MHQ - Mortgage HeadQuarters

When purchasing a home at the Lake of the Ozarks, you'll want to capitalize on the lowest possible interest rate you can get. 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. That's why you should rely on a  trusted Lake of the Ozarks mortgage lender  to help you through the process. But first, educating yourself on how rate locks work can be your best tool. Understanding Rate Locks A 'Rate Lock' means that your mortgage lender agrees to keep a specific interest rate offered for a certain period of time during 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 longer ones usually costing more. A lender may agree to lock in an interest r...

If you're in the process of purchasing a home at the Lake of the Ozarks , you've probably started looking into your mortgage options . One question that buyers have to consider is 'which is the better loan option: fixed or adjustable?' That's a very good question to ask, and the answer will vary depending on your specific financial situation and long-term goals. So, to help you to determine which is best for YOU, let's take a look at the differences. Adjustable Rate Mortgages Adjustable Rate Mortgages (ARM) come in many varieties. Generally, the interest rates for ARMs are determined by a federal index. A few of these are: the 6-month CD rate, the 1 year Treasury Security rate, the Federal Home Loan Bank's 11th District Cost of Funds Index (COFI), or others. Most ARM programs feature a "cap" that protects you from sudden increases in monthly payments. Your ARM may feature a cap on interest rate increases over the course of a year. For exam...

Buying a home is an exciting time! You've probably got so many fantastic ideas of your perfect home and all the things you'll need to do once you find that home. But before you can move forward with your purchase, you've got some other (less exciting) tasks to complete first, such as finding a mortgage lender, getting pre-approved, and choosing your loan type. 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 con...

When purchasing a home at the Lake of the Ozarks , you want to ensure that you're making the right selection when it comes to the loan option you choose, as well as the lender you choose to work with. MHQ - Mortgage Headquarters has more than 20 years' experience in the mortgage industry, so we can confidently answer many of your mortgage lending questions. Take a look at the 6 questions we've come up with that you should ask your lender before applying for a home loan. 1. What Type of Loan is Best for Me? Any reputable lender will find out more information from you to better serve your needs before recommending any given loan option. Since each loan option requires a different set of stipulations to be met for approval, it's virtually impossible to say with confidence what loan would best fit your needs without gathering information first. 2. What is the Interest Rate and Annual Percentage Rate The annual percentage rate (APR) is derived by a complex calcul...

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 of...