Did you know that interest savings may be hiding in your mortgage? When you think of a mortgage loan, you typically think of interest costs . But if you consolidate other debts into your mortgage, you can start thinking of interest savings instead. Most consumer debt carries a higher interest rate than home financing. If you access cash to pay off some of those debts – even at a slightly higher interest rate than your current mortgage – you can still save on overall interest expenditures. And if you use your monthly savings to pay extra on your principal each month, you can pay off your mortgage faster and save even more. Try Our Debt...READ MORE
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
In 2017 and 2018, Greenway Mortgage was awarded Best Mortgage Company in Monmouth County, NJ by the Asbury Park Press' Reader's Choice Awards.