MHQ - Mortgage HeadQuarters

If you’ve taken part in a real estate transaction, you may have received a settlement statement, also known as a HUD-1 from your closing agent or creditor. You may find yourself asking, what exactly is a HUD-1 Settlement Statement and how do I read it? MHQ - Mortgage Headquarters of Missouri is here to help you through all of your finance questions about buying or selling a home. Today we are going to discuss what a HUD-1 Settlement Statement is and how to read it. What Is It? A HUD-1 Settlement Statement was created to be used by your closing agent or creditor when taking part in a real estate transaction. HUD stands for Housing and Urban Development and you may have heard this document as being referred to as a closing statement or a settlement sheet. This document itemizes all charges between a borrower and a seller. The borrower would be the person who is purchasing the real estate and borrowing money in the form of a mortgage from a bank or a mortgage broker. The seller wou...

How much do you know about Adjustable Rate Mortgages ? The truth is ARMs are not all the same and can have great value. Home buyers often focus on obtaining the lowest possible rate on a 30-year loan, but most mortgage loans are used for only three. Cash out transactions for improvements, additions, repairs, weddings, tuition and major purchases occur with great frequency. That being said, Adjustable Rate Mortgages are often misaligned, dismissed outright and completely misunderstood. If you think you might refinance for any reason anytime in the next seven years, read on for more information about ARMs , the benefits and the risks. Lower Rates, Flexible Terms Today, most ARMs are "hybrids." They start out at a fixed rate for the first 3, 5, 7 or even 10 years. During this time, you save on interest cost, and even though your payment is less, you still pay more toward principal. Inside Information Lenders give you a discounted rate up front because they know the rate...

Borrowing for a home is expensive. In fact, it's pretty likely that your mortgage payment is your largest monthly expense. But there are ways you can decrease your monthly payment and pay off your loan faster. The  best mortgage company at the Lake of the Ozarks  is here to offer you some simple  tips for saving money on your mortgage  that will also knock some years off your loan term. Check it out: 1. Make Additional Payments Here's a simple trick to reduce the repayment period of your mortgage and save thousands over the course of your loan: Make additional payments which go toward the principal. People pay extra in a few different ways. Paying one additional full payment one time a year may be the easiest to track. If you can't afford to pay an extra whole payment all at once, you can split that large amount into 12 smaller payments and write a check for that additional amount monthly. Finally, you can pay half of your mortgage payment every other week. Eac...

When you  apply for a mortgage loan , your lender will pull your credit report to determine your creditworthiness and your debt-to-income ratio to see if you are financially responsible. This also helps them to determine what loan amount you can afford and at what rate of interest to approve you at. The better credit you have, the higher loan amount you'll likely qualify for, and at a lower interest rate. Check out exactly how your credit score matters when it comes to applying for a mortgage. Lender Scoring Methods While different lenders will use different qualifications and scoring methods to determine your creditworthiness, some variation of the standard FICO score is often used as a base. FICO takes different variables on your credit report from the three major credit bureaus (Equifax, Experian and TransUnion) to compile your score. Those range from 300 – 850. From this information, they typically compile a score based on the following factors: Credit History - How lon...