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 to-do list or give yourself an infusion of cash for upcoming … [Read more...] about What is Cash-Out Refinancing and When is it a Good Option?
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 first thought about purchasing a home, you probably jumped online to do some basic research. You may have wondered about what information you need to share with a lender or mortgage broker to buy a home. Here's one piece of the puzzle: Lenders want to verify that you have a good debt-to-income (DTI) ratio. But what exactly is a DTI ratio? Your DTI … [Read more...] about How to Calculate Debt-to-Income Ratio (DTI) Yourself
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