MHQ - Mortgage HeadQuarters

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...

Low mortgage interest rates and property prices are empowering millennial to buy rather than rent. As a matter of fact, recent surveys show that one in four couples aged 18-34 are signing a deed together even before getting married. As young first-time homebuyers are a crucial part of the housing market, we feel it's important to provide tips for millennials to help them buy that first home! 1. Assess Your Financial Situation Lending institutions typically follow the 28/36 rule. This means that your mortgage payment, property taxes and insurance should not exceed more than 28% of your monthly gross income. Add to that your total debt payments, including college loans and credit card debt, which should not total more than 36% of your gross income. Lenders also look at your credit score to ensure that you’re in stable financial condition to take on the responsibilities of a mortgage. 2. Start Saving for a Down Payment Homebuyers typically put down anywhere f...