GREENWAY BLOG

16 August 2022

Buying a Home? Don't Be Surprised By Closing Costs!

  You’re almost there! You’ve been saving so long for a down payment on a new house and even set a budget for your monthly mortgage payment. But there’s one more thing you’ll need to consider: closing costs. Surprisingly, many home buyers get caught off guard by closing costs , which can certainly be an unpleasant surprise if you’re unaware. According to a 2021 Realtor.com survey of 3,000 adults, 44% said they weren’t aware of all the costs associated with buying a home. What Are Closing Costs and What Do They Cover? Closing costs encompass a variety of expenses above your property’s purchase price. They...

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12 August 2022

MarketMinute | What's easing pressure on buyers?

The consumer price index rose 8.5% in July from a year ago but was below expectations, due largely to slumping energy prices. Wholesale prices also fell in July, down 0.5% from the previous month. It was the first wholesale price drop in 2 years. Non-farm payrolls rose 528K in July, and the unemployment rate was 3.5%, easily beating estimates of 258K and 3.6%.   Fannie Mae’s Home Purchase Sentiment Index fell 2 points in July to 62.8, its lowest reading since 2011....

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9 August 2022

Annual Percentage Rate Explained: How APR Works

  The Annual Percentage Rate (APR) is not the rate you pay. Homebuyers will often believe the lowest annual percentage rate (APR) is the best. In fact, it's more important for buyers to weigh options against their personal financial situation and the amount of time they plan to have the loan. Low APRs typically come with the highest cost, and those funds can often be better deployed against larger down payments or, in some instances, paying off high-rate consumer debt. Here's a quick overview of what an APR is and how to calculate the costs and/or savings that accompany a lower one. What is APR? APR is not the interest rate that you...

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5 August 2022

MarketMinute | The Housing Market is Setting Records

The Fed's preferred inflation gauge, the PCE price index, rose 6.8% in June, the biggest annual move since 1982. Manufacturing activity continued to cool in July. More factories dialed back production in the face of shrinking orders and rising inventories. Despite signs of a slowing economy, the labor market remains in good shape. Last week's jobless claims came in at 260K, in line with estimates. Construction spending tumbled in June. Outlays on single-family homebuilding declined sharply amid...

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1 August 2022

4 Biggest Real Estate And Mortgage Questions

  It’s no secret the real estate market is in a constant state of shifts and changes. In uncertain times like these, naturally, questions will arise regarding rising rates, the housing market, and if we’re headed towards a recession. Lately, there has been four big questions coming up that we’d like to help answer to ease any uncertainty, especially for those looking to purchase a home this year. Let’s take a deeper look. #1: What’s Happening with Mortgage Rates? Rising mortgage rates are no doubt one of the biggest factors impacting the housing market right now. It is important to remember that the low rates of the last...

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