MHQ - Mortgage HeadQuarters

As mortgage rates fluctuate throughout the year, borrowers may be wondering what they can do to save the most money on interest rates. For some, an early  rate lock may be the answer. For others, floating until a lower rate becomes available may be worth the risk. All loans are locked in at some point prior to closing, but should you do it earlier or later? Consider the following points to help you decide. Locking vs. Floating Locking In sets or “locks” the interest rate of your loan for a specific number of days. Typical locks run in 15 day increments up to 60 or 90 days. Once set, it's important for your loan to close within that period, and hence, locking is safe only if you're sure of the closing date. Floating is the opposite of locking in and simply means your rate is not yet set. It's "floating" with the market. If rates are moving down, you can benefit. If rates are moving up, your rate will, too. Which is Best?  Unfortunately, "best" c...

It's pretty amazing that a rate increase of just 2% can impact affordability by as much as $40,000. Rates have been artificially low for some time, but we've been seeing rates on the rise. Every smart consumer knows to ask the question "how can I get the lowest interest rate possible?". Unfortunately, lowest isn't always the best. This week, we're sharing with you some details on what you need to know about the real cost of owning a home and factors that may impact your interest rate. Lowest Isn't Always Best The lowest rate certainly sounds best. But did you know the lowest rate doesn't always mean the lowest cost? Mortgage interest is just one component of the real cost of owning a home. Interest rates are a reflection of expectations for inflation and the supply/demand equation for money. Rising rates typically mean rising inflation, too. When inflation occurs, the value of your home will typically rise. You can subtract that increase in va...

As a smart home buyer, you want to capitalize on the lowest possible rate to save as much money over time as possible. But as ever-changing as the mortgage lending industry is and how stocks and bonds and the recent election affect the market, 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 look to 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 day...