MHQ - Mortgage HeadQuarters

If you're currently renting and want to buy your own home, you'll need to start thinking about how you'll cover a down payment.  Saving for a down payment  to buy a house can seem overwhelming, but with a couple of savings hacks, you might be able to save enough to afford a home sooner than you expected. Here are some tips to help you start saving for a down payment as quickly as possible: 1. Reduce Your Credit Card Debt High interest rates on credit cards can seriously limit your ability to save. Pay off your high interest rate credit cards. Start with your highest interest rate card. When you've paid the entire balance, close the card, and proceed to pay off the next. At a minimum, transfer your credit card balances to the card with the lowest interest rate. 2. Auto Deposit Funds into Savings Every Paycheck Set up an automatic direct deposit into a savings account. Commit to never use these savings for any purpose other than your down payment. You might choose...

As rent payments rise and home mortgage interest rates remain considerably low, many couples today are opting to buy a house together instead of renting. It's no surprise that a lot of couples would rather own a house together than rent, as buying a house has a lot of advantages that renting doesn't. However, before jumping the gun on buying a home, you and your significant other should talk about how you will  apply for a home mortgage at the Lake of the Ozarks . Will you apply for the mortgage together or separate?  MHQ Mortgage HeadQuarters  has some advice for you. 1. Monthly Income and Assets There are a few things to consider before you decide what will be the best route for your home mortgage. Whether you apply singly or jointly, your loan officer will look at a few factors to see if you qualify. They will look at your gross monthly income and any available assets. If you file together, combing both your monthly incomes and assets can help you qualif...

Applying for a mortgage and buying a house is a major financial decision that can affect your bottom line for up to 30 years or more, so it is important to understand how much house you can actually afford. This week, we're taking a look at a few things you should consider when planning to buy a home at the Lake of the Ozarks to ensure you're comfortable with your home purchase. Consider Your DTI The first step in paving a smooth financial path for yourself is to add up your monthly income and expenses. Most mortgage lenders use the 28-41 rule to determine what you can afford and how much money they’re willing to lend you. The 28-41 rule states that your maximum household expenses shouldn’t exceed 28 percent of your gross monthly income. Your total debt, which includes everything from student loans to credit cards, should fall below 41 percent of your income. This number is your debt-to-income ratio, or DTI. However, in today’s new lending world, ratios have changed to ...