You may have heard that the IRS will be extending the deadline to file your 2019 tax returns. The IRS says individuals and businesses can delay filing and paying federal tax bills for 90 days, to July 15th from April 15th , as part of an emergency relief plan amid the COVID-19 pandemic. This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify. Learn what this decision means and whether it’s worth waiting. What Does This Mean For You? Americans who choose to push back their payments with not be penalized, nor will they be charged interest on late payments. If you’re likely...READ MORE
The first priority of Greenway is the health and safety of our team members, clients and communities. If you are facing financial struggles related to COVID-19 that are impacting your ability to make your mortgage payments, please see the information below regarding new mortgage relief options: Overview of The Coronavirus Stimulus Bill Anyone facing a financial hardship from coronavirus shall be given a forbearance on a federally backed mortgage loan of up to 60 days, which can be extended for four periods of 30 days each. The legislation says that services of federally back mortgage loans may not being in the foreclosure process for 60 days from March...READ MORE
When you refinance to a lower rate, you'll get a lower payment. But the opportunities don’t stop there. Take a look: Reduce your balance faster. With a lower interest rate, you pay more principal with each payment, especially in the first years of the loan. Example: After five years of payments on a 30-year loan of $200,000 at 4%, you would pay $19,706 in principal vs. $17,105 on the same loan at 5%. That's an extra $2,601 in benefit on top of the $7,052 of interest savings. Total advantage = $9,653 Own Free and Clear Sooner. There are two ways to make this happen: Pay extra principal. Apply your monthly...READ MORE
Congrats! You’ve made an offer and it was accepted! What’s next? It’s now time to have the home inspected prior to closing. A thorough home inspection when you’re buying a house can save you thousands of dollars in unexpected repairs — or from unwittingly buying a money pit. What is a Home Inspection? A home inspection is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation. Agents often recommend you make your offer contingent upon a clean home inspection. Why? This contingency allows you to renegotiate the price you offered for the...READ MORE
Did you know that you do not need a down payment of 20% to buy a home? In fact, according to data from the National Association of Realtors , over half of home buyers make down payments of less than 6%. Yes, that’s correct! Of course, the advantage of a larger down payment is the potential for lower borrowing costs. In turn, this results in a smaller monthly mortgage payment. In the end, it all depends on your specific situation. Benefits to Buying a House with A Small Down Payment There are some positives to buying a house with little or no down payment as well. For instance, once you make a down payment, you can only access that money via a home loan...READ MORE
In 2017 and 2018, Greenway Mortgage was awarded Best Mortgage Company in Monmouth County, NJ by the Asbury Park Press' Reader's Choice Awards.