The media says mortgage rates are near “historical lows.” To put that in perspective, check out the graph. You’ll see that with rates now under 4%, they're less than half of the long-term average of 8%. The combination of low mortgage rates and rising prices in most areas can create great opportunities. At the least, this is a great time to ask questions and assess potentials. Your local loan experts at Greenway Mortgage are happy to talk with you about the range of possibilities—refinancing to a lower payment, accessing cash from the equity in your home, or perhaps even moving on to a new home. When you're...READ MORE
For the Week Ending October 11, 2019 Please enjoy this quick update on what happened this week in the housing and financial markets. Last week's manufacturing data left markets feeling that the Fed will cut rates again this month, more than doubling the likelihood to 80+%. Producer prices fell unexpectedly in September, leading to the smallest annual increase in nearly 3 years. This is also supportive of better mortgage rates. High level trade talks with China...READ MORE
We weatherproof our homes when there’s talk of an upcoming storm. Can we recession-proof our homes, too? In the news, there has been negative headlines related to tariffs, a slowdown in the world economy, and a possible recession. Here are some primary concerns we hear from clients: I was thinking of purchasing a home or property, but I’m worried values will fall. Historically, home values rise over time, even with some years of declines. If you can invest for the long term, temporary drops should not be a concern. I worry that my income will shrink or I’ll even lose my job. You may be able to prepare now by...READ MORE
For the Week Ending October 4, 2019 Please enjoy this quick update on what happened this week in the housing and financial markets. A recent string of disappointing economic data has caused stocks to plummet and bond yields to drop. When yields drop, mortgage rates generally improve. The labor market, on track to add about 1.9 million jobs this year, could be faltering. It's the smallest jobs gain since 2010 and down 2.7 million from 2018. Markets are now pricing in an October Fed policy...READ MORE
Whether you’ve owned a home before or you’re ready to take the leap into homeownership for the first time there are usually a handful of questions around what is required for a down payment and how-to best source down payment assistance. In today’s blog we’ll go over how much you really need for a down payment and how you can get help with down payment and closing costs. Interesting Statistics About Your Credit Score and Down Payment According to a study done from Fannie Mae’s ESR team, fewer than 1-in-4 consumers are aware that low down payment programs exist. With that said, many still don’t know mortgage lenders’ credit...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.