MHQ - Mortgage HeadQuarters

The fall season is here, and typically this time of year is when people start to look into their home buying options. Some buyers may already be looking at homes, and may already be making plans for their future humble abode. One thing each buyer must realize though, is that there's more to  purchasing a home at the Lake of the Ozarks  than finding a house you love and signing on the dotted line. In fact, there are several things you can do to plan ahead to ensure you're financially prepared to buy. Check out these 5 tips to prepare your finances for the home buying process: 1. Evaluate Your Budget You should develop a written budget with your income and expenses and write down your debts and your assets. Think about what you spend now on housing costs and what you would be comfortable spending monthly on your next place. Estimate your available funds for a deposit, a down payment and closing costs and identify sources for funds. 2. Check Your Credit You are entitled ...

Refinancing a mortgage can have many benefits, such as a lower interest rate and monthly payment, refinancing from an adjustable rate mortgage to a fixed rate mortgage, or reducing your term to pay off your mortgage faster. But staying in your current mortgage may be a better option if the costs of refinancing outweigh the savings. Does the thought of refinancing put a bad taste in your mouth because of the negative things you've heard from friends or family? One thing to remember is that whether or not a mortgage refinance is right for you depends more on individual circumstances than this week's mortgage interest rates or your neighbor's past experience. What perceptions might be keeping you from saving money with a refinance? "I've read that the rate needs to be 1% or 2% lower than my current one."   When average loan amounts were much lower, it took a much bigger drop in rates to achieve tangible savings. Today, even small rate differences can ...

If you're in the market for a home, one very important factor you'll need to consider is how you're going to pay for said home. Choosing the right type of mortgage loan is one of the most important decisions you’ll make in the home-buying process. With so many different options out there, it can be hard to find an affordable home loan that meets your financial goals. That's why  MHQ - Mortgage Headquarters  is putting our 20+ years of experience to work for you to help you make an informed decision. Take a look at some of the  mortgage options  available to see what best fits your particular needs. Conventional Loan A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government and conforms to the loan limits set forth by Freddie Mac and Fannie Mae. You can get a conventional loan at a fixed or adjustable rate. Conventional loans also require a larger down payment, so those buyers tend to have a more secure financial st...

One of the best parts about owning a home is the equity that you built up over time. This provides value and security to your future that other investments simply can't. You may come to a point in your life where you may want to take advantage of  refinancing your mortgage  to lower your payments or to take advantage of a lower interest rate. One thing to remember, though, is that refinancing still has it's approval process just like an original loan. Here are 5 common refinancing mistakes to avoid to ensure a smooth refinancing process: 1. Not Doing Your Homework You may just be thinking about going with your current mortgage lender to refinance your home because of the convenience factor. However, if you’re planning to contact your current lender about refinancing without doing some comparison shopping first you could be selling yourself short. With rates still relatively low across the board, it may seem like a waste of time to shop around. But it could mean a huge di...