Thursday, March 29, 2018

Celebrating Easter at the Lake of the Ozarks

Can you believe Easter weekend is already upon us? From Easter brunch to egg hunts, there's activities to keep the entire family entertained this weekend at the Lake of the Ozarks. Keep reading to learn details about all the upcoming Easter events.

Easter Egg Hunts at the Lake of the Ozarks


Easter just wouldn't be complete with out some Easter egg hunts for the kids. Check out these area egg hunts happening at the Lake of the Ozarks this weekend:

4th Annual Osage Beach Easter Egg Hunt
Don't miss this free community event on Saturday, March 31st from 11 am to 2 pm at the Osage Beach City Park. There will be an egg hunt, pictures with the Easter bunny, face painting, a balloon artist, bounce house, animal displays and a free hot dog lunch.

Easter Egg Hunt in the Park
The Laurie Easter egg hunt attracts children from tots to teens to find 14,000 eggs "hidden" throughout the Laurie Fairgrounds. The Easter bunny always makes an appearance to the delight of everyone. The event will take place on Saturday, March 31st from 2-3 pm.

Linn Creek Easter Egg Hunt 
On Saturday, March 31st from 12-2 pm at the Linn Creek City Park there will be an Easter egg hunt for children of all ages. The start time for the hunt will be 1 pm, and everyone is welcome!

Easter Brunches at Lake of the Ozarks


As with any holiday, a feast is in order this Easter weekend! Don't feel like cooking a big family dinner this year? Check out these amazing local brunch options:

Easter Brunch at Tan-Tar-A Resort 
Head over to Tan-Tar-A for their fabulous Easter brunch in the Grand Ballroom on Sunday, April 1st from 11 am to 3 pm. Reservations are required. Please call 573-348-8619.

Easter Brunch & Egg Hunt at The Lodge of Four Seasons
Celebrate Easter at HK's Restaurant at The Lodge of Four Seasons on Sunday, April 1st from 10 am to 3pm with an Easter brunch. To make reservations or more info, please call 573-365-8509. In addition to the delicious feast, children can visit with the Easter bunny and partake in an Easter egg hunt, which begins at 1pm.

Easter Brunch & Egg Hunt at Captain Ron's
Head over to Captain Ron's on Sunday, April 1st for Easter brunch from 9 am to 1 pm. There will also be an egg hunt for the children beginning at Noon.

Easter Brunch at Osage National 
Osage National Golf Resort will host an Easter brunch with all the expected favorites on Sunday, April 1st at 11 am. Call 573-365-1950 ext. 23 for more details.

Easter Brunch at Old Kinderhook 
Head over to Old Kinderhook on Sunday, April 1st for an Easter brunch from 10 am to 3 pm. Reservations are required. Please call 573-317-3560.

Easter Brunch at Inn at Grand Glaize
Bring your family and friends to a special Easter brunch at J D Waddles, located at the Inn at Grand Glaize, on Sunday, April 1st from 10 am to 3 pm. Call 573-348-4731 for reservations.

Easter Selections at H. Toad's Bar & Grill
Why cook a huge spread for Easter when you can enjoy an amazing dining experience out at H. Toad's. The Easter selections will be available all day long on April 1st! Call 573-365-5620 for more details.

Happy Easter from your favorite Lake of the Ozarks mortgage lender! Do you wish you could spend more time at the Lake, and participate in fun events all year long? Consider purchasing a second home at the Lake of the Ozarks. Then you can come down anytime you wish, and you won't miss any of the awesome holiday and other events. As your lender, I'm here for all your Lake of the Ozarks home financing needs. I'll work with you every step of the way from discussing your options to offering competitive interest rates. Give us a call at 573-746-7211 today!



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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211



**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.




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Location: Osage Beach, MO 65065, USA

Thursday, March 22, 2018

The Role of the Federal Housing Administration

The Federal Housing Administration, or FHA, is a United States government agency created in part by the National Housing Act of 1934. The agency provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. Keep reading to learn more about the FHA, its role in our country and FHA loans from your favorite Lake of the Ozarks mortgage lender.

The Role of the FHA


The FHA was designed by Congress to help facilitate growth in mortgage loan opportunities after the Great Depression created tough economic conditions and caused the housing industry to struggle. In 1934, only 4 in 10 homes were owned by their occupants. Due to many people being out of work, coming up with a large down payment posed a big problem. Renting was a more viable option for many Americans at that time. The underlying idea was that by providing insurance to lenders, more potential home buyers would qualify for mortgages. The FHA is not a mortgage lender. Its primary role is to insure mortgages provided to home buyers by FHA-approved mortgage lenders. These loans generally serve as an alternative for borrowers that are unable to meet the 20% down payment requirements of conventional loans. 

FHA Loans Benefit Everyone 


FHA mortgages benefit everyone! Borrowers benefit by having access to home financing that's otherwise not available. FHA-approved mortgage lenders at the Lake of the Ozarks benefit because they can take on more risky borrowers with less of a down payment because of the FHA mortgage insurance premiums that the buyers pay. The housing market and economy benefit as well because of the increased volume of available home buyers. 

FHA Loans from First State Bank 


FHA loans offer competitively-priced rates and a low down payment option. Whether you're looking to purchase a new home at the Lake of the Ozarks or refinance your current loan, FHA is a great option. The benefits of an FHA loan with us include: 
  • Flexible credit and underwriting standards
  • Low closing costs
  • Fixed and adjustable-rate mortgages available
  • Down payments as low as 3.5% of the sales price
  • Competitive rates on new home purchases and refinances
  • In-house processing and underwriting

For more information on FHA loans or any other type of home financing at the Lake of the Ozarks, give us a call at 573-746-7211. As your Lake of the Ozarks mortgage professional, I'll discuss your options, offer competitive interest rates and back it up with the first-class service you deserve. We are opening the doors to your Lake home! 

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211



**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

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Location: Osage Beach, MO 65065, USA

Wednesday, March 14, 2018

Mortgage Refinancing 101

Refinancing your home at the Lake of the Ozarks can be beneficial for reducing the length of the loan, lowering your monthly payment or improving your rate terms. Keep reading to learn the basics of a home refinance from your Lake of the Ozarks mortgage lender.

Mortgage Refinancing 


To "refinance" your home means to replace your current mortgage loan with a new one. Your needs as a homeowner years ago may not be the same as the needs you have today. Maybe mortgage rates are currently lower than when you first applied for your home loan. Maybe you improved your credit over the years and now you can qualify for a better rate than you did in the past. Maybe you are struggling to make your monthly mortgage payment and need to decrease that payment. Some of the main reasons people choose to refinance their home include: to obtain a lower interest rate, shorten their term in order to pay their home off more quickly or to use their equity to get money for home improvements, kids' college tuition costs, etc.

Types of Mortgage Refinances 


There are several different types of mortgage refinances: rate-and-term, cash-out and cash-in. The type you choose will depend on your unique situation and what your goals are with the refinance.

Rate-and-Term 
The most common type of mortgage refinance is a rate-and-term refinance. In this type of mortgage refinance, the only difference between your current loan and the new one will be the mortgage rate, the loan term or both. For example, you may want to refinance from a 30-year fixed rate mortgage to a 15-year fixed rate mortgage. With this type of loan, you are not allowed to get additional money in your pocket. Typically, you can only finance the current payoff amount of your existing loan, closing costs and prepaid items into the new loan.

Cash-Out
In a cash-out refinance, the loan amount of the new mortgage will exceed the original mortgage balance. Due to the fact that the homeowner only owes the original amount to the bank, the "extra" amount is paid to the homeowner at the closing. In the event of a debt consolidation refinance, that cash could be paid directly to the creditors that are being paid off. These mortgages represent more of a risk to a bank than a rate-and-term refinance and therefore can require more strict approval standards, such as a higher credit score, and can carry a higher interest rate than a rate-and-term refinance.

Cash-In 
A cash-in refinance is the opposite of a cash-out refinance. For this type of refinance, a homeowner pays cash to pay down the loan balance and reduce the amount owed to the bank. The most common reason for this type of refinance is to get access to lower mortgage rates that are only available at lower loan-to-value ratios. Another reason for this type of refinance is to cancel PMI (Private Mortgage Insurance), which is required until your LTV is 80% or lower.

If you're interested in learning more about the possibility of a Lake of the Ozarks home refinance, give us a call at 573-746-7211. As your mortgage professional at the Lake of the Ozarks, I'm committed to working 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 


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211



**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

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Location: Osage Beach, MO 65065, USA

Thursday, March 8, 2018

When Should You Talk to a Mortgage Professional?

The excitement of purchasing a home at the Lake of the Ozarks can easily get in the way of how you proceed with the process. Most people start house hunting before they even think about how they are going to fund their investment. When you make the decision to buy a home, the first thing you should do is talk to a Lake of the Ozarks mortgage lender. Keep reading to find out why.


BEFORE You Start House Hunting 


Why should a mortgage professional be the first person you talk to during the home buying process? Not only can you get a realistic picture of what type of Lake of the Ozarks home financing is available to you, but it makes you more attractive to sellers and real estate agents alike. Having a mortgage pre-approval sets you apart from the rest of the buyers in the market. If you're serious about getting into the home of your dreams, finding a mortgage lender is the place to start!

Setting Realistic Expectations 


There's nothing more disappointing than finding the home of your dreams, and then realizing it's just outside of your financial reach. By talking with a mortgage lender, you can get a realistic idea of how much you will qualify for in a home loan at the Lake of the Ozarks, and then you can determine how much you feel comfortable paying in a monthly mortgage payment. You'll get an idea of the price range of homes you should be looking at, and then you can weed out the ones that don't fit in that price bracket when you do start house hunting. Remember that you're going to have more than just the price tag of that home wrapped up into your monthly mortgage payments. You need to consider taxes, homeowners insurance and possibly private mortgage insurance if you don't have 20% to put down.

Having a Competitive Edge 


Whether you're talking with a real estate agent or a potential seller, coming to the table with a mortgage pre-approval shows you're serious about buying a home. You want to present yourself as a hassle-free buyer, not someone who's just shopping. Real estate agents have more of a desire to work with those buyers that are serious. Having a pre-approval can also make you more appealing to sellers because they know you're ready to sign a check. If multiple offers come in, your pre-approval could set you apart from the rest of the buyers in the pool.

Getting a Jump Start on Paperwork 


Purchasing a home involves a lot of paperwork, especially when it comes to the financing. By getting a pre-approval, you have a big chunk of the paperwork done before you even find your home. You will have already provided all the necessary documents to get your mortgage approval completed, and that can greatly decrease the amount of time it takes to close on the home once you do find that perfect place. This also reduces the likelihood of the seller pulling out due to mortgage complications.

If you're considering a home purchase in the near future, now's the time to contact a mortgage professional at the Lake of the Ozarks. I'm here to work with you every step of the way, from the pre-approval, to the closing and beyond. I'll discuss your financing options, offer competitive interest rates and back it up with the first-class service you deserve. Give me a call at 573-746-7211 to get started today!

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211



**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

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Location: Osage Beach, MO 65065, USA

Wednesday, February 28, 2018

7 Tips for First-Time Home Buyers

Buying a home involves a lot of preparation, planning and work. From the mortgage pre-approval to finding a home and closing on it, there are several steps that need to be completed. For a first-time home buyer, this process can be overwhelming. Your Lake of the Ozarks mortgage lender is here to help make it easier on you with these home buying tips.

1. Start Saving Early. 


No matter when you plan on purchasing your first home, start saving now. The more money you have saved up for a down payment, the better deal you're likely to get. While there are programs out there that allow for a lower down payment than the traditional 20%, you want to save up as much cash as possible to cover not only the down payment but also closing costs and any unexpected expenses that may come up. You also don't want to drain your savings to buy your first home, so it's important you keep a separate fund for emergencies.

2. Determine How Much You Can Afford. 


While the house hunting process can be super exciting, don't jump in too soon. You'll first want to make sure you know how much you can afford in a home. The best way to do this is to get a Lake of the Ozarks mortgage pre-approval. Keep in mind that just because you are approved for a certain amount, that doesn't mean you should spend that much on your house. Make sure that you are comfortable with what the monthly mortgage payment will be after taxes, insurance, etc. are added in.

3. Keep Your Credit in Check. 


Your credit score has a big impact on your mortgage approval and the rates that you qualify for. Not only do you want to check your credit before applying for a mortgage to make sure there aren't any mistakes on your report, you want to ensure your credit situation doesn't change during the process. That means pause any credit activity until after the closing on your new home at the Lake of the Ozarks. New credit inquiries can ding your credit and increased credit limits can affect your debt-to-income ratio. Make sure you don't rack up a bunch of purchases, like buying new furniture or incurring additional charges on your existing credit cards. Changes like this could cause delays or complications with your mortgage approval.

4. Research Your Mortgage Options. 


There are a wide variety of Lake of the Ozarks home financing options out there. You'll want to do some research to determine what the right program is for you. Don't worry, your mortgage professional at the Lake of the Ozarks can help you with this step. Together you will discuss your options and choose the best mortgage for your situation. As a first-time home buyer, we do offer the First Place Loan Program that includes cash assistance for down payment and closing costs.

5. Find the Right Buyer's Agent. 


Finding a good real estate agent is just as important as finding the right lender. You will be working closely with both your lender and agent during the home buying process and you want to make sure you're working with people you can trust. You want a buyer's agent that has experience, is highly skilled, motivated to work for you and is knowledgeable about the area. A good buyer's agent will help you find a home that meets your needs and fits your budget. You want someone that's willing to negotiate for you, and is good at it. Ask your friends, family and even your lender for recommendations on a local real estate agent, but you should interview a few of them before making your decision.

6. Be Willing to Compromise. 


When it comes to buying a home at the Lake of the Ozarks, it's easy to get swept up in all the excitement. Make sure that you are making your decisions based on more than just your emotions. Be willing to compromise when needed. While you don't want to be too picky, you also need to be realistic. When your funds are limited, you might have to take some items off your wishlist. Be sure that you're not lacking vision. If you find a home that meets your needs, you can always change the paint color or replace the flooring down the road. Don't let physical imperfections turn you away from a great deal on a new home.

7. Get a Home Inspection. 


The home inspection is something that, as a buyer, you don't want to skip out on. You want to make sure you know exactly what shape the house is in before you close on it. One of the worst things that can happen to a first-time home buyer is to close on a home and then find some major problems after the fact that could be costly. Any issues that come up during the inspection are leverage for the buyer to negotiate repairs or a reduced price with the seller. If something major comes up on the inspection, you will have saved yourself the headache of investing in a money-pit.

If you're ready to take the plunge and become a first-time home buyer, I'm here to help you every step of the way. As your Lake of the Ozarks mortgage lender, I'll discuss your financing options, offer competitive interest rates and back it up with the first-class service you deserve. Give me a call today at 573-746-7211 to get started today!

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211



**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.
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Location: Osage Beach, MO 65065, USA

Thursday, February 22, 2018

Understanding Private Mortgage Insurance

If you're in the market to buy a new home at the Lake of the Ozarks, you've likely heard of private mortgage insurance or PMI. Many prospective homeowners, however, don't necessarily understand what it is or how it works. Today's blog from your Lake of the Ozarks mortgage lender dives into private mortgage insurance to get your questions answered.

What is Private Mortgage Insurance? 


Private Mortgage Insurance, or PMI, is an insurance that protects the lender if the borrower stops making payments on their loan. It ensures the lender doesn't lose money if the borrower's house ends up in foreclosure. On the buyer's side, it's beneficial because it allows you to purchase a home sooner, without having to wait to save up a hefty down payment. It's important to understand that this insurance does not protect the borrower in the event that you run into problems paying your mortgage. PMI rates can vary from person to person and are varied depending on different factors, including, but not limited to debt-to-income ratio, credit score and loan-to-value amounts.

How Does PMI Work? 


If you purchase a home with less than a 20% down payment, PMI will likely be required by your mortgage professional at the Lake of the Ozarks. The PMI premium payment is included in your monthly mortgage payment, in addition to your principal, interest, property tax, and homeowners insurance. In most cases, you can cancel your PMI insurance policy once you have built up enough equity in your home. Be sure to contact your lender once you've reached that point to discuss removing the premiums from your monthly payment.

As your local mortgage professional, I'm here for all your Lake of the Ozarks home financing needs. I'll discuss your options, address your concerns, offer competitive rates and back it up with the first-class service you deserve. Whether you're in the market for your first home, a new home or to refinance your home at the Lake of the Ozarks, I'm here to help! Give me a call at 573-746-7211.

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

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Location: Osage Beach, MO 65065, USA

Monday, February 12, 2018

5 Common Credit Report Errors to Watch For

When it comes to applying for a mortgage loan at the Lake of the Ozarks, your credit score and credit report play an important role in the approval process. In addition to getting approved, your credit score can also affect the terms of your loan. Unfortunately, credit report errors are quite common, therefore, it's important to review your credit report before applying for a home loan to make sure all the information is current and accurate. Keep reading to learn about some of the common credit report errors you should watch for.

1. Incorrect Personal Information. 


The first thing you'll want to check on your credit report is that all the personal information is correct and current. Many people have very similar names and, therefore, their information can easily get mixed up. Ensure that your name is spelled correctly and that your middle initial and/or middle name is listed. Also be sure to review your address, employment information and your SSN. 

2. Duplicate Accounts. 


When reviewing your credit report, check for accounts that are listed more than once. Duplicate accounts make it appear like you have more open credit than you actually do. It also shows that you have more debt than you actually do. Review all the accounts on your credit report for accuracy, ensuring each one is only listed once and that all the accounts do in fact belong to you. 

3. Old Bad Debts. 


After 7 years, credit reporting companies are supposed to remove any bad debts from your credit report. Ensure that anything over 7 years old is no longer listed on your credit report. If you've ever filed for bankruptcy, those discharged debts should also be removed from your credit report. However, your bankruptcy will show on the credit report. 

4. Debts from an Ex-Spouse. 


If you are currently going through or recently obtained a divorce, be sure to remove your name from any joint accounts. This will prevent you from being liable for future debts. Check your credit report after the divorce is final to make sure no new debts from your ex-spouse have been added to your record. Notify the credit reporting companies if any information is incorrect and needs to be removed. 

5. Incorrect Accounts. 


There are a variety of situations that can result in incorrect accounts being listed on your credit report. One issue relates to identity theft, when someone uses your personal information to open a new credit account. Another issue is when a closed account is still being listed on your credit report. In addition to making sure there aren't any incorrect accounts, be sure to check for accounts that are incorrectly reported as late or delinquent. This can happen if a payment is applied to the incorrect account. 

Make sure you report any errors on your credit report to the credit reporting agencies. If you notice discrepancies once you've already begun a mortgage application, be sure to communicate those errors with your mortgage lender at the Lake of the Ozarks. For more information about how your credit report and other factors can affect your Lake of the Ozarks home financing, give us a call at 573-746-7211.

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


Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.


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Location: Osage Beach, MO 65065, USA
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