Are We Finally Catching a Break?
June 9, 2022. Mortgage rates last week dropped for the third week in a row. So the big question on homebuyers’ minds: are we finally catching a break?
It depends on where you are in the homebuying process.
Unlocking Home Inspection Costs: A Vital Step on Your Homebuying Journey
You did it – you did your research, found a home you love and had your offer accepted! But there are still a number of stops left on your way to closing, including the home inspection. A home inspection…
How Do You Shop Around for a Mortgage?
Does shopping for a mortgage get your nerves in a tangle or give you little fizzes of excitement? The reality of shopping for a mortgage is that it will feel different than poking through online listings, driving around suitable…
How Much Down Payment to Buy a House?
Minimum Down Payment Requirements by Loan Type First, let’s take a quick look at minimum down payment requirements for FHA, conventional, VA and USDA loans. It’s important to note that some of these down payment options depend on loan…
How Long Does a Home Appraisal Take? Appraisal Process Explained
Buying a home involves various stages of waiting, from pre-approval to the home inspection and underwriting. Another crucial step is the appraisal process, where appraisers determine the fair value of the property. The good news is that getting the…
Home Equity Loan: Everything You Need to Know
When you’re first getting a mortgage, you might not think ahead to getting a home equity loan, though some homebuyer’s guides may cover them. However, as your life evolves, you may find you need to borrow from the equity…
What is an FHA Loan? Everything You Need to Know
As you read through our homebuyer’s guide, you may wonder which home loans could work best for you. A conventional loan, the most common type of non-government backed loan, requires you to have a minimum credit score of 620….
How to Calculate Your Mortgage Payment
What is a Mortgage Payment? At a basic level, you know the definition of a mortgage payment: the amount of money you pay toward your mortgage each month. But you may be wondering, what exactly is included in a…
What is Escrow and Why Do You Need It?
When you first go through the home buying process, you may have lots of questions about down payments, closing your mortgage and interest rates. You may wonder about the key steps to get a mortgage. You will need to…
How Much House Can I Afford?
How Much House Can I Afford? It’s often easiest to learn how much house you can afford by working backward from your monthly expenses, then determining how much you can afford to pay. In other words, add up your…
6 Annoying But True Reasons Closing Dates Move
We recently launched the Closing Date Promise, our commitment to making sure Morty customers’ closings happen on time. The below explains why closings can be such a pain and what to watch out for. A closing date is the…
Closing Costs, Explained
Fees and expenses associated with finalizing a real estate transaction are called closing costs. Many first-time homebuyers are surprised to find out that closing costs are a thing at all. Then, they’re doubly-surprised to learn just how much of…