, MO, will host the 9th Annual Putting for Patriots fundraiser May 23-24. This national event will occur simultaneously at 33 Pirate’s Cove, Pirate’s Island and Jungle Golf miniature golf courses throughout the US. This event will support 3 charities, which serve our wounded veterans, their families and survivors of the fallen. These organizations include: “Hope For The Warriors”, “Homes for Our Troops” and “TAPS—Tragedy Assistance Program for Survivors.” Pirate’s Cove, Jungle Golf and Pirate’s Island will donate a percentage of their total sales on Saturday, May 23 and Sunday, May 24. In addition, from May 8 through May 25, each golf course will accept donations to be turned over to the three charities. Since its inception, this event has raised over $231,000.

Happy Memorial Day Weekend from your mortgage lender at the Lake of the Ozarks! If you enjoy the Lake on summer weekends, consider purchasing a second home at the Lake of the Ozarks. I can help you with all of your financing needs and am committed to working with you every step of the way. I'll discuss financing options, offer competitive rates and back it up with the first class service you deserve. Call 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

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.

A Slippery Slope for Housing

The housing market is continually changing and although we have forecasts, you never really know what could happen. February was a great month for new and existing home sales, while March didn't do as well. Take a look below at how the housing market is doing so far this year and consider a new home loan at the Lake of the Ozarks today!

New Home Sales 

March may roar in like a lion, but that's not the same story for March's New Home Sales. Unexpectedly, they fell by 11.4%, a huge contrast from February's figures showing the strongest performance in 7 years. The harsh winter that froze construction in January and February may not thaw performance for April's and May's sales figures.

Existing Home Sales

On a different note, Exisiting Home Sales in March surged just over 6% from February. This was the largest monthly increase since December 2010. Sales are also up over 10% from a year ago. After a quiet start to the year, sales activity picked up signigicantly throughout the country in March.

Economic and Housing Outlook

Fannie Mae released its April 2015 Economic and Housing Outlook revealing that economic activity slowed in the first quarter, largely due to West Coast port disruptions and difficult weather patterns gripping much of the Northeast. This was also reflected in the first reading for first quarter 2015 Gross Domestic Product (GDP). GDP fell to 0.2%. Now that spring has arrived, it will be important to see if economic activity blooms along with the weather.

Home loan rates remain very attractive, making now a great time to consider a home purchase or refinance at the Lake of the Ozarks! When it comes to your financing needs, your Lake of the Ozarks mortgage lender is committed to working with you every step of the way. I'll discuss financing options, offer competitive rates and back it up with the first class service you deserve. Give me 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

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.