Step-by-Step Guide to Financing for Self-Employed Buyers
A comprehensive guide on how self-employed individuals can secure home financing. Get practical tips to make your dream home a reality.
Mortgage applications jump as buyer optimism returns
Buyer energy has returned to the market with benchmarks showing mortgage rates hitting some of their lowest levels since September in the past week. While they have ticked up again over the past few days, reflecting continued rate volatility in the market, some signs show that buyer optimism has renewed.
Getting it right the first time: simple steps for first-time homebuyers
Three simple steps for first-time homebuyers to follow, especially in a competitive market
Ready, set, prep: first steps before you buy a home
If you are looking to restart your search for a home, it can be tempting to jump straight into getting a pre-approval. But you may want to spend some time sorting out your finances first, as it’ll give you a more realistic snapshot of what you can afford in a fast-changing market.
Financial Literacy Resource Roundup
In honor of Financial Literacy Month (and in service of Morty’s mission to make home financing solutions accessible to all), we’ve pulled together some articles that can help, no matter where you are in your homebuying journey. All about…
What is Mortgage Insurance and How Does it Work?
So, what is mortgage insurance — and how do you know if you must pay it? In this article, we’ll look at the definition of mortgage insurance and discuss two types of mortgage insurance: private mortgage insurance (PMI) and…
Then and Now: The State of Female Homeownership
In recent years, women have become a powerful force in homebuying, comprising 19% of homebuyers in the U.S. But this hasn’t always been the case as historically, women and other minority groups have faced systemic discrimination in housing. While…
How to Avoid PMI (Private Mortgage Insurance)
In case you’re worried about possibility of more costs added to your upfront or ongoing expenses, we’ll offer this gentle consideration: Paying PMI isn’t necessarily a bad thing because it can ultimately help you get into your dream home…
What is a Jumbo Loan? Everything You Need to Know About This Type Of Mortgage
When it comes time to shop for your mortgage, a lender might tell you that you need a jumbo loan. But what does that actually mean? In this guide, we’ll answer the question, “What is a jumbo mortgage?” Additionally, …
What is APR (Annual Percentage Rate) And How Does it Impact Homebuying?
You may have heard of the term “annual percentage rate (APR)” but might not understand exactly what it means. But just like other important mortgage terms like rate lock, it’s important to understand APR from top to bottom because…
How to Buy a House With No Money Down in 2022
Not parting with a chunk of change in the form of a down payment to buy a house — sounds like a dream, right? If you get the chance to put no money down for a home, you might…
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…
Debt-to-Income Ratio: What is it and How is it Used by Lenders?
When you are thinking about buying a house, you’re probably envisioning the memories you’ll make in your new home, the great family dinners and nights hanging out with friends. Your thoughts may not initially stray into terms like “debt-to-income…
What is Cash-Out Refinancing and When is it a Good Option?
What would you do with some extra cash in your pocket? Wipe out your credit card debt once and for all? Update your kitchen? Finally finish your basement? Pay off high-interest student loans or personal loans? Refinancing your mortgage…
What is Mortgage Forbearance and is it a Good Idea?
Have you ever gotten a bill and immediately wondered how you’ll come up with the money to pay for it? It’s a common situation, especially when you experience financial hardship or an unfortunate job loss. It’s a good rule…
How to Refinance a Mortgage Step by Step
You may have noticed that mortgage rates have gone down compared to when you bought your home years ago. Or maybe you’d like to change your loan term. Maybe you’d like to switch to a 15-year mortgage from a…
When Does a Mortgage Pre-approval Expire?
Can you think of one of the earliest and most important steps involved in getting a mortgage? If you guessed getting a mortgage pre-approval, you’re right. You may think that getting a pre-approval involves mounds of paperwork and a…
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…
How to Calculate Your Debt-to-Income Ratio (DTI)
When you first embarked on the journey of buying a home, you likely turned to online resources for preliminary insights. Perhaps you pondered the information you’d need to share with a lender or mortgage broker as part of the…
How to Get a Mortgage Pre-Approval
What is a Mortgage Pre-Approval? Getting a mortgage pre-approval from a broker or lender tells you how much you can borrow to purchase a home under certain conditions. Morty can pre-approve you in minutes, provided you meet certain eligibility…