4 Tips for Getting Approved for Your First Mortgage
Congratulations! You have decided to stop renting and buy your first home. Whether your reason for doing so is that you are getting married, you are having a baby, or you just want more space for yourself, this is a big deal. Buying your first home is a big commitment. Applying for your first mortgage at the Lake of the Ozarks can also be a process and it can be very helpful going in with the knowledge of how to get approved in a timely fashion. Our mortgage lenders at the Lake of the Ozarks are here for you! Keep reading this week's blog for a few tips for getting approved for your first mortgage. Call MHQ Mortgage Headquarters to speak with a local, experienced mortgage lender today about applying for your first mortgage.
1. Have your down payment ready.
Most of the time, a significant down payment is required when getting your first mortgage. However, the percentages will vary depending on the type of mortgage loan you are getting. One of the best things you can do is before you apply for a mortgage is to schedule a consultation with a mortgage lender in Lake Ozark and ask the important questions you need to be answered, such as is a down payment required at all and if so, how much?
2. Be prepared for the possibility of having to pay for mortgage insurance.
Private Mortgage Insurance, also known as PMI, is a supplemental insurance policy you may be required to obtain in order to get a mortgage loan. PMI is provided by private (non-government) companies and is usually required when your loan-to-value ratio — the amount of your mortgage loan divided by the value of your home — is greater than 80 percent.
3. Be ready to prove you have a steady income.
Certain types of mortgage loans can require you have a minimum monthly income that meets the required amount. For example, Fannie Mae and Freddie Mac require your income to fall within a certain income limit.
4. Be aware of your credit history and score.
Some types of mortgages may require you have a minimum credit score to qualify. For example, for a conventional mortgage, the minimum score is 620.
Anything you submit over our website is 100 percent, fully secure. And we never, ever share it with anyone except by permission -- that is, if you're giving us information you want us to use to get you the best loan, we use that information to tell mortgage lenders about you and convince them to loan you money. In turn, those mortgage lenders are bound by federal law to keep your information secure. For a list of the information mortgage lenders will use to consider your loan application, visit HERE.
Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
www.MHQMortgage.com
4 Tips for Getting Approved for Your First Mortgage
1. Have your down payment ready.
Most of the time, a significant down payment is required when getting your first mortgage. However, the percentages will vary depending on the type of mortgage loan you are getting. One of the best things you can do is before you apply for a mortgage is to schedule a consultation with a mortgage lender in Lake Ozark and ask the important questions you need to be answered, such as is a down payment required at all and if so, how much?
2. Be prepared for the possibility of having to pay for mortgage insurance.
Private Mortgage Insurance, also known as PMI, is a supplemental insurance policy you may be required to obtain in order to get a mortgage loan. PMI is provided by private (non-government) companies and is usually required when your loan-to-value ratio — the amount of your mortgage loan divided by the value of your home — is greater than 80 percent.
3. Be ready to prove you have a steady income.
Certain types of mortgage loans can require you have a minimum monthly income that meets the required amount. For example, Fannie Mae and Freddie Mac require your income to fall within a certain income limit.
4. Be aware of your credit history and score.
Some types of mortgages may require you have a minimum credit score to qualify. For example, for a conventional mortgage, the minimum score is 620.
Apply For Your Mortgage on the MHQ-Mortgage Headquarter Website!
Anything you submit over our website is 100 percent, fully secure. And we never, ever share it with anyone except by permission -- that is, if you're giving us information you want us to use to get you the best loan, we use that information to tell mortgage lenders about you and convince them to loan you money. In turn, those mortgage lenders are bound by federal law to keep your information secure. For a list of the information mortgage lenders will use to consider your loan application, visit HERE.
Mortgage Headquarters of Missouri, Inc4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
www.MHQMortgage.com
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