MHQ - Mortgage HeadQuarters

Congratulations! You have decided to stop renting and buy your first home. Whether your reason for doing so is that you are getting married, you are having a baby, or you just want more space for yourself, this is a big deal. Buying your first home is a big commitment. Applying for your first mortgage at the Lake of the Ozarks can also be a process and it can be very helpful going in with the knowledge of how to get approved in a timely fashion. Our mortgage lenders at the Lake of the Ozarks are here for you! Keep reading this week's blog for a few tips for getting approved for your first mortgage. Call MHQ Mortgage Headquarters to speak with a local, experienced mortgage lender today about applying for your first mortgage. 4 Tips for Getting Approved for Your First Mortgage 1. Have your down payment ready. Most of the time, a significant down payment is required when getting your first mortgage. However, the percentages will vary depending on the type of mortgage loan ...

Have you ever been approached by someone that thinks you should consider refinancing your home loan at the Lake of the Ozarks ? Perhaps your friend or even your spouse has brought this up to you recently. If refinancing is something you are considering, you should have all the facts first. This mortgage company at the Lake of the Ozarks is here to give you more information about refinancing your home loan in this week's blog, so you can make the best decision for you and your family. The huge number of refinance options available to borrowers is truly breathtaking. We can guide you to select the refinance program that can fit your financial situation the best. Contact us at (573) 302-9990 to get started. What are your reasons for your refinance loan? Keeping in mind the information below will help you begin your decision process. Reducing Your Monthly Payments Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, your best choice ...

Since we live in a computer-driven society, you're probably not surprised to hear that your ability to repay your mortgage boils down to one number. This score is built by credit reporting agencies. They use the payment history from your various loans: credit cards, mortgages, car loans, and others. The three reporting agencies use slightly different formulas to build a credit score. The original FICO was developed by Fair Isaac and Company. Experian uses this model and calls its score FICO. Equifax's model, based on FICO, is called BEACON, while TransUnion, which also uses a slightly modified FICO, calls its score EMPIRICA. While each of the models considers a range of data available in your credit report, our mortgage company at the Lake of the Ozarks is here to give you what factors each agency uses to determine your score in this week's blog. If you have any questions on this matter, please do not hesitate to call our Lake of the Ozarks mortgage lenders today. MHQ-M...

Have you ever heard of PMI or Private Mortgage Insurance? PMI may have a bad reputation with certain people but the reality is it's really not a bad thing. This mortgage company at the Lake of the Ozarks is here to give you more information on what PMI actually is and the possible benefits you can receive from it when trying to apply for a mortgage, in this week's blog. To ask an experienced mortgage lender at the Lake of the Ozarks about PMI and more, please call MHQ - Mortgage Headquarters today at (573) 302-9990. How is PMI calculated? Your PMI premium is fixed based on plan type (loan-to-value ratio, loan type, loan term, etc.) and is not related to your particular credit history or other individual characteristics. PMI typically amounts to about one-half of one percent of your mortgage amount annually, according to the Mortgage Bankers Association, and the premium payment is usually rolled into your monthly mortgage payment.  On a $200,000 mortgage, you may be pa...

Is 2020 your year? The year you finally buy your first home, it could be 2020! This experienced mortgage company at the Lake of the Ozarks is here to give a few first time home buying tips for 2020 in this week's blog. If this is your first time buying a home, MHQ - Mortgage Headquarters is here for you. We get that the process can be new and a little intimidating if you don't realize what all is involved. There can be many loan options for first time home buyers, more than you might think. First Time Home Buying Tips for 2020 Put money aside for your closing costs and down payment. Buying a home is more than the listing price. The listing price is very rarely ever the actual final cost of the sale. You have closing costs, inspection fees, taxes, and more that will need to be covered.  Many costs can be rolled into your mortgage, most mortgages will require some sort of a down payment. That can range anywhere from 3.5%-20% depending on the type of loan. Look i...

Having a monthly mortgage payment you can realistically afford is CRITICAL for financial balance. We think we can all agree on that, but how does that payment get determined? Have you ever wondered how a mortgage company at the Lake of the Ozarks figures out what your monthly payment will be? If so, this is the blog for you!  Lenders use a ratio called "debt to income" to decide your maximum monthly payment after you have paid your other recurring loans. Keep reading this week's blog to learn more about how the debt to income ratio works. If you looking to apply for a mortgage at the Lake of the Ozarks and need some help from an EXPERIENCED lender, please call MHQ - Mortgage Headquarters of Missouri . We can be reached at (573) 302-9990. You can also find more mortgage information on our website at www.MHQMortgage.com . How To Figure Out Your Qualifying Ratio Usually, underwriting for conventional loans requires a qualifying ratio of 28/36. An FHA loan will usua...

As a potential first time home buyer, it's important that you know what you are getting into fully. With everything you are likely thinking about as you look at home after home after home, you may forget something very important, there's a down payment that you NEED to save for. On that note, our mortgage company at the Lake of the Ozarks is here to give you a few tips for saving for your down payment in 2020 in this week's blog. If you have questions about applying for your first mortgage at the Lake of the Ozarks , call MHQ - Mortgage Headquarters today at (573) 302- 9990. Tips for Saving for Your Down Payment in 2020 Cut back on unnecessary expenditures. Just think about all of the money you could be putting toward your down payment. You could stop spending money on things you don't absolutely have to have for a while. For example: Eating out at restaurants Buying coffee at coffee shops Shopping trips for clothes and shoes Vacations Gas money being...