MHQ - Mortgage HeadQuarters

As we all likely know by now, mortgage rates are lower than they have been in a long time right now due to the COVID-19 pandemic. It's an insane time, there's no doubt about that. Knowing that mortgage rates are so low right now though, may motivate you to take advantage of this opportunity and finally buy your dream home at the Lake of the Ozarks . This Lake of the Ozarks mortgage company applauds you for taking this big step. Make sure you get the home you truly want! Having a wish list prepared and ready to go can really help you be sure that you are getting everything you want. Keep reading this week's blog for a sample wish list you can refer to, to help you prepare your own. Need help from an experienced mortgage lender in Camden County ? Call MHQ - Mortgage Headquarters today at (573) 302-9990. Sample Wish List For a New Home Walk-In Closets If you've always wanted a walk-in closet because you never feel like you have enough room for your clothes, put ...

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. 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 ...

Whether you're  buying your first home  or needing to  refinance your current mortgage , you’re going to need the expertise of a mortgage professional on your side. We make obtaining a mortgage loan easy. With over 20 years in business, Mortgage Headquarters of Missouri, Inc has the knowledge to help you find the right loan for your needs. Take a look at the mortgage services we offer at MHQ! 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 avail...

Whether buying a home for the first time , or looking into your home equity options, there will come a time that you'll need to talk to a mortgage professional about your lending options. With the many options available to buyers and homeowners, trudging through the financial aspects of a mortgage or funding in general can be extremely confusing. Thankfully, we offer many services that can help our clients in just about any stage of life they may be in. Buying, refinancing, taking out an equity loan for home improvements or school, you name it, we've got a way to help! Check out the many services that MHQ - Mortgage Headquarters of Missouri can offer you here! First Time Homebuyer Lending As a first time homebuyer, there may be several factors to getting a loan that you may not be aware of. There are some important steps to getting a mortgage loan: deciding on a maximum loan amount, pre-qualifying for a loan, applying for the loan, and getting funded. Because lender gu...

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...

When you  apply for a mortgage loan , your lender will pull your credit report to determine your creditworthiness and your debt-to-income ratio to see if you are financially responsible. This also helps them to determine what loan amount you can afford and at what rate of interest to approve you at. The better credit you have, the higher loan amount you'll likely qualify for, and at a lower interest rate. Check out exactly how your credit score matters when it comes to applying for a mortgage. Lender Scoring Methods While different lenders will use different qualifications and scoring methods to determine your creditworthiness, some variation of the standard FICO score is often used as a base. FICO takes different variables on your credit report from the three major credit bureaus (Equifax, Experian and TransUnion) to compile your score. Those range from 300 – 850. From this information, they typically compile a score based on the following factors: Credit History - How lon...

Whether you're  buying your first home  or needing to  refinance your current mortgage  to make some much needed upgrades to your home, there's probably going to be a time when you're going to have to consider mortgage lending options. Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be looking up loan information if it were possible to get a loan in a single day with a simple application. But  Mortgage Headquarters of Missouri, Inc  does the heavy lifting so you can concentrate on your life rather than the mortgage loan. Take a look at the mortgage services we offer at MHQ! First Time Homebuyer Lending As a first time homebuyer, there may be several factors to getting a loan that you may not be aware of. There are some important steps to getting a mortgage loan: deciding on a maximum loan amount, pre-qualifying for a loan, applying for the loan, and getting funded. Because lender guidelines are fairly standard, we can g...

As a smart consumer, the start of the home buying process shouldn't start with shopping homes. It should actually start with getting pre-qualified for a mortgage loan.  Getting pre-qualified for a mortgage loan  can help you in more ways than one. Not only does it give you a better idea of what you can actually afford, but it gives you negotiating power when putting in offers! Take a look at how we can help you with your pre-qualification. Let's Get You Pre-Qualified At Mortgage Headquarters, we've been in the mortgage lending business for more than 20 years. This length of experience and the knowledge we've obtained over the years provides us with the necessary tools to help determine how much of a mortgage loan you can afford, and how much money you can borrow. We'll do this by analyzing your debt-to-income ratio, your work and residence situations, the funds available for down payment, required reserves, and other considerations. During the process, we ca...

The standard documentation needed for buyers employed by someone else is typically six to 12 months’ worth of personal tax returns for the approval process. For the self-employed, the burden is a bit greater. If you work for yourself, and are looking to remortgage or buy a new home,  getting approved for a mortgage loan  isn't impossible, but it does mean you'll likely have to jump through many more hoops to prove your income than someone who's steadily employed and on a company payroll. So, what can you do to help your chances of getting approved for a mortgage loan when your self-employed? Here are some tips for you to go by: Proving Your Income When lenders determine how much to lend to you, they generally base their calculations on your average profit in the past few years.  That being said, one of the most important factors for self-employed workers is being able to prove your income to any mortgage lender you apply to. Most will want to see at least two year...

All too often, buyers run into snags in the approval process because they were unaware of a document they needed to provide to the lender. This can hold up the approval process and potentially put the buyer at risk for not meeting necessary contract deadlines on financing. There are several items that you'll need to provide to the lender so they can begin processing your application.  MHQ - Mortgage Headquarters is sharing with you a list of items you'll need to provide to your lender to ensure a smooth application approval process. Take a look. In general, the documentation you will need includes:   Income & Assets: Pay stubs for the last 30 days Last two W-2s Last two checking and savings Statements for each bank, mutual fund, and/or investment account (all pages even if bank) If Self-Employed or own more than 25% of a corporation or partnership or have rental properties:  Last two years of federal Tax returns (with schedules, all pages) Last two ye...

When you're promised a "rate lock" from the lender, it means that you are guaranteed to keep a specific interest rate for a certain number of days for your application process. This keeps you from going through your whole application process and finding out at the end that the interest rate has gone up. Rate lock periods can vary in length, anywhere from fifteen to sixty days, with the longer ones usually costing more. A lender may agree to lock in an interest rate and points for a longer period, like sixty days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of a shorter period.Why do longer rate locks cost more? Mortgage Headquarters of Missouri shares with you the reason here. It's All About Risk Between the times you make application and close your loan, interest rates will do what they always do—change. At times, the rate of change is exceptionally volatile, even from one minute to the next. "Locking in" yo...

As we reflect on the past years, we can't begin to fully express our gratitude this Thanksgiving Day. Mortgage Headquarters of Missouri has been blessed with so many things to be thankful for. While we could go on and on about all the wonderful things we are thankful for, we know you've got other things to do. We do, however, want to share just a few things we're grateful for. Helping People Accomplish Their Dreams One of the coolest things about what we do is that buying a home is typically one of the biggest and most exciting events a person experiences, and we get to be a part of that! From the beginning of the home buying adventure, we're there to help our clients figure out what exactly they can afford, what they need to do to get approved for a loan, and we're there at the closing table when everything is put into motion. There's nothing quite as gratifying as helping someone else accomplish their dreams! Having the Tools to Make Helping Our...

Thinking about buying a home? As a smart consumer, the start of home buying shouldn't start with shopping. It should actually start with getting pre-qualified for a mortgage loan. Getting pre-qualified for a mortgage loan  can help you in more ways than one. Not only does it give you a better idea of what you can actually afford, but it gives you negotiating power when putting in offers! Take a look at how we can help you with your pre-qualification. Let's Get You Pre-Qualified At Mortgage Headquarters, we've been in the mortgage lending business for more than 20 years. This length of experience and the knowledge we've obtained over the years provides us with the necessary tools to help determine how much of a mortgage loan you can afford, and how much money you can borrow. We'll do this by analyzing your debt-to-income ratio, your work and residence situations, the funds available for down payment, required reserves, and other considerations. During the pro...