MHQ - Mortgage HeadQuarters

At  MHQ - Mortgage HeadQuarters , we firmly believe that getting to know the people you're working with makes a huge difference in being able to comfortably do business with them, especially when it comes to buying a home! So this week, we wanted to give you a little background about ourselves, our services, and how we got into  mortgage lending at the Lake of the Ozarks . How We Got Started In 1998 while Tami and Nick were working on getting Lake of the Ozarks boaters gas tax refunds back, they found a need to expand their great services to help customers with mortgage financing. Since then, Tami and Nick have been providing home purchase and refinance options since 1998, and to this day are still providing good old fashion service. Tami’s background is in Industrial Engineering and Nick’s is in Accounting and Economics. The combination of the two backgrounds makes a great team to handle your mortgage financing. Combined, your mortgage specialists at  MHQ - Mortgag...

Your home is MUCH more than a place to store your things or keep you dry when it’s raining outside. It is also a very important component in your overall financial foundation. We, at MHQ - Mortgage Headquarters of Missouri , want you to know that we understand this and are dedicated to helping you find the right mortgage solution. Not just for today - but also for the long haul. Here are the Top 3 Financial Advantages to Home Ownership: 1. The Mortgage Interest Tax Deduction Perhaps the most powerful financial incentive for owning (versus renting) is the home owner’s ability to deduct certain expenses (such as mortgage interest) from their taxable income. You may wonder: What impact will this have on my financial foundation? We'd be happy to walk you through some of the answers to that question. As you can imagine, numerous factors are involved and one size often does not fit all. We'd be happy to set some time aside to analyze your situation. 2. Forced Savings - Eq...

If you've ever brought up the subject of getting a loan for any type of major purchase, you've probably heard the phrase "how much do you qualify for?" or "we'll need to get you qualified for a loan". When it comes to your mortgage, qualification ratios may seem like something from your high school calculus class. It's actually not rocket science. The math is simple, and the concept is sound. Here's the simple breakdown of how qualification of loanability is considered. Debt to Income Ratio Income Ratio is your total monthly housing payment as a percentage of your gross monthly income. Your total housing payment consists of principal, interest, property taxes, hazard insurance, mortgage insurance (if applicable) and any condo/co-op or association fees. Debt Ratio is your total monthly housing payment plus any recurring monthly debts as a percentage of your gross monthly income. Other debts include all other payments such as cars, credit ...

When  purchasing a home at the Lake of the Ozarks , many questions can arise about the different aspects of the mortgage loan itself, along with the process of approval. MHQ - Mortgage Headquarters has more than 20 years' experience in the mortgage industry, so we know what questions buyer's want and need answers to. Here are 6 questions you should be asking to make your mortgage shopping decision easier! Take a look:  1. Can I Buy a Home When My Credit is Less Than Desirable? Yes, you can, however it's not always as simple as yes or now. Different loan products have different requirements in regard to credit score. Some loans allow a lower credit score than others. The downside is that the lower your credit score, the higher your interest rate is likely to be, and the lower your chances are for approval. For instance, if your credit score falls below 600, it's not impossible, but you could have a difficult time getting approved for a mortgage. 2. What Documents ...

Your parents could live the remainder of their years not paying a mortgage* and maybe even getting a monthly check as long as they live in their home. Really? Really. Your parents may be eligible for an FHA Reverse Mortgage if they are 62 or older, meet financial requirements and have sufficient equity in their home. They will need to live in the home as their principal residence, maintain it, and pay taxes and insurance. How It Works: Proceeds from a reverse mortgage first pay off the current mortgage on the home, if applicable. Your parents can access additional funds through a lump sum payment, a line of credit or monthly installments. The amount available depends on the amount of equity they have in their home, settlement costs, interest rates, and their ages. In some cases, funds to pay taxes and insurance are set aside at closing or withheld from regular disbursements. Points to Remember: A reverse mortgage is a loan. Loan costs include interest, FHA Mortgage Insurance...