MHQ - Mortgage HeadQuarters

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 longer ones usually costing more. A lender may agree to lock in an interest rate and points for a longer period, like sixty days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of a shorter period.Why do longer rate locks cost more? Mortgage Headquarters of Missouri shares with you the reason here. It's All About Risk Between the times you make application and close your loan, interest rates will do what they always do—change. At times, the rate of change is exceptionally volatile, even from one minute to the next. "Locking in" yo

As a first time home buyer , you may not be aware of many moving parts that typically take place in a real estate transaction. You may also not be aware of some of the factors a smart consumer might consider before signing on the dotted line. That doesn't make you less qualified to buy, it just means you haven't experienced the home buying process yet to learn techniques. That's why it's essential to have a guiding hand that has your best interest in mind to help you along the way. This week, Mortgage Headquarters of Missouri wants to share with you some items you'll want to determine before buying your first home. You will want to consider: 1. How much you can comfortably afford.  The pre-approval process, which entails full documentation and credit check, is the best way to determine the numbers that are right for you. Early in your search, you can identify any potential hurdles and focus only on homes truly available to you. You'll also want to look

When applying for a conventional loan, borrowers will typically need to come to the table with 20 percent down. If a borrower isn't able to come up with the funds, lenders may look at the loan as a risky investment, but may still move forward, but require the borrower to take out Private Mortgage Insurance . This may seem like a great opportunity for many borrowers, but it's important to know what you're agreeing to before signing the dotted line. So, this week, MHQ Mortgage Headquarters is sharing with you information about PMI: What it is; What you need to know; Other options; and how to cancel it when you're able. What is Private Mortgage Insurance (PMI)? Private mortgage insurance (PMI) is a type of mortgage insurance that you may be required to pay if you obtain a conventional loan and pay a down payment of less than 20 percent of the home's purchase value. This insurance is required to protect the lender's interest when loaning to a borrower with