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down payment

Mortgage rate fluctuation return, but buyers remain active

February 10, 2023 affordability, buying, down payment, house hunting, rates, real estate, the morty report

Rates were volatile this week as the market adjusted to a range of mixed signals. The 1-2 punch of a lower Fed interest rate hike and strong jobs data sent rates back up this week, following a month of steady downward movement. This is driven to some extent by uncertainty around inflation – while the […]

The lowdown on low-down payment mortgages

September 19, 2022 conventional mortgage, down payment, fha loans, First Time Homebuyers, homeready, rates, the morty report, usda loan

The new Community Affordable Loan Solution, Bank of America’s “no-down” mortgage program, is only one of a growing number of no- and low-down payment mortgage options.

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.

How Does Rent-to-Own Work?

August 1, 2022 down payment, homeownership, rates, rent-to-own, rental

A rent-to-own property can provide another avenue to homeownership — but it’s not the right option for everyone. Learn the pros and cons of rent-to-own, and in what situations it could be an option worth exploring.

The upside to higher rates

August 1, 2022 buying, down payment, housing crisis, housing market, mortgage rates, rent or buy, the morty report

July 29, 2022. The new normal. We saw new data from the National Association of Realtors that purchase contracts dropped by 8.6% in June – the lowest since 2011. We also saw the Federal Reserve raise interest rates again in a continued effort to curb inflation.

Get HomeReady: An Affordable Mortgage Program You Might Have Missed

June 15, 2022 affordability, down payment, fannie mae, fannie mae and freddie, fha loan, freddie mac, homeready, rates

It’s not easy being a homebuyer in today’s market. If low inventory and high home prices weren’t enough, once record-low mortgage rates have risen to levels not seen since 2008. It’s enough to inspire anyone to consider all sorts of financing alternatives on the journey toward buying a home. But in your mortgage search, you […]

Vacation Home and Investment Property Mortgages

May 26, 2022 down payment, investment, real estate

Buying another property is a dream for many homeowners. Who wouldn’t want to own an additional home, or even earn income from it?  But getting a mortgage for an investment property or second home is more complicated than getting a mortgage for your primary residence. If you’re thinking about adding another home to your property […]

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 […]

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 […]

How Long Does it Take to Close on a House?

March 3, 2022 Closing process, down payment, inspections, loan type, mortgage basics

Few things compare to the fluttery feeling in your stomach the day you close on your home. After all, home loans often require homebuyers to have down payments and closing costs in hand — and those can be some hefty chunks of change!  You might be wondering how long it takes to reach various milestones […]

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 PMI? How Private Mortgage Insurance Works

February 16, 2022 affordability, down payment, mortgage basics

Coming up with a down payment for a home can make even the most avid saver quake in their boots — it’s a big chunk of change.  And if you plunk down less than a 20% down payment, you’ll make extra payments in the form of private mortgage insurance (PMI).  So, what is PMI, how much […]

Your Final Walkthrough: What to Look For and When to Put on the Brakes

January 15, 2020 appraisals, buying, closing, down payment, First Time Homebuyers, home, homeownership, house hunting, investment, property inspection, real estate, realtors

You’re almost there, future homeowner! You’ve made a successful offer and sorted out your financing. Your future home appraised well, and it cleared a title search. Now, it’s time for your final walkthrough: one last look around before you officially close this deal. The point of a final walkthrough is to check that the home […]

’Tis the Season: Using Gift Funds for Your Down Payment

December 17, 2018 down payment, gift funds

’Tis the season for gift-giving! If you’ve been very, very, good—and if you’ve got kind and generous people in your life—you just might receive some money to put towards your future home purchase. And if you’ll be using gift funds to help you buy a home of your own, you aren’t alone. Many first-time homebuyers […]

8 Home Amenities Buyers Should Look For In 2022

December 11, 2018 buying, down payment, energy efficiency, First Time Homebuyers, home, homeownership, house hunting, millennials, mortgage, saving money, savings

If you are considering purchasing a home in 2022, you are undoubtedly dreaming of features that are important to you. As more Millennial buyers move into the market and seek out their first space, the housing market is experiencing a shift in demands and expectations in home features. From buyers focusing on green and energy-efficient […]

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 […]

Using Retirement Funds for Your Down Payment

July 30, 2018 down payment, First Time Homebuyers

Saving for retirement is important for your future. But for people hoping to buy a home soon, watching the balances on their retirement accounts grow while trying to come up with a down payment can be a little frustrating. Why can’t I just use the money I’ve saved for retirement to buy a house?  A home can […]

Everything You Need to Know About Mortgage Insurance

May 29, 2018 down payment, First Time Homebuyers, mortgage insurance, pmi, taxes

Putting together enough money for a down payment on a home isn’t easy. For many people—and especially for many first-time homebuyers—scraping together the traditional 20% down payment may feel next to impossible. Luckily, would-be homeowners without loads of money for a down payment have other options. Mortgage insurance makes homeownership possible for folks who don’t […]

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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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