MHQ - Mortgage HeadQuarters

When it comes to buying a 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 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 standing and are less likely to default. Conventional loan requirements vary from lender to lender, but 620 is typicall...

Whether buying a home for the first time , or looking into your home equity options, there will come a time that you'll need to talk to a mortgage professional about your lending options. With the many options available to buyers and homeowners, trudging through the financial aspects of a mortgage or funding in general can be extremely confusing. Thankfully, we offer many services that can help our clients in just about any stage of life they may be in. Buying, refinancing, taking out an equity loan for home improvements or school, you name it, we've got a way to help! Check out the many services that MHQ - Mortgage Headquarters of Missouri can offer you here! First Time Homebuyer Lending As a first time homebuyer, there may be several factors to getting a loan that you may not be aware of. There are some important steps to getting a mortgage loan: deciding on a maximum loan amount, pre-qualifying for a loan, applying for the loan, and getting funded. Because lender gu...

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...

As you near the final stages of your college years and begin to think about what your future might hold, one thing you may be wondering is how you're going to buy your first home. As surprising as it may seem, buying a home at the Lake of the Ozarks isn't always a simple process. Nor is getting financed for said home. As a younger person getting out into the real world and facing new challenges, homeownership can seem daunting. We're here to share with you some tips to prep you in your 20s for obtaining your first home. Work on Improving Your Credit Many younger buyers don't realize that they either don't have very good credit because of their spending habits while in college, or they simply don't have any reported credit. Neither will help you in the mortgage lending process. Review your credit report to get an idea of where you stand and what you need to do to get your credit back on track or started. If you've got high balances on credit cards or o...

Whether you're  buying your first home  or  refinancing your current mortgage  to make some much needed upgrades to your home, there's a lot involved when you get a mortgage. The great news for you is that when you choose to work with  Mortgage Headquarters of Missouri, Inc , we do the heavy lifting so you can concentrate on your life rather than the mortgage loan. Take a look at the mortgage services we offer at MHQ! FHA Loans 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. FHA loan programs are particularly bene...

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...

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 , a VA mortgage is an attractive option for anyone who qualifies. The VA loan remains one of the few mortgage options for borrowers who don’t have the money for a down payment. Available to millions of veterans and active military members, VA loans are somewhat easier to qualify for than conventional mortgages. Let's take a look at what a VA mortgage is and some of the  benefits of VA financing for qualified buyers . WHAT IS A VA LOAN? The VA Loan is a mortgage loan issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). The program was created in 1944 by the United States government to help returning service members purchase homes without needing a down payment or excellent credit. This historic benefit program has guaranteed more than 22 million VA loans to help veter...