FIRST THOUGHT: There's No Place Like Home
I’ve got a question for you and suggest you take a few moments to mull over your answer: What makes a house a home? Here’s a follow-up question: Has your idea of home changed since you were a kid? When you were younger, maybe getting dropped off by the school bus, popping some Bagel Bites into the microwave and arguing with your brother felt like home. Now, maybe home is more about parking in your very own garage, removing your bra immediately upon entering your house, slipping on some PJs and dancing alone to The Weeknd. Whatever it means to you, it seems like Dorothy’s sentiment from The Wizard of Oz remains true: There’s no place like home.
WOMEN IN NUMBERS: 17 Percent
Some people may say no place ever felt quite like home until they signed their name on that mortgage paperwork, were handed the keys to their very own house and were finally allowed to paint the dang walls. That situation is playing out for far more single women than single men these days. In fact, according to a study released by the National Association of Realtors, in 2016, single ladies accounted for 17 percent of homebuyers in the U.S., while single guys accounted for only 7 percent of homebuyers. Additionally, single mothers outnumbered single fathers in home purchases, with experts noting single moms may be more likely to seek stability by acquiring real estate.
WOMAN TO WATCH: Nora Apsel, Co-founder of Morty
So, what’s a girl to do to get started on the path to homeownership? Today’s Woman to Watch can definitely help. Her name is Nora Apsel and she co-founded a company called Morty that’s redefining how to get a mortgage, all while empowering homebuyers and bringing some transparency and competition to an industry that’s long lacked both.
For eons, securing a mortgage has been fraught with frustration and uncertainty, especially for first-time homebuyers. Instead of you waltzing into a bank and blindly declaring, “I want a loan to buy a house!” and hoping for the best, Morty brings homebuyers more modern options through comparison shopping. It’s billed as the easiest way to get a mortgage in 2018.
Here’s how Morty works: First, you create a financial profile with everything lenders need to know, from your assets to your employment information. Then Morty’s mortgage experts help you understand your loan options and get preapproved in minutes. This allows you to take your time understanding the differing details of each option without someone behind a desk pressuring you to make a decision. The next step is to check out the extensive vendor network, where you can compare products and lenders. Lastly, you choose a loan that works for you and Morty works with your lender, real-estate agent and so on to get the deal done. Then it’s time to start packing for the big move into your new home.
Nora says her tech startup offers an array of benefits for homebuyers. First, loans from different lenders can vary dramatically in terms of rates and closing costs, to the tune of tens of thousands of dollars. But Morty makes it easy to check out offers side by side so homebuyers can make the right decision. Morty also fills a gap in the marketplace, helping to evolve an industry that has long been driven by salespeople and loan officers by putting the power in homebuyers’ hands.
With a storied history in the tech industry, Nora has been able to turn her fantastic tech idea into a reality, giving consumers the ability to make informed decisions about attaining a mortgage they can feel at home with.
QUITE THE QUOTE
Let’s close the door on today’s story with a quaint quote from poet Kathleen Norris, who said:
“Peace: that was the other name for home.”
This is Melinda Garvey signing off until next time. Remember, ladies, empowered women empower other women. Share On the Dot so more women can have a voice. Thanks for getting ready with us.