GREENWAY BLOG

A greener look at a mortgage process unlike anything you have
experienced before. Where experience, efficiency & integrity meet.

MarketMinute | Investors Show Housing Market Love

MarketMinute | Investors Show Housing Market Love

Job openings unexpectedly increased in August after 2 straight monthly declines, but hiring was soft and consistent with a slowing labor market. In September, however, private sector hiring picked up, according to ADP. The labor market is holding its ground despite some signs of weakness. Fed Chair Powell said the recent half-point policy rate cut shouldn’t be interpreted as a sign that future moves will be as aggressive. August’s pending home sales edged up 0.6% from July's record low...

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What Are Mortgage Discount Points, and Should You Pay Them?

What Are Mortgage Discount Points, and Should You Pay Them?

  What are points, and how much do they cost? "Points" or "Discount Points" are a type of prepaid interest you can pay upfront to lower the interest rate on your mortgage. One point equals 1% of the loan amount. Example: 1 point on a $100,000 loan = $1,000. Should You Pay Discount Points? To decide if paying points is a good idea, calculate your break-even point . This is when the money you save from a lower interest rate equals the upfront cost of the points. Example: On a $100,000 loan, paying 1 point reduces your interest rate by 0.25%, saving you $15.17 per month. Break-even calculation:...

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MarketMinute | Mortgage rates fuel optimism

MarketMinute | Mortgage rates fuel optimism

The economy grew at a 3% annualized pace in the second quarter, a faster pace than Wall Street had expected and a sign of economic resilience. Orders for durable goods were flat in August, much better than economists’ expectation of a 3% drop. Contrary to other reports showing labor market weakness, last week's jobless claims fell to 218K, hitting a 4-month low despite slower hiring. New home sales fell less than expected in August. More homebuilders are optimistic for the near-term outlook...

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Understanding Mortgage Qualification Ratios

Understanding Mortgage Qualification Ratios

  We're not taking you back to high school. When it comes to your mortgage, qualification ratios may seem like something from your high school calculus class. It's actually not rocket science. The math is simple, and the concept is sound.  What is Income Ratio? Income Ratio is your total monthly housing payment as a percentage of your gross monthly income. Your total housing payment consists of principal, interest, property taxes, hazard insurance, mortgage insurance (if applicable) and any condo/co-op or association fees.  What is Debt Ratio? Debt Ratio is your total monthly housing payment plus any recurring monthly...

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MarketMinute | The Fed finally cuts rates, plus more positive housing news

MarketMinute | The Fed finally cuts rates, plus more positive housing news

The Fed cut its policy rate by 0.50% this week. Mortgage rates had already fallen. Guidance suggests further improvement as the data warrants. Retail sales showed a surprise gain in August, a sign of ongoing consumer resilience that suggests the economy remains on solid footing. Jobless claims fell last week to the lowest level since May, indicating a healthy job market despite a slowdown in hiring. Homebuilder confidence edged up in September as mortgage rates fell, breaking 4 months of consecutive...

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