MHQ - Mortgage HeadQuarters

A good credit score is important for more reasons than just obtaining new credit. These days, it can factor into everything from landing a new job to getting the best deal on your insurance policies. For so many reasons you may not have even considered, it's more important than ever to avoid late payments on your mortgage! A 100 Point Drop from One Missed Payment? It’s true. A single 30-day-late mortgage payment can cause your score to drop by as much as a hundred points. Credit scoring algorithms vary based on many factors, and in some instances, the damage may be even greater and last for years. The Costs Accumulate At the time, a single missed payment will cost you only a late fee, but the expense really adds up on your next loan or missed opportunity. Low credit scores typically mean a higher rate and cost. Higher rates can mean hundreds of thousands of dollars of extra expense over the life of a loan. Missed Payments are Usually Unplanned Usually, events beyond our...

When you  apply for a mortgage loan , your lender will pull your credit report to determine your creditworthiness and 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 you have, the higher loan amount you'll likely qualify for, and at a lower interest rate. Check out exactly how your credit score matters when it comes to applying for a mortgage. Lender Scoring Methods While different lenders will use different qualifications and scoring methods to determine your creditworthiness, some variation of the standard FICO score is often used as a base. FICO takes different variables on your credit report from the three major credit bureaus (Equifax, Experian and TransUnion) to compile your score. Those range from 300 – 850. From this information, they typically compile a score based on the following factors: Credit History - How lon...

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-...

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...