With COVID-19 cases on the rise and the extra $600/wk in unemployment assistance set to expire next week, Congress is facing mounting pressure to pass another aid package. Optimism about a potential vaccine, fiscal stimulus, and economic improvement has helped the benchmark S&P 500 rise 1.4% this year, recouping most of its virus-induced losses. Jobless claims rose last week for the first time since March, signaling a labor market stall. The increase is likely due to states' reversing course on re-opening businesses. ...READ MORE
Planning ahead for your mortgage application will save you time and trouble once you start making offers. Here's a list of things you'll need to gather! Income Provide your last two paystubs along with your W2s and Federal tax returns for the last two years (include all schedules). State returns are not needed. If you are self-employed, ask me for the additional documentation requirements. If you receive bonus or commissions or have changed your job or position, let’s talk. Assets Combine all the funds needed to close into one account at least two months prior to your application. Document any other deposits here as each...READ MORE
St. Louis Fed President James Bullard says he sees the unemployment rate possibly falling to 7% in 2020. The prediction was part of a generally optimistic view on the economic recovery. Mortgage rates, as tracked by Freddie Mac, hit a record low for the 6th time since the coronavirus outbreak. Rates are likely to remain low as confirmed cases continue to rise. Initial jobless claims fell last week, but a record 32.9 million were collecting unemployment checks, as the labor market continued recovery from the COVID-19 slump....READ MORE
So, you’re thinking about buying your first home? It’s an exciting time! But before you hit the payment to start shopping there’s a few things you need to know. Understanding your budget should be one of the first steps in the home buying process. You'll also certainly want to get pre-approved for a mortgage before you start house hunting. Why Should I Get Pre-Approved First? Getting pre-approved will save yourself the grief of looking at houses you can’t afford and put you in a better position to make a serious offer when you do find the right house. And the good news is, g etting pre-approved for a...READ MORE
Consumer confidence jumped more than expected in June, as loosened stay-at-home and quarantine restrictions raised hope for an economic recovery. The labor market rebound accelerated in June with the gradual re-opening of the economy. Payrolls rose by 4.8 million, and unemployment fell to 11.1% from more than 13% in May. Fed minutes released from last month's meeting noted a need for "highly accommodative monetary policy for some time," which signals mortgage rates should remain low. ...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.