MHQ - Mortgage HeadQuarters

With many things in life, you'll likely always have the opportunity to shop for a 'better deal'. In the housing market, the best deal doesn’t always come with the lowest price. Sometimes, especially in times like now where Lake of the Ozarks real estate inventory is low, it's simply not in your best interest to hold off on putting in an offer. If you really love the house, don't lose the bid. Check out these tips for helping you weigh your options! Price vs. Payments If you're financing your purchase, you'll probably never come close to paying the actual price. You're making a comparatively small down payment and then paying interest on the loan until you refinance or sell. Yes, you will have a higher payment if you pay more for the home, but an extra $10,000 of mortgage money can add less than $50 per month on a low-rate, 30-year loan. Relative Prices Our natural tendency to pay as little as possible is not as meaningful for an investment, suc...

Are you considering refinancing your home ? With the current relatively low mortgage interest rates, now may be the perfect time to refinance your home. Before you decide whether to refinance or not, there are some things you should consider. Here are a few basics to know before closing on your refinance : Your “payoff amount” is always higher than your remaining principal balance.  Your balance is the amount of remaining principal owed. Your payoff amount is the balance plus prorated interest from the last payment received until the loan is actually paid off. The funding date is usually different from the closing date.  The government mandates a three-day rescission period for refinances of primary residences. Loan payoffs will not occur until the fourth business day post-closing. This will affect the payoff amount, the final payment date and the release of any cash. Do you actually get to skip a payment?  It seems that way because your first regular paym...

As a smart consumer, the start of the home buying process shouldn't start with shopping homes. It should actually start with getting pre-qualified for a mortgage loan.  Getting pre-qualified for a mortgage loan  can help you in more ways than one. Not only does it give you a better idea of what you can actually afford, but it gives you negotiating power when putting in offers! Take a look at how we can help you with your pre-qualification. Let's Get You Pre-Qualified At Mortgage Headquarters, we've been in the mortgage lending business for more than 20 years. This length of experience and the knowledge we've obtained over the years provides us with the necessary tools to help determine how much of a mortgage loan you can afford, and how much money you can borrow. We'll do this by analyzing your debt-to-income ratio, your work and residence situations, the funds available for down payment, required reserves, and other considerations. During the process, we ca...

Buying a home is a huge financial investment. So much so, that oftentimes people think it's simply just easier and more cost effective to rent. Homeownership can be very rewarding if you are properly prepared, know what to expect, and make informed financial decisions. However, there’s more to comparing the costs of renting and owning than the dollar cost of payments. This week, we're sharing with you some common thoughts that renters often voice when speaking about renting vs. buying a home. “Investing in a home is riskier than renting.” No risk, no reward. Besides, even studies conducted by the Federal Reserve show that owning can provide a net worth that is from several to hundreds of times higher than that of renters. “Home values have dropped in recent years.” Which is one reason why ownership may now be less expensive than renting. As well, recent price trends in many areas have reversed, and values are once again on the rise. “The tax deductions aren’t wort...

As mortgage rates fluctuate throughout the year, borrowers may be wondering what they can do to save the most money on interest rates. For some, an early  rate lock may be the answer. For others, floating until a lower rate becomes available may be worth the risk. All loans are locked in at some point prior to closing, but should you do it earlier or later? Consider the following points to help you decide. Locking vs. Floating Locking In sets or “locks” the interest rate of your loan for a specific number of days. Typical locks run in 15 day increments up to 60 or 90 days. Once set, it's important for your loan to close within that period, and hence, locking is safe only if you're sure of the closing date. Floating is the opposite of locking in and simply means your rate is not yet set. It's "floating" with the market. If rates are moving down, you can benefit. If rates are moving up, your rate will, too. Which is Best?  Unfortunately, "best" c...