GREENWAY BLOG

17 October 2023

Credit Tips

  A good credit score is important for more reasons than just obtaining new credit. These days, it can factor into everything from landing a new job to getting the best deal on your insurance policies. It's more important than ever to avoid late payments on your mortgage! A 100 point drop for one late mortgage payment? It’s true. A single 30-day-late mortgage payment can cause your score to drop by as much as a hundred points. Credit scoring algorithms vary based on many factors, and in some instances, the damage may be even greater and last for years. The Costs Accumulate At the time, a single missed payment will cost you only a late...

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13 October 2023

MarketMinute | What's most concerning to home buyers?

According to minutes from last month's Fed meeting, officials see a need for ‘restrictive’ policy and higher rates until inflation eases. Wholesale inflation rose more than expected last month. Consumer inflation met expectations but is still higher than the Fed's goal. Jobless claims remained at historically low levels last week. The job market remains strong in the face of higher interest rates. In a Fannie Mae survey, high mortgage rates surpassed home prices as the top reason...

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11 October 2023

Mortgage News: Fannie Mae Approves 5% Down Payment for Multi-Unit Homes

  Exciting developments are underway in the mortgage industry, and we're here to bring you the most significant breakthrough in the mortgage world in the past decade. In order to expand credit availability and access to affordable rental housing, Fannie Mae is relaxing the down payment requirements for owner-occupants on purchase and basic refinance loans for multifamily homes.   Here's what you need to know: Past requirements of 15% and 25% are being changed, and you can now purchase a two-, three- or even four-family home as an owner-occupant with as little 5% down. This change takes effect for loans closing after November 18,...

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6 October 2023

MarketMinute | Construction spending is a bright spot in housing news

The number of job openings jumped unexpectedly in August. Labor market strength continues despite the Fed's rate hikes. Manufacturing data showed improvement for the 3rd straight month in September, a sign that the worst may be over for the sector. However, the services sector slowed in September, as new orders fell to a 9-month low. Still, the pace was consistent with solid economic growth. Residential construction spending increased 0.6% in August. Private sector spending for single-family homes...

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29 September 2023

MarketMinute | Home price increases persist

Consumer confidence dropped to a 4-month low in September, as consumers continued to feel the pressure of inflation. Orders for durable U.S.-manufactured goods rose in August. An increase in machinery and other products offset a drop in business spending. Last week’s unemployment claims fell to the lowest level since January, indicating a healthy labor market.   Pending home sales dropped 7.1% for the month in August, as mortgage rates surged to levels not seen in 20 years....

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