Spruce Up Your Vacation Home For the Summer

Owning a second home at the Lake of the Ozarks is a great accomplishment and one that you should feel a great sense of pride in. You have a prime place to vacation, unwind, and plenty of activities to enjoy right in your backyard. Get the most out of your lake home experience by enhancing your vacation home at the Lake of the Ozarks. Team Lasson is here to provide you with a few inexpensive home renovation ideas to help you spruce up your lake home for the busy summer months.

Create An Outdoor Living Space

As summer is just around the corner, we will look for any reason to be outside. Every lake home should have an outdoor area that is comfortable, stylish, and functional for enjoying the lake life. After all, you'll be spending plenty of time out on the water, and it can really enhance the appeal of your lakefront home. Pouring a small concrete patio, setting up a small pavilion, or using natural landscaping, benches, and stone pathways can add a great deal of eye appeal to your property. If you'd rather not DIY a project like this, you can always count on the contractors at the lake to come up with a collaborative design and complete the work for you. By doing this, you will be able to create your dream outdoor space!

Indoor & Outdoor Lighting

Replacing your old lighting fixtures can really enhance the entire home - inside and out! Adding solar lights to line a pathway leading to the water or other appealing areas around your property can do wonders. Plus, it creates a gorgeous view from the water as well. At the Lake of the Ozarks, you can make the most of your waterfront views by keeping the windows and sliding doors free of draperies. Consider highlighting your natural landscape, gardens, and shrubs to create an alluring atmosphere for your home.

Update the Kitchen

Summertime comes with bright colors, and fresh scents. As we tend to be outdoors during the summer months, it can be hard to make your kitchen a place that has a summertime feel. You do not have to do a complete overhaul of your kitchen to maximize its appeal in your lake home. Adding small DIY's such as updated cabinet fixtures, paint, and small home décor items can go a long way in revitalizing your kitchen area.

 

Add A Fresh Coat of Paint

Painting may not seem like it can make much of a difference, but adding on a fresh coat of paint or new color to a room can breathe new life into any space. Fresh paint is always a great and typically more inexpensive way to freshen up an area. It can be used to complement or contrast other features of your home to create one-of-a-kind spaces that are unique to your taste.

These typically inexpensive upgrades can be a great way to update your vacation home at Lake of the Ozarks. Team Lasson enjoys living the lake life and is proud to be able to share the experience with other homeowners. If you need additional cash for any home renovations, talk to us about refinancing your home at Lake of the Ozarks. If you are still in need of a lake home, we can help you purchase a vacation home at Lake of the Ozarks as well!

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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

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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.

Top 10 Questions to Ask Your Mortgage Lender

Buying a home can be a stressful experience for anyone. Having a prepared list of mortgage questions is a great way to begin finding the best home loan at the Lake of the Ozarks from your lender. Here are 10 essential questions to ask your mortgage lender at the Lake of the Ozarks before you sign on your home loan so that you can relax knowing you will be prepared for the road ahead.

1. How much can I borrow to buy a home?

When determining how much you can borrow, lenders may consider your income level compared with debt, your employment status, and your credit history. It is beneficial to talk to a mortgage lender about getting prequalified for a mortgage before you start shopping for your new home.

2. What types of mortgage loans do you offer?

There are two major categories of mortgage loans. Conventional loans and Government loans (i.e., FHA, VA, Rural Development, etc.) There are different requirements for each type of loan pertaining to down payment, credit score, credit history and debt ratio. It is important to ask your lender which type of loans they offer.

 

3. Do you offer mortgage points?

Mortgage points are sometimes called “discount points” and they are an optional fee you pay at closing to “buy down” a lower interest rate and save on the overall cost of the mortgage loan. Be sure to ask your lender when it makes sense to buy mortgage points, how much each point will lower your interest rate, and what the maximum number of points you can buy is.

 

4. How much money do I need to put down?

Your down payment can affect your interest rate, terms, and monthly payments. Finding out what is required for your loan will help you decide what is best for you.

 

5. What is my interest rate?

You may have already thought about this question, but you will get an idea of an interest rate that you can qualify for when talking to your lender. Your interest rate is determined by multiple factors, including your credit score, the location of your home purchase, the size of your down payment, and your loan type. You will also want to ask about the APR for the loan. The APR includes both the interest rate and the fees that the lender charges to originate the loan.

6. Do I need an escrow account?

An escrow account is a type of neutral savings account that holds onto money for prepaid property taxes and insurance premiums. Escrow accounts are usually established during closing and are often required for government-backed loans and optional for conventional loans. Ask your lender if you need an escrow account and what options are available to pay for shortages and whether you can get a refund If you overpay.

 

7. When can I lock in the interest rate?

Once you have considered a lender, you will eventually want to lock in your interest rate. Doing this will ensure that you are protected should the interest rates start to rise. Ask your lender when you can lock a particular rate and for how long. Keep in mind that lenders will usually offer lower interest rates for shorter-term locks and higher interest-rates for longer term locks.

 

8. What will the closing costs be?

Closing costs are fees that you will pay your lender and other third-party vendors to set up, process, underwrite and close your loan. Often times, typical closing costs will include appraisal fees, attorney fees, and title insurance.

 

9. Are there any prepayment penalties?

A mortgage prepayment penalty is a fee that some lenders charge when you pay all or part of your loan off early. Lenders might charge these fees to discourage borrowers from making extra payments on their loans, refinancing their loans at a lower rate, or selling their home before the loan is due.

 

10. Are you going to do a hard credit check on me today?

It is always a good idea to know when the lender is going to do a “hard” credit check, which is called a hard inquiry. By doing this, your payment history inquiry will show up on your credit report. Lenders need to do this before they can give you a firm interest rate quote.

Asking your lender a handful of questions ahead of time can help make the purchasing process smoother and less stressful for you. Make sure you are prepared with plenty of questions about income requirements, the types of loans you qualify for, and how much you have to save for a down payment and closing costs. Give Team Lasson a call today to discuss your mortgage loan!

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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

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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 You Pay Off Your Mortgage Early?

When you own a home, the thought of having a mortgage for the better half of your life can be very daunting. Especially in times like we're experiencing now, having any kind of debt can leave you with uncertainty. Many people are looking at ways to cut down on their expenses and to chip away at their debts to ensure a more secure future, including paying off their mortgage early. There are some pros to paying off your mortgage early. Depending on your situation and reasoning, it could be a great financial step. Here are just a few things to consider before deciding whether to pay off your mortgage early. 

Benefits of Paying Off Early

Paying off a mortgage early means a large sum of money freed up each month. This can be a great opportunity for homeowners to put that extra cash towards a retirement fund. Eliminating a mortgage payment also means you’ll need less income to cover your daily expenses in retirement.

Early payoff can also result in paying less in interest during the life of the loan. Additionally, it can provide homeowners with an asset that could be leveraged when needed. If you've got equity in your home, that could be used to open a home equity line of credit to cover any emergency expenses that might arise.

Risks to Consider

While there are benefits to early payoff, there are also some risks to consider. Paying off a large sum toward your mortgage could deplete any emergency reserves you might have saved up and leave you cash poor. This means, you may be forced to take out a loan to cover any unexpected expenses that could arise. 

Another thing to consider is that paying off your mortgage eliminates the option to take a tax deduction on the interest you paid on the loan, resulting in a higher annual tax bill. You could also miss out on investing in other savings avenues that are experiencing high growth. 

You may also be required to pay a prepayment penalty. The amount of a potential prepayment penalty varies by lender but could range from 2 to 5 percent of the total loan balance, which can get expensive.

Talk to a Trusted Mortgage Lender First

As you consider whether or not paying off your mortgage loan early is right for you, be sure to talk to a trusted lender who knows the business, and can guide you down the right path. The pros and cons of this decision should not be taken lightly, as your decision affects your financial future. If you've got questions about your mortgage loan, we're here to help. Give Team Lasson a call today to discuss your financial future and how the life of your mortgage can affect it. Let me share with you some ideas on how you can combine strategies to potentially pay off your mortgage faster and more efficiently put your money to work for you.

 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

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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 is My Mortgage Rate Calculated?

 Have you been thinking about obtaining a mortgage at Lake of the Ozarks? If so, you've likely done your homework on mortgages and what's important when obtaining one. One of the most important things for many homeowners is their interest rate. But how are they determined? Well, this week's blog, I am going to inform you of the factors that are considered when it comes to mortgage rates. Continue reading to learn more!

Interest Rate Factors That You Control

There are several factors when mortgage rates are calculated that you as the borrower can control. Those factors are:

Credit Score

To put it simply, the higher your credit score, the more competitive your rate will be. Typically, borrower with scores at 740 or higher receive the prime rates. Tapering off as your score lessens. Certain loan products, such as fixed rate mortgages are only available to borrowers with scores above 620.

Loan-to-Value Ratio

Your loan-to-value ratio is also a factor in your mortgage rate.  This ratio measures the mortgage amount to the price or value of the home. For example, a $100,000 home that you plan to put $20,000 down on would have an LTV of 80%. If your LTV is above 80%, the lender is taking additional risk lending on the property and as such may increase the mortgage rate, especially if you have a subpar credit score. Loans with an LTV above 80% could also require private mortgage insurance as well. 

Type of Loan

The type of loan you're obtaining will also have a direct impact on the interest rates available. For instance, a purchase of a primary and second home may vary, as well as mortgages on manufactured homes, investment property, and condos. Cash-out refinances may also have varying rates as opposed to a purchase loan. 

Mortgage Rate Factors Out of Your Control

Just as there are factors that you can control that effect your mortgage rate, there are also factors beyond your ability to control.

Economy

Mortgages rates typically fall when the economy is slowing down, inflation is falling, and the unemployment rate is rising. This helps to stimulate the mortgage industry by offering great rate incentives. Rates tend to rise when the economy is trending for fast growth, higher inflation, and a low unemployment rate.

Inflation

When inflation is on the rise, rates often trend  upwards to help mitigate the loss of the dollar losing value. Helping lenders continue to function regularly while still providing essential services to their community.

Job Growth

Job growth affects the mortgage industry, as it assists people during recessions to lower their payments and maintain good standing with their mortgage. As the employment rates begin to rise, so to do the mortgage rates.

Economical Indicators/Forecasts

Other factors that influence mortgage rates include retail sales, home sales, housing starts and development, corporate earnings, and stock prices. 

The Federal Reserve

While the Federal Reserve doesn't set mortgage rates, they do raise and cut short-term interest rates based on sweeping shifts in the economy. Mortgage rates rise and fall based on those same economic factors, so it's likely that they will follow a similar trend.

I hope that you've found this week's blog informative in helping to understand the factors that influence mortgage rates and are able to confidently shop for a competitive rate. If you own a home or are looking to buy a home at Lake of the Ozarks, interest rates are still very low. I would be happy to discuss your options for obtaining a mortgage at Lake of the Ozarks and help you close on a purchase or refinance a home here.

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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

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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.

Choosing the Right Mortgage Program for your Homebuying Needs

 Buying a home at Lake of the Ozarks is a time to celebrate, but it's also important to not get swept up in the buying process and forget some of the more intricate details - such as financing. Your mortgage at Lake of the Ozarks should conform to the type of home you're wanting to buy, as well as your future plans for the home. One of the main ways to ensure that you're getting the best rates, terms, and results from your mortgage is choosing the correct loan product. In this week's blog, I am going to inform you of the various loan products that Team Lasson can offer you to suit your homebuying needs.

Conventional

A conventional loan is one of the most common in the industry. This loan is funded by private financial lenders and is then sold (or kept with servicing retained - the bank provides your services for managing the loan. This varies bank to bank) to government enterprises such as Fannie Mae and Freddie Mac.  Conventional loans typically require higher down payment requirements depending on whether it's your first or second home. As well as having more stringent credit requirements, which are directly tied to the interest rate you will receive. For established buyers, conventional loans can provide great, long or short-term interest rates.

USDA

United States Department of Agriculture loans (USDA) are an advantageous way to acquire a home if you have low to moderate income and are lacking on the down payment side of things. These are typically low-interest, no down payment mortgages used to help finance homes located within eligible rural areas. There are special regulations a home and borrowers must meet to be eligible for this product, so be sure to speak with your lender about your situation and plans for buying a home.

FHA

Federal Housing Administration loans (FHA) are backed by said administration that was created to help home buyers qualify for a mortgage. They are a great option for first time homebuyers as they have more lenient credit requirements and allow for less of a down payment required by providing their own form of private mortgage insurance. 

VA

Veterans Affairs loans (VA) are issued by private lenders and guaranteed by the United States Department of Veterans Affairs. VA loans are a no-down payment mortgage option with low interest rates for active or retired veterans to purchase a primary residence or refinance an existing mortgage. There are different regulations and standards the home must meet to be processed and approved through the VA appraisal and underwriting process compared to conventional loans. So, be sure that the type of home you're looking to buy fits within these standards by speaking to your lender upfront about your plans. 

I hope that you have found this information helpful and that it helps you in obtaining a mortgage at Lake of the Ozarks. As always, I am here to help you make the best financial decisions when buying a home at Lake of the Ozarks and would be happy to discuss any of these options and which may suit your needs as a homeowner best. So, if you're looking to buy at the Lake, please feel free to give me a call or apply online to begin your journey to becoming a homeowner at Lake of the Ozarks.

 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

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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 Debt Consolidation Could Benefit Your Current Financial Situation

 One thing we learn as adults is the need to have credit. As for most of us, simply using cash is just not an option. For one reason or another, sometimes we get in over our heads in debt, whether that be in the form of credit cards, student loans, car loans, or mortgages. At this point, it may be wise to consolidate your debt with a low interest rate by refinancing your mortgage at Lake of the Ozarks. In this week’s blog, I’m going to discuss the benefits of debt consolidation and how it could improve your current financial situation.

The Main Benefit: Saving Interest & Paying Off Debt Faster

Switching your debt obligations from a higher interest rate to a lower one provided by your mortgage company will work wonders on reducing the amount of interest paid on said debts over time. The lower your interest rate, the more of your payment is going directly to principle instead of paying off interest.  This in turn will allow you to save money each month allowing you to utilize more of your income to pay off the debt faster.

Easily Managed Payments

Studies have shown that the average American household has roughly seven credit cards. When you combine that with car and student loans, you can end up with quite a few debt obligations. Sometimes finding ways to effectively use your money to pay against all these debts can be cumbersome or simply unrealistic. Consolidating your debt through refinancing your mortgage will provide you with a singular monthly payment, and at a lower interest rate. Making your debt easier to track and manage.

Psychological Benefits

There is a burdened feeling that many experience when they are having debt issues. Feeling in over your head with no sign of relief can have serious effects on your emotional well-being. Debt consolidation can allow you to take control over your debt instead of letting it take control of you. You’ll spend less time stressing about which bills to pay, how much you’ll have left to live on, and increase the amount of time you have to pursue other areas of interest in your life. All while knowing that you have a manageable monthly payment to one institution that’s saving you both time and money and that is a great sense of freedom to have.

Allow Team Lasson to Help!

I am committed to help my clients achieve the best possible results from their homeownership to their finances. So, if you’re in need of help managing your financial obligations and would like to discuss your options for refinancing your mortgage at Lake of the Ozarks, please give me a call or apply online. We will review your debts and come up with a strategic plan to help make your payments more manageable or simply save you money and interest. If you don’t own a home at the Lake, I can even help you tap into the equity of your existing home if you’re interested in buying a home at Lake of the Ozarks as well. For all your homeownership needs at the Lake, you can trust Team Lasson!

 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

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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.

What’s the Difference: Investment Property vs. Vacation Property

 There are few things that compare to owning a second home at the Lake of the Ozarks. You have a prime place to vacation at your leisure, and the ability to rent it out for some investment income while you’re not using it. But at what point does it become more of an investment property than a vacation property? Well, in this week’s blog, I’m going to be discussing the difference between an investment home and a vacation home.

What is a Vacation Home?

First, it’s important to understand what a vacation home is. A vacation home is an additional residential property that you purchase to live in part of the year. For a home to be consider a second/vacation home, it must be over 25 miles away from your primary residence (although this can vary between lenders). A vacation home also has a specific amount of days that it can be rented throughout the year to avoid being classified as an investment property. When it comes to the taxes, a vacation home must be rented out for fewer than 180 days throughout the year and must be occupied by you personally at least 14 days of the year to remain a second/vacation home.

What is an Investment Home?

As for an investment property, this is a property purchased with the intention of generating income. While you can stay in this home, but property must be rented out more than 180 days per year to be considered an investment property on your taxes. A property can also be considered an investment home if you intend to flip the property or utilize it as a commercial space.

How the Mortgage Differs

The types of mortgages will vary depending on your classification of home as well. Lenders are typically more lenient on the terms with lower qualification requirements for second homes as opposed to investment properties. You’ll find higher mortgage rates on investment homes than on second homes.  Investment property loans typically require proof of more liquid reserves, as well as a higher down payment required. It should be noted that it is fraudulent to mislead your lender about the classification of your home. So, being upfront about your plans for the property is essential to your mortgage process as it will clearly be reflected on your tax returns.

So, when it comes to obtaining a mortgage at Lake of the Ozarks, these tips should help you choose the right mortgage to suit your needs as a homeowner. Understanding the difference between investment properties and vacation properties at Lake of the Ozarks can help you obtain the best possible results with your home. As always, I am here to assist you with all your mortgage needs and look forward to helping you achieve your dreams of living or investing at the Lake.

 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

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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.