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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 […]

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 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 Much of Your Income Should You Spend on Your Mortgage?

October 13, 2021 28/36 rule, afford to spend, buy a home, debt including, debt payments, debt to income ratio, fha loan, financial decisions, front end ratio, interest rate, lenders typically, monthly mortgage payment, mortgage calculation, mortgage lender, mortgage loan, principal interest taxes and insurance, real estate, rule of thumb, student loans

What percentage of income should go to mortgage payments?  It’s a good question, particularly when you’re ready to buy a home for the first time. Just like other important financial decisions, you want your monthly mortgage payment to fit seamlessly into your lifestyle.  Morty can help you determine what you can comfortably afford to spend […]

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 […]

What Is a Rate Lock?

February 13, 2017 interest rate, mortgage, rate lock

Mortgage interest rates fluctuate daily, sometimes even from hour to hour. Market factors can send rates up one day and then back down the next. There’s no sure-fire way to know when rates will change – though there are plenty of finance professionals who dedicate their entire careers to trying to master the art of […]

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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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