The Best Time of Year to Buy a Home

You've probably heard that spring is a busy time in the real estate world. People are jumping to get out and enjoy the outdoors after being cooped up all winter. Are those buyers really serious about buying a home at the Lake of the Ozarks though? In today's blog, your Lake of the Ozarks mortgage lender will discuss when the best time of year to buy is and why.

Buying a Home in the Spring

While spring is hands-down the busiest time in real estate, it's not necessarily the best time to buy. Why is that? Inventory might be at an all year high, but competition is also higher. With the increase of competition, comes higher home prices. Getting in a bidding war with other home buyers can easily cause you to pay more for that home than you would have if competition was lower. Home sellers are less likely to negotiate when multiple offers are coming in. According to data from RealtyTrac, April is the worst month to buy a house.

Buying a Home in the Fall 

According to data from RealtyTrac, the month where buyers get the best deal is October. It's true that inventory might be lower during the fall season. However, buyers looking in the fall are more serious about buying. Competition is lower during the fall months and that makes negotiating easier. Those listing their homes in the fall are more motivated to sell, which makes it easier for you to get a home at a lower price than you might in the spring.

Pros and Cons to Buying in the Fall 

Just like with everything in life, there are pros and cons to buying a home in the fall. Take a look at a few of them to determine if purchasing a home at the Lake of the Ozarks during the fall season seems like a good choice for you:

Pros

1. Sellers are serious. If they weren't, they would wait until the spring to put their home on the market. Motivated sellers means more flexibility during negotiations.
2. You'll have less competition from other buyers. Families, in particular, don't normally like to move during the fall season because school is in session. You'll have more time to look and more time to work out a deal without rushing to beat other offers.
3. Inventory is low. This could be looked at as a pro and a con. Lower inventory means that you have less homes to choose from, but that also makes it easier to narrow down your list of potential homes to buy. 

Cons

1. You could experience bad weather. You're not going to want to get out and look at houses in bad weather. From rain to snow and sleet, nasty weather can easily put a damper on your house hunting.  
2. Days are becoming shorter. Due to daylight savings time, buyers are forced to either take off work early or house hunt on the weekends to get it done before it gets dark out.

Summer is winding down and fall is just around the corner! Now is the time to get your mortgage pre-approval at the Lake of the Ozarks so you're ready to start house hunting. For all your Lake of the Ozarks home financing needs, give me a call at 573-746-7211. I'm here to help you every step of the way and get you into your dream home!

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.

4 Things to Do Before Starting Your Home Shopping

Have you been thinking about purchasing a home at the Lake of the Ozarks? Buying a home is one of the biggest investments you'll ever make and it's important that you don't just jump right in. Your Lake of the Ozarks mortgage lender is here to help by providing you with a list of things you should do BEFORE you start your home shopping.

1. Talk to a Mortgage Lender First. 

When you're ready to buy a home, what's the first thing you think about? You might say that you need to find a real estate agent to help you find the perfect home. While eventually you will want to find a reputable real estate agent, you need to talk to a mortgage lender first. You need to know how much you can qualify for and how much you can afford in monthly mortgage payments. Not getting pre-approved for a mortgage loan is the most common mistake home buyers make.

2. Create a Proper Budget. 

You have to remember that your mortgage payment is not the only expense you have to consider when purchasing a home. You need to create a budget that also factors in taxes, insurance, homeowners association fees (if applicable), home maintenance and repair expenses that may arise, etc. Be sure you consider everything involved and make sure you are comfortable making all those monthly payments and that you have enough in savings to cover unexpected emergencies related to owning a home.

3. Determine Exactly What You Want. 

In addition to knowing how much you can afford, you need to determine what exactly you're looking for in a home. You may already know that you need at least 3 bedrooms and 2 bathrooms, but what other features do you need your new home to have? Make a list of necessities vs wants, so that you can check them off as you're looking at potential homes to buy. Having this list will make it easier to compare different homes during your search.

4. Save Money and Get Your Assets in Order. 

If you've been thinking about buying a home for awhile now, chances are you've already started saving money. However, if you haven't, now is the time to start. While you are getting a loan to cover the cost of the house, you're going to need cash for some upfront expenses, such as a downpayment, closing costs, escrow accounts, reserves, etc. The more money you're able to offer for a downpayment, the better terms you can get for your loan. The more money you have saved up in reserves, the less likely you are to default on your loan. Having your finances in order is one of the most important aspects of buying a home.

After you've done these steps, now you can talk to a real estate agent and start your home search. You, your mortgage lender and your real estate agent will all work together throughout the entire home buying process. There's a lot that goes into getting a home loan at the Lake of the Ozarks and making that purchase. As the best mortgage lender at the Lake of the Ozarks, I'm here to help you every step of the way. Give me a call at 573-746-7211 to get started on your pre-approval 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. 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.

Should I Buy a Home When I Have Student Loan Debt?

Becoming a homeowner is likely the largest financial investment you'll ever make. As someone fresh out of college who is working on paying off those student loans, the dream of owning a home at the Lake of the Ozarks can seem like just that, an unreachable dream. How are you going to save enough money for a downpayment? Or do you not have to? Keep reading to learn if purchasing a home while you're paying on student loans is an option for you.

Homeownership

Many factors should be taken into account when choosing to purchase a home. While renting does not allow you to build equity in your own home, you may question whether adding more debt in the form of a mortgage is the best idea for your budget. Does becoming a homeowner at this point make sense?

Examining Debt

Not all debts are the same. With student loans, your asset is your education, which no one can take away from you. However, if you have mortgage debt and can't afford your payments, your home can be taken away. In addition to your credit score, your mortgage lender at the Lake of the Ozarks will look at your debt-to-income ratio. Depending on how much student loan debt you have, that ratio may be too high to purchase a home at this point in your life anyway. In order for a mortgage to be backed by the government, this ratio can't exceed 43% of your income.

Renting vs. Buying

With all-time low mortgage rates and rising rent costs, homeownership may seem like the best option. However, money isn't the only consideration you need to make. Are you planning to stay put in the same place for awhile, or are you unsure where you want to end up living? If you're planning to stick around the same area for at least two years, then buying might make sense. In this case, buying is more financially advantageous than renting in 70% of housing markets.

Downpayment Options

As someone with student debt, you may be struggling just to make your income match your expenses, let alone have any extra to save for a downpayment. While there are some low downpayment loan options available, the size of your downpayment will affect the total cost of your loan. The less you have to borrow from the bank, the lower your monthly payments will be. You'll also be saving money on interest. Keep in mind though, that you don't want to wipe out your savings to make a downpayment. It's important that you keep a cushion for closing costs, moving expenses, furniture shopping and any unexpected expenses that could arise with your new home.

Buying a home at the Lake of the Ozarks shouldn't solely be based on money though. Are you ready to take on the responsibility of caring for your own home? When you rent, the landlord takes care of any issues you may have, but once you buy, that's all on you. If you have questions regarding becoming a homeowner, give your Lake of the Ozarks mortgage lender a call at 573-746-7211. I'm here for all your home financing needs, and will discuss your options, helping 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. 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.

Is Renting Right For Me?

With increasing rent prices, there are a lot of things you need to consider about continuing to rent vs. buying a home at the Lake of the Ozarks. In some cases, you may be better off purchasing a home. Let's take a look at some reasons why you would want to rent rather than buy:

1. You're Not Planning on Staying in the Area Long-Term.

Renting allows more flexibility than owning. If your job requires you to move around a lot or if you're unsure how long you'll be in the same place, renting may be your best option. The upfront costs of purchasing a home at the Lake of the Ozarks can set you back financially if you move too soon after buying. However, if you plan on sticking around for awhile, homeownership is the way to go! Not only could you be saving money in the long run, you're building equity. Whether you're renting or buying, you're paying someone's mortgage, so why not have something to show for it?

2. You Don't Want to Deal with Maintenance and Other Added Costs. 

When you rent, your landlord is the one that has to deal with any maintenance issues. Once you're a homeowner, you are the one that has to find a plumber or electrician. If your dishwasher needs to be replaced, you are the one that has to pay to replace it. Upkeep of a home is something you should consider when choosing to purchase a home. However, on the other hand, when you own your own home, you don't have to wait for the landlord to take care of something. You can deal with maintenance issues and repairs on your own time. There are advantages and disadvantages to both renting and buying, and it's up to you to weigh the pros and cons to make a decision that best fits your particular situation.

3. Financially, Buying Would Be Difficult. 

For some people, buying a home is just out of reach. While you could save money in the long run, purchasing a home comes with some upfront costs that some people just can't afford. If you're in this position, the best thing to do is start saving now. Each month, put some cash aside to start building up enough to make a downpayment and cover the upfront fees. Maybe for now it's best to rent, until you get your finances in order. Take a look where you're at 6 months to a year down the road and maybe then you'll be financially ready to take on homeownership.

While there are some benefits to renting, homeownership is something to consider. If you're done spending money on rent and having nothing to show for it, give your Lake of the Ozarks mortgage lender a call at 573-746-7211. I'm here to help with all your Lake of the Ozarks home 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. 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.

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 

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.

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.