MHQ - Mortgage HeadQuarters

As rent payments rise and home mortgage interest rates fall, many couples today are opting to buy a house together instead of renting. Buying a house has a lot of advantages that renting does not, so there is no surprise that a lot of couples would rather own a house together. Before you start looking to buy 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. 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 qualify for your home mortgage. Debt Another major component y...

Are you considering refinancing your home? With the current relativity 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 questions you should ask yourself before you start the process. MHQ Mortgage HeadQuarters has put together a list of five helpful questions to ask yourself before refinancing your home.  1. How Much Equity Do You Have in Your Home? Typically, homeowners need to have 20% equity established in their home to avoid paying private mortgage insurance. Private mortgage insurance is what lenders require if you take a mortgage or refinance without having a 20% down payment or equity. PMI is what protects the lender if the borrower defaults on their loan.  If you do not have 20% equity in your home, it might not be a good time to refinance. If your goal of refinancing is to lower your monthly payment, it might be counterproductive if you are required to pay perso...

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...

Even if you have not narrowed down homes to view yet, it can be important to see your mortgage loan professional first. Why? When you don't yet know how much house you want to qualify for, what could we do for you? Did you know that getting pre-qualified for a mortgage loan can help you in more ways than one? Not only does it give you a better idea of what you can actually afford, but it gives you negotiating power when putting in offers! Take a look at how we can help you with your pre-qualification. We Can Help You Pre-Qualify We will help determine how much of a mortgage loan you can afford, and how much money you can borrow, by taking you through pre-qualifying. We will do this by analyzing your income and debts, 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 ...

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...

When buying a home, it's important to factor in all costs into your budget to ensure there are no surprises come closing day. However, many new home buyers often get blindsided by the fact that they'll likely need to come to the closing table with funds in hand to cover such fees. So, to help new buyers prepare for all possible costs related to buying a home, we're providing information on what standard closing costs there typically are so you're better prepared for your closing. What are Closing Costs? "Closing Costs" are the fees which pay for the various services involved when you sell or buy a home. Sellers and buyers almost always negotiate to determine who will pay different portions of these costs. Many of the closing costs result from getting your mortgage. Since Mortgage Headquarters of Missouri, Inc is highly experienced with closings and mortgages, we often explain the details of closing costs. Loan Estimates (LEs) Buyers will get a "...

When applying for a mortgage loan , there are several items that you'll need to provide to the lender so they can begin processing your application. All too often, buyers run into snags in the approval process because they were unaware of a document they needed to provide to the lender. This can hold up the approval process and potentially put the buyer at risk for not meeting necessary contract deadlines on financing. So, this week we've decided to share with you a list of items you'll need to provide to your lender to ensure a smooth application approval process. Take a look. In general, the documentation you will need includes:   Income & Assets: Pay stubs for the last 30 days Last two W-2s Last two checking and savings Statements for each bank, mutual fund, and/or investment account (all pages even if bank) If Self-Employed or own more than 25% of a corporation or partnership or have rental properties:  Last two years of federal Tax returns (with sche...