Celebrating Thanksgiving at the Lake of the Ozarks

With Thanksgiving just a few days away, what are you thankful for this year? Maybe it's your family or friends, your home or food, or a combination of all of the above. Your Lake of the Ozarks mortgage lender is thankful for many things, including the opportunity to live in a such a great community! If you're looking for a place to enjoy a Thanksgiving feast this holiday season, check out these local options:

Thanksgiving Buffet at Tan-Tar-A

Enjoy a traditional Thanksgiving buffet with all the trimmings - without stepping foot in the kitchen! Adults: $28.95, Children Ages 4-12: $14.95, Children Ages 3 and Under: Free, Seniors (55 and Above): $18.95. Prices do not include taxes or gratuities. Dinner runs from 11 AM to 5 PM. Call for reservations - 573-348-3131. 

Thanksgiving Dinner at Old Kinderhook 

Join us at The Trophy Room Thanksgiving Day from 11 AM to 4 PM for a delicious buffet featuring turkey, prime rib, salmon, ham, sweet potatoes, green bean casserole, dressing and more! Adults: $33, Seniors: $27, Children Ages 3-10: $12, Children Ages 4 and Under: Free. Please call 573-317-3560 for reservations.

Thanksgiving Buffet at The Lodge of Four Seasons

Join us at HK's Restaurant and Bar from 11 AM to 3 PM for a Thanksgiving feast with all your traditional favorites and desserts that will make your mouth water!  Call 573-365-3000 for reservations and pricing.

Eldon Community Thanksgiving Dinner

The Community Thanksgiving Day Dinner will be served from 11am to 2 pm at the Eldon Community Center. Everyone in the community is welcome to attend – if you do not have a place to go for Thanksgiving Day, please plan to attend this dinner. For home delivery, please call (573) 280-4956.

Thanksgiving Buffet at H. Toad's

Join us for a delicious and varied buffet of Thanksgiving fare including Pan Seared Herb Encrusted Salmon, Hand-Carved Virginia Pit Ham and many more with, of course, Slow Roasted Turkey and H. Toad's Green Bean Casserole. Our extremely popular buffet features sumptuous Entree Selections, Soup and Small Bites, Salads and Desserts. All for only $25 per person. Enjoy a relaxing meal while listening to the sounds of Spontaneous Serendipity from 11 AM to 3 PM on Thanksgiving Day.Call for reservations - 573-365-5620.

Thanksgiving Buffet at the Inn at Grand Glaize 

Bring your family and friends and join us for a Thanksgiving feast from 11 AM to 3 PM. Enjoy this unique all you can eat dining experience with a panoramic view of the Lake. Adults: $18.95, Seniors: $15.95, Kids 12 and Under: $9.95, Kids Under 3: Free. Call 573-348-4731 for reservations.

Happy Thanksgiving from the best mortgage lender at Lake of the Ozarks! If you're thinking about upgrading or even downgrading your home this holiday season, I'm here to help you with all of your home financing needs. I'll work with you every step of the way, offering competitive rates and backing it up with the first class service you deserve! Give me a call today at 573-746-7211. 

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.
 

Applying for a Mortgage After Bankruptcy: 5 Steps

Declaring bankruptcy can be devastating and put a damper on your plans of purchasing a home at the Lake of the Ozarks. However, with some time and money, it is possible to apply for a mortgage after bankruptcy. With proper preparation, patience and financial planning, you might be able to purchase a home sooner than you think. While a personal bankruptcy will stand out on your credit report for as long as 10 years, the barrier it creates in obtaining a mortgage doesn't have to last that long. Follow these steps for applying for a mortgage after you've declared bankruptcy:

1. Be Patient. 

First of all, you will have to wait until your bankruptcy is discharged before you can do anything in regards to applying for a mortgage. The mandatory waiting periods to apply for a mortgage backed by Fannie Mae or the Federal Housing Administration last from two to four years. Within that period though, you need to work on getting a few things in order. Immediately after your bankruptcy case is discharged, you need to stop and take a look at where you are financially. Know exactly how much income you have and what your necessary living expenses are. You have to have a tight lease on your discretionary income in order to move forward in purchasing a home. In addition, make sure you pay every one of your bills on time, every time. Now is also the time to scrutinize your credit report. If there are debts that have been paid back, but still appear on your credit report, contact the credit agency to have them removed. 

2. Save Money. 

Once you have a budget established and that budget is under control, you need to start saving money. You need to build up an emergency fund, as well as establish enough money for a down payment and other upfront expenses that come with buying a home. While down payment requirements have significantly decreased, it's best to have about 20% of the cost of the home saved for a down payment. Not only will that 20% down payment reduce your total loan amount and the monthly payment amount, but it will show the lender that you're invested in the home and assures that you won't walk away from it if/when hard times come again. By saving your excess money each month, you'll get in the habit of being able to make your mortgage payments or covering those unexpected expenses of home ownership.    

3. Make a Plan. 

Owning your own home is not cheap. As a homeowner, you'll be responsible for fixing everything. Home maintenance is a big expense for every homeowner. When making your plan, keep in mind that there is more to owning a home than just sending in a mortgage payment every month. Besides electricity, water and sewer, you'll have to pay property taxes and insurance. Consider the cost of services such as landscaping, snow removal, and pest control. Then don't forget about the unexpected services such as a plumber or HVAC repairman. Make sure you have a long term plan for how you are going to afford your own home. There's a lot to think about when deciding to buy a home.

4. Prepare Your Documents. 

Now is the time to start getting your financial documents organized. While applying for a mortgage is not quite as detailed as filing for bankruptcy, similar records are required for most applications. Being organized shows that you're paying attention to detail and doing everything you can to get everything back on track after the unfortunate circumstances. Find out in advance what documents your Lake of the Ozarks mortgage lender requires and have them ready for your meeting. There's nothing worse than having your loan delayed because of a missing document, after you've already waited so long to get to this point.

5. Applying for a Mortgage. 

When you actually do apply for your mortgage, the process will be the same as if you hadn't filed bankruptcy. The only real difference is that your financial situation may not look the best. If you're coming off a recent bankruptcy, be prepared for slightly higher interest rates than those offered to others. More important than interest rate though, you need to be aware of the upfront charges you will be required to either pay or have rolled into your loan amount. If you properly prepared during the previous steps, you should know how much you can afford and will be able to make the best decision.

Going through bankruptcy is not ideal, but it doesn't mean you can't pick yourself back up and move forward. As your mortgage lender at the Lake of the Ozarks, I am here to help you through the process of applying for a home loan. I will work with you every step of the way, offering the first class service you deserve. Contact me today at 573-746-7211 for more information about Lake of the Ozarks home loans.

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.

15-Year Fixed Rate Mortgage vs. 30-Year

When choosing to finance a new home at the Lake of the Ozarks, you will have several different decisions to make. One of those decisions will be the length of the term for the loan. The mortgage's "term" refers to the number of years that you will spend paying off the loan. You have two basic options for length of term to choose from: a 15-year term or a 30-year term. Let's take a look at the pros and cons of each type:

30-Year Fixed Rate Mortgage 

The 30-year fixed rate mortgage is the most popular, as it allows for lower monthly payments on the same loan amount. This means that if you know how much you can afford each month for a house payment, you can borrow more money to get a more expensive house by choosing a 30-year fixed rate mortgage. However, since you get more time to pay off the loan, there is a cost.

PROS: 

• Lower monthly mortgage payments  
• Easier to qualify 
• Ability to buy more with a smaller payment 
• Can always pay extra if you want 
• Good for those looking to invest money elsewhere

CONS: 

• More total interest over the life of the loan
• Higher interest rate 
• Build home equity very slowly 
• Harder to refinance
• You won't own your home outright for 30 years

15-Year Fixed Rate Mortgage 

While 30-year terms may be more popular, a 15-year fixed rate mortgage offers the best value. If you can afford to make higher monthly payments, this would be the better option in terms of saving money in the long term. This type of mortgage is also harder to qualify for as you're required to pay a substantially higher amount each month. Therefore, for some borrowers, this option may not even be a possibility.  

PROS: 

• Less total interest over the life of the loan.
• Lower interest rate 
• Build home equity faster 
• Own your home free and clear in half the time 
• Good for those close to retirement and/or conservative investors

CONS: 

• Higher monthly mortgage payments 
• Harder to qualify 
• May not be able to buy as much house as you want 
• You may have all your money locked up in your house 
• You could get a better return for your money elsewhere

Things to Consider

Mortgages aren't one size fits all. There are several things to consider when choosing the terms for your Lake of the Ozarks home loan. 

1. What can you afford?  

The monthly mortgage payment on a 30-year term will typically work out to be several hundred dollars less than the payment of a 15-year term. If you can't comfortably make the payments on a 15-year mortgage, then the 30-year term is the better option for you. You can always make extra payments when possible to pay it off faster, but you won't be locked into a price you can't afford each month.

2. How much do you have in your emergency fund? 

Once you choose the type of loan you're going to get, you'll be expected to pay that set amount each month. If you choose to go with the higher payment option in order to save money in the long run, your savings account needs to have enough money to cover you if something unexpected happens such as losing your job. If you don't have much in terms of an emergency fund, you're better off going with the 30-year fixed mortgage and building your savings with any extra money you have.

3. How do you feel about debt? 

Many people are strongly adverse to debt of any kind. Managing debt isn't easy and for many people staying out of debt completely is the way to go. It comes down to your appetite for risk. By choosing the 30-year fixed rate mortgage, your risk of not being able to make your payments is lower, but you will be in debt for a longer period of time.

4. What kind of personal discipline do you have? 

If you can afford the payments on a 15-year loan, but you’re concerned about the possibility of job loss or other major financial hits, you might be hesitant to commit to the higher payments. In that case, the better option might be the 30-year fixed rate mortgage. You can actually pay it off in 15 years if you want, but it will require strong personal discipline. Many people find it hard to pay extra on their mortgage at the Lake of the Ozarks when it's not mandated by the bank. According to the Federal Deposit Insurance Corporation (FDIC), 97.3 percent of people do not consistently pay extra on their mortgages. What the statistic doesn't show though, is how many of those people would have fallen behind on their mortgages had they been locked into a higher payment with the 15-year fixed rate mortgage.

5. What about the tax breaks? 

While a 30-year mortgage does offer more of a tax break, the reason is because you're paying significantly more in interest. For that reason, the tax breaks shouldn't be your only consideration when choosing the term for your mortgage loan. In the end, it all comes down to your personal financial situation to determine what term best suits your individual needs and ability.

To discuss the best loan options for your unique situation, give your Lake of the Ozarks mortgage lender a call at 573-746-7211. 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

**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 Factors that Influence Your Home Loan Interest Rate

You've heard that interest rates are at historically low levels. However, what exactly is that interest rate going to be when you walk in to apply for a Lake of the Ozarks mortgage loan? It's hard to say an exact rate because the numbers differ based on the person and the situation. Let's take a look at the different factors that will affect your interest rate.

1. Credit Score.

Your credit score is the best indicator how reliable you'll be in paying off your loan. It takes into account your payment history, amounts owed, types and length of credit, and new credit inquiries. Generally, the higher the credit score you have, the better the rate you'll qualify for.

2. Downpayment Amount.

The larger the amount you choose to pay upfront on your home will not only decrease the amount of the loan, but can also help you get a better interest rate. Mortgage lenders at the Lake of the Ozarks see less of a risk when you're more invested in the property.  

3. Property Type.

The type of property you're purchasing, including size and location, will also have an affect on the interest rates you're offered. Lake of the Ozarks homes are often second homes or vacation homes for many people, and therefore, that rate will be different than if the home were going to be your primary residence. 

4. Loan Type and Term.  

Rates can vary depending on the type of loan that you choose, such as Conventional, FHA, VA, USDA, etc. In addition, the term of your loan can also impact the rate. While 30-year mortgages are the most typical, choosing a 15-year mortgage could get you a lower rate. This would also lower your overall costs, but you would be making higher monthly payments.  

5. Home Price and Loan Amount.  

The price of the home minus the amount of your down payment will determine the loan amount or the amount you will need to borrow. Typically, your rate will be higher if you're taking out a particularly small or a particularly high loan.

6. Interest Rate Type. 

There are two basic types of interest rates: fixed and adjustable. Fixed rates never change throughout the life of the loan. Adjustable rates will start at a fixed rate for a period of time and then can increase or decrease depending on the market. You can typically get a better initial rate on adjustable rate mortgages, however, you then risk the chance of it increasing significantly over the life of the loan. 

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 interest rates and back it up with the first class service you deserve. Give me a call at 573-746-7211 for more information on getting in on these low interest rates and applying for a home loan at the Lake of the Ozarks 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.

4 Benefits of Making Bi-Weekly Mortgage Payments

How a homeowner chooses to pay off their mortgage can have a huge impact on the amount of money spent over the life of the loan. Bi-weekly mortgage payments allow homeowners to make an extra payment every year. That extra payment may not seem like much, but over a 30 year term can end up saving you a lot of money. As your Lake of the Ozarks mortgage lender, I would like to share with you several benefits of bi-weekly mortgage payments.

1. Reduce the Term of Your Mortgage. 

Many people think of a month as 4 weeks and half a month as two weeks, but that's not exactly true. With 52 weeks in a year, there are 26 bi-weekly periods. If you make 26 bi-weekly payments, that's the equivalent of 13 monthly payments. Therefore, you end up paying one extra payment per year. The one extra payment per year can add up big time and allow you to pay your mortgage off in less than the original 30 years.

2. Decrease the Outstanding Principal Loan Balance Faster. 

That one extra payment per year also reduces the amount of principal you still owe on your Lake of the Ozarks home loan. Principal is the amount of the loan before interest. The faster you can pay down the principal part of your loan, the more you will save in interest. The interest amount is based on the amount of principal you still owe after each payment is applied each month, or in this case every other week.

3. Save Money By Paying Less Interest. 

By decreasing the amount of principal faster, you also reduce the total amount of interest paid over the life of your mortgage. This can end up saving you thousands of dollars. You will need to make sure that your lender is applying the payments as they come in though, rather than waiting until the second half comes in. If not, the homeowner will not get the full benefit, as the principal is still accruing interest on the amount left before that payment is applied. You have to pay down the principal first in order to reduce the amount of interest paid.

4. Increase Your Home Equity Faster. 

With each mortgage payment you make, you are decreasing the amount you owe on your home loan. The less you owe, the more you own, in the form of home equity. Depending on the type of loan you have and how much you spent upfront on a downpayment, you might be paying private mortgage insurance until you reach a certain amount of home equity. By making bi-weekly mortgage payments, you would be able to reach that home equity level and therefore, would be able to stop paying for that insurance.

If you're thinking about applying for a home loan at the Lake of the Ozarks, give me a call at 573-746-7211. I'm here to help you every step of the way and help you determine what home loan options are best for your unique situation. Your mortgage lender at the Lake of the Ozarks is here to help with all your financing needs!

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.

Halloween Events at Lake of the Ozarks

Halloween is just under two weeks away and the celebrating starts now at the Lake of the Ozarks. There are tons of family-fun Halloween events happening all throughout the next two weekends. Grab the kids, grab some costumes and head on out to some of these great events. Happy Halloween from your Lake of the Ozarks mortgage lender!

Pumpkin Patch at Hy-Vee Hollow: October 24-25

Fun activities for the entire family, Saturdays and Sundays 10am - 6pm. Straw bale maze, old fashioned water pump duck races, a corn pit, seesaws, hay mountain and free hayrides.

Bonfire & Hayride at The Lodge of Four Seasons: 

Saturdays through November 14

Come enjoy a hayride and bonfire on the beach complete with s'mores, hot chocolate, hot cider and complimentary pumpkins for children under 12. Hayrides begin at 5:00 pm and run every 20 minutes with the last ride leaving at 6:40 pm. Reservations are strongly suggested as there is limited space available on each ride. Hayride & bonfire are $5 inclusive per person. Ages 5 and under are FREE. For more info or to make your reservation, please call 573-365-3000 ext 0.

Lucas Oil "Spookway" Free Trick-or-Treating for Kids: October 24

This Annual Safe Trick or Treat Night is a big hit with the area youth as the "Diamond of Dirt Tracks" gives kids a safe trick or treat experience. The event begins at 5:00pm on Saturday, October 24th. The event is FREE to the public and everyone is welcome to attend. This is a great avenue for area business owners, groups, and organizations to show their wares to Mom and Dad while handing out treats to the kids. Last year over 500 trick or treaters visited the Lucas Oil "Spookway".

HOWL-O-WEEN Festival: October 24 

Dogwood Animal Shelter's annual HOWL-O-WEEN Festival offers family fun from 10 am to 2 pm! Contests, food and entertainment, plus vendor booths and lots of smiles!

Eldon PTO Trunk-or-Treat: October 24

Join the Eldon Elementary PTO in a FUN, FREE, FAMILY fall themed event from 6-8 pm. Along with a large Trunk-or-Treat, the City of Eldon will be providing a hayride, maze and bounce house all for FREE!

Kid's Halloween Spooktacular at Captain Ron's: October 25 

Bring your little ghosts & goblins to Captain Ron's from 5-7 pm to grab some loot! Several local businesses will be handing out goodies!

Hy-Vee Hollow Trick-or-Treat Maze: October 29 

Safe trick-or-treating and family fun in the Hy-Vee parking lot from 4-7 pm. All money raised from this event will be donated to Dream Factory, an organization making dreams come true for critically and chronically ill children.

Tunnel Dam Gardens' Haunted Maze and Hayride: October 30-31

The Tunnel Dam Gardens Haunted Maze and Hayride is back! The "Spookiest Family Plots" contest is giving the area's most maniacal minds an opportunity to unleash their horrific visions and possibly win a few bucks in the process. "Family Plot" displays will be set up along the hay ride route, and voted on by visitors. Cash prizes will be awarded to audience favorites. Admission is $5 per carload. The event runs from 7-11 pm both Friday and Saturday.

Halloween at The Ice: October 31 

Dress up in your favorite Halloween costume and come to The Ice! We will have games and activities. Candy for the kids and a Halloween costume contest. Cost for skate: $10 for a skate session and $3 for skate rental. The event will run from 4-10 pm.

Halloween Bash on The Strip: October 31

Trick-or-Treat at the businesses along the Historic Bagnell Dam Strip from 2-4 pm. Costume contests for both kids and adults!

Happy Halloween! When you own a second home at the Lake of the Ozarks, you can enjoy all these community events all year long! Now is the time to buy if you're thinking about it because interest rates are still sitting near all time lows. For all your Lake of the Ozarks home loan needs, give me a call at 573-726-7211.

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.

5 Tips for Purchasing a Foreclosure

Have you been thinking about purchasing a home at the Lake of the Ozarks? While there are many options for real estate out there, one thing you might consider is a foreclosure. The great thing about foreclosures is that you can typically get a really great deal on the home as long as you're willing to put in some work. Your Lake of the Ozarks mortgage lender is here to explain foreclosures and offer tips for buying one.

What is a Foreclosure? 

A foreclosure is any home whose original owner defaulted on their mortgage, resulting in the lender repossessing it. The lender is then allowed to resell the home to a new buyer. Often times these foreclosures can be purchased from the bank at a discounted price. Lenders would typically prefer to recoup their losses than have a foreclosure sitting on the market for a long period of time.

Buying a Foreclosure

Buying a home that's been foreclosed on is quite different than your typical real estate transaction. Buying a foreclosure is not exactly easy, but if you can make it through the process, the benefits are great. Not only are you going to get a great deal on the property, but it's sitting vacant, so you can move in without waiting for someone else to move out. On the down side, there's often little room for negotiation and you, as the buyer, will be responsible for any repairs that need to be made to the home. If you're considering purchasing a foreclosed home at the Lake of the Ozarks, keep these 5 tips in mind.

Tips for Buying a Foreclosure 

1. Find a Trusted Real Estate Agent - Find an agent that works directly with banks that own foreclosed homes. Banks usually hire one or a few agents to handle these foreclosures for them. In a lot of cases, the buyer works directly with the bank's broker instead of a buyers agent. A good place to start is to look online for websites with foreclosure listings; the point of this isn't to find a property just yet, it's to find your agent. Many of these properties will be listed as REO meaning "real estate owned". This signifies the home has been foreclosed and the lender is selling it.

2. Get Pre-Approved for a Mortgage - To prove that you are serious about buying a foreclosure, meet with a lender before meeting with an agent. One problem that is seen a lot is that the buyer wants to find a house first and then figure out the financing. However, especially in this case, that doesn't work. Foreclosures typically have really great deals, which means they go fast! The buyer doesn't necessarily have time to figure out financing because the house has already been sold to someone who got their financing in order before even looking at the house.

3. Study the Sale Prices of Homes in Your Area - There is no rule of thumb on what the bottom line dollar will be for these foreclosed properties. Just like with any other real estate transaction, you want to look at recent sale prices of comparable homes in the same area. Since the bank prices foreclosures quite low, it's possible that they will have several offers above that amount at the same time. Therefore, it's important to know both the value of the home and also how much you can afford so you can make a competitive offer.

4. Remember the Sale is for the Home as Is - Keep in mind that foreclosed homes are typically sold as they are. That means you shouldn't expect a discount to cover repairs that need to be made. If you're worried about getting even more of a discount on an already discounted home, you're probably going to lose it to someone else who is willing to pay the asking price.

5. Know How Long It Takes to Sell a Home in Your Price Range - You should find out how quickly homes in your price range are selling. Foreclosures in a gated community with a pool might sell within a day or so, whereas a more modest home might sit on the market for a few weeks. It all depends on the market conditions. If the homes you're looking at are selling quickly, the best thing to do is come in with your highest bid. You don't want to be upset that you lost a property because you bid lower than you were willing to in order to get it. If you really want the home, it's better to just bid the higher price in the first place.

If buying a foreclosure is something you might be interested in, you'll need to get pre-approved for a home loan at the Lake of the Ozarks. As your mortgage lender, I can work 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. Contact me at 573-746-7211 to get started 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.