Key Questions To Ask Your Mortgage Lender
Are you taking advantage of these low rates and thinking about buying a home at the Lake of the Ozarks? Now could be your perfect chance to buy that dream home you've been hoping for! Keep reading this week's blog for a few KEY questions to ask your mortgage lender at the Lake of the Ozarks. If you're in the market to buy a new home and need a mortgage broker you can count on, call MHQ - Mortgage Headquarters today. We can be reached at (573) 302-9990. You name it, MHQ - Mortgage Headquarters can do it.
What different types of home loan options are there?
There are many different home loan options available to fit different people in different types of financial situations. For example, here are a couple of government home loans we work with:
FHA loans
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
VA Loans
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
How do I get prequalified for a home loan?
We will help determine how much of a mortgage loan you can afford, and how much money you can borrow, by taking you through pre-qualifying. We will do this by analyzing your income and debts, your work and residence situations, the funds available for down payment, required reserves, and other considerations. It's quick and to the point; We keep the paperwork to a minimum.
After you are considered eligible, we will prove our confidence in your potential to qualify for a mortgage by presenting you with a Pre-Qualification Letter (also known as a "pre-qual").
How do I know what price range of houses I can REALLY afford?
Before you begin to shop for a new home, you should set up a time to meet with us so we can figure out how much you can afford. This will put you in a better position as a buyer. That’s when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house.
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
There are many different home loan options available to fit different people in different types of financial situations. For example, here are a couple of government home loans we work with:
FHA loans
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
VA Loans
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
How do I get prequalified for a home loan?
We will help determine how much of a mortgage loan you can afford, and how much money you can borrow, by taking you through pre-qualifying. We will do this by analyzing your income and debts, your work and residence situations, the funds available for down payment, required reserves, and other considerations. It's quick and to the point; We keep the paperwork to a minimum.
After you are considered eligible, we will prove our confidence in your potential to qualify for a mortgage by presenting you with a Pre-Qualification Letter (also known as a "pre-qual").
How do I know what price range of houses I can REALLY afford?
Before you begin to shop for a new home, you should set up a time to meet with us so we can figure out how much you can afford. This will put you in a better position as a buyer. That’s when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house.
MHQ - Mortgage Headquarters is Here For All Your Home Loan Needs!
We hope you found this blog enlightening and helpful if you are looking to buy a new home. To get ALL of your questions answered by an expert, please give us a call today. We can be reached at the phone number listed below. You can also follow us on our social media channels listed below.
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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