{"id":8878,"date":"2023-05-10T12:13:41","date_gmt":"2023-05-10T17:13:41","guid":{"rendered":"https:\/\/www.morty.com\/resources\/?p=8878"},"modified":"2023-05-11T12:09:40","modified_gmt":"2023-05-11T17:09:40","slug":"its-never-too-early","status":"publish","type":"post","link":"https:\/\/www.morty.com\/resources\/the-morty-report\/its-never-too-early","title":{"rendered":"It&#8217;s never too early to get started"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Getting ahead of the market<\/h2>\n\n\n\n<p>Today we\u2019re featuring insights and tips to help buyers prepare to enter the market, whether that day is coming soon, or further down the line.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Last week the Federal Reserve&nbsp;<a href=\"https:\/\/www.cnbc.com\/2023\/05\/03\/fed-rate-decision-may-2023-.html\" target=\"_blank\" rel=\"noreferrer noopener\">raised rates by .25% again<\/a>, the 10th rate hike in a row. For homebuyers, the immediate impact was limited as the hike was expected, with&nbsp;<a href=\"https:\/\/www.morty.com\/mortgage-rates\" target=\"_blank\" rel=\"noreferrer noopener\">rates<\/a>&nbsp;actually&nbsp;<a href=\"https:\/\/www.mpamag.com\/us\/mortgage-industry\/market-updates\/mortgage-rates-drop-after-latest-fed-rate-hike\/445044\" target=\"_blank\" rel=\"noreferrer noopener\">inching downwards<\/a>&nbsp;following the meeting last week.<\/p>\n\n\n\n<p>Many experts believe it will be the last hike for some time, as the Fed holds back to avoid triggering a deeper recession.&nbsp;<a href=\"https:\/\/www.cnbc.com\/2023\/05\/10\/cpi-inflation-april-2023.html\" target=\"_blank\" rel=\"noreferrer noopener\">New data out today<\/a>&nbsp;also showed that the rate of inflation is in fact slowing. While nothing is certain, these factors could&nbsp;<a href=\"https:\/\/www.realtor.com\/news\/trends\/the-fed-raised-rates-again-and-that-could-be-a-good-thing-for-homebuyers\/\" target=\"_blank\" rel=\"noreferrer noopener\">steady the market<\/a>&nbsp;for the months ahead, meaning gradually more&nbsp;<a href=\"https:\/\/www.realtor.com\/news\/trends\/the-fed-raised-rates-again-and-that-could-be-a-good-thing-for-homebuyers\/\" target=\"_blank\" rel=\"noreferrer noopener\">buyer-friendly conditions<\/a>. &nbsp;While things may be looking a bit brighter, there are few signs that mortgage rates will come down significantly in the coming months, even if we do see some improvement. And&nbsp;<a href=\"https:\/\/finance.yahoo.com\/news\/mortgage-rates-slide-but-other-challenges-remain-for-homebuyers-160110067.html\" target=\"_blank\" rel=\"noreferrer noopener\">low inventory remains<\/a>&nbsp;a persistent problem.&nbsp;<\/p>\n\n\n\n<p>As buyers approach this market, there are a number of steps they can take to maximize their&nbsp;<a href=\"https:\/\/www.morty.com\/products\/point-of-sale\" target=\"_blank\" rel=\"noreferrer noopener\">affordability<\/a>&nbsp;and make decisions that are right for their financial situation, time horizon, and needs as a buyer. It all comes down to&nbsp;<a href=\"https:\/\/www.morty.com\/mortgage-rates\" target=\"_blank\" rel=\"noreferrer noopener\">shopping around<\/a>&nbsp;for different loan options and finding experts you can&nbsp;<a href=\"https:\/\/www.morty.com\/faqs\" target=\"_blank\" rel=\"noreferrer noopener\">trust<\/a>. Read on to learn more and check out the&nbsp;<a href=\"https:\/\/www.morty.com\/resources\/\" target=\"_blank\" rel=\"noreferrer noopener\">Morty&nbsp;Home School<\/a>&nbsp;for a resources.<\/p>\n\n\n\n<p>-Robert Heck, VP of Mortgage @ Morty<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Morty Resources<\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.morty.com\/resources\/mortgage-101\/how-to-get-preapproved-for-a-mortgage\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"675\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/How-to-Get-a-Mortgage-Pre-Approval-edited.png\" alt=\"\" class=\"wp-image-8889\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/How-to-Get-a-Mortgage-Pre-Approval-edited.png 1200w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/How-to-Get-a-Mortgage-Pre-Approval-edited-300x169.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/How-to-Get-a-Mortgage-Pre-Approval-edited-1024x576.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/How-to-Get-a-Mortgage-Pre-Approval-edited-768x432.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/How-to-Get-a-Mortgage-Pre-Approval-edited-600x338.png 600w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.morty.com\/resources\/mortgage-101\/how-to-get-preapproved-for-a-mortgage\" target=\"_blank\" rel=\"noreferrer noopener\">How to Get a Mortgage Pre-Approval<\/a><\/p>\n\n\n\n<p>Getting pre-approved is one of the first steps to take when it comes to understanding your buying power and getting into the market.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.morty.com\/resources\/uncategorized\/what-is-debt-to-income-ratio\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"675\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/What-is-Debt-to-Income-Ratio-edited.png\" alt=\"\" class=\"wp-image-8890\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/What-is-Debt-to-Income-Ratio-edited.png 1200w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/What-is-Debt-to-Income-Ratio-edited-300x169.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/What-is-Debt-to-Income-Ratio-edited-1024x576.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/What-is-Debt-to-Income-Ratio-edited-768x432.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/What-is-Debt-to-Income-Ratio-edited-600x338.png 600w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.morty.com\/resources\/uncategorized\/what-is-debt-to-income-ratio\" target=\"_blank\" rel=\"noreferrer noopener\">Debt-to-Income Ratio: What is it and How is it Used by Lenders?<\/a><\/p>\n\n\n\n<p>Your debt-to-income ratio is an important figure that helps determine what size monthly payments you can afford.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/www.morty.com\/resources\/uncategorized\/resource-roundup-financial-literacy-month\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/FinLitOpt3-e1675280646551-1024x576.png\" alt=\"\" class=\"wp-image-5336\" style=\"width:207px;height:116px\" width=\"207\" height=\"116\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/FinLitOpt3-e1675280646551-1024x576.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/FinLitOpt3-e1675280646551-300x169.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/FinLitOpt3-e1675280646551-768x432.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/FinLitOpt3-e1675280646551-600x338.png 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/FinLitOpt3-e1675280646551.png 1200w\" sizes=\"auto, (max-width: 207px) 100vw, 207px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.morty.com\/resources\/uncategorized\/resource-roundup-financial-literacy-month\" target=\"_blank\" rel=\"noreferrer noopener\">Financial Literacy Resource Roundup<\/a><\/p>\n\n\n\n<p>Financial wellbeing is important when it comes to making a big financial decision like buying a home.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p style=\"font-size:12px\">Paid Partner<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.policygenius.com\/homeowners-insurance\/quotes\/bundle-location?utm_campaign=658&amp;utm_content=&amp;utm_medium=affiliate&amp;utm_source=Morty\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"341\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/unnamed-1-1024x341.png\" alt=\"\" class=\"wp-image-8879\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/unnamed-1-1024x341.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/unnamed-1-300x100.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/unnamed-1-768x256.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/unnamed-1.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Buyer Question<\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>I&#8217;ve been actively saving to buy a home and anticipate being ready to start attending open houses around late summer or early fall. What can I do now to make myself a more competitive buyer in a few months time?<\/em>&nbsp;<\/p>\n<cite><em>\u2013 Helena Q., North Bergen, NJ<\/em><\/cite><\/blockquote>\n\n\n\n<p>When you\u2019re truly financially ready to begin shopping for a home \u2013 and that means you\u2019ve gotten pre-approved, have your down payment set aside and have begun to shop around for different mortgage options \u2013 then don\u2019t wait around to start looking. Some buyers have been holding out until they see certain signs (ie. lower rates, lower prices, less inflation etc.) but this sets them up to be entering a market where they\u2019re competing directly with other potential buyers who are tracking the same things. Start working with an agent, attending open houses and touring homes, but acknowledge from the onset that the process may take a bit longer. While not everyone has this luxury as they may have a specific timeline for buying for a range of different reasons, take advantage of any flexibility you have.&nbsp;<\/p>\n\n\n\n<p>Remember that when it comes to rates, there are so many different ways to structure your loan depending on your situation and priorities. If a lower rate is the most important factor for you as a buyer (which it shouldn\u2019t be for everyone) then look into paying more in points upfront to drive your rate down. Also don\u2019t assume that you\u2019re limited to more common loan programs like FHA (if you\u2019re a first-time buyer) or 30-year conventional. There are so many options out there that can potentially provide you with a better deal, like&nbsp;<a href=\"https:\/\/www.morty.com\/resources\/mortgage-101\/homeready-low-down-payment-mortgage-program\" target=\"_blank\" rel=\"noreferrer noopener\">HomeReady<\/a>, a Fannie Mae conventional program that can offer greater flexibility around pricing, mortgage insurance, and down payment flexibility than you would otherwise receive with a standard conventional loan. So be ready to shop around and leverage online marketplaces and comparison tools to really see what you can get.<\/p>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile has-white-color has-theme-palette-1-background-color has-text-color has-background\" style=\"grid-template-columns:25% auto\"><figure class=\"wp-block-media-text__media\"><a href=\"https:\/\/www.morty.com\/mortgage-rates\"><img loading=\"lazy\" decoding=\"async\" width=\"1080\" height=\"1080\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/rates-1x1-1.png\" alt=\"\" class=\"wp-image-8885 size-full\"\/><\/a><\/figure><div class=\"wp-block-media-text__content\">\n<p class=\"has-text-align-center has-large-font-size\">Want to know what you can afford?<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-75\"><a class=\"wp-block-button__link has-theme-palette-3-color has-white-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.morty.com\/mortgage-rates\" style=\"border-radius:100px\" target=\"_blank\" rel=\"noreferrer noopener\">VIEW Mortgage RATES<\/a><\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Getting ahead of the market Today we\u2019re featuring insights and tips to help buyers prepare&#8230;<\/p>\n","protected":false},"author":30,"featured_media":6227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_lmt_disableupdate":"yes","_lmt_disable":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[611],"tags":[63,43,79,564],"series":[562],"class_list":["post-8878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-morty-report","tag-buying","tag-down-payment","tag-first-time-homebuyers","tag-mortgage-rates","series-the-morty-report-newsletter"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>It&#039;s never too early to get started | Morty Resources<\/title>\n<meta name=\"description\" content=\"Insights and tips to help buyers prepare to enter the market, whether that day is coming soon, or further down the line.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.morty.com\/resources\/the-morty-report\/its-never-too-early\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It&#039;s never too early to get started | Morty Resources\" \/>\n<meta property=\"og:description\" content=\"Insights and tips to help buyers prepare to enter the market, whether that day is coming soon, or further down the line.\" \/>\n<meta property=\"og:url\" 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