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?
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 Long Does an Appraisal Take?
You might think buying a home involves a lot of waiting. You may wait for pre-approval, the results of the home inspection, underwriting and more. As part of the homebuying process, you may also wait for the results of an appraisal. (Getting the results of a real estate appraisal may take less time than you […]
What Does “Pending” Mean on a House?
When you find your dream home online or have your eye on a house in your neighborhood, you might also see a “sale pending” sign on it. But what does pending mean on a house? Does it mean that the sale is a done deal — that you might as well walk away? Or do […]
When Does a Mortgage Pre-approval Expire?
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 […]
How Much of Your Income Should You Spend on Your Mortgage?
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 […]
How to Calculate Your Mortgage Payment
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 […]