Friday, January 16, 2015

Time to Start Thinking About Taxes

It's Tax Season and now is the time to start getting your documents in order. You should always consult with your tax professional for the best advice on your individual tax circumstances. However, You can use this overview brought to you by the Mortgage Market Guide to get started.

Look Back to Plan Ahead


Dig out your 2013 tax return for a review of the detailed information you collected last year. There are things in you will need to collect again this year in regards to itemized deductions, business use of home or car and equipment depreciation. For more information on tax preparation, please visit: www.irs.gov.

Gather Documentation 


Receipts, invoices, canceled checks, online bill pay or automatic deduction logs, mileage logs and other documents are needed to substantiate deductions. If applicable, you'll need to gather documentation for the following:
  • Charitable Gifts
  • Equipment Purchases
  • Memberships to Professional and Trade Organizations
  • Mileage for Business
  • Mileage for Volunteering 
  • Office Supplies
  • Phone and Date Bills
  • Subscriptions to Professional and Trade Publications
  • Utility Bills (for Business Use of Home) 

Plan for 2015 


To make the gathering process a lot smoother next year, devise a meaningful and easy-to-follow record system. Having one place to keep you records will make it easier next year. However, you'll have to dutifully put invoices, receipts and other documentation in there as it comes in. A file folder or box works fine if it is easily accessible. Electronic scanning and storage also works, but may take more time. 

If you deduct mileage expenses, keep a small notebook and pen in your glove compartment or center console. Commit to keeping track of every business-related mile traveled, along with the date and purpose of travel. You could also use a notebook app on your smartphone to keep track of this information digitally. Tallying your mileage at the end of each month rather than waiting until the end, will save you time. Having this system in place will assist you in substantiating expense and deduction claims going forward. 

Like any other important documents, you should store all tax-related records in a secure location for at least 5 years in case the IRS asks for further information. As your Lake of the Ozarks mortgage lender, I want to provide you with useful information to help you with your finances. If your in need of a new home loan at the Lake of the Ozarks or are thinking about refinancing, give me a call at 573-746-7211 today!

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


Michael Lasson
Sr. Residential Mortgage Lender
NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049

Direct:  (573) 746-7211
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Friday, January 9, 2015

U.S. Economy Rolls into 2015 with Favorable Numbers

The U.S. economy is starting the year off with great numbers from almost every sector! As your Lake of the Ozarks mortgage lender, I strive to keep you up to date on industry news! Take a look at these numbers and let me know if there's anything I can help you with in regards to your Lake of the Ozarks mortgage this year.

Gross Domestic Product Soars


The third quarter of 2014 ended on a high note, as the final reading for Gross Domestic Product (GDP) soared to 5 percent, led by stronger consumer and business spending. The 5 percent reading was the fastest pace for economic growth in the United States since the third quarter of 2003. GDP is the value of the production of goods and services in the U.S., adjusted for price changes, and it is considered the broadest measure of economic activity. The strong reading is a good sign for our economy heading into 2015. 

Housing Sector


After a strong fall quarter, the housing sector began to slow approaching the New Year. November Housing Starts fell by 1.6 percent from October, and single-family residential starts fell 5.4 percent, while the volatile multi-family (apartments and condominiums) segment rose. Building Permits, as well as New and Existing Home Sales also fell in November. 

Jobs Sector


Despite these decreases, the housing sector has been improving overall, primarily due to wage and job growth. A strong December Jobs Report also raised hopes of kicking off 2015 with a bang. The Labor Department reported employers added 321,000 jobs in November, the highest since January 2012. Unemployment stood unchanged from October at 5.8 percent, but lower from the 7 percent reading posted a year ago. The Wall Street Journal also reported that wage growth is accelerating. 

Taken together these are good signs for economic growth in 2015, which should help the housing sector reclaim a positive trend. 

Consumer Price Index


Something to watch as we jump into a new year, is the Consumer Price Index. Inflation can have a big impact on the Bond markets, and also on Lake of the Ozarks home loan rates, which are tied to Mortgage Bonds. The Consumer Price Index (CPI) measures monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services. Plunging prices at the gas pumps led consumer prices lower in November. The CPI fell by 0.3?, versus the -0.1% expected, as the inflation reading gauge posted its largest monthly decline in 6 years. The bottom line is that inflation is known as the archenemy of Bonds and home loan rates. Inflation reduces the value of fixed investments like Bonds. This means that low inflation often comes hand in hand with low home loan rates. Keep in mind that when inflation begins to creep into our economy, it can create rapid changes in the interest rate climate.

When it comes to your Lake of the Ozarks financing needs, I'm committed to working with you every step of the way. I'll discuss financing options, offer competitive interest rates and back it up with the first-class service you deserve and I guarantee!

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


Michael Lasson
Sr. Residential Mortgage Lender
NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049

Direct:  (573) 746-7211
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Friday, January 2, 2015

Good News for Home Loan Rates Heading into the New Year

"It's a new dawn, it's a new day...and I'm feeling good." - Nina Simone


The New Year is here and we have plenty to celebrate in the mortgage world! With home loan rates remaining near historic lows, 2015 rang in with plenty for consumers to feel good about. Strong economic news has 2015 off to a great start and your Lake of the Ozarks mortgage lender is here to assist with all your financing needs this year! Take a look at these other highlights from the end of 2014:

Gross Domestic Product


The final reading for Gross Domestic Product (GDP) for the third quarter of 2014 came in at a blistering 5.0 percent, the fastest pace of economic growth since the third quarter of 2003. The big gains were led by a surge in both consumer and business spending. GDP is considered the broadest measure of economic activity, so this is a strong sign for our economy heading into the new year.

Housing Market


In housing news, the October S&P/Case-Shiller Home Price Index came in at an annual rate of 4.5 percent, down from the 4.8 percent recorded in September. The October reading was the eleventh straight month of decelerating price gains. It was also the smallest annual gain since October 2012, as price gains return to more normal levels. Also of note, sales of new and existing homes fell in November as well. The housing market continues to remain in a somewhat choppy trend, despite an improving economy and job market.

Europe's Influence 


As we look ahead into 2015, the uncertainty in Europe will continue to rear its head over time. The European Union (EU) is fighting deflation, recessionary pressures, a Greece exit from the EU, and limited political capital required for the necessary fixes. This could lead to safe haven trading in our bond market, helping Mortgage Bonds and home loan rates (which are tied to Mortgage Bonds) in the process.

The bottom line is that home loan rates remain near historic lows, and now is a great time to consider a home purchase or refinance. Let me know if I can answer any questions at all for you or your clients. 

 If you're looking to start the New Year off by refinancing your Lake of the Ozarks home or purchasing a new home, contact Lakelender Michael Lasson at 573-746-7211. When it comes to your financing needs, I'm committed to working with you every step of the way. I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve and I guarantee!

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


Michael Lasson
Sr. Residential Mortgage Lender
NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049

Direct:  (573) 746-7211

 
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Friday, December 26, 2014

Celebrate the Beginning of a New Year at Lake of the Ozarks

With Christmas finished, it's time to start thinking about the new year!  Do you have plans for New Year's Eve yet?  The Lake of the Ozarks is the perfect place to celebrate!  Check out these great events going on all around the Lake area.  Grab your spouse, friends, family and come on out to grab a glass of champagne and bring in the new year!

"Ring in the Noon Year" - Family Event at Old Kinderhook


Join us on The Ice at Old Kinderhook with your family for New Year's Eve. Admission is $12 and includes skate rental, session fee, S'mores and Hot Cocoa, with a Cookies & Milk toast at Noon!

New Year's Eve Bash at Old Kinderhook 


Celebrate with us at Old Kinderhook and enjoy an Elivis Impersonator from 9 PM to 12:30 AM. Dinner and Drink features will be available. Room features are $99 per bedroom, with additional nights priced at $79 per night. Complimentary champagne toast at midnight. Contact 573-317-3560 for reservations.

New Year's Party at the Lodge 


Join us at the Lodge of Four Seasons for a New Year's Celebration. The event will include a Live Band, Dancing, Cocktails, and Dinner, with an "Around the World" theme. Tickets are $249 per couple. Please call 800-843-5253 for reservations.

New Year's Eve at H. Toad's


Bring in the New Year at Camden on the Lake & H. Toad's with free party favors and live entertainment. Special room packages are offered to include dinner on New Year's Eve and breakfast the next morning. Special after bar party with a DJ for registered guests from 1-3 AM. Make New Year's Eve a night to remember!


New Year's Eve Dinner at Seven Springs Winery


Join us for a delightful New Year's Eve dinner, music and fireworks! Seating begins at 5 PM and only 100 reservations are available. Music by Sax on the Beach from 5-10:30 PM, with Fireworks Display at 10:30 PM. Cost is $99 per couple and dinner includes: Salad, KC Strip, Lobster Tail, Asparagus, Baked Potato, Dinner Roll and Sweet Potato Maple Layered Cheesecake. Call 573-317-0100 for reservations.


New Year's Eve Gala - Swing Dance Club 


Celebrate the New Year at the Country Club Hotel and Spa with the Lake Ozarks Swing Dance Club. Two drinks, party favors and champagne at midnight are included with admission. Tickets are $15 for members and $20 for non-members.  Bring a snack to share and there will be a cash bar. Couples and singles are welcome. Special dinner and room options are available through the Country Club Hotel.

Your Lake of the Ozarks mortgage lender wishes you a Happy New Year!  If you're in the market for a new home for the new year, contact me for all  your Lake of the Ozarks home loan needs. When it comes to your financing needs, I'm committed to working with you every step of the way. I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve and I guarantee!

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


Michael Lasson
Sr. Residential Mortgage Lender
NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049

Direct:  (573) 746-7211

  
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Wednesday, December 17, 2014

First State Bank Mortgage Voted Affiliate of the Year

First State Bank Mortgage was named the "2014 Affiliate of the Year" by the Bagnell Dam Association of Realtors during their annual Installation Banquet last week. This distinction comes to us for the second time in five years.  We were selected as the Affiliate of the Year out of a pool of sixty affiliates who work with the Bagnell Dam Association of Realtors. We are very excited about receiving the Affiliate of the Year award. The award is a great honor and signifies to us that we are trusted and well-respected by our peers in this community.


Bagnell Dam Association of Realtors


The mission of the Bagnell Dam Association of Realtors is to provide education, services and tools which allow members to better serve their industry and the community both professionally and ethically. They promote and protect the right to own, transfer and use real property.

First State Bank Mortgage


First State Bank Mortgage, a division of First State Bank of St. Charles, offers conventional loans, VA, FHA and USDA loans, condominium and second-home loans, jumbo loans, and other mortgage products. First State Bank Mortgage is an Equal Housing Lender.

If you're interested in buying a home at the Lake of the Ozarks, stop by and see me, your favorite Lake of the Ozarks mortgage lender!  When it comes to your financing needs, I'm committed to working with you every step of the way. I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve and I guarantee!

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


Michael Lasson
Sr. Residential Mortgage Lender
NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049

Direct:  (573) 746-7211


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Friday, December 12, 2014

Home Buyers Can Now Qualify for 3% Down Payments

The largest obstacle for most home buyers is the amount of money they need for a down payment. In hopes of broadening the pool of home buyers and boosting the real estate market, Fannie Mae and Freddie Mac have both announced new home loan options that require as little as 3% down. These new options make it easier for first-time home buyers, as well as low-income home buyers to purchase a new home at the Lake of the Ozarks!

Fannie Mae 


Fannie Mae's goal is to help additional qualified buyers gain access to mortgages. The 97 percent loan-to-value (LTV) ration option will expand access to credit for qualified first-time home buyers that may not have the resources for a larger down payment. These loans will still meet Fannie Mae's usual eligibility requirements, including underwriting, income documentation and risk management standards. These loans will also require private mortgage insurance, as is required on any loans above 80 percent LTV.

Fannie Mae states that this option alone won't solve all the challenges around access to credit. However, this is simply one way they are working to remove barriers for creditworthy borrowers to get a mortgage. They are confident that these new loan options will be good business for lenders, safe and sound for Fannie Mae and an affordable, responsible option for qualified borrowers.  For more information on Fannie Mae's plans for this new loan program, visit: http://www.fanniemae.com/

Freddie Mac


Freddie Mac's Home Possible Advantage mortgage program is for low and moderate-income borrowers with limited savings, including first-time buyers. Generally, you will need to meet minimum credit requirements, earn no more than 100% of your area median income and have the funds to meet the down payment requirements and closing costs. First-time home buyers must also participate in an acceptable borrower education program, like the CreditSmart program by Freddie Mac.

Home Possible Advantage mortgages can also be used for a "no cash out" refinance of an existing mortgage and is available in 15, 20 and 30 year fixed-rate terms.  Freddie Mac says that the keys to responsible lending are responsible underwriting and product design.  They designed Home Possible Advantage with the appropriate credit underwriting requirements for today's market. The program has tougher credit standards than low down payment mortgages of the past, including lower DTI ratios, fixed-rate terms and requires full documentation, owner-occupation and housing counseling.  For more information on the program, visit: www.freddiemac.mwnewsroom.com

Both companies say that as long as their underwriting standards stay the same, and the total volume of loans is relatively small, the low down payment loans don't add too much risk to their business. To learn more about how this could affect your options for a new home loan at the Lake of the Ozarks, contact me at 573-746-7211. As your Lake of the Ozark mortgage lender, I am dedicated to working with you every step of the way!

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


Michael Lasson
Sr. Residential Mortgage Lender
NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049

Direct:  (573) 746-7211
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Friday, December 5, 2014

5 Tips to Paying Off Your Mortgage Faster

Your home is typically the most valuable asset you have, while your mortgage at the Lake of the Ozarks is often your largest debt. Depending on the terms of your loan, you are adding thousands of dollars more to the price of your home. The faster you can pay off your Lake of the Ozarks home loan, the more money you're going to save. Not only will you no longer have the burden of that huge monthly payment, but you'll have security in owning your own home. Here are several great tips to help you pay off your mortgage faster!

1. Pay a Little Extra Each Month. 


Try to add a little extra to each payment you make. Whether it be $10 or $100, choose what you can comfortably afford because every little bit helps. Use a mortgage calculator to see how adding just a little to your payments can save you money in the long run. When you pay extra, make sure that it is being applied to your principal and not set aside for the next month's payment. By paying down the principal, the amount that your interest is calculated on decreases. You should also check your contract before making extra payments, as some have prepayment penalties.    

2. Pay Every Two Weeks. 


Rather than making one payment a month, consider paying biweekly. This method of payment takes advantage of the fact that there are 52 weeks in a year and only 12 months. When the year is over, you will have made 26 half payments, which is the equivalent of 13 full monthly payments. Check to see if your bank will set up a biweekly payment plan. Some will do it for free and some will charge you for it. Be sure to have the bank credit the extra payments toward the principal so you save more on interest; some banks will hold the extra payments until the end of the year and therefore, your still paying interest on that amount.

3. Apply Any Extra Cash You Get.


Tax season is a great time to reduce the principal on your Lake of the Ozarks mortgage. Consider applying your next tax return towards your mortgage principal. If you receive any other larger sums of money throughout the year, maybe as a Holiday bonus at work or a commission check, consider applying those amounts to your mortgage principal as well. The more you can pay upfront, the more you'll save in the long haul and the faster you'll be able to pay your home off.


4. Refinance Your Home. 


Refinancing your home at the Lake of the Ozarks to either lower your interest rate or shorten the term of your loan is another great way to get your home loan paid off faster and save money. If you have an adjustable rate loan, you can refinance to get the comfort of the stability that a fixed rate loan offers. Depending on what interest rates are available, you may be able to get a 15 year loan for a little more than what you currently pay for a 30 year loan.

5. Downsize Your Home. 


If you are struggling to pay off your mortgage, one of the simplest solutions is to downsize. Do you really need 2 spare bedrooms or that extra office space? While having a nice big spacious house is something you've dreamed of, think about how much more enjoyable life could be without all that debt hanging over your head. If your near retirement age or approaching an "empty nest," downsizing makes the most sense. In this economy, it's great knowing that your home belongs to you instead of the bank.

As your Lake of the Ozarks mortgage lender, I will work with you to figure out the best way to pay your mortgage off faster. For all your home loan and refinancing needs, contact Lake Lender Michael Lasson at 573-746-7211.

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


Michael Lasson
Sr. Residential Mortgage Lender
NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049

Direct:  (573) 746-7211
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