If you’re a first-time home buyer looking to purchase a home, then you’re familiar with the high ticked price tags these homes come with. They have certainly skyrocketed. It’s common to feel discouraged and to feel as if homeownership is out of reach these days, but we’ve got good news. Luckily, there’s a wealth of homeownership programs in New Jersey that help home buyers secure a mortgage, make a down payment, cover closing costs, and more. The state of New Jersey now offers a conventional version of their down payment assistance program for first-time buyers . Now, qualified clients can receive $10,000 to be used towards the down payment and...READ MORE
The Fed raised policy rates 0.5% this week. The move will increase short term rates like car loans, some home equity loans, and credit card rates. The Fed rate increase does not directly increase mortgage rates though. Mortgage rates moved higher already in anticipation of Fed action. Concerns that intense labor demand could spark further wage increases has investors worried the Fed won't be able to curb inflation. A recent Gallup survey showed just 30% of adults think now is a good time to buy a home, the first time it...READ MORE
If you haven't already heard the news, interest rates are on the rise. The Fed promised, and they delivered in their meeting this week. The Federal Reserve Meeting At their most recent meeting, the Fed moved policy rates up by 0.5%, just as they've been saying. Because it was expected, interest rates had moved in advance, including those for home mortgage loans. What's Next With Rates? It's expected the Fed will continue moving rates on an upward path at each successive meeting of the Open Market Committee, so long as conditions warrant. Most analysts anticipate the increases will continue until the Fed has met its directive of...READ MORE
It's that time of year when many of us start making updates to our homes. May is Home Remodeling Month and Greenway Mortgage is celebrating all month long! Be sure to visit our Facebook and Instagram pages for remodeling inspiration, trends, and information regarding home improvement. Since the pandemic, homeowners were encouraged to spend more time indoors and since then realized that their homes may no longer fit their needs like once before. Perhaps some of us need more space, or have always dreamed of a home office or gym, maybe an outdoor deck or kitchen for entertaining? Whatever the case may be, our wants and needs have certainly changed....READ MORE
Factory orders for durable goods rose in March, pointing to sustained investment in business equipment that is helping drive economic growth. GDP growth slowed to a 1.4% pace in the 1st qtr, an unexpected change for an economy coming off its best performance since 1984. However, personal consumption, the biggest part of the economy, rose an annualized 2.7% in the 1st qtr, compared with 2.5% at the end of 2021. Despite a drop in sales, new home demand remains strong. The number of new homes already sold and not yet...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.