For the Week Ending December 7, 2018 Please enjoy this quick update on what happened this week in the housing and financial markets. The yield on 5-year Treasury bonds slipped below the rate on 2-year Treasuries, called an 'inversion.' Inverted yield curves could be a sign of a future recession. Mortgage rates improved this week as stocks tumbled and bonds rallied. Concerns the economy is cooling off could help rates continue to improve. The trade deficit widened more than forecast in...READ MORE
PUT YOUR HOME IMPROVEMENT PLAN INTO ACTION! When shopping for a home, you may come across properties that aren’t quite what you’re looking for, but have the potential to be your dream home with some repairs or renovations. With a renovation loan, you can roll the cost of financing or refinancing a home and repairs into one loan – saving you time and money. Whether your home improvement projects are large or small, a home renovation loan can help you get the job done! What are the benefits of a Renovation Loan? Home improvements such as adding an extra room or replacing the roof not only makes a difference in how much...READ MORE
On November 27, 2018 the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2019. The maximum loan limit for one-unit properties will be $484,350, an increase from $453,100 in 2018. Release . The decision was based on the recovery of housing prices under the Housing and Economic Recovery Act of 2008 (HERA). They require that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price. FHFA third quarter 2018 House Price Index (HPI) reported that house...READ MORE
For the Week Ending November 30, 2018 Please enjoy this quick update on what happened this week in the housing and financial markets. Recent comments by Fed Chair Jerome Powell have markets questioning if we'll see policy rate increases in 2019, which could be good for mortgage rates. Consumer spending increased by the most in 7 months in October. But underlying price pressures slowed, meaning inflation is less of a concern. The economy grew 3.5% in...READ MORE
We all know the old line about location. But buying a home takes research, research, research, too. You will want to determine How much you can comfortably afford. The pre-approval process , which entails full documentation and credit check, is the best way to determine the numbers that are right for you. Early in your search, you can identify any potential hurdles and focus only on homes truly available to you. How much cash you need to close. Knowing how much cash you'll need to close and, ideally, consolidating those funds into one account will help to prevent stress and ease the process later. What kind of property you really want. Single...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.