MHQ - Mortgage HeadQuarters

The fall season is here, and typically this time of year is when people start to look into their home buying options. Some buyers may already be looking at homes, and may already be making plans for their future humble abode. One thing each buyer must realize though, is that there's more to  purchasing a home at the Lake of the Ozarks  than finding a house you love and signing on the dotted line. In fact, there are several things you can do to plan ahead to ensure you're financially prepared to buy. Check out these 5 tips to prepare your finances for the home buying process: 1. Evaluate Your Budget You should develop a written budget with your income and expenses and write down your debts and your assets. Think about what you spend now on housing costs and what you would be comfortable spending monthly on your next place. Estimate your available funds for a deposit, a down payment and closing costs and identify sources for funds. 2. Check Your Credit You are entitled ...

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 ...

If you're in the market for a home, one very important factor you'll need to consider is how you're going to pay for said home. Choosing the right type of mortgage loan is one of the most important decisions you’ll make in the home-buying process. With so many different options out there, it can be hard to find an affordable home loan that meets your financial goals. That's why  MHQ - Mortgage Headquarters  is putting our 20+ years of experience to work for you to help you make an informed decision. Take a look at some of the  mortgage options  available to see what best fits your particular needs. Conventional Loan A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government and conforms to the loan limits set forth by Freddie Mac and Fannie Mae. You can get a conventional loan at a fixed or adjustable rate. Conventional loans also require a larger down payment, so those buyers tend to have a more secure financial st...

One of the best parts about owning a home is the equity that you built up over time. This provides value and security to your future that other investments simply can't. You may come to a point in your life where you may want to take advantage of  refinancing your mortgage  to lower your payments or to take advantage of a lower interest rate. One thing to remember, though, is that refinancing still has it's approval process just like an original loan. 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 shop around. But it could mean a huge di...

Whether buying a home for the first time , or looking into your home equity options, there will come a time that you'll need to talk to a mortgage professional about your lending options. With the many options available to buyers and homeowners, trudging through the financial aspects of a mortgage or funding in general can be extremely confusing. Thankfully, we offer many services that can help our clients in just about any stage of life they may be in. Buying, refinancing, taking out an equity loan for home improvements or school, you name it, we've got a way to help! Check out the many services that MHQ - Mortgage Headquarters of Missouri can offer you here! First Time Homebuyer Lending As a first time homebuyer, there may be several factors to getting a loan that you may not be aware of. There are some important steps to getting a mortgage loan: deciding on a maximum loan amount, pre-qualifying for a loan, applying for the loan, and getting funded. Because lender gu...

One of the biggest concerns when purchasing a home is how you'll come up with the funds for closing costs . With vigilant focus on the source of funds for closing mortgage loans, it's important to know what's acceptable. Surprising to many, 'cash in hand' isn't one of those sources. Here's what you need to know and what you'll need to provide: Mattress Money Mattress Money or any "cash on hand" is not acceptable. All funds must be "seasoned," which means your money needs to be in an institutional account (bank, credit union, brokerage, etc.). You will need to provide all pages of up to three months of consecutive statements for proof these funds are yours. Gift Funds Gift Funds are OK with a signed "gift letter" (a form we provide) and evidence of the donor’s ability (a statement showing sufficient funds). Later, we’ll need copies of the check, deposit slip and account statement to show the transfer into your accoun...

A good credit score is important for more reasons than just obtaining new credit. These days, it can factor into everything from landing a new job to getting the best deal on your insurance policies. For so many reasons you may not have even considered, it's more important than ever to avoid late payments on your mortgage! A 100 Point Drop from One Missed Payment? It’s true. A single 30-day-late mortgage payment can cause your score to drop by as much as a hundred points. Credit scoring algorithms vary based on many factors, and in some instances, the damage may be even greater and last for years. The Costs Accumulate At the time, a single missed payment will cost you only a late fee, but the expense really adds up on your next loan or missed opportunity. Low credit scores typically mean a higher rate and cost. Higher rates can mean hundreds of thousands of dollars of extra expense over the life of a loan. Missed Payments are Usually Unplanned Usually, events beyond our...