MHQ - Mortgage HeadQuarters

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...

One of the biggest concerns when purchasing a home is how you'll come up with the funds for closing costs . With vigilant focus on the source of funds for closing mortgage loans, it's important to know what's acceptable. Surprising to many, 'cash in hand' isn't one of those sources. Here's what you need to know and what you'll need to provide: Mattress Money Mattress Money or any "cash on hand" is not acceptable. All funds must be "seasoned," which means your money needs to be in an institutional account (bank, credit union, brokerage, etc.). You will need to provide all pages of up to three months of consecutive statements for proof these funds are yours. Gift Funds Gift Funds are OK with a signed "gift letter" (a form we provide) and evidence of the donor’s ability (a statement showing sufficient funds). Later, we’ll need copies of the check, deposit slip and account statement to show the transfer into your accoun...

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...

Closing costs are a common part of pretty much every real estate transaction. It's important to factor in all costs into your budget when buying a home to ensure there are no financial surprises at the closing table. However, many new home buyers often find out too late that they're expected to show up to closing with money in hand for such fees. Unfortunately, this happens more often than it should. So, in order to ensure you're prepared upfront for all possible costs related to buying a home, we're sharing with you what  standard closing costs  there typically are so you're prepared to cover them at your closing. What are Closing Costs? "Closing Costs" are the fees which pay for the various services involved when you sell or buy a home. This could be the cost to pay for the inspection or appraisal if it wasn't agreed in the contract that the seller would cover those expenses, or it could be any title service fees that weren't included i...

When purchasing a home at the Lake of the Ozarks , you want to ensure that you're making the right selection when it comes to the loan option you choose, as well as the lender you choose to work with. MHQ - Mortgage Headquarters has more than 20 years' experience in the mortgage industry, so we can confidently answer many of your mortgage lending questions. Take a look at the 6 questions we've come up with that you should ask your lender before applying for a home loan. 1. What Type of Loan is Best for Me? Any reputable lender will find out more information from you to better serve your needs before recommending any given loan option. Since each loan option requires a different set of stipulations to be met for approval, it's virtually impossible to say with confidence what loan would best fit your needs without gathering information first. 2. What is the Interest Rate and Annual Percentage Rate The annual percentage rate (APR) is derived by a complex calcul...

When buying a home, it's important to factor in all costs into your budget to ensure there are no surprises come closing day. However, many new home buyers often get blindsided by the fact that they'll likely need to come to the closing table with funds in hand to cover such fees. So, to help new buyers prepare for all possible costs related to buying a home, we're providing information on what standard closing costs there typically are so you're better prepared for your closing. What are Closing Costs? "Closing Costs" are the fees which 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. Many of the closing costs result from getting your mortgage. Since Mortgage Headquarters of Missouri, Inc is highly experienced with closings and mortgages, we often explain the details of closing costs. Loan Estimates (LEs) Buyers will get a "...