GREENWAY BLOG

8 August 2023

What is an Asset Depletion Mortgage?

  Not all borrowers have traditional means of employment or income. There are many people who may fit into non-traditional income categories such as: Borrowers that have accumulated assets over the years and plan on using those funds to cover all or part of their housing payment each month  A borrower with little to no income but significant assets  A borrower who is retired or soon to be retired  If any of these apply to you and you have significant assets such as savings, investments, or retirement accounts you may qualify for our Asset Depletion Loan Program. What is an Asset Depletion Loan? Asset depletion loans are a...

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4 August 2023

MarketMinute | How much is a starter home these days?

ADP reports the private sector added 324K jobs in July, landing well above expectations and signaling labor market strength. Manufacturing stabilized in July with a gradual improvement in new orders, though factory employment dropped to a 3-year low. Job openings hit their lowest level since April 2021 in June, while layoffs nudged downward, suggesting a softening but resilient labor market. Construction spending increased solidly in June, boosted by outlays in both single- and multi-family housing...

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28 July 2023

MarketMinute | Discover Signs Of Housing Market Recovery

Consumer confidence hit a 2-year high in July, as inflationary pressures eased and the economy continued to show resilience. The Fed raised its policy rate this week to a 22-year high, as expected. Fed actions do not directly impact mortgage rates. The economy picked up unexpectedly in the 2nd quarter, steering clear of a recession despite Fed rate hikes.   The FHFA reported a 2.8% year-over-year home price increase in May. This was the 4th straight month of gains despite a jump in mortgage...

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26 July 2023

Rate Watch | The Fed Hikes Rates At July 2023 Meeting

The Fed hikes rates again! After pausing its cycle of policy rate hikes in June, the Fed implemented another increase at its July meeting. Many rate watchers hope the 0.25% hike will be the final increase of the year.   Future Fed action depends on the economy. In a statement issued after their meeting, the Fed reiterated their goal of keeping inflation at 2%. The Board maintained its commitment to monitoring economic data to make decisions on future adjustments. It's simply too soon to know what will come next. Please Note: Mortgage rates are impacted by market forces beyond Fed actions and will not...

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21 July 2023

2023 Mid-Year Housing Update

  Things are still happening in the housing market. If there’s one thing I want you to learn from this mid-year update on the home financing market, it’s that we’re still here. Even when the media talks about high interest rates and low housing inventory, we’re still helping homeowners and homebuyers every single day. And we’re here to help you too. Here is our take on where things stand today. Homeowners Many of our clients took our advice over the last few years to finance or refinance at historically low rates, and now they are enjoying the ride. Though national home prices fell at the end of last year, the most up-to-date...

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