MHQ - Mortgage HeadQuarters

Many buyers have a misconception of how mortgage lending works, especially when it comes to interest rates. Some think that the interest rate quoted by the first lender they speak to is the rate they'll get across the board, so they just settle. In truth, that's not actually the case, and rate shopping is an essential part of selecting the right mortgage for your needs. Getting lower interest rates is possible if you go about it in the right way. Qualifying for lower rates can save you thousands of dollars in interest and get you out of debt sooner. Even if you have excellent credit, you still need to shop around to find the best rates, and that can take some serious effort. Here are a few tips for lowering your interest rate. 1. Request Your Credit Report You will need a credit score of more than 720 to get the best interest rates. Ideally, your credit report should be free of bankruptcy, collections or other serious delinquencies. Dispute any information on your cr...

As we reflect on the past years, we can't begin to fully express our gratitude this Thanksgiving Day. Mortgage Headquarters of Missouri has been blessed with so many things to be thankful for. While we could go on and on about all the wonderful things we are thankful for, we know you've got other things to do. We do, however, want to share just a few things we're grateful for. Helping People Accomplish Their Dreams One of the coolest things about what we do is that buying a home is typically one of the biggest and most exciting events a person experiences, and we get to be a part of that! From the beginning of the home buying adventure, we're there to help our clients figure out what exactly they can afford, what they need to do to get approved for a loan, and we're there at the closing table when everything is put into motion. There's nothing quite as gratifying as helping someone else accomplish their dreams! Having the Tools to Make Helping Our...

There's more to  purchasing a home at the Lake of the Ozarks  than finding a house you love and signing documents. In fact, there are several things you need to be planning ahead for to ensure you're financially prepared to buy. So,  MHQ Mortgage HeadQuarters  is sharing some tips to prepare you financially for the fall buying season: Check Your Credit You are entitled to a free credit report from each bureau once a year. You may also want to sign up for a Credit Karma account to keep a closer eye on your credit. Look for errors that need correcting and check for negative items that could pull your score down. Borrowers with a credit score of 740 or higher will pay lower mortgage rates than someone with a lower score. Request your credit reports from all three credit-reporting bureaus at www.annualcreditreport.com. Evaluate Your Budget You should develop a written budget with your income and expenses and write down your debts and your assets. Think abou...

While the thought of obtaining a mortgage can seem daunting, the idea of owning your own home makes all the hassle worth it! And with the right mortgage lender by your side, guiding you and answering any questions you might have along the way, it's really not as difficult of a process as you might think. Mortgage Headquarters of Missouri, Inc. makes it easy for our clients to close a loan. With over 20 years in business, we have the knowledge to help you through the process with surprising ease. Here are just a few of the mortgage programs we can help you with! 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-inco...

With the thrill that comes with an accepted offer and a "yes" from the lender, some homebuyers make the error of carrying their enthusiasm straight to the mall or appliance store. However, there still remains a few major hurdles to jump before your loan closes. Below, Missouri Headquarters of Missouri is sharing a list of things to avoid during this crucial time of your home purchase. 1. Don't overspend on big-ticket items  Although you will be listing ways to turn your new house into a showplace, try to stay away from major purchases like appliances, electronics, or furniture. You will also want to stay away from vacations and car purchases until the closing of your loan. Financing new bedroom furniture with a store card or a bank credit card could put your credit worthiness at risk during the time it means the most. It's also a red flag to make those big purchases with cash. Lenders are examining your cash reserve when considering your loan. 2. Don't lo...

Applying for a mortgage and buying a house is a major financial decision that can affect your bottom line for up to 30 years or more, so it is important to understand how much house you can actually afford. This week, we're taking a look at a few things you should consider when planning to buy a home at the Lake of the Ozarks to ensure you're comfortable with your home purchase. Consider Your DTI The first step in paving a smooth financial path for yourself is to add up your monthly income and expenses. Most mortgage lenders use the 28-41 rule to determine what you can afford and how much money they’re willing to lend you. The 28-41 rule states that your maximum household expenses shouldn’t exceed 28 percent of your gross monthly income. Your total debt, which includes everything from student loans to credit cards, should fall below 41 percent of your income. This number is your debt-to-income ratio, or DTI. However, in today’s new lending world, ratios have changed to ...

As we make our way into the fourth quarter of the 2018 fiscal year, many people are beginning to think about the upcoming tax season. If you've recently bought or are considering  buying a new home at the Lake of the Ozarks , you may have some questions about what kind of tax benefits are available to you when you purchase a home. To help answer some of those questions, we wanted to share with you some tax deductions that every homeowner should know about! Second Home/Vacation Home Homeowners can deduct mortgage interest and property taxes from second homes and vacation homes as long as the properties are rented for 14 days or less per year. If any rental exceeds the 14-day limit per year, the IRS considers this as an income property. When such income property is sold, the seller will either have to pay the capital gains tax or conduct a tax-deferred exchange for other income-producing real estate of equal or greater value. For income property, mortgage interest, property tax...