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Are We Finally Catching a Break?

June 9, 2022 affordability, ARMs, closing costs, closing date promise, homebuyer, homebuying

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.

How Much Does a Home Inspection Cost?

February 11, 2022 american society of home, buying a home, certified home inspectors, closing costs, cost of a home, dream home, electrical systems, expect to pay, hire a home inspector, inspection report, larger home, older homes, pay for a home inspection, professional home inspector, single family home, society of home inspectors, square feet, square footage, thousands of dollars

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 can offer enormous insight into the home you plan to purchase, and potentially save you thousands […]

How Do You Shop Around for a Mortgage?

December 20, 2021 applying for a mortgage, buy a home, closing costs, credit histories, credit report, credit scores, credit union, fha loans, fico scores, home loan, homeowners insurance, life of the loan, loan amount, loan estimate, loan offers, loan products, loan term, mortgage brokers, pre approval, rates and fees

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 neighborhoods or talking through real estate “how-tos” with a real estate agent. Shopping for a mortgage […]

How Much Down Payment to Buy a House?

November 29, 2021 20 down payment, buy a home, buy a house, closing costs, conventional loans, department of veterans affairs, fha loans, home loan, loan amount, loan programs, minimum down payment, monthly mortgage payment, mortgage loan, payment amount, payment loan, payment requirements, private mortgage insurance pmi, put 20, real estate

When you want to buy a home, you may not know all the details involved, including how much of a down payment you need.  When it comes to mastering a task, such as learning to ride a bike or learning about investments, someone may have taught you.  It’s the same with buying a house, so […]

How Long Does an Appraisal Take?

November 6, 2021 appraisal determines, appraisal management company, appraisal process, buying a home, closing costs, comparable homes, comparable properties, comparable sales, depending on the size, dream home, home appraisal, loan officer, mortgage company, mortgage lender, order an appraisal, purchase price, real estate appraisal, similar properties, size and condition

You might think buying a home involves a lot of waiting. You may wait for pre-approval, the results of the home inspection, underwriting and more. As part of the homebuying process, you may also wait for the results of an appraisal. (Getting the results of a real estate appraisal may take less time than you […]

How to Refinance a Mortgage Step by Step

November 5, 2021 adjustable rate mortgage arm, adjustable rate mortgages, break even point, cash out refinance, closing costs, credit cards, credit score, equity in your home, fixed rates, loan amount, monthly payments, monthly savings, mortgage loan, products and services, refinance calculator, refinance options, refinance rates, refinancing your mortgage

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 30-year mortgage. On the other hand, you may have a 15-year mortgage as your existing mortgage […]

Home Equity Loan: Everything You Need to Know

October 22, 2021 closing costs, credit score, draw period, equity in your home, equity lines of credit, equity loan, fixed interest rates, home as collateral, home equity lines, interest rate, line of credit, lines of credit helocs, loan amount, lose your home, rate loan, repay the loan, repayment period, type of loan, variable interest rates

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 you have in your home. Your home can offer more than just a place to live […]

What is an FHA Loan? Everything You Need to Know

October 8, 2021 closing costs, conventional loans, conventional mortgage, department of housing and urban development, fha approved lender, fha lenders, fha loan limits, fha loans require, good credit, home loans, interest rate, life of the loan, loan programs, loan terms, payments as low as 3.5, purchase price, qualify for an fha, student loans, type of mortgage

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. Your credit score is a three-digit number that comes from your credit reports and creditors (such […]

How to Calculate Your Mortgage Payment

October 7, 2021 20 down payment, buying a home, closing costs, credit cards, credit score, debt to income ratio, fixed rate mortgage, home loan, home price, loan amount, loan term, monthly mortgage payment, mortgage calculator, mortgage lender, mortgage loan, number of years, payment calculator, principal and interest, real estate

When shopping for your mortgage or refinancing your mortgage, one of your top-of-mind questions probably sounds a lot like: “What will my monthly mortgage payment be, and how will it fit into my budget?”  Your loan amount, principal, interest, term and more play into your monthly payment amount. You will want to feel comfortable making […]

What is Escrow and Why Do You Need It?

September 27, 2021 buyers and sellers, closing costs, escrow accounts, escrow agent, escrow company, escrow payments, escrow service, escrow work, held by a third party, home purchase, monthly mortgage payment, neutral third party, paid on time, property taxes and homeowners, purchase agreement, real estate agent, real estate transaction, require escrow, tax or insurance

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 learn about a concept called escrow as well.  Many buyers and sellers don’t spend too much […]

How Much House Can I Afford?

September 14, 2021 30 years, buying a home, car loans, closing costs, credit cards, credit score, debt to income ratio, fha loans, gross monthly income, home affordability calculator, housing budget, how much house can i afford, monthly mortgage payments, mortgage loans, mortgage payment, mortgage rates, purchase price, real estate, total monthly debts, va loans

When buying a home, one of your first thoughts probably turns to the following question: “How much house can I afford?”  You may wonder how large of a house you should and can purchase (especially when buying your first home). It’s one of the most important questions you can ask, because you want to feel […]

6 Annoying But True Reasons Closing Dates Move

January 27, 2021 appraisals, closing, closing costs, closing date promise, income, lenders

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 date agreed upon by the home seller, home buyer, and all of the other relevant participants […]

Closing Costs, Explained

June 1, 2017 appraisals, closing, closing costs, saving money

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 their home buying budget is going to go towards closing costs. It’s not unusual for closing […]

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Morty is a licensed mortgage broker. NMLS ID # 1429243. NMLS Consumer Access. All loans originated by Morty are funded by third party lenders. Morty, Inc. is authorized to do business as “Morty” in certain states. Morty is an equal housing lender.

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