Memorial Day Festivities at the Lake of the Ozarks

Memorial Day Weekend at the Lake of the Ozarks is the kick off to the summer season! There will be activities and events for the entire family to enjoy. From BBQs and shopping to watersports and fireworks, the Lake of the Ozark is the place to be this holiday weekend. Today's blog from your Lake of the Ozarks mortgage lender features some of this weekend's fun local events:

Memorial Day Weekend Fireworks

Fireworks are a Memorial Day tradition, and there's nothing more magical than watching them explode over the beautiful lake! Multiple venues will offer firework displays all throughout the weekend. Here's the list of locations and times, so you don't miss any of the fun!

Photo Credit: FunLake.com

• Old Kinderhook: Friday, May 26th from 5-8 pm 
• Bear Bottom Resort: Saturday, May 27th @ 9:45 pm (View by water at the 38 MM)
• The Inn at Grand Glaize: Saturday, May 27th @ Dusk (View by water at the 1 MM)
• Tan-Tar-A Resort: Sunday, May 28 @ Dusk, around 8:30-9:30 pm (View by water at the 26 MM) 
• Tropic Island Cruises: Sunday, May 28 from 8:30 to 9:30 pm (View Tan-Tar-A's display aboard the Tropic Island - call 573-348-0083 for reservations.) 
• The Lodge of Four Seasons: Sunday, May 28 @ Dusk (View by water at the 13 MM) 
• Celebration Cruises: Sunday, May 28 (Grand Glaize boards at 7:30 pm, Bagnell Dam boards at 8 pm - call 573-480-3212 for reservations.)

Memorial Day Weekend Concerts

Red Dirt LakeFest
The three-day music event, Red Dirt LakeFest, will feature Red Dirt & Texas music genres. Three stages will host a multitude of artists from solo acoustic to full bands. The event will take place May 26-27 at Bass Point Resort in Gravois Mills. For more information, visit: www.reddirtlakefest.com.

80s Party with the M80s
Get ready for an 80s music explosion! The M80s band delivers a non-stop, amped up adventure that keeps the party rockin'. The band will be performing at Larry's on the Lake on May 26th and 27th, starting at 7 pm both nights.

Contagious & State Line Drive
Kick off the summer right by heading over to the Horny Toad Entertainment Complex at Camden on the Lake for a concert you don't want to miss. With 2 stages, there's double the party and double the entertainment all weekend long. The concerts will run from 9 pm to 1 am each night on May 26-28.

Dwight Yoakam w/ Special Guest Frankie Ballard
On Sunday, May 28, head over to the Ozarks Amphitheater for a concert featuring 21-time nominated, multiple Grammy Award winner, Dwight Yoakam. Doors open at 6:30 pm and the show starts at 7:30 pm. For more information, visit: www.ozarksamp.com.

Other Memorial Day Weekend Events

Old Kinderhook Memorial Day Weekend FunFest
On Friday, May 26, head over to Old Kinderhook for their annual Memorial Day Weekend FunFest starting at 5 pm! There will be bounce houses, live music by Slick Nickel starting at 6 pm, games, face painting, fireworks and more for the entire family. Bring your blankets and watch the fireworks at dusk from the golf course. An All-American meal will be available for purchase.

Laughing Class Comedy Show
Spend an evening of laughter at The Lodge of Four Seasons on Saturday, May 27. Doors open at 6:30, and the show begins at 7:30 pm. For more information, visit: www.thelaughingclass.com.

Putting for Patriots 
Pirate’s Cove Adventure Golf, in Osage Beach, MO, will host the Eleventh Annual Putting for Patriots fundraiser from now through Monday, May 29. Proceeds will support 3 charities that serve our wounded veterans, their families and survivors of the fallen.

If you enjoy visiting the Lake of the Ozarks year after year and attending great events such as these, why not consider investing in a second home at the Lake of the Ozarks? Not only would you have a place of your own to stay each time you visit, but you could potentially offset some costs by renting it out to vacationers. Talk to me about Lake of the Ozarks home financing today - call 573-746-7211.

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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.

5 Necessities for a Mortgage Pre-Approval

If you're thinking about purchasing a home, the place to start is a mortgage pre-approval. What do you need to get a Lake of the Ozarks mortgage pre-approval? Today's blog from the best mortgage lender at the Lake of the Ozarks offers a list of necessities you'll need for a pre-approval.

1. Identification. 

The first step in a mortgage pre-approval is providing proof of identity. Your mortgage lender will require a copy of your driver's license or passport and your social security number.

2. Proof of Income. 

After you've provided your identification, you'll need to show proof of income. Generally, you will need to provide recent pay stubs, W-2 forms, bank statements, copies of tax returns for the past two years, investment account statements, 1099-forms, etc. Essentially, your mortgage lender is going to want to see verification for every form of income. The bank will want to verify that you have stable, regular income that makes you a low risk for default on your Lake of the Ozarks home loan.

3. Proof of Assets. 

In addition to proof of income,your lender is going to need to see proof of any major assets you have. He or she needs to ensure that you have sufficient assets and reserves to handle a down payment and closing costs, as well as enough cash reserves to make payment for a certain period (typically one year).

4. Good Credit Score. 

Be prepared for your Lake of the Ozarks mortgage lender to run your credit report. Your credit score is one of the major determining factors for mortgage approval and the interest rates made available to you. If your credit score is poor or you have excessive debt, you may want to improve those areas first. Lower credit scores may require greater down payments or higher interest rates, and in some cases could result in being denied for a mortgage.

5. Low Debt-to-Income Ratio. 

Not only does your lender want to make sure you pay your bills and that you pay them on time, but also that you don't have too many debts. Your lender will determine your debt-to-income ratio, which is also a factor in determining approval, interest rate and the price range of homes you can afford. You need to make sure that your debts aren't too high in comparison to your income, otherwise you will be seen as a higher risk borrower.

If you're currently in the market for purchasing a home at the Lake of the Ozarks, talk with me about getting the pre-approval process started! Give me a call at 573-746-7211 to discuss Lake of the Ozarks home financing options today. I'm here to work with you every step of the way, offering the first-class service you deserve!

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

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Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(866) 397-0318

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.

16 Key Mortgage Terms to Know and Understand

Just like with any industry, the mortgage world has some jargon of its own. Today's blog focuses on a few terms you should know and understand when applying for a mortgage at the Lake of the Ozarks. It's important that you understand everything that has to do with your mortgage before you sign any papers. Purchasing a home at the Lake of the Ozarks is a big investment and taking on a mortgage is a big responsibility.

Common Mortgage Terms

1.  Adjustable-Rate Mortgage (ARM) - Unlike a fixed rate mortgage, payments on an adjustable rate mortgage will fluctuate over time depending on the market. Often times your initial rate will be lower than that available with a fixed rate, but then you risk it increasing down the road.

2. Amortization Schedule - The amortization schedule shows how your loan is to be repaid. It shows your monthly payment, as well as how much is dedicated to principal and how much to interest.

3. Annual Percentage Rate (APR) - A measure of all the costs over the life of the loan, including mortgage payments, fees and closing costs. It is used as a guideline to compare loans with different terms.

4. Closing Costs - All of the costs that are due at closing are called closing costs. These fees include points, appraisal and survey fees, title search and title insurance, taxes, attorney's fees, loan origination fees, inspection fees, recording fees, homeowners insurance and private mortgage insurance (PMI).

5. Closing Disclosure - The Closing Disclosure summarizes the final loan terms, financial information and cash flows at closing. You'll receive this form 3 business days before closing where all documents are then signed.

6. Debt-to-Income Ratio (DTI) - This ratio compares your debt and income to determine if you can afford to take on the added debt of a mortgage. While the front-end ratio just looks at mortgage debt, the back-end ratio also takes into consideration credit cards and other loans. Typically this ratio needs to be below 39% to qualify.

7. Down Payment - The down payment refers to the amount of money you put down, upfront on your home to secure it. The amount required depends on the loan type and the lender. 

8. Escrow - The term escrow refers to an account established by the borrower to cover various mortgage bills and expenses, such as taxes and insurance.

9. Fixed-Rate Mortgage - Unlike an ARM, a fixed-rate mortgage will offer a set monthly interest rate. This eliminates the risk of your interest rate increasing, however, depending on the market, you could end up paying more in interest than with an ARM.

10. Interest - Interest is the fee that you pay for borrowing money. The amount will be a percentage of your loan amount.

11. Loan Estimate Form - Formerly known as the Good Faith Estimate (GFE) and the Truth-In-Lending Form (TIL), the Loan Estimate Form summarizes your loan terms and estimates of the cost of the loan over its life.

12. Loan-to-Value Ratio (LTV) - The amount of your mortgage loan divided by the value of your home determines your loan-to-value ratio. While 80% for this ratio is preferred, sometimes higher ones are allowed. The LTV and DTI help the lender determine your risk and therefore can affect your interest rate.

13. Points - In mortgage terms, points refer to the amount of money you pay upfront at closing to reduce your interest rate over the life of the loan. Each point equals 1% of the loan and drops your interest rate by some negotiated percentage, typically 1/4-1/2%.

14. Principal - The principal is the total loan amount that you will borrow to make your home purchase. The number does not include any interest, insurance or other mortgage fees. 

15. Private Mortgage Insurance (PMI) - PMI is a type of insurance that you pay your lender to guard against a default on the loan. It's typically required when you have a downpayment of less than 20%.

16. Rate Lock - A rate lock is a lenders guarantee of an interest rate, good for a set period of time. With rates constantly changing, you'll want to talk to your Lake of the Ozarks mortgage professional about locking your rate in.

If you have any questions about mortgages or don't understand a term, be sure to ask your mortgage lender at the Lake of the Ozarks. I'm here to work with you every step of the way. I'll discuss your Lake of the Ozarks home financing needs, 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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(866) 397-0318

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.

Celebrate Mother's Day at the Lake of the Ozarks

Mother's Day is this weekend, and what better way to celebrate than taking mom out at the Lake of the Ozarks? Take mom, grandma or wife out for a delicious brunch on Sunday, May 14th. Details on the local brunch events are below.

Mother's Day Brunch at Horny Toad Bar & Grill

Dine with a gorgeous lake view and enjoy a delicious buffet of endless options prepared by Chef "Red" Messinio, winner of the 2016 Silver Cup Chef Challenge. Live entertainment will be provided by Scott Duncan. Tickets are $31 per adult, $28 for seniors, $1 for children and children 5 and under are free. Brunch will be served from 9 am until 1 pm. Call 573-365-5620 for reservations.

Mother's Day Brunch at Old Kinderhook 

Treat mom to Mother's Day Brunch at Old Kinderhook. Some of the menu items include pastries and breads, fruits and cheeses, oysters, crab legs, shrimp, salads, bacon and sausage, prime rib, potatoes, vegetables, and desserts. Brunch prices are $35 for adults, $29 for seniors, $12 for children 5-10, and children 4 and under are free. Brunch will be served from 10 am until 3 pm. Call 573-317-3560 for reservations.

Mother's Day Brunch at Lake Valley Country Club 

Lake Valley Country Club is offering a Mother's day Brunch featuring traditional breakfast items, an omelet station, salads, potatoes, vegetables, 3 entrees and assorted desserts. Brunch will be served from 10 am until 1:30 pm. Call 573-346-7213 for reservations. 

Mother's Day Brunch at the Inn at Grand Glaize 

Celebrate Mother's Day at J D Waddles Restaurant at the Inn at Grand Glaize. Brunch will feature a carving station, made to order omelets, bacon, cheese, waffles, pastries, vegetables, potatoes, salads, fruit, juice, an array of desserts and more! It will be served from 10 am until 3 pm. For reservations please call 573-348-4731.

Mother's Day Brunch at The Lodge of Four Seasons

Head over to HK's at The Lodge of Four Seasons for a Mother's Day Brunch. Brunch is $39.95 per adult, children ages 6-12 are half price and those 5 and under are free. Brunch will be served from 10 am until 2:30 pm. Reservations are highly recommended - you can call 1-800-843-5253.

Mother's Day Brunch at Tan-Tar-A

Celebrate mom with a fabulous brunch at Tan-Tar-A Resort in the Grand Ballroom, Building A. The meal will feature applewood smoked ham with bourbon praline glaze, carved prime rib with Au Jus and Horseradish ream, Chicken Grand Mere with Bacon & Button Mushrooms, Seafood Stuffed Pasta Shells with Sauce Newburg, Cured Bacon Wrapped Pork Filet with Maple Pecan Butter and much more! Tickets are $28.9 for adults, $15.95 for children ages 4-12, children 3 and under are free, and $19.95 for seniors. Brunch will be served from 11 am to 3 pm. Reservations are required - please call 573-348-8619.

Mother's Day Brunch at Osage National 

Celebrate mom with great food and scenery at Osage National. Brunch will begin being served at 11 am. For reservations or more information, call 573-365-1950 ext. 23.
Happy Mother's Day from your Lake of the Ozarks mortgage lender! If mom's had her eye on a second home at the Lake of the Ozarks, now's the time to jump on it while mortgage rates are still low. Give me a call at 573-746-7211 to discuss financing options 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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(866) 397-0318

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.

Fun Facts About Renters (and Why You Should Consider Buying)

One of the most important financial decisions you have to make is whether to rent or own your home. While there are benefits to both renting and owning, many renters don't realize how much they could potentially be saving by investing in a home today. In today's blog, your Lake of the Ozarks mortgage lender offers a few facts and considerations about renting vs. buying.

Fun Facts About Renters

1. According to the National Multifamily Housing Council, 37% of households in the United States rent, while the other 63% prefer homeownership.

2. According to NAR Chief Economist Lawrence Yun, the average renter missed out on $41,000 in equity by not buying three years ago.

3. Nationally, 50% of all renters spend more than 30% of their income on housing according to the NY Times.

4. According to PulteGroup, 89% of renters think owning a home is part of the American Dream.

5. Approximately 32% of potential homebuyers plan to buy in the next couple years. 

6. Around 90% of millennials prefer owning a home over renting one. 

7. The median gross rent from 2011-2015 was $758.

8. Buying a home is roughly 45% less expensive than renting.

9. According to Trulia, rent prices have risen by 4.7% in the past year, while asking home prices have only risen 2.3%.

Considerations About Renting vs. Buying

While renting is a great short-term option, financial gains of homeownership are applicable if you plan to stay in the home for 5-10 years. With current interest rates extremely low, most renting situations are more expensive than owning. In addition, when you choose to rent, you aren't building equity. Creating an asset, providing a legacy and increasing net worth are all benefits of becoming a homeowner that you can't get as a renter. With the help of a mortgage professional at the Lake of the Ozarks, you can weigh the pros and cons of buying and renting to decide which option best suits you in the short-term and the long-term.    

While renting might be the best option for some people, you can see from the facts above that homeownership has its benefits. If you're considering purchasing a home at the Lake of the Ozarks, give me a call at 573-746-7211 to discuss your options. With mortgage rates still hovering near all-time lows, now is the time buy! I'm committed to working with you every step of the way. I'll discuss Lake of the Ozarks home 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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(866) 397-0318

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 First-Time Homebuyer Mistakes to Avoid

You're tired of renting and considering purchasing your first home. Where do you start? Your favorite mortgage lender at the Lake of the Ozarks is here to help! Keep reading to learn about a few of the most common mistakes first-time homebuyers make.

1. Failing to Consider Additional Homeownership Expenses. 

Whether or not you can afford a monthly mortgage payment isn't the only expense to consider. Along with homeownership comes added expenses you don't have as a renter. Expenses you'll need to consider include: property insurance, taxes, homeowner's association dues, maintenance and higher electric and water bills. By adding the costs onto the initial monthly mortgage payment, you'll better be able to understand the true cost of homeownership and see if it makes sense for you.  

2. Choosing Not to Enlist Professional Help. 

While searching for a new home may seem like something you can do on your own, you really should consider consulting the experts. Especially if you're new to homebuying, you'll need a reputable real estate agent, a good loan officer and possibly a lawyer. When choosing who to work with, be sure to get references. As a first-time homebuyer, you may have difficulty knowing who you can trust with such a big investment. Make sure to do some research first, and if you have a mortgage lender you know you can trust, ask him or her for recommendations on a real estate agent and vice versa. 

3. Searching for a Home Without a Mortgage Pre-Approval. 

The journey of purchasing a home is exciting. However, it's easy to get caught up in the whirlwind of excitement that goes along with finding your dream home. Before you start searching for a home, talk with your Lake of the Ozarks mortgage lender about getting a pre-approval. This not only helps you understand what you qualify for, but also what price range you can afford. By starting with a pre-approval, you'll avoid making an emotional decision over a financial one.

4. Draining Your Savings to Make a Downpayment. 

One of the biggest mistakes first-time homebuyers make is draining their savings account to come up with the downpayment and closing costs. While putting down 20% so you don't have to pay private mortgage insurance may seem like a great idea, depleting your entire savings is risky. Keep in mind those expenses from before, as well as the possibility of an emergency situation arising, and you'll want to make sure you have some cash in savings to cover those types of things.

Now that you know what NOT to do when purchasing your first home, it's time to get started. As mentioned above, the first step is to meet with a trusted mortgage professional at the Lake of the Ozarks. I'm here to 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. Call 573-746-7211 to start the pre-approval process 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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(866) 397-0318

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 Loan Modifications

During times of financial hardship, it can be difficult to make your monthly mortgage payments. One way to make your payments more affordable is through a loan modification. Today's blog from your favorite mortgage lender at the Lake of the Ozarks discusses loan modifications and some tips for getting one approved.

Loan Modifications

A mortgage loan modification is an arrangement between the borrower and the lender that reduces the mortgage obligations during a time of financial hardship. The purpose of a loan modification is to make the payments easier for the borrower and avoid losing their home to foreclosure. Like the term implies, this arrangement is where the terms of the loan are modified or changed to make the loan more affordable. This could be reducing the mortgage rate or extending the loan term. In some cases, the lender may even write off some of the principal.

Getting a Loan Modification Approved

Approval for a loan modification can be difficult to obtain. When applying for a loan modification, the borrower must meet some qualifying criteria which includes: experiencing a documented hardship or change in financial circumstances, owning and occupying the property as a primary residence, having not filed for bankruptcy, not purposely defaulting to get a modification and being responsive in working with the lender. You must submit documents to prove the financial hardship. This includes paycheck stubs, a hardship letter, a budget and any other documents the loan servicer requests. Make sure you know exactly what is required of you. Misunderstandings about documents can cause complications in the approval process.

Writing the Hardship Letter 

The hardship letter is very important and must provide a valid reason. Some of the most common reasons include payment shock, job loss, work cutbacks or pay reductions, underemployment, declining business or sales revenue, illness or injury, divorce or separation, disaster, incarceration or other legal issues. The letter itself should be simple, financially informative and based on facts. Be sure to clearly outline the financial burden you're trying to overcome. Then explain why a loan modification is the best solution.  

If you're going through a hardship and struggling to make your mortgage payments, talk to your Lake of the Ozarks mortgage lender to see if a loan modification is a possibility for you. During these times, it's important to communicate with your mortgage lender. I'm here for 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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(866) 397-0318

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.