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mortgage basics

The ABCs of ARMs: How Adjustable-Rate Mortgages Work

May 31, 2022 affordability, First Time Homebuyers, loan types, mortgage, mortgage basics, rates

Call it a 2000s comeback: We have bucket hats, Bennifer and … adjustable-rate mortgages? We’re currently seeing a huge surge in adjustable-rate mortgages (ARMs) – the highest since the Great Recession in 2007-2009, after which they all but disappeared. But why now? What’s changed?  “Pre-crisis, a range of other variable-rate loan products were all being […]

Contingent vs. Pending: What’s the Difference?

May 24, 2022 Closing process, First Time Homebuyers, home search, mortgage, mortgage basics

While strolling through your neighborhood (or scrolling through online listings), you might see signs on homes that read “pending” or “contingent.” When a home you’ve been eyeing finds itself in either status, you may wonder if it’s now too late to buy. The two concepts can stir up a lot of confusion: What exactly do […]

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 […]

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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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