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 payments — including when you can't make your mortgage … [Read more...] about What is Mortgage Forbearance and is it a Good Idea?
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 or an investment opportunity. What is a home equity loan? Let's … [Read more...] about Home Equity Loan: Everything You Need to Know
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 house you can afford. It also shows sellers that you’re a … [Read more...] about How to Get a Mortgage Pre-Approval
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 on your mortgage … [Read more...] about How Much of Your Income Should You Spend on Your 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 as your credit card company or student loan … [Read more...] about What is an FHA Loan? Everything You Need to Know