Are you getting ready to refinance your mortgage loan? If so, here are a few tips to ease the process: DO Continue to make your regular payments. However, if you have a payment due just prior to your scheduled closing, consult with me first. It may be best to pay at the closing rather than to risk having the payment and payoff letter cross in the mail. Prepare your home for the appraisal. The appraiser will take photos inside and out. While a messy house is not really worth less than a clean one, property appraisal is part art, part science. First impressions can make an impact with an appraiser just as with a prospective purchaser....READ MORE
For the Week Ending May 3, 2019 Please enjoy this quick update on what happened this week in the housing and financial markets. The Fed's preferred inflation gauge, the core personal consumption expenditures index, was flat for the month of March and up only 1.6% year-over-year. The lack of inflation helped the Fed keep policy rates unchanged this week at their FOMC meeting. Speculation is that we won't see a rate increase this year. Unemployment applications...READ MORE
For the Week Ending April 26, 2019 Please enjoy this quick update on what happened this week in the housing and financial markets. Stocks continue to hit record highs, helped by strong corporate earnings. Money moving from bonds back into stocks can continue to pressure rates higher. New orders for U.S.-made capital goods increased by the most in 8 months in March, but a drop in shipments suggested business spending slowed. Weekly jobless claims recorded the biggest...READ MORE
When you refinance to a lower rate, you'll get a lower payment. But the opportunities don’t stop there. Take a look: Reduce your balance faster. With a lower interest rate, you pay more principal with each payment, especially in the first years of the loan. Example: After five years of payments on a 30-year loan of $200,000 at 4%, you would pay $19,706 in principal vs. $17,105 on the same loan at 5%. That's an extra $2,601 in benefit on top of the $7,052 of interest savings. Total advantage = $9,653 Own Free and Clear Sooner. There are two ways to make this happen: Pay extra principal. Apply your monthly savings toward...READ MORE
For the Week Ending April 19, 2019 Please enjoy this quick update on what happened this week in the housing and financial markets. Recent optimism in the global economy has been helped by upbeat economic data in China. This has pressured mortgage rates to move higher this week. Retail sales surged in March at the fastest pace since late 2017, increasing 1.6% from February. Spending on autos, gasoline, furniture, and clothing all jumped. The...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.