As home sales slow, prices erode, and rates increase, mortgage assistance by sellers for buyers can help cushion the impact of these market shifts, bridging the gap between what owners want or need and what buyers are willing to pay. With Seller Concessions buyers can score a better deal at closing. Here’s how it works. What are Seller Concessions? Seller concessions, sometimes referred to as Interested Party Contributions (IPC) or ‘Seller Assist’, are when a home buyer asks the home seller to pay some or all the costs on the home buyer’s behalf to reduce the amount of cash they need at closing. These costs include:...READ MORE
Now home buyers can dream even bigger! The New Jersey Conventional Down Payment Assistance (DPA) Program has increased to $15,000 for properties in certain New Jersey counties*. This program was created to provide first-time home buyers a flexible and affordable option for purchasing a home. What Does This Change Mean for Home Buyers? Now, qualified clients can receive $15,000 to be used towards the down payment and closing with affordable mortgage insurance premiums that follows conventional mortgage guidelines. About The NJ Conventional DPA Program: 30-year, Fixed-Rate Conventional Loan Affordable Mortgage Insurance Premiums $15,000...READ MORE
On the heels of last week's better than expected consumer inflation report, new wholesale inflation data also came in better than expected. Retail sales surged by 1.3% in October as consumers continued spending despite inflation, showing the economy is not yet slowing. Jobless claims dropped by 4K last week despite expectations for an increase, demonstrating continued labor market strength. Housing starts were down 4.2% in October, with single-family projects dropping to the lowest level in nearly 2.5 years. Permits fell...READ MORE
𝐀 𝐍𝐢𝐠𝐡𝐭 𝐨𝐟 𝐂𝐨𝐦𝐩𝐚𝐬𝐬𝐢𝐨𝐧 𝐄𝐯𝐞𝐧𝐭 Over 270 people attended Halfway Home Animal Rescue Team's 𝐀 𝐍𝐢𝐠𝐡𝐭 𝐨𝐟 𝐂𝐨𝐦𝐩𝐚𝐬𝐬𝐢𝐨𝐧 𝐄𝐯𝐞𝐧𝐭 this year, with over 150 amazing prizes donated! Greenway's President attented the even in Patterson, New Jersey on Thursday, November 10th. Greenway Mortgage was recognized for their generous contributions made in 2021 as we raised over $30k in just three short days to help animals in need. 𝐀 𝐦𝐞𝐬𝐬𝐚𝐠𝐞 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐇𝐚𝐥𝐟𝐰𝐚𝐲 𝐇𝐨𝐦𝐞...READ MORE
Reverse mortgages, available to qualifying homeowners ages 62+, generally come with no limits on the use of the funds. Reverse mortgage funds are first used to pay any liens on the home, including a regular mortgage or home equity loan. In some cases, a portion of proceeds is withheld or set aside to pay taxes and insurance. Remaining funds often: Offset day-to-day living expenses. Cover emergency expenditures, such as car or home repairs. Pay for medical costs. Provide for in-home care, allowing the owner to remain in their own home longer. Sometimes, homeowners use a reverse mortgage just to pay off their existing loan. They do not access...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.