4th of July Festivities at the Lake of the Ozarks

There's no better place to celebrate the 4th of July than the beautiful Lake of the Ozarks! In addition to all the water activities, shopping, dining and attractions, this year's Independence Day celebrations include amazing music concerts and awesome fireworks displays all over the Lake area. Your Lake of the Ozarks mortgage lender has compiled a list of all the festivities you need to check out this weekend:

LIVE MUSIC 

Contagious and Soul Rout Live in Concert 
July 1-3 from 9pm to 1 am @ H. Toad's Bar & Grill

Chris Bandi Live in Concert 
July 1 at 8pm @ Picklehead's Roadhouse

Colt Ford with Special Guest Lenny Cooper 
July 2 at 5pm @ Picklehead's Roadhouse

A Neil Diamond Tribute 
July 3 @ The Lodge of Four Seasons

Backroad Anthem with Brushville 
July 3 at 5pm @ Picklehead's Roadhouse

Carl Worden Band Live in Concert 
July 4 at 8pm @ H. Toad's Bar & Grill

FIREWORKS 

Old Kinderhook Fun Fest 
July 1 at 5pm (Fireworks at Dusk)

Freedom Celebration at Windermere 
July 2 All Day (Fireworks at 9pm)

Photo Credit: FunLake.com

Fireworks at the 5MM
July 2 at 9:30pm

Captain Ron's Bar & Grill - 34.5 MM
July 3 from 8:30pm to 9:30pm

Playin' Hooky Fireworks Cruise 
July 4 from 8:30pm to 10pm

Lodge of Four Seasons - 13 MM
July 4 at Dusk

Celebration Cruises - Lodge Fireworks
July 4 from 7pm to 9:30pm

Tan-Tar-A Resort 
July 4 from 8:30pm to 9:30pm - 26 MM

Tropic Island Cruises - Tan-Tar-A Fireworks
July 4 from 8:30pm to 9:30pm

City of Eldon - Eldon Model Air Park
July 4 at Dusk

Lake Valley Country Club 
July 4 at Dusk 

Happy 4th of July weekend from your favorite mortgage lender at the Lake of the Ozarks! If you've been thinking of getting a second home at the Lake of the Ozarks so you can enjoy the area festivities all year round, give me a call at 573-746-7211. 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

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.

9 VA Loan Myths Debunked

When it comes to purchasing a home, VA loans are one of the most valuable benefits available to veterans. Unfortunately, many veterans and military members are missing out on the benefits of VA loans due to the many myths and misconceptions about the program. As your trusted mortgage lender at the Lake of the Ozarks, we're here to debunk a few of these myths and set the record straight.

Myth #1: You need a perfect credit score to qualify for a VA loan. 

You don't need to have a perfect credit score to qualify for a VA loan. VA loans were created with more flexible and forgiving credit lines in order to help veterans and military members who've sacrificed for our country, to make it easier for them to obtain a home loan at the Lake of the Ozarks. However, while the VA doesn't require a certain credit score, the private lender you choose to work with will set his or her own requirements.

Myth #2: Veterans only have one chance to use their VA loan benefit. 

Veterans can use their benefit multiple times throughout their life - there's no limit. The benefit can also be used for refinancing of a home, not just for new home purchases.

Myth #3: VA loans cost more than other types of loans. 

VA loans don't inherently cost more than other types of loans. In fact, the VA limits what lenders can charge in closing costs. In addition, while these loans require no downpayment, they also come with no mortgage insurance requirement.  VA buyers do have to contend with an upfront funding fee, which is where the confusion and this myth comes from. When you do the math though, a VA loan is often cheaper than FHA and conventional loans!

Myth #4: VA loans take forever to close. 

VA loans have long had a reputation for being slow and choked with red tape. However, the process has become considerably more efficient over the past 15 years. VA appraisals, on average, come back in under 10 business days, which is right on par with other types of loans. There’s also little difference between VA and conventional loans in the time it takes to close.

Myth #5: Veterans have to be discharged or retired in order to use their VA loan benefit. 

You do not have to be discharged or retired to get a VA loan. Active service members get full access to the VA loan benefit too!

Myth #6: Military members deployed overseas cannot get a VA loan. 

Military service members who are away on active duty can obtain a VA loan if they intend to return home within a year or have a spouse who will occupy the property in the interim. In addition, deployed military members can sign a power of attorney designating a spouse or someone else to sign on behalf of the VA eligible borrower.

Myth #7: Members of the Reserve or National Guard are not eligible for the VA loan benefit. 

Members of the Reserves or National Guard are eligible for the VA loan benefit too, after 6 years of honorable service.

Myth #8: Widows or Widowers of veterans are not eligible to receive the VA loan benefit. 

Widows of fallen veterans who died on active duty or as a result of a service-connected disability are eligible for the VA loan benefit. In addition, surviving spouses are exempt from paying the VA funding fee.

Myth #9: Veterans are guaranteed a VA loan. 

No one, not even veterans, are "guaranteed" a home loan. Many buyers think military service entitles veterans to a “no strings attached” VA loan. While VA loans make it easier for those veterans and military service members to obtain a home loan, they still have to go through the home loan process just like everyone else.

If you're a veteran or active military and are thinking about purchasing a home at the Lake of the Ozarks, give me a call at 573-746-7211 today. I'll answer your questions and go over your options with you. I'm here to help you with all your Lake of the Ozarks home financing needs, from new home purchases to refinancing, and I'll 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.

5 Ways to Save for a Home Loan

For most home buyers, paying in cash isn't an option. Most people will have to secure some type of home loan at the Lake of the Ozarks. While there are programs out there that require little to no downpayment, home buyers still need to have some cash on hand. Plus, with a downpayment, home buyers are likely to get a better interest rate. So how do you come up with that cash you need to have on hand? Your Lake of the Ozarks mortgage lender has a few ideas on ways you can save for a home loan:

1. Plan: Budget your spending and set up direct debit to make it easier each week.

One great way to make a budget is to create a spreadsheet. Start with your net monthly income. First you'll want to subtract your set expenses, such as rent, student loan payments, car payments and credit card payments. With the money that's left over, you'll need to decide how you want to spend it. Start keeping your receipts, everything from gas purchases to dinner out with your friends. Anything you spend money on needs to be documented. Once you know where all your money is going, you can see where you might be able to cut costs. To create savings, you're going to have to be ruthless. Be sure you can justify everything you've bought.

2. Limit: Think to reduce costs. Only go out once or twice a week. Don't over do it.

As mentioned above, the only way you're going to be able to increase your savings is to limit your spending. One of the easiest ways to cut costs each month is to limit the amount of times you go out. Whether it's having dinner with an old colleague or grabbing drinks with your girlfriends, a night out can easily add up to more than you were planning on spending. If you go out several times a week, those costs can significantly add up. The goal here isn't to lock yourself in the house and never have any fun. You just need to be aware of how much you're spending and what exactly you're spending it on.  

3. Increase: Create a second income. Consider selling on Ebay or freelance. It all counts.

Some people have seen success in saving money by turning their hobby into an extra paycheck. Any money generated from this new source of income should go directly into your downpayment savings account. From giving piano lessons or selling crafts to waiting tables on the weekends, there are endless opportunities to make some extra cash.

4. Debts: Pay them off, such as a credit card. It can help your credit which is needed to obtain a home loan.

While saving money for a downpayment is important, paying off debts is also important. If you're taking money away from paying off credit card bills to save up for your downpayment, you're not really doing yourself any good. Pay off any debt that you can, especially anything with high interest first. Not only will that be one less monthly expense you have to worry about, but you can improve your credit. The better your credit, the better deal you're going to be able to get on your home loan. 

5. Invest: Put your money in a high interest account and let it do the work for you. 

There are a variety of options for high-interest checking and investment accounts. Be sure to consult with your financial advisor or tax professional on which option would best suit your situation. Keep in mind that funds that may be used for a downpayment should be easily accessible; check to see if there are early withdrawal fees or penalties for using these funds before you commit to any option.

Whether you're looking to buy a home next year or 5 years down the road, its never too early to start saving for a downpayment. If you are thinking of purchasing a home at the Lake of the Ozarks sooner rather than later, give me a call at 573-746-7211. As your Lake of the Ozarks mortgage lender, I can work with you on a pre-qualification so you have an idea of how much you can borrow and how much you'll need to save for a nice sized downpayment.

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.

The 411 on FHA Loans

When it comes time to buy a house at the Lake of the Ozarks, you're going to have several options for financing. First State Bank Mortgage offers a full portfolio of fixed and adjustable-rate mortgage products. One of those options is the FHA Loan, perfect for both new home buyers or those looking to refinance.

What is an FHA Loan? 

An FHA loan is a loan funded by the Federal Housing Administration. FHA loans offer competitively-priced rates and a low downpayment option, making them quite popular among borrowers. Those with FHA loans however, do have to pay for private mortgage insurance to protect the lender from a loss if there's a default on the loan.

FHA Loan Requirements 

The FHA loan requirements set by the Federal Housing Authority include:

• Must have a valid Social Security number, lawful residency in the US, and must be of age to sign for a mortgage in that state. 
• Must pay a minimum downpayment of 3.5%. 
• Must have a minimum credit score of 580 for maximum financing with 3.5% down. On a case by case basis, 500-579 may be approved with 10% down. 
• Must have a steady work history or worked for the same employer for the past 2 years. 
• Must be at least 2 years out of bankruptcy and have re-established good credit. 
• Must be at least 3 years out of a foreclosure and have re-established good credit.  

Benefits of an FHA Loan

When it comes to choosing which loan program is right for you, you need to look at the benefits of each type. Here are the benefits of an FHA loan from your Lake of the Ozarks mortgage lender:

• 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

If you're thinking about a new home purchase at Lake of the Ozarks, give me a call at 573-746-7211 regarding all your financing needs. I can answer all your questions about FHA loans and help you decide if it's the best option for you. As the best mortgage lender at the Lake of the Ozarks, 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.

7 Best Practices for First-Time Home Buyers

For most first-time home buyers, purchasing a home with cash isn't an option. Therefore, you're going to need to secure a mortgage loan. In order to make that process smooth and simple, the best mortgage lender at the Lake of the Ozarks has put together a list of best practices for you to keep in mind:

1. Pay Off as Much Debt as You Can.

By paying off as much debt as you can before applying for a mortgage, you'll be able to keep your debt-to-income ratio low. Lenders will look at your income in comparison to everything you owe, like student loans, car payments, credit card debt, etc, to determine how much you can afford to borrow.  

2. Develop Good Credit Habits.  

Your credit score is a huge determining factor when it comes to getting a great mortgage loan at the Lake of the Ozarks. Missing payments on student loans or habitually paying your bills late will negatively affect your credit score. In turn, that can make securing a home loan more expensive or even impossible.

3. Consider Consolidating or Refinancing Student Loans. 

Sometimes paying off your debt, such as student loans, is nearly impossible to do before you're ready to purchase your first home. If you can't pay them off, look into getting the payment lowered. You'll have to make the decision on whether or not spreading out your loan payments over a longer period of time is worth it to get a home sooner.

4. Keep a Solid Work History. 

Your work history is a good indicator of how your income will be. If you can't hold a job for more than a few months, a lender is going to have a difficult time loaning you money. Your Lake of the Ozarks mortgage lender needs to know that you are going to continue to have a large enough income to cover the monthly mortgage payments. While you can't change the past, make sure to keep your current job until after you have closed on your new home.

5. Document Everything. 

Throughout the mortgage process, you're going to be required to document everything. Get in the habit now of keeping track of tax returns, bank statements, brokerage statements and any other documents that verify the source of all your money. You'll also be required to verify your employment and income, once at the beginning of the process and again just before the closing. 

6. Don't Apply For New Credit. 

One of the worst things you can do to jeopardize your mortgage approval is to apply for new credit. It can be tempting to purchase new furniture for your new home on your credit card. Or maybe you think you'll have enough cash left over for a down payment on a new car. Once the mortgage process is underway, refrain from financing any new purchases until after your mortgage is complete.

7. Save Cash for Upfront Costs. 

While you're getting a loan for the cost of the house itself, you're going to need some cash to cover other expenses that come with purchasing a home. In addition to your closing costs, you're going to need to pay for a home inspection, an appraisal, a survey and city, county or state transfer taxes. Most lenders will also ask for at least a year's worth of homeowners insurance and property taxes upfront.

As a first-time home buyer, you probably have a lot of questions and I'm here to help! When it comes to your Lake of the Ozarks 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

**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 FAQs Continued

Last week, your favorite Lake of the Ozarks mortgage lender brought you some FAQs about mortgages. In this blog, we're continuing that theme with a few more common mortgage questions and their answers:

9. What is Mortgage Insurance?

Answer: Mortgage insurance protects the lender from financial loss due to the homeowner not making their payments. It is required for mortgage transactions where there is little to no down payment made. If you make a down payment of 20% or higher, the insurance is not required because the lender is taking on less risk than if there's no down payment at all.

10. What Does My Mortgage Payment Include?

Answer: For most homeowners, a mortgage payment consists of 3 different parts: Principal, Interest and Taxes & Insurance.

11. How Much Cash Will I Need to Purchase a Home?

Answer: The amount of cash you'll need to purchase a home varies depending on a number of items. In general though, you'll need to supply cash for earnest money, a down payment and the closing costs.

12. What are Mortgage Points?

Answer: Mortgage points are divided into 2 categories: discount points and origination points. One point will generally cost 1% of the total amount that is mortgaged. You can purchase mortgage points to "buy down the interest rate." One point can generally reduce your interest rate by .25%, which can save the borrower a significant amount over the life of the loan. Talk to your mortgage lender to see if purchasing points is a smart decision for you and your unique situation.

13. What is an Escrow Account?

Answer: Your monthly mortgage payment includes a certain amount of money that's placed in a fund held by the mortgage company to pay your annual property taxes and insurance premiums. This fund is known as an escrow account.

14. Can I Still Qualify For a Mortgage After Having Filed for Bankruptcy?

Answer: While you may have to jump through more hoops, it is possible to qualify for a mortgage even after you've filed for bankruptcy. There are programs out there to help those who don't have great credit. Check out our blog, "Applying for a Mortgage After Bankruptcy" to learn more.

15. How Long Does It Take to Get a Mortgage?

Answer: The amount of time it takes from start to finish will vary depending on the situation and the lender. In general, a mortgage could be financed within 30-45 days of the application. However, it's important that prospective homeowners understand that there are many factors that can delay a mortgage approval. That's why it is very important to stay in contact with your lender throughout the entire process; responding promptly to questions your lender has for you can help to avoid some of the possible delays.

For any other mortgage questions you may have, contact the best mortgage lender at the Lake of the Ozarks 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.

Mortgage FAQs

Applying for a mortgage can be both exciting and nerve-racking. If you are a first-time home buyer, there a probably a lot of things about mortgages that you don't know or understand. Your Lake of the Ozarks mortgage lender is here to answer all of your questions about mortgages. Let's take a look at some frequently asked questions and their answers:

1. What Documents Do I Need to Provide to Apply For a Mortgage?

Answer: The documentation needs can vary depending on the loan type. However, in most cases you will be required to provide income, employment and asset verification. Your mortgage lender will provide you with a list of items needed for your specific loan situation.

2. What's the Difference Between a Pre-Qualification and a Pre-Approval?

Answer: A pre-qualification is a lender's judgment of your ability to make payments on your Lake of the Ozarks home loan, based on your verbal statements regarding your income, employment, credit, etc. A pre-approval on the other hand, is the underwriting condition that you are conditionally qualified and it is subject to the lender's review of the completed application and verification of your income, assets, employment history, credit check, appraisal and other determining factors.

3. What Credit Score Do I Need to Qualify for a Mortgage?

Answer: Generally speaking, you're a good candidate for a mortgage loan if you have a credit score of 680 or above. However, the higher you can get it over 700, the lower the rate you can qualify for. There are several things you can do to boost your credit score and help improve your chances of qualifying for a great home loan. Check out our blog, "7 Tips for Building Your Credit Score" to learn more.

4. How Do I Know Which Type of Mortgage is Right for Me?

Answer: One of the most frequently asked questions is about which type of loan to get. There are many different loan options to choose from. The type that's best for you and your situation depends on several factors including: your current financial picture and how long you plan to keep your house. It's best to discuss your options with a mortgage professional.

5. Are There Any Loan Programs That Don't Require a Down Payment?

Answer: There are some programs that do not require a down payment. Depending on your credit, employment history and other factors, you may or may not qualify for one of these programs. If a down payment is something you don't think you would be able to make, talk to your mortgage lender to see what programs might be available to you.

6. How Do I Figure Out How Much House I Can Afford? 

Answer: For a general rule, you can afford a home that's 2-3 times your annual household income. However, the amount you can borrow will be based on your credit history, employment history, your current debt-to-income ratio, and the size of your down payment. Talking to a mortgage professional at the Lake of the Ozarks will help you better determine how much you can afford for your specific situation.

7. What's the Difference Between a Fixed-Rate Loan & an Adjustable-Rate Loan?

Answer: With a fixed-rate mortgage, the interest rate stays the same over the life of the loan. With an adjustable-rate mortgage (ARM), the interest rate changes periodically. Your monthly payments with a fixed-rate will stay the same, while those payments with an ARM will likely change. There are advantages and disadvantages to both types. Read more about Adjustable-Rate Mortgages here.

8. What's the Difference Between Interest Rate and Annual Percentage Rate (APR)?

Answer: The interest rate is the rate you agree to pay for your home loan. It is used to determine the interest portion of your monthly payment. The APR includes both your interest rate and your prepaid finance charges to give you an average yearly rate.

Stay tuned next week for more common mortgage FAQs! For all your home financing needs at the Lake of the Ozarks, contact the best mortgage lender at the Lake of the Ozarks at 573-746-7211. 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.