MHQ - Mortgage HeadQuarters

Having a monthly mortgage payment you can realistically afford is CRITICAL for financial balance. We think we can all agree on that, but how does that payment get determined? Have you ever wondered how a mortgage company at the Lake of the Ozarks figures out what your monthly payment will be? If so, this is the blog for you!  Lenders use a ratio called "debt to income" to decide your maximum monthly payment after you have paid your other recurring loans. Keep reading this week's blog to learn more about how the debt to income ratio works. If you looking to apply for a mortgage at the Lake of the Ozarks and need some help from an EXPERIENCED lender, please call MHQ - Mortgage Headquarters of Missouri . We can be reached at (573) 302-9990. You can also find more mortgage information on our website at www.MHQMortgage.com . How To Figure Out Your Qualifying Ratio Usually, underwriting for conventional loans requires a qualifying ratio of 28/36. An FHA loan will usua...

As a potential first time home buyer, it's important that you know what you are getting into fully. With everything you are likely thinking about as you look at home after home after home, you may forget something very important, there's a down payment that you NEED to save for. On that note, our mortgage company at the Lake of the Ozarks is here to give you a few tips for saving for your down payment in 2020 in this week's blog. If you have questions about applying for your first mortgage at the Lake of the Ozarks , call MHQ - Mortgage Headquarters today at (573) 302- 9990. Tips for Saving for Your Down Payment in 2020 Cut back on unnecessary expenditures. Just think about all of the money you could be putting toward your down payment. You could stop spending money on things you don't absolutely have to have for a while. For example: Eating out at restaurants Buying coffee at coffee shops Shopping trips for clothes and shoes Vacations Gas money being...

Have you ever heard the old rule of thumb that states you should only consider refinancing if your new interest rate will be at least two points under your existing one? That could have been accurate years ago, but since refinancing has been costing less recently, it is a good time to consider a new loan! The best thing for you to do, if you are considering this, is to consult with an experienced mortgage lender at the Lake of the Ozarks and get your questions answered as soon as possible. A refinance is often worth its cost several times over, because of the advantages that it brings, as well as a lower interest rate. If refinancing your home at the Lake of the Ozarks is something you are interested in, please call MHQ - Mortgage Headquarters today at (573) 302-9990. In the meantime, keep reading to learn more about refinancing and whether or not it is right for you. The Benefits of Refinancing When you refinance, you could be able to reduce the interest rate and monthly...

Are you wondering if no credit is just as bad as poor credit? It can be. You need to have at least a few established credit accounts to develop a score, and you need a score for most loan programs. It's great to keep your spending under control by only using cash, but if you ultimately need to finance the purchase of a home, the sooner you solidify a good payment history the better. Without using credit, there's nothing for the bureaus to use as a basis for their scoring algorithms. A good mix makes for the best start. For example, get a bank overdraft credit line, a credit card and an installment loan, such as an auto or personal loan. Reach out to our local mortgage company at the Lake of the Ozarks today, and we'll be happy to answer any questions you may have. Call  MHQ - Mortgage HeadQuarters today at (573) 302-9990. Recent tallies show a third of U.S. credit scores fall below 649. While not impossible, acquiring a mortgage loan at the Lake of the Ozarks will likely...