3 Reasons to Speak with a Mortgage Lender BEFORE Starting Your Home Search

Making the decision to purchase a home at the Lake of the Ozarks is definitely an exciting experience. You just can't wait to dive in and see what options are out on the market. Before doing so though, you should contact a mortgage professional at the Lake of the Ozarks. Keep reading for a few reasons why this is an important first step when buying a new home.

1. To Set Realistic Expectations. 

When buying a home, especially if it's your first home, the excitement can take over. You begin looking at what's available online and next thing you know you fall in love with a home you can't afford. By talking with a Lake of the Ozarks mortgage lender before starting your home search, you'll be able to determine how much you can borrow and also how much you can reasonably afford for a monthly mortgage payment. By having a budget in mind, you'll have realistic expectations going into that home search. You can weed out the ones that are out of your price range before looking at them, that way you won't fall in love with something that's just out of reach for you financially. 

2. To Show the Seller You're Serious. 

Getting a mortgage pre-approval from a lender shows that you aren't just shopping around, but that you are serious about buying a home. Realtors often prefer that you have a mortgage pre-approval before they start showing you homes. The seller wants to know that you can afford it and that you aren't going to back out on the sale. By getting a pre-approval, you're showing the realtor and the seller that you're a hassle-free and complication-free buyer. In addition, if you're competing with other buyers for the same house, that pre-approval could be a determining factor in whose offer the seller accepts. 

3. To Get a Jump Start on the Paperwork. 

When obtaining a Lake of the Ozarks mortgage loan, there's a lot of paperwork involved. By getting a mortgage pre-approval, you'll have a jump start on getting all those documents filled out. Then once you find that dream home of yours, you're already halfway done with the process and can move to the closing date that much faster. Your mortgage lender will be there to help you every step of the way, from the pre-approval to the closing, so make sure you find a great one from the start!

If you're considering a home loan at the Lake of the Ozarks, give Lakelender Michael Lasson a call today at 573-746-7211. I'll discuss your financing options, offer competitive interest rates and back it up with the first-class service you deserve. Let me help you get into your dream home at the Lake!

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.

How Credit Card Usage Affects Your Credit Score

Knowing what affects your credit score will help you through your Lake of the Ozarks mortgage loan process. The way that you use your credit cards can have a significant impact on your credit score. Keep reading to learn about actions that can negatively affect your credit score. Some of these items may come as a surprise to you.

1. Not Having Credit Cards at All. 

Many people think that avoiding credit cards altogether keeps them from ruining their credit. However, not using credit cards at all can actually hurt your credit. Part of your credit score is based on the types of credit you have, and having no credit cards at all will make you lose points. If you've never had any type of credit account, you won't have a credit score at all. Having a credit score is vital to obtaining a home loan at the Lake of the Ozarks because it shows the lender how you've paid debts in the past, and the likelihood of you paying future debts on time and in full.

2. Requesting a Credit Limit Increase. 

When requesting a credit limit increase, some credit card issuers will do a "hard" pull or inquiry on your credit. Doing this is similar to what happens when you submit a new credit card application. These inquiries are 10% of your credit score, and every new inquiry could drop your credit score by a few points.

3. Closing a Credit Card. 

While you may think having less credit cards is a good thing, closing credit accounts can actually hurt your credit score. Closing an account will increase your credit utilization, as you are reducing the amount of credit you have available to you. Rather than closing the account, keep it open and just keep the balance low.

4. Applying for Multiple Credit Cards at Once. 

Every time you apply for a credit card, a credit inquiry is made. Putting in multiple credit accounts adds multiple credit inquiries to your credit report. This can cause your credit score to drop by dozens of points. Opening a new credit card can also hurt your score.

5. Maxing Out Your Credit Cards. 

Your credit utilization is one of the factors that goes into determining your credit score. When you max out a credit card, you're increasing your credit utilization. It's important to try to keep your credit card balances at around 30% of the credit limit. This minimizes your credit utilization and increases your credit score.

If you have questions about your credit score and how it could affect your mortgage process, give your Lake of the Ozarks mortgage lender a call at 573-746-7211. As your lender, I'm here to assist you every step of the way. I'll discuss your financing options, offer competitive interest rates and back it up with the first-class service you deserve. Let me help you get into your dream home at the Lake of the Ozarks!

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.

6 Tips for Refinancing Your Home at the Lake of the Ozarks

Refinancing a home has a variety of benefits. Whether you're looking to lower your monthly payment, get a better interest rate or tap into some of your home equity, refinancing is an option to consider. Here are a few tips for refinancing your home at the Lake of the Ozarks: 

1. Stop Procrastinating: Make the Decision to Refinance Today.  

If you purchased your home awhile ago, chances are you're paying a higher interest rate than necessary. Interest rates recently hit historical lows and are now climbing their way back up. If you want to refinance, now's the time to do it! Once those rates start going up, homeowners are likely to regret missing the opportunity to take advantage of appealing rates. 

2. Ensure Your Credit is Good. 

Refinancing your home is similar to applying for a home loan in that your credit history plays a large role. If you have struggled with your credit rating in the past, refinancing may not be the best option for you. Consult your Lake of the Ozarks mortgage lender to review your credit history and determine what interest rates will be available to you. Together you can decide if refinancing will help you save money. 

3. Debate If Paying Points Makes Sense. 

While paying points isn't always the best option, it's something that should be considered. Paying points is where you pay some money upfront to permanently lower your interest rate. Be sure to run the numbers to ensure the amount your saving in the long run justifies spending the money upfront for those points. 

4. Consider Switching from an Adjustable to Fixed Rate. 

If you currently have an adjustable-rate mortgage and are worried about rising interest rates, now might be the time to refinance to a fixed-rate mortgage. With a fixed-rate mortgage you can lock in a new rate, making your monthly payments more predictable. 

5. Beware of Taking Cash Out. 

When refinancing your home, it can be tempting to do a cash-out refinance to pay for that car or that vacation you've been wanting. While cash is nice, you're setting yourself up with a bigger mortgage and less equity. You will want to consider carefully if it is worth taking the cash; often, it is not.  

6. Ignore the 1% Rule.  

Maybe you've heard the rule that you shouldn't refinance unless you can get at least 1% less on your interest rate. However, that's not always true. In some instances though, a rate reduction of just a quarter of a percent can provide benefits and savings. Run the numbers yourself to determine if a refinance is the right decision for you.

If you're considering a home refinance, call 573-746-7211 to discuss your options. As your mortgage lender at the Lake of the Ozarks, I'll work with you every step of the way. I'll 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.

Steps to Getting a Home Loan at the Lake of the Ozarks

While purchasing a home at the Lake of the Ozarks is exciting, there are lots of things you need to do to prepare. Today's blog focuses on some of the major steps you will take to work your way through the mortgage process. Remember that your Lake of the Ozarks mortgage lender is here to help you every step of the way.

1. Improve Your Credit Score.

Your credit score is one of the most important factors when it comes to being approved for a mortgage at the Lake of the Ozarks. The better your credit score, not only the better your chances of approval, but the better rate you'll be offered as well. If your credit score is under 620, you're likely to not be approved. Take steps to improve your credit by paying down debt, paying bills on time, and cleaning up any discrepancies on your credit report.

2. Decide on a Budget.

Before starting your home shopping, you want to come up with a budget. You want to make sure you know what price range you can afford, and only look at homes in that price range. A good rule of thumb is, if you have a 20% down payment and a moderate amount of debt, keep your price range at no more than 3 to 5 times your annual household income.

3. Get a Pre-Approval.

Getting pre-approved for a mortgage goes hand in hand with creating a budget. By getting a pre-approval, you will know exactly how much you can borrow for a home. With that being said, you don't necessarily want to buy a house for the maximum amount you're approved for. You want to make sure you're personally comfortable with the monthly payment you would be making. In addition to budget, a pre-approval helps you in the buying process because it shows sellers you're serious about making a purchase.

4. Organize Your Papers.

Documentation is a huge component of applying for a home loan at the Lake of the Ozarks. Be prepared to show your pay stubs, tax returns, bank statements, etc. Your lender will need to see these documents for proof of income, assets, expenses and debts. You will also need basic documents like your driver's license and social security number to prove your identity.

5. Decide on a Loan Type.

With a variety of different loan options available, it can be difficult knowing where to start. Your Lake of the Ozarks mortgage lender will be able to discuss your options with you and help you determine what loan type works best for you and your unique situation. Considerations when determining what type of loan to get include how much you have for a down payment, what your credit score and debt to income ratios look like, etc.

6. Shop for a Home.

After you've finished all the preliminary work, knowing you're pre-approved and how much you can afford, it's time to start looking for your dream home. Take as much time as you need to find the right home; don't rush into a purchase this large. Once you've selected your desired home, work with a buyer's agent to help you negotiate a fair offer.

7. Don't Make Last Minute Mistakes.

Throughout the home loan process, you'll want to avoid doing anything that could hurt your chances of getting that mortgage. This includes changes in your credit report by making large purchases or opening new credit accounts, and quitting or changing your job to reflect new income numbers. Your lender will check all these things one more time before the closing.

8. Close the Sale.

Once you've found your dream home and the sellers have accepted your offer, you schedule the closing date. At this time, you will sign all the documents required for the transfer of ownership of the home and the documents required for the loan. At this time you'll get the keys and will be ready to start moving into your new home!

If you're ready to start the home buying process, talk to a mortgage professional at the Lake of the Ozarks today! Call 573-746-7211 with any questions you may have about the mortgage process and purchasing a home at the lake. As your lender, I'll work with you every step of the way. I'll discuss your 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.

Labor Day Weekend Fireworks

Summer is winding down and Labor Day weekend is upon us! There's no better place to spend the long, holiday weekend than the Lake of the Ozarks. Keep reading to learn some history about Labor Day and fireworks, as well as a list of where you can watch fireworks over the lake this year.

The Labor Day Holiday

Observed on the first Monday in September, Labor Day is a holiday dedicated to the contributions and achievements of American workers. In the late 18th century, organized strikes and rallies protested the poor work conditions. In 1882, 10,000 workers took unpaid time off to march from City Hall to Union Square in New York City, which is known at the first Labor Day parade. In 1894, Labor Day finally became a federal holiday. Today, the holiday marks the end of summer. People across the country celebrate with barbecues, parades, fireworks and more.

Labor Day Fireworks 

The Labor Day parades are obviously symbolic of the strikes and marches from the Industrial Revolution period, but how did the fireworks come into play? While fireworks may have began as something to demonstrate our freedom on the 4th of July, they've evolved into a fun, family activity enjoyed at almost every summer holiday. Who doesn't love a fireworks display, especially over the glistening water?

Fireworks at Lake of the Ozarks

Friday, September 1 

• Old Kinderhook Fireworks Fun Fest: 5-9 PM

Saturday, September 2 

• Bear Bottom Resort (38 MM): 9:45 PM 
• Celebration Cruises Bagnell Dam (0 MM): Boarding 7:30 PM, Departing 8 PM

Sunday, September 3 

• Inn at Grand Glaize (1 MM Grand Glaize Arm): 9 PM
• Tan-Tar-A Resort (26 MM): Dusk 
• Topic Island Cruises: Boarding 7 PM, Departing 7:30 PM 
• The Lodge of Four Seasons BBQ (13 MM): 4-9 PM 
• Celebration Cruises Grand Glaize: Boarding 7:30 PM, Departing 8 PM 

Your favorite Lake of the Ozarks mortgage lender hopes you have a wonderful Labor Day Weekend! If you just can't get enough of the lake life, consider investing in a second home at the Lake of the Ozarks. Give me a call at 573-746-7211 to discuss 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

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.

How Your Debt Affects Your Mortgage

When you're looking into financing a home at the Lake of the Ozarks, you've got several different factors that have to be reviewed. You've surely heard that your credit score can impact your chances at getting approved for a mortgage, but that number alone is not the only thing a Lake of the Ozarks mortgage lender will check. Keep reading to learn how your debt, and more specifically your debt-to-income ratio, can affect your mortgage.

Debt-to-Income Ratio 

To figure out your debt-to-income ratio, add up all your monthly payments including credit cards, personal loans and/or a current mortgage loan. Then divide that number by your gross monthly income. That number is your debt-to-income ratio. That ratio helps the lender determine if you can afford another debt payment each month, and if so, how much of a monthly payment. An ideal debt-to-income ratio would be 25% or less. If your debt-to-income ratio rises above 43%, you may have a difficult time qualifying for a mortgage at the Lake of the Ozarks.

Types of Debt: Secured vs. Unsecured

While different types of debt can actually boost your credit score, and show that you are reliable in paying those debts back, over borrowing can hurt your chances at qualifying for a mortgage. First of all, there are two main types of debt: secured and unsecured. A debt that is secured means the debt is balanced against something that could get taken away, such as a house or a vehicle. Unsecured debt is the other stuff like credit card debt and student loans.

Unsecured Debt

While credit card debt does not look good, especially if your credit utilization is high, student loans aren't necessarily bad if you've paid your bills on time. Student loans can actually help raise your score. Other loans, like personal loans or credit card debt, even when paid on time, can actually lower your score. Although student loans can have a positive effect on your credit score, they're still added into your debt-to-income ratio, so large loan balances can make it difficult to qualify for a mortgage.

Secured Debt 

Auto loans are a secured debt because the lender can repossess the car if you don't pay your bill. In some cases, auto loans can raise your credit score by diversifying the type of debts you have. Also, due to the fact that auto loans are harder to obtain than credit cards, some lenders may view auto loan debt favorably. Mortgage payments also look good on your credit report, as long as they've been paid on time. If you were ever late on a payment, that looks like a risk to your new lender.

If you're concerned with how your debt will affect your chances of obtaining a home loan at the Lake of the Ozarks, give me a call at 573-746-7211. I'll discuss your questions and concerns, go over your financing options, offer competitive interest rates and back it up with the first-class service you deserve. Together, we'll work towards getting you into that dream home of yours!

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.

Financing Your Home with a VA Loan

Are you a veteran looking to purchase a home? With favorable terms, competitive interest rates and no monthly mortgage insurance premium, VA Loans are designed to make homeownership more affordable for qualified U.S. veterans. Keep reading to learn about financing your home at the Lake of the Ozarks with a VA Loan.

What is a VA Loan? 

VA Loans are a benefit offered to qualified veterans. While VA Loans are provided by private lenders, the VA guarantees a portion of the loan against loss. This allows the lender to offer more favorable terms. This type of loan can be used to either purchase a new home for primary residence or refinance an existing home. Most active duty military, veterans, reservists and National Guard members are eligible for the VA loan program. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply. For more details on eligibility, please visit: http://www.benefits.va.gov/HOMELOANS/purchaseco_eligibility.asp. 

 Benefits of a VA Loan 

Probably the most important benefit of the VA Loan is that a down payment is not required; up to 100% financing is available with these loans. In addition, no monthly mortgage insurance premiums are due. Other loan programs require this insurance when a down payment of less than 20% is made. This translates to a significant monthly savings for those borrowers. Other benefits of a VA Loan through your Lake of the Ozarks mortgage lender include no pre-payment penalties, low closing costs and in-house processing and underwriting. While the borrower needs sufficient income and no excessive debt, the guidelines for a VA Loan are typically more flexible compared to conventional loans and other loan options. Another benefit is that the VA will assist borrowers that are struggling to make their payments. The VA will actually negotiate with the lender on the borrowers behalf. If you're a qualified veteran, there's really no better loan option for you. The benefit can also be reused; it's not just for first-time home buyers.

If you're a veteran and looking to purchase a home at the Lake of the Ozarks, give me a call at 573-746-7211. We can work together to determine your eligibility for the VA Loan program, and I'll be here for you every step of the way. Let me help get you and your family into that home you've been dreaming of. Contact the best mortgage lender at the Lake of the Ozarks 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

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.