MHQ - Mortgage HeadQuarters

Borrowing for a home is expensive. In fact, it's pretty likely that your mortgage payment is your largest monthly expense. But there are ways you can decrease your monthly payment and pay off your loan faster. The best mortgage company at the Lake of the Ozarks is here to offer you some simple tips for saving money on your mortgage that will also knock some years off your loan term. Check it out: Make Additional Payments Here's a simple trick to reduce the repayment period of your mortgage and save thousands over the course of your loan: Make additional payments which go toward the principal. People pay extra in a few different ways. Paying one additional full payment one time a year may be the easiest to track. If you can't afford to pay an extra whole payment all at once, you can split that large amount into 12 smaller payments and write a check for that additional amount monthly. Finally, you can pay half of your mortgage payment every other week. Each option yie...

Choosing the right type of mortgage loan is one of the most important decisions you’ll make in the home-buying process. With so many different options out there, it can be hard to find an affordable home loan that meets your financial goals. That's why MHQ - Mortgage Headquarters is putting our 20+ years of experience to work for you to help you make an informed decision. Take a look at some of the mortgage options available to see what best fits your particular needs. Conventional Loan A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government and conforms to the loan limits set forth by Freddie Mac and Fannie Mae. You can get a conventional loan at a fixed or adjustable rate. Conventional loans also require a larger down payment, so those buyers tend to have a more secure financial standing and are less likely to default. Conventional loan requirements vary from lender to lender, but 620 is typically the minimum credit score needed t...

Whether you're buying your first home or needing to refinance your current mortgage , you’re going to need to know your mortgage lending options. And while the thought of obtaining a loan can seem daunting, it’s really not as scary as it may seem! We make it easy with over 20 years in business, Mortgage Headquarters of Missouri, Inc, has the knowledge to help you with this process. Take a look at the mortgage services we offer at MHQ! First Time Homebuyer Lending As a first time homebuyer, there may be several factors to getting a loan that you may not be aware of. There are some important steps to getting a mortgage loan: deciding on a maximum loan amount, pre-qualifying for a loan, applying for the loan, and getting funded. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation. Getting a pre-qualification letter can be a useful tool when shopping for homes and when you make an offer. Once you...

When you're looking at buying a home at the Lake of the Ozarks , you know you'll need to start shopping for a mortgage loan . But if you’re like most home buyers, you might not know about all the things you should be considering when shopping for a loan. One of those important factors is knowing that the interest rate and the APR measure two different costs associated with your home loan, and this could affect your overall cost. Many consumers make the assumption that they're one in the same. However, understanding the difference between an interest rate and an annual percentage rate (APR) could save you thousands of dollars on your mortgage. Here's the Difference The interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan. An annual percentage rate (APR) reflects the mortgage interest rate plus other charges. There are many costs associated...

Purchasing a home could be one of the most impactful financial decisions you will make in your life. As a smart consumer, you want to capitalize on the lowest possible rate. But as ever-changing as the mortgage lending industry is, it's not always so easy. With interest rates changing as often as they do, choosing the right time to lock in can be difficult. It's times like these you need to rely on a trusted Lake of the Ozarks mortgage lender to help you through the process. But first it's important to understand how rate locks work. What is a 'Rate Lock'? When you're promised a "rate lock" from the lender, it means that you are guaranteed to keep a specific interest rate for a certain number of days for your application process. This keeps you from going through your whole application process and finding out at the end that the interest rate has gone up. Rate lock periods can vary in length, anywhere from fifteen to sixty days, with the long...