GREENWAY BLOG

13 September 2023

Mortgage News: FHA Credit Rejection Removal

  Was your mortgage application flagged when you tried applying? Not anymore! If you or someone you know has been denied an FHA home loan, your path forward just got easier.   What changed? The Federal Home Loan Administration (FHA) has stopped placing a warning flag on applications from homebuyers with prior FHA loan rejections. Previously, the FHA system flagged a rejected borrower's record for six months. If the homebuyer tried again with another lender, the flag led to a longer, more stringent review or even to an immediate dismissal. What now? If you or someone you know has been denied for an FHA home loan ,...

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13 September 2023

Understanding PITI: Breaking Down Your Mortgage Payment

  If you're on the journey to homeownership, you've likely encountered the terms "principal" and "interest" in relation to your mortgage. These terms represent the fundamental aspects of what you're borrowing and the associated costs. However, there's more to your mortgage payment than just these two elements. Collectively, these expenses are referred to as "PITI." What does PITI Stand For? PITI is short for principle, interest, taxes, and insurance. This is what makes up your monthly mortgage payment. Deconstructing the Four Components of a Typical Mortgage Payment While most mortgages include these...

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8 September 2023

MarketMinute | How high are homeowners willing to go on their next rate?

Unemployment claims fell to the lowest level since February, underscoring a strong labor market and businesses’ reluctance to let go of workers. The economy added 187K new jobs in August, more than was forecast. However, unemployment ticked up slightly from 3.5% to 3.8%. The service sector expanded for the 8th straight month in August, pushing bond yields higher and pressuring mortgage rates. Despite last week’s lower rates, purchase applications fell 2% for the week and were 28% lower year...

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1 September 2023

MarketMinute | People are buying despite higher rates?

Americans felt more pessimistic about the economy in August after 2 months of growing confidence, mainly due to inflation worries. Job openings dropped to the lowest level in nearly 2-1/2 years, and resignations declined in July, as the labor market gradually slowed. The Fed's preferred measure of inflation posted the smallest back-to-back increases in July since late 2020, showing inflation continues to cool. Pending home sales rose in July for the 2nd month in a row, despite elevated prices,...

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25 August 2023

MarketMinute | Home prices move up despite higher rates

Unemployment claims fell to the lowest level in 3 weeks, showing renewed labor force momentum and a healthy demand for workers. Even with a resilient economy, small business confidence is back at an all-time low, according to a CNBC|SurveyMonkey Small Business Survey. Credit card spending has propped up the economy but is showing signs of slowing, as consumers feel the pinch of higher rates. July home sales fell again as supply dropped to a 25-year low. The number of homes for sale at month’s end...

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