MHQ - Mortgage HeadQuarters

COVID-19 has been a crazy time for everyone! It's important to see the positive points that are coming out of it whenever possible. One of those positive points is that the mortgage rates are extremely low right now. This means it may be YOUR right time to meet with an experienced mortgage company at the Lake of the Ozarks and buy your dream house. On that note, our mortgage lenders in Osage Beach are here to give you a few important points to consider before applying for a home loan in this week's blog. MHQ - Mortgage Headquarters is here for all your mortgage needs. Give us a call at 573-302-9990 today. We are here for you. RATE LOCK PERIODS Interest rates fluctuate and change daily. If you have reason to believe that interest rates are moving up, you might want to lock your loan. Lenders typically charge zero to one point to lock a loan rate and points. FEES AND POSSIBLE DISCOUNTS This is something you should definitely ask about as it will directly affect your m...

One thing that has come out of this COVID-19 pandemic is that mortgage rates are low, extremely low. Many of you may be considering buying your dream home due to this, therefore looking for a mortgage at the Lake of the Ozarks . With everything going on, do not forget about the basics of buying a home. The mortgage rates have gone down but that doesn't mean the closing costs have necessarily changed. Keep reading this week's blog for IMPORTANT information regarding closing costs. Need a mortgage lender at the Lake of the Ozarks , you can trust? Call MHQ - Mortgage Headquarters today at (573) 302-9990. Buying a Home During The COVID-19 Pandemic? Don't Forget About The Closing Costs! "Closing Costs" are the fees that pay for the various services involved when you sell or buy a home. Sellers and buyers almost always negotiate to determine who will pay different portions of these costs. As indicated below, many of the closing costs result from getting your...

How much do you know about Adjustable Rate Mortgages ? The truth is ARMs are not all the same and can have great value. Home buyers often focus on obtaining the lowest possible rate on a 30-year loan, but most mortgage loans are used for only three. Cash out transactions for improvements, additions, repairs, weddings, tuition and major purchases occur with great frequency. That being said, Adjustable Rate Mortgages are often misaligned, dismissed outright and completely misunderstood. If you think you might refinance for any reason anytime in the next seven years, read on for more information about ARMs , the benefits and the risks. Lower Rates, Flexible Terms Today, most ARMs are "hybrids." They start out at a fixed rate for the first 3, 5, 7 or even 10 years. During this time, you save on interest cost, and even though your payment is less, you still pay more toward principal. Inside Information Lenders give you a discounted rate up front because they know the rate...

If you're in the process of purchasing a home at the Lake of the Ozarks , you've probably started looking into your mortgage options . One question that buyers have to consider is 'which is the better loan option: fixed or adjustable?' That's a very good question to ask, and the answer will vary depending on your specific financial situation and long-term goals. So, to help you to determine which is best for YOU, let's take a look at the differences. Adjustable Rate Mortgages Adjustable Rate Mortgages (ARM) come in many varieties. Generally, the interest rates for ARMs are determined by a federal index. A few of these are: the 6-month CD rate, the 1 year Treasury Security rate, the Federal Home Loan Bank's 11th District Cost of Funds Index (COFI), or others. Most ARM programs feature a "cap" that protects you from sudden increases in monthly payments. Your ARM may feature a cap on interest rate increases over the course of a year. For exam...