Greenway Mortgage Blog

13 July 2021

Buying Property with an HOA

Homeowners Associations (HOAs) often manage community interests, including maintenance of common areas and cohesion of community atmosphere, in a development. Condominium buildings almost always have an HOA. Planned communities with common areas and amenities or the goal of adhering to certain standards often have HOAs, too. For more information on Condos and their HOA fees (and rules) check out our blog here . Buyers will be bound by guidelines contained in a set of bylaws. An elected board of homeowners governs the HOA. How much does an HOA cost? HOA fees range from a low annual payment to monthly charges. Fees can cover taxes, insurance, utilities,...

9 July 2021

MarketMinute | Is This A Good Time To Buy?

Minutes from last month's Fed meeting showed officials were not yet ready to set a timeline for scaling back asset purchases due to high uncertainty around the economic outlook. Strong jobs data from June shows the labor market continues to recover. Nonfarm payrolls increased 850,000 for the month, led by job recovery in the leisure and hospitality industries. Lower wage workers are seeing higher wages, as businesses struggle to find and retain help. Retailers and restaurants are having to pay more to hire workers to meet demand. ...

5 July 2021

New Refinance Opportunities for Low-Income Borrowers

It has been an incredible year for refinances. And to make things even better, this summer, new programs are coming to help certain lower-income borrowers reduce their monthly mortgage payments. Extra benefits will make the process easier and more affordable, opening refinance options to homeowners who may have been locked out before. Refinancing your home is finally within reach with RefiNow™ from Greenway Mortgage . This program makes it easier for eligible homeowners earning at or below 80% of the area median income to refinance at a lower interest rate and reduce their monthly mortgage payments. Relaxed guidelines also allow lower credit...

2 July 2021

MarketMinute | Find out what's happening with inventory & more

Consumer confidence hit a 16-month high in June and was also revised upward for May, as the growing labor market and reopening economy offset inflation concerns. Companies hired nearly a million new workers in May, according to ADP. This was the largest gain since last June, led by 440,000 new hires in leisure and hospitality. Jobless claims hit 364,000 last week, reaching a new pandemic-era low. The drop was more than expected, consistent with companies' efforts to meet growing demand. The FHFA reported a monthly home price increase of 1.8% and...

29 June 2021

How to Prepare for Mortgage Forbearance Ending

Mortgage forbearance provided a lifeline for many homeowners during the COVID-19 pandemic. In February 2021, according to an article on Forbes.com, 2.7 million homeowners were enrolled in forbearance plans. A forbearance plan is an agreement that allows homeowners experiencing a temporary hardship to make a reduced mortgage payment (or no payment at all) during the plan’s term. Someone who received forbearance, will eventually have to repay any amounts not paid during the plan. This past year we’ve seen many extensions on mortgage forbearance plans to help homeowners in distress. In March, the FHA gave qualifying borrowers three more months of forbearance...

GREENWAY BLOG

Buying Property with an HOA

MarketMinute | Is This A Good Time To Buy?

New Refinance Opportunities for Low-Income Borrowers

MarketMinute | Find out what's happening with inventory & more

How to Prepare for Mortgage Forbearance Ending