MHQ - Mortgage HeadQuarters

When  purchasing a home at the Lake of the Ozarks , many questions can arise about the different aspects of the mortgage loan itself, along with the process of approval. MHQ - Mortgage Headquarters has more than 20 years' experience in the mortgage industry, so we know what questions buyer's want and need answers to. Here are 6 questions you should be asking to make your mortgage shopping decision easier! Take a look:  1. Can I Buy a Home When My Credit is Less Than Desirable? Yes, you can, however it's not always as simple as yes or now. Different loan products have different requirements in regard to credit score. Some loans allow a lower credit score than others. The downside is that the lower your credit score, the higher your interest rate is likely to be, and the lower your chances are for approval. For instance, if your credit score falls below 600, it's not impossible, but you could have a difficult time getting approved for a mortgage. 2. What Documents ...

For buyers who require a mortgage loan to purchase a home or piece of property, you're probably wondering what your monthly payments will look like, and how those payments will be allocated to the full balance of your purchase. In most circumstances, borrowers will have a fixed repayment schedule over the repayment period of the loan, called a loan amortization. Loan amortization provides borrowers with a clear and consistent picture of how much they will be repaying during each repayment cycle. Payments will be made in regular installments in a set amount that consists of both principal and interest. MHQ Mortgage Headquarters of Missouri explains in further detail the breakdown of loan amortization and how the schedule works over time. Take a look.  What is Loan Amortization?  Amortization is the process of spreading out a loan into a series of fixed payments over time. A fixed rate loan can also be referred to as a fixed payment loan. However, the amount of prin...

The fall season is here, and typically this time of year is when people start to look into their home buying options. Some buyers may already be looking at homes, and may already be making plans for their future humble abode. One thing each buyer must realize though, is that there's more to  purchasing a home at the Lake of the Ozarks  than finding a house you love and signing on the dotted line. In fact, there are several things you can do to plan ahead to ensure you're financially prepared to buy. Check out these 5 tips to prepare your finances for the home buying process: 1. Evaluate Your Budget You should develop a written budget with your income and expenses and write down your debts and your assets. Think about what you spend now on housing costs and what you would be comfortable spending monthly on your next place. Estimate your available funds for a deposit, a down payment and closing costs and identify sources for funds. 2. Check Your Credit You are entitled ...

If you're in the market for a home, one very important factor you'll need to consider is how you're going to pay for said home. Choosing the right type of mortgage loan is one of the most important decisions you’ll make in the home-buying process. With so many different options out there, it can be hard to find an affordable home loan that meets your financial goals. That's why  MHQ - Mortgage Headquarters  is putting our 20+ years of experience to work for you to help you make an informed decision. Take a look at some of the  mortgage options  available to see what best fits your particular needs. Conventional Loan A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government and conforms to the loan limits set forth by Freddie Mac and Fannie Mae. You can get a conventional loan at a fixed or adjustable rate. Conventional loans also require a larger down payment, so those buyers tend to have a more secure financial st...

Mortgage lending can be a complicated and overwhelming experience if you're not familiar with how it all works. So this week,  MHQ Mortgage HeadQuarters  is sharing with you the typical steps of the mortgage loan process so you know what to expect for your next home purchase at the Lake of the Ozarks. Take a look: PRE-APPROVAL One of the very first things you should do when you decide to purchase a home, is to  get a loan pre-approval . This will help to determine an estimated loan amount that your lender is willing to loan to you. Not only will this help give you a budget baseline to work with, but it'll prevent you from looking at homes outside of what you can afford. Pre-approvals also let sellers know you're a serious buyer and not just window shopping. Remember: A pre-approval and a pre-qualification are NOT the same thing! While a pre-qualification may give you an idea of what a lender may loan to you, it is a very general estimate and does not hold any weight...

With many things in life, you'll likely always have the opportunity to shop for a 'better deal'. In the housing market, the best deal doesn’t always come with the lowest price. Sometimes, especially in times like now where Lake of the Ozarks real estate inventory is low, it's simply not in your best interest to hold off on putting in an offer. If you really love the house, don't lose the bid. Check out these tips for helping you weigh your options! Price vs. Payments If you're financing your purchase, you'll probably never come close to paying the actual price. You're making a comparatively small down payment and then paying interest on the loan until you refinance or sell. Yes, you will have a higher payment if you pay more for the home, but an extra $10,000 of mortgage money can add less than $50 per month on a low-rate, 30-year loan. Relative Prices Our natural tendency to pay as little as possible is not as meaningful for an investment, suc...

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...

Have you always dreamed of owning a vacation home? There may never be a better time than now. Purchasing a second home is not a decision to be taken lightly. But if it is something you've always wanted, the means for making that dream come true are not as difficult as you might think. Here are a few things to consider before purchasing a second home at the Lake of the Ozarks : Conventional Financing Purchasing and financing a second home is little different than purchasing a primary home. Some of the low down payment programs are not available, but with conforming loans, as little as 10% down can get you started. "Cash Out" Financing We can look at getting your 10% or more down, that is needed to purchase the second home, by using equity from a primary home via refinancing . Rental Income If you don't mind sharing your home, the income can be a great. However you should never purchase a vacation home if you're dependent on rentals to make it work. Buyi...

Are you getting ready to buy a home? We want to say congratulations on your decision! Remember, MHQ - Mortgage Headquarters has more than 20 years' experience in the mortgage industry, so we'd be a perfect fit for your mortgage lending needs. But first, we want to help you by providing some tips to start you on the right path to getting that loan approval. Here are four keys to being prepared to make your first offer. 1. Know what you can afford and how much cash you will need. Knowing what you qualify for before looking at any homes will save you the disappointment that can come from falling in love with a home that's out of reach. We'll be happy to "pre-qualify" you now so you'll know what will work later. 2. Know where you want to be. Learn about the neighborhood before you make an offer to buy. Sample the commute. Talk to would be neighbors. See the schools, shops and services before you start negotiating. 3. Choose your property type. Cons...

It's pretty amazing that a rate increase of just 2% can impact affordability by as much as $40,000. Rates have been artificially low for some time, but we've been seeing rates on the rise. Every smart consumer knows to ask the question "how can I get the lowest interest rate possible?". Unfortunately, lowest isn't always the best. This week, we're sharing with you some details on what you need to know about the real cost of owning a home and factors that may impact your interest rate. Lowest Isn't Always Best The lowest rate certainly sounds best. But did you know the lowest rate doesn't always mean the lowest cost? Mortgage interest is just one component of the real cost of owning a home. Interest rates are a reflection of expectations for inflation and the supply/demand equation for money. Rising rates typically mean rising inflation, too. When inflation occurs, the value of your home will typically rise. You can subtract that increase in va...

As a first time home buyer , you may not be aware of many moving parts that typically take place in a real estate transaction. You may also not be aware of some of the factors a smart consumer might consider before signing on the dotted line. That doesn't make you less qualified to buy, it just means you haven't experienced the home buying process yet to learn techniques. That's why it's essential to have a guiding hand that has your best interest in mind to help you along the way. This week, Mortgage Headquarters of Missouri wants to share with you some items you'll want to determine before buying your first home. You will want to consider: 1. How much you can comfortably afford.  The pre-approval process, which entails full documentation and credit check, is the best way to determine the numbers that are right for you. Early in your search, you can identify any potential hurdles and focus only on homes truly available to you. You'll also want to look ...

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...

As we make our way into the fourth quarter of the 2018 fiscal year, many people are beginning to think about the upcoming tax season. If you've recently bought or are considering  buying a new home at the Lake of the Ozarks , you may have some questions about what kind of tax benefits are available to you when you purchase a home. To help answer some of those questions, we wanted to share with you some tax deductions that every homeowner should know about! Second Home/Vacation Home Homeowners can deduct mortgage interest and property taxes from second homes and vacation homes as long as the properties are rented for 14 days or less per year. If any rental exceeds the 14-day limit per year, the IRS considers this as an income property. When such income property is sold, the seller will either have to pay the capital gains tax or conduct a tax-deferred exchange for other income-producing real estate of equal or greater value. For income property, mortgage interest, property tax...

When  purchasing a home at the Lake of the Ozarks , an FHA mortgage is an attractive option for anyone who is looking for an option that allows a down payment of 3.5%. If you qualify, the opportunity to come up with a lower down payment and the reduced/limited closing costs is a great benefit to any home buyer. This week, MHQ Mortgage Headquarters is sharing with you some information on FHA loans and what you need to know as a consumer. What is a FHA Loan? An FHA Loan is a mortgage that's insured by the Federal Housing Administration. They allow borrowers to finance homes with down payments as low as 3.5% and are especially popular with first-time homebuyers. FHA loans are also a good option for homebuyers who may not be able to make a large down payment. Even borrowers who have suffered from bankruptcy or foreclosures may qualify for an FHA-backed mortgage. Credit Score Requirements FHA Loan applicants must have a minimum FICO® score of 580 to qualify for the low down pay...