MHQ - Mortgage HeadQuarters

People choose to refinance their home loans for a number of reasons. No, refinancing isn't for everyone, but it CAN really help those who are certain financial situations. If this is something you're considering or at least have a few questions about, the best thing you can do is to contact an experienced mortgage lender at the Lake of the Ozarks and get the answers you need to make the best decision for YOU. Our mortgage lenders in Osage Beach are happy to help. Call MHQ - Mortgage Headquarters at (573) 302-9990. In the meantime, keep reading this week's blog for a few refinance options that can work for you! Get a shorter term on your home loan. Do you plan to build up equity more quickly, and have your mortgage paid off more quickly? If this is your wish, the refinance loan can move you to a mortgage loan program with a shorter term, like a 15-year loan. You will be paying less interest and increasing your equity more quickly, although your payments will gene...

Refinancing a mortgage can have many benefits, such as a lower interest rate and monthly payment, refinancing from an adjustable rate mortgage to a fixed rate mortgage, or reducing your term to pay off your mortgage faster. But staying in your current mortgage may be a better option if the costs of refinancing outweigh the savings. Does the thought of refinancing put a bad taste in your mouth because of the negative things you've heard from friends or family? One thing to remember is that whether or not a mortgage refinance is right for you depends more on individual circumstances than this week's mortgage interest rates or your neighbor's past experience. What perceptions might be keeping you from saving money with a refinance? "I've read that the rate needs to be 1% or 2% lower than my current one."   When average loan amounts were much lower, it took a much bigger drop in rates to achieve tangible savings. Today, even small rate differences can ...

Are you considering refinancing your home ? With the current relatively low mortgage interest rates, now may be the perfect time to refinance your home. Before you decide whether to refinance or not, there are some things you should consider. Here are a few basics to know before closing on your refinance : Your “payoff amount” is always higher than your remaining principal balance.  Your balance is the amount of remaining principal owed. Your payoff amount is the balance plus prorated interest from the last payment received until the loan is actually paid off. The funding date is usually different from the closing date.  The government mandates a three-day rescission period for refinances of primary residences. Loan payoffs will not occur until the fourth business day post-closing. This will affect the payoff amount, the final payment date and the release of any cash. Do you actually get to skip a payment?  It seems that way because your first regular paym...

Owning a home offers great benefits to a homeowner, such as the ability to use the equity that's built up over time. Home equity can truly provide value and security to your future. You may find yourself in a situation that leaves you needing to take advantage of  refinancing your mortgage  to lower your payments or to take advantage of a lower interest rate. However, while you may have equity available, there are some mistakes homeowners make that prevent them from being able to refinance. Check out 5 mistakes you should avoid to prevent not being able to tap into your home equity when you need it. 1. Not Doing Your Homework You may just be thinking about going with your current mortgage lender to refinance your home because of the convenience factor. However, if you’re planning to contact your current lender about refinancing without doing some comparison shopping first you could be selling yourself short. With rates still relatively low across the board, it may seem l...

For homeowners, there are many reasons to refinance a mortgage . Whether it be for the opportunity to obtain a lower interest rate and lower monthly payment amounts, to shorten the term of the mortgage, or the opportunity to consolidate debt, refinancing can offer many great financial opportunities for homeowners. However, refinancing can also become a major risk if you're not careful. The danger in refinancing lies in ignorance. Without the right knowledge it can actually hurt you to refinance. So, MHQ Mortgage Headquarters wants to take this time to help you determine whether refinancing is right for you or not. Consider these questions: What is Your Purpose for Refinancing? Homeowners often have different reasons for refinancing. It could be for consolidation of debt, home improvement, or for a major purchase. It could also be for other personal or financial reasons, perhaps taking a loan for cash to purchase a car. Before refinancing for certain purposes, especially when...

For homeowners, one of the best parts about owning a home is the equity that's built up over time that truly provides value and security to your future. Sometimes if your income situation changes, you may want to take advantage of refinancing your mortgage to lower your payments or to take advantage of a lower interest rate. However, just because you were approved for your original mortgage, doesn't mean you'll be automatically approved for a refinance. Nor will the process be the same. Here are 5 common refinancing mistakes to avoid to ensure a smooth refinancing process: 1. Not Doing Your Homework You may just be thinking about going with your current mortgage lender to refinance your home because of the convenience factor. However, if you’re planning to contact your current lender about refinancing without doing some comparison shopping first you could be selling yourself short. With rates still relatively low across the board, it may seem like a waste of time to ...