Greenway Mortgage Blog

13 May 2022

MarketMinute | ARMS Are Up

Inflation expectations for the next year fell to a median 6.3% in April, a 0.3% decrease from the record high the previous month. However, producer prices rose 11% in April, signaling continuing elevated consumer inflation in the near future. Last week's jobs data showed slightly more jobs than expected added in April in an increasingly tight labor market and despite surging inflation. Purchase mortgage applications rose 5% over the previous week. Although apps were down 8% from a year ago, that number is shrinking....

10 May 2022

Debt Consolidation Calculator

Did you know that interest savings may be hiding in your mortgage? When you think of a mortgage loan, you typically think of interest costs . But if you consolidate other debts into your mortgage, you can start thinking of interest savings instead. Most consumer debt carries a higher interest rate than home financing. If you access cash to pay off some of those debts – even at a slightly higher interest rate than your current mortgage – you can still save on overall interest expenditures. And if you use your monthly savings to pay extra on your principal each month, you can pay off your mortgage faster and save even more. Try Our Debt...

10 May 2022

Greenway’s NJ Conventional Down Payment Assistance Program

If you’re a first-time home buyer looking to purchase a home, then you’re familiar with the high ticked price tags these homes come with. They have certainly skyrocketed. It’s common to feel discouraged and to feel as if homeownership is out of reach these days, but we’ve got good news. Luckily, there’s a wealth of homeownership programs in New Jersey that help home buyers secure a mortgage, make a down payment, cover closing costs, and more. The state of New Jersey now offers a conventional version of their down payment assistance program for first-time buyers . Now, qualified clients can receive $10,000 to be used towards the down payment and...

6 May 2022

MarketMinute | Is Now A Good Time To Buy A Home?

The Fed raised policy rates 0.5% this week. The move will increase short term rates like car loans, some home equity loans, and credit card rates. The Fed rate increase does not directly increase mortgage rates though. Mortgage rates moved higher already in anticipation of Fed action. Concerns that intense labor demand could spark further wage increases has investors worried the Fed won't be able to curb inflation. A recent Gallup survey showed just 30% of adults think now is a good time to buy a home, the first time it...

5 May 2022

Rate Watch | What This Means For Homeowners

If you haven't already heard the news, interest rates are on the rise. The Fed promised, and they delivered in their meeting this week. The Federal Reserve Meeting At their most recent meeting, the Fed moved policy rates up by 0.5%, just as they've been saying. Because it was expected, interest rates had moved in advance, including those for home mortgage loans. What's Next With Rates? It's expected the Fed will continue moving rates on an upward path at each successive meeting of the Open Market Committee, so long as conditions warrant. Most analysts anticipate the increases will continue until the Fed has met its directive of...

GREENWAY BLOG

MarketMinute | ARMS Are Up

Debt Consolidation Calculator

Greenway’s NJ Conventional Down Payment Assistance Program

MarketMinute | Is Now A Good Time To Buy A Home?

Rate Watch | What This Means For Homeowners