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Getting it right the first time: simple steps for first-time homebuyers

September 12, 2022 credit score, down payment, Financial Planning, First Time Homebuyers, rates, the morty report

Three simple steps for first-time homebuyers to follow, especially in a competitive market

Ready, set, prep: first steps before you buy a home

August 24, 2022 credit score, down payment, First Time Homebuyers, Pre-Approval, rates

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

April 29, 2022 affordability, credit score, down payment, getting approved, home ownership, home search, loan type, mortgage basics, rates, refinance, selling a home

Achieving financial literacy is an important goal for anyone who wants to take control of their finances and put themselves on a path to long-term financial wellness. And, it’s especially so for homebuyers in today’s market. “As rates have risen and inventory continues to be low, it’s important to consider your long-term financial goals and […]

What is Mortgage Insurance and How Does it Work?

April 12, 2022 credit, credit score, down payment, First Time Homebuyers, loan types, mortgage basics

When shopping for your mortgage, you may already know some of the one-time costs involved, such as down payment and closing costs. But there are also some recurring costs — like mortgage insurance — that you should get familiar with, too.  So, what is mortgage insurance — and how do you know if you must […]

Then and Now: The State of Female Homeownership

April 8, 2022 affordability, credit score, getting approved, homeownership, women homebuyers

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 women and minorities have fought hard over time to attain equal property rights and become a […]

How to Avoid PMI (Private Mortgage Insurance)

March 11, 2022 affordability, credit score, down payment, home search, insurance, loan type, mortgage basics, refinance

If you’re shopping for a mortgage, you may have already identified a few things you have to budget for, such as a down payment and closing costs. But if you opt for a conventional mortgage – mortgage loans not backed by a government entity – you might also need to budget for a less well-known […]

What is a Jumbo Mortgage? Everything You Need to Know

February 20, 2022 credit score, down payment, getting approved, loan type, mortgage basics

You’ve found your dream home: perhaps it’s in that ideal neighborhood, has a spacious kitchen, a spa-like bathroom, and a sprawling yard with flawless landscaping. But that perfect match may also come with a hefty price tag. When it comes time to shop for your mortgage, a lender might tell you that you need a […]

What is APR (Annual Percentage Rate) And How Does it Impact Homebuying?

January 31, 2022 annual percentage rate apr, apr calculation, apr works, borrow money, card issuers, carry a balance, cash advance apr, cash advances, cost of borrowing, credit cards apr, credit products, credit score, fixed apr, Interest Rates, life of the loan, penalty apr, prime rate, purchase apr, variable apr

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 it affects how much you pay for your mortgage over the long term.  We’ll cover some […]

Debt-to-Income Ratio: What is it and How is it Used by Lenders?

December 20, 2021 auto loan, calculate your debt, calculating your DTI, child support, credit card debt, credit card payments, credit cards, credit report, credit score, credit utilization ratio, debt consolidation, financial health, gross monthly income, high interest, monthly bills, mortgage lenders, mortgage payments, personal loans, products and services, qualified mortgage

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 (DTI) ratio” or “credit score.” You will be more familiar with terms like these as you […]

What is Cash-Out Refinancing and When is it a Good Option?

December 20, 2021 cash out refinance works, cash out refinancing, credit cards, credit score, equity in your home, equity lines of credit, higher interest rate, home equity lines, home equity loans, home loan, loan terms, lump sum, mortgage lender, mortgage loan, mortgage rate, mortgage refinance, personal loan, real estate, refinance calculator, student loans

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 with a cash-out refinance means you might get to check off all the boxes on your […]

What is Mortgage Forbearance and is it a Good Idea?

November 29, 2021 12 months, avoid foreclosure, cares act, consumer financial protection bureau, credit score, fannie mae and freddie, financial hardship, forbearance plan, interest rate, loan modification, long term, lump sum, monthly mortgage payments, mortgage lender, mortgage servicer, period of time, repayment plan, student loans

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 of thumb to reach out to your creditor or lender when you have trouble making your […]

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 […]

When Does a Mortgage Pre-approval Expire?

October 31, 2021 apply for a mortgage, bank statements, buy a home, buy a house, check your credit, credit card, credit report, credit score, home buyers, home loan, Interest Rates, loan amounts, mortgage lender, offer on a home, pay stubs, pre approval letter, shop for a home, tax returns, terms and conditions

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 deep inquiry into your financial situation. However, you might be surprised at how quickly you can […]

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 […]

How to Calculate Debt-to-Income Ratio (DTI) Yourself

October 21, 2021 applying for a mortgage, auto loans, calculate your debt, calculating your DTI, credit card debt, credit card payments, Credit History, credit report, credit score, front end ratio, gross monthly income, monthly debt payments, monthly mortgage, monthly payment, mortgage lenders, percentage of your gross, personal loans, qualified for a mortgage, student loans

When you first thought about purchasing a home, you probably jumped online to do some basic research. You may have wondered about what information you need to share with a lender or mortgage broker to buy a home. Here’s one piece of the puzzle: Lenders want to verify that you have a good debt-to-income (DTI) […]

How to Get a Mortgage Pre-Approval

October 20, 2021 90 days, approval letter, bank statements, business days, buying a home, checked your credit, credit card, credit reports, credit score, debt to income ratio, home loans, house hunting, interest rate, loan amount, mortgage application, mortgage loans, mortgage rates, preapproval letter, tax returns

House hunting may be one of the most enjoyable parts of buying a home. However, you might find that you have even more fun when you go the extra mile and get pre-approved for a mortgage first.  Getting a pre-approval may help you feel more confident going into the home buying process because you’ll know […]

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 a Mortgage? A Guide for Beginners in 2022

September 29, 2021 adjustable rate mortgage arm, adjustable rate mortgages, adjustable rates, borrow money, buy a home, credit report, credit score, fha loans, fixed rate mortgages, home loan, homeowner insurance, monthly mortgage payment, mortgage is a loan, mortgage rates, private mortgage insurance, purchase a home, purchase price, real estate, repay the loan

Getting a mortgage may seem like a complex task with many layers and steps involved. However, the first step to breaking down the process involves answering the most basic question: “What is a mortgage?” Understanding the very basics of mortgages may help you gain more confidence as you search for your dream home. We’ll walk […]

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 […]

4 Homebuying Tips for Tipped Employees

November 12, 2018 buying, credit, credit score, debt, down payment, First Time Homebuyers, home, homeownership, how much mortgage can I afford, millennials, mortgage prep, renting, saving, saving money, savings, Stash, taxes

Plenty of people rely on tips for some or all of their income. In fact, millions of Americans work in the kinds of service and hospitality industry jobs that have traditionally relied on tips for compensation — and that number is expected to increase in the coming decade. You might think that buying a home is just […]

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