MHQ - Mortgage HeadQuarters

If you're currently renting, it may be time to consider buying your first home . There are many great benefits to homeownership that you as a renter may not have considered. So, this week, MHQ Mortgage Headquarters wants to share with you just a few of the many perks of homeownership that you could be taking advantage of. 1. You Can Decorate Freely Homeownership offers tremendous freedom to create the living space you've always wanted. You can own pets, paint rooms whatever color you like, make changes to floors and carpeting and do all the things that make a house your home. And the best part is you can make all the changes you want without having to get approval from a landlord! 2. Buying is Cheaper in the Long Run Sure, you could rent a home and not have to worry about the maintenance costs to upkeep the home, and you don't have to worry about real estate taxes and other homeownership expenses. But your money is simply being spent and there is essentially nothi...

For today's homeowners, one of the greatest benefits of homeownership is the home equity you build up over time. The gradually expanding value of a home is a financial resource that can gain momentum over time. Building equity can be a long-term strategy for growing wealth, but it's also a great resource when you need a little extra cash for financial endeavors or any home improvements you're needing to complete. Let's take a look at what a home equity loan is and some of the benefits for qualified recipients. What is a Home Equity Loan? A home equity loan is a type of second mortgage . Your “first” mortgage is the one you used to purchase your home, but you can use additional loans to borrow against the property if you have built up enough equity. Home equity loans allow you to borrow against your home’s value. They provide access to large amounts of money, and they can be easier to qualify for than other types of loans because they are secured by your house. B...

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....

Borrowing for a home is expensive. In fact, it's pretty likely that your mortgage payment is your largest monthly expense. But there are ways you can decrease your monthly payment and pay off your loan faster. The best mortgage company at the Lake of the Ozarks is here to offer you some simple tips for saving money on your mortgage that will also knock some years off your loan term. Check it out: Make Additional Payments Here's a simple trick to reduce the repayment period of your mortgage and save thousands over the course of your loan: Make additional payments which go toward the principal. People pay extra in a few different ways. Paying one additional full payment one time a year may be the easiest to track. If you can't afford to pay an extra whole payment all at once, you can split that large amount into 12 smaller payments and write a check for that additional amount monthly. Finally, you can pay half of your mortgage payment every other week. Each option yie...

Purchasing a home could be one of the most impactful financial decisions you will make in your life. As a smart consumer, you want to capitalize on the lowest possible rate. 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. It's times like these you need to rely on a trusted Lake of the Ozarks mortgage lender to help you through the process. But first it's important to understand how rate locks work. What is a 'Rate Lock'? 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 long...

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 ...

With the New Year kicking off, many people are beginning to think about 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. So, this week, we wanted to share with you some tax deductions that every homeowner should know about! Mortgage Interest Deduction Homeowners who itemize deductions may reduce their taxable income by deducting any interest paid on a home mortgage. The deduction is limited to interest paid on up to $750,000 of debt incurred to purchase or substantially rehabilitate a home. While previously, homeowners were able to deduct interest paid on up to $100,000 of home equity debt, regardless of how they use the borrowed funds, in 2018, home mortgage interest from home equity loans will no longer be deductible. Property Tax Deduction Homeowners who itemize deductions may also reduce their taxable income by...

For today's home buyers, there are only a few mortgage options which allow for down-payments of five percent or less. When purchasing a home at the Lake of the Ozarks , an FHA mortgage is an attractive option for anyone who qualifies. The opportunity to come up with a lower down payment and the reduced/limited closing costs is a great benefit to any home buyer. Let's take a look at what an FHA mortgage is and some of the benefits of FHA financing for qualified buyers . WHAT IS AN FHA LOAN? 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....

Hello and welcome to MHQ - Mortgage HeadQuarters new blog! In our blog, it is our goal to educate you on the processes of mortgage lending, provide tips on how to select the best mortgage for your needs, share knowledge of the changes within the mortgage industry, and much more. We firmly believe that getting to know the people you're working with makes a huge difference in being able to comfortably do business with them. So this week, we wanted to give you a little background about ourselves and how we got into mortgage lending at the Lake of the Ozarks . How We Got Started In 1998 while Tami and Nick were working on getting Lake of the Ozarks boaters gas tax refunds back, they found a need to expand their great services to help customers with mortgage financing. Since then, Tami and Nick have been providing home purchase and refinance options since 1998, and to this day are still providing good old fashion service. Tami’s background is in Industrial Engineering and Nick’s ...