Mortgage Programs We Can Help You With
While the thought of obtaining a mortgage can seem daunting, the idea of owning your own home makes all the hassle worth it! And with the right mortgage lender by your side, guiding you and answering any questions you might have along the way, it's really not as difficult of a process as you might think. Mortgage Headquarters of Missouri, Inc. makes it easy for our clients to close a loan. With over 20 years in business, we have the knowledge to help you through the process with surprising ease. Here are just a few of the mortgage programs we can help you with!
FHA Loans
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Some of the other benefits of FHA financing:
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
Other benefits of a VA loan include:
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 (which should be your first step in the process) can be a useful tool when shopping for homes and when you make an offer. Once you've made the offer and it's been accepted, it's time to apply for the loan. Once your loan application is approved, you'll be well on your way to closing on your first home! We'll work with the title company to set your closing date. From start to finish, we're by your side through the entire process!
Refinancing
The huge number of refinance options available to borrowers is truly breathtaking. We can guide you to select the refinance program that can fit your financial situation the best.
Some of the reasons you might choose to refinance your mortgage include:
FHA Loans
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Some of the other benefits of FHA financing:
- Only a 3 percent down payment is required.
- Closing costs can be financed.
- Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
- More flexible underwriting criteria than conventional loans
- FHA limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage).
- Loans are assumable to qualified buyers.
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
Other benefits of a VA loan include:
- Negotiable interest rates.
- Closing costs are comparable and sometimes lower - than other financing types.
- No private mortgage insurance requirement.
- Right to prepay loan without penalties
- The Mortgage can be taken over (or assumed) by the buyer when a home is sold.
- Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
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 (which should be your first step in the process) can be a useful tool when shopping for homes and when you make an offer. Once you've made the offer and it's been accepted, it's time to apply for the loan. Once your loan application is approved, you'll be well on your way to closing on your first home! We'll work with the title company to set your closing date. From start to finish, we're by your side through the entire process!
Refinancing
The huge number of refinance options available to borrowers is truly breathtaking. We can guide you to select the refinance program that can fit your financial situation the best.
Some of the reasons you might choose to refinance your mortgage include:
- Reducing your monthly payments.
- Consolidating your debt.
- Refinancing to cash out.
- Switching to a shorter term loan.
Second Mortgages
Taking out a second mortgage on your home provides the ability to borrow money against your property for many purposes, whether for planned or emergency reasons. A second mortgage is essentially a loan secured by your home or another piece of property with a first mortgage. The second mortgage allows the homeowner to tap into his or her equity to pay for college tuition, essential home improvements, pay off credit card balances or other pressing financial needs.
Because there is more risk involved with a second mortgage, the lender's conditions are usually more stringent, the term is shorter and the interest rate is higher than for the first mortgage. In the event of default, the holder of the second mortgage is subordinate to the first. To qualify for a second mortgage, your credit must be in good standing and you must be able to document your income. An appraisal will be required on your home to determine the home's market value.
Taking out a second mortgage on your home provides the ability to borrow money against your property for many purposes, whether for planned or emergency reasons. A second mortgage is essentially a loan secured by your home or another piece of property with a first mortgage. The second mortgage allows the homeowner to tap into his or her equity to pay for college tuition, essential home improvements, pay off credit card balances or other pressing financial needs.Because there is more risk involved with a second mortgage, the lender's conditions are usually more stringent, the term is shorter and the interest rate is higher than for the first mortgage. In the event of default, the holder of the second mortgage is subordinate to the first. To qualify for a second mortgage, your credit must be in good standing and you must be able to document your income. An appraisal will be required on your home to determine the home's market value.
So, if you're in need of a mortgage for a new home, need to find out about your refinancing options, or have any other questions pertaining to mortgage lending, trust in the mortgage professionals at MHQ - Mortgage HeadQuarters to have your best interest in mind. We can help you choose a mortgage program that's right for you and your specific needs! Call us today at 573-302-9990.
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