MHQ - Mortgage HeadQuarters

If you're currently renting and want to buy your own home, you'll need to start thinking about how you'll cover a down payment.  Saving for a down payment  to buy a house can seem overwhelming, but with a couple of savings hacks, you might be able to save enough to afford a home sooner than you expected. Here are some tips to help you start saving for a down payment as quickly as possible: 1. Reduce Your Credit Card Debt High interest rates on credit cards can seriously limit your ability to save. Pay off your high interest rate credit cards. Start with your highest interest rate card. When you've paid the entire balance, close the card, and proceed to pay off the next. At a minimum, transfer your credit card balances to the card with the lowest interest rate. 2. Auto Deposit Funds into Savings Every Paycheck Set up an automatic direct deposit into a savings account. Commit to never use these savings for any purpose other than your down payment. You might choose

Mortgage lending can be a complicated and overwhelming experience if you're not familiar with how it all works. So this week,  MHQ Mortgage HeadQuarters  is sharing with you the typical steps of the mortgage loan process so you know what to expect for your next home purchase at the Lake of the Ozarks. Take a look: PRE-APPROVAL One of the very first things you should do when you decide to purchase a home, is to  get a loan pre-approval . This will help to determine an estimated loan amount that your lender is willing to loan to you. Not only will this help give you a budget baseline to work with, but it'll prevent you from looking at homes outside of what you can afford. Pre-approvals also let sellers know you're a serious buyer and not just window shopping. Remember: A pre-approval and a pre-qualification are NOT the same thing! While a pre-qualification may give you an idea of what a lender may loan to you, it is a very general estimate and does not hold any weight.

Whether you're  buying your first home  or needing to  refinance your current mortgage  to make some much needed upgrades to your home, there's probably going to be a time when you're going to have to consider mortgage lending options. Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be looking up loan information if it were possible to get a loan in a single day with a simple application. But  Mortgage Headquarters of Missouri, Inc  does the heavy lifting so you can concentrate on your life rather than the mortgage loan. 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

Homeownership is the ultimate American dream. But every now and then, life throws curveballs that sometimes we just miss. In times like this, those hard falls can take a major toll on our financial health, ultimately putting our home and livelihood at risk. Foreclosures and short sales are both options for homeowners who fall behind on mortgage payments, but it's important to understand the difference between these two processes. So, this week we're sharing with you the difference between the two, and what you should do if you find yourself in need of one of these options. What is a Short Sale? In a short sale, your lender may agree to accept less than the full amount owed on your mortgage loan, allowing you to sell your property for less than the total owed. The difference between the final amount paid and the amount owed is called a deficiency. Short sales are generally allowed only in case of economic or financial hardship. What is a Foreclosure? Foreclosure is a le