Greenway Mortgage Blog

8 March 2022

Understanding Mortgage Rate Locks

You may have heard the term rate lock before. Rate locks can save you thousands of dollars over the time you hold the mortgage loan, but what exactly are they and how do they work? Mortgage interest rates are constantly moving up and down throughout the day and daily. During the underwriting and process stages of a mortgage, rates can fluctuate. Getting a mortgage rate lock is a way to keep your interest rate from moving higher before closing day. What is a mortgage rate lock? A rate lock, also known as rate protection, keeps your interest rate from rising between the time you apply for a mortgage and the time you close on your new loan. A mortgage lender...

4 March 2022

MarketMinute | How Long Have Homeowners Lived In Their Homes?

According to payroll processor ADP, private companies added 475k new jobs in February. ADP also revised January's report upward by 801K. In his testimony before Congress, Fed Chair Jerome Powell said he still expects a quarter point Fed policy rate hike at this month's meeting. New jobless claims came in at 215k, the lowest this year. Continuing claims' 4-week average fell to 1.48 million, the lowest since 1970. Pending home sales were down 5.7% in January, continuing what is now a 3-month drop in...

4 March 2022

MarketMinute | How long have typical owners lived in their homes?

According to payroll processor ADP, private companies added 475k new jobs in February. ADP also revised January's report upward by 801K. In his testimony before Congress, Fed Chair Jerome Powell said he still expects a quarter point Fed policy rate hike at this month's meeting. New jobless claims came in at 215k, the lowest this year. Continuing claims' 4-week average fell to 1.48 million, the lowest since 1970. Pending home sales were down 5.7% in January, continuing what is now a 3-month drop in transactions as...

3 March 2022

FHFA Releases Home Price Index and Values are up 17.5% YOY

The Federal Housing Finance Agency released its House Price Index for Q4 of 2021 and home prices were up 17.5% year over year. Your area's details can be found in my Real Estate Appreciation Data Report. What could this mean for you as a homeowner? You may be able to drop private mortgage insurance and lower your monthly payment Take cash out for home improvements, debt consolidation, tuition payments, or any other purpose When values are high, a refinance could be worth exploring. Are you thinking of buying? High home prices can impact affordability, as can rising interest rates....

2 March 2022

Down Payment Game Plan

Struggling to save up for a down payment on a new home? Saving up to buy a home can feel nearly impossible. But with a solid saving game plan, anyone can squirrel enough away for a down payment on the home of their dreams . There are many simple strategies you can use to make saving a breeze and we’ll cover those in a few. How Much Do You Need to Save For Your Down Payment? You’re probably familiar with the phrase: Save for a 20 percent down payment before you buy a home . Putting this much down shows that you have financial discipline and stability. Plus, it can help you get more favorable rates. While a 20 percent down payment was once a standard,...

GREENWAY BLOG

Understanding Mortgage Rate Locks

MarketMinute | How Long Have Homeowners Lived In Their Homes?

MarketMinute | How long have typical owners lived in their homes?

FHFA Releases Home Price Index and Values are up 17.5% YOY

Down Payment Game Plan