MHQ - Mortgage HeadQuarters

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...

With the new year just around the corner comes new endeavors for just about everyone. For those who have aspirations to become homeowners, 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 a few tips to start you on the right path to getting that loan approval. Get Pre-Qualified At Mortgage Headquarters, 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 calculate your ability to borrow - looking at your earning status, available money for down payment, debts, income, and other circumstances. After you are considered eligible, we will prove our confidence in your potential to qualify for a mortgage by presenting you with a Pre-...

Many buyers have a misconception of how mortgage lending works, especially when it comes to interest rates. Some think that the interest rate quoted by the first lender they speak to is the rate they'll get across the board, so they just settle. In truth, that's not actually the case, and rate shopping is an essential part of selecting the right mortgage for your needs. Getting lower interest rates is possible if you go about it in the right way. Qualifying for lower rates can save you thousands of dollars in interest and get you out of debt sooner. Even if you have excellent credit, you still need to shop around to find the best rates, and that can take some serious effort. Here are a few tips for lowering your interest rate. 1. Request Your Credit Report You will need a credit score of more than 720 to get the best interest rates. Ideally, your credit report should be free of bankruptcy, collections or other serious delinquencies. Dispute any information on your cr...

With the thrill that comes with an accepted offer and a "yes" from the lender, some homebuyers make the error of carrying their enthusiasm straight to the mall or appliance store. However, there still remains a few major hurdles to jump before your loan closes. Below, Missouri Headquarters of Missouri is sharing a list of things to avoid during this crucial time of your home purchase. 1. Don't overspend on big-ticket items  Although you will be listing ways to turn your new house into a showplace, try to stay away from major purchases like appliances, electronics, or furniture. You will also want to stay away from vacations and car purchases until the closing of your loan. Financing new bedroom furniture with a store card or a bank credit card could put your credit worthiness at risk during the time it means the most. It's also a red flag to make those big purchases with cash. Lenders are examining your cash reserve when considering your loan. 2. Don't lo...

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 ...

Your credit history is a key factor in determining whether you’ll be able to get a mortgage, and the rate you’ll pay. Your lender will pull your credit report when you apply for a loan to determine your creditworthiness and review 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 history you have, the higher loan amount you'll likely qualify for, and at a lower interest rate. To help you get one step closer to loan approval, MHQ Mortgage Headquarters is offering you 5 tips to improve your credit report. 1. Review Your Credit Report for Accuracy Since your credit scores are based on the data in your credit reports, it’s incredibly important to make sure that all of that information is accurate. If you have a mistake or discrepancy on your credit report, your credit score will reflect that mistake. You can request a credit re...

When purchasing a home at the Lake of the Ozarks, you'll want to capitalize on the lowest possible interest rate you can get. But as ever-changing as the mortgage lending industry is, it's not always so easy. With  interest rates changing  as often as they do, choosing the right time to lock in can be difficult. That's why you should rely on a  trusted Lake of the Ozarks mortgage lender  to help you through the process. But first, educating yourself on how rate locks work can be your best tool. Understanding Rate Locks A 'Rate Lock' means that your mortgage lender agrees to keep a specific interest rate offered for a certain period of time during 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 r...

Buying a home is an exciting time! You've probably got so many fantastic ideas of your perfect home and all the things you'll need to do once you find that home. But before you can move forward with your purchase, you've got some other (less exciting) tasks to complete first, such as finding a mortgage lender, getting pre-approved, and choosing your loan type. 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 con...

When you apply for a mortgage loan, your credit report and score both play a role in whether a lender will approve your mortgage loan application. Derogatory information, such as collection accounts, foreclosures, bankruptcies and late payments, all damage your credit. What you may not realize is that the way you manage your debts influences your scores, which in turn can influence your ability to qualify for a loan when you're ready to buy a home. Here are some credit issues to solve before applying for a mortgage to better improve your odds of loan approval. Errors in Credit Reports The credit reporting system is imperfect. Credit grantors, which are the source of much of the information that goes to the three credit bureaus, make mistakes. Some are due to sloppiness, some to confusion over names, and some are intentional. The credit bureaus also make mistakes. They have no financial interest in keeping anyone’s credit score low, but they do have a financial interest in m...

As rent payments rise and home mortgage interest rates fall, many couples today are opting to buy a house together instead of renting. Buying a house has a lot of advantages that renting does not, so there is no surprise that a lot of couples would rather own a house together. Before you start looking to buy 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. 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 qualify for your home mortgage. Debt Another major component y...

For today's home buyers, there are a vast number of items to address before you can move into that dream home of yours. 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 answers to. So we've come up with a list of frequently asked questions and are delivering the answer 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....

Anyone who's ever purchased a home at the Lake of the Ozarks knows that the mortgage lending process can be a complicated and overwhelming experience if you're not familiar with how it all works. That's why this week, MHQ Mortgage HeadQuarters has decided to lay out 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 ...