Greenway Mortgage Blog

3 March 2023

MarketMinute | Prices and Pending Sales are on the Rise!

January's manufactured capital goods orders grew by the most in 5 months, ending 2 straight months of declines. Consumer confidence declined in February, as rising prices and growing recession concerns outweighed the near-term strength of the economy. The PCE, a key inflation measure, rose more than expected in January, indicating the Fed has more work to do to bring down prices. Pending home sales jumped 8.1% in January, improving for the second straight month, as mortgage rates fell from 2022 highs....

28 February 2023

FHA Loan Borrowers Can Soon Save $800 Per Year

Mortgage Insurance will cost less on new FHA home loans. Yes, you heard right, financing a home just became more affordable for hundreds of thousands of buyers! Beginning March 20, most FHA loans will carry lower mortgage insurance premiums. The average FHA borrower will save $800 per year.* Costs are based on loan amount, so savings will be even higher on pricier homes. With lower costs, you'll save on your monthly payment and require less income to qualify for the mortgage you want! Here's a little background: FHA loans can often accommodate borrowers with lower credit scores, income and cash-to-close than conventional loans. FHA...

28 February 2023

Buying a Home When Mortgage Rates Have Risen

It's true rising interest rates can make a big difference in your monthly mortgage payment. But interest rates are only one factor in the cost of financing a home. The market changes that typically come with rising rates can be beneficial and even help mitigate higher payments. Low-Rate Environment vs. Average Rate Environment Low-Rate Environment In a low-rate environment, buyers are likely to rush to the market. That creates stiff competition, which can lead to a frenzy of bidding wars and rapidly rising prices. Average Rate Environment In a calmer environment, you’re less likely to compete against other buyers. You’re more likely...

24 February 2023

MarketMinute | Good News for First-time and Low-income Homebuyers

The New York Fed reports consumer debt hit a new record at the end of 2022, while delinquency rates rose for several types of loans. Minutes from last month's Fed meeting showed most officials supported a quarter point hike though "a few” favored a bigger half point hike. Fed officials stated the signs of slowing inflation are not enough to counter the need for more interest rate increases. Existing home sales dropped to the lowest level in more than 12 years in January. The pace of decline slowed, though,...

21 February 2023

Is Using A Reverse Mortgage A Good Idea?

No need to back away from reverse mortgages! Reverse mortgages have grown up in recent years. Our clients aged 62 and older most often use them as a safe option in two instances: They have accumulated much of their wealth in their home and would like to access equity without selling. They want to purchase a new home without making a monthly principal and interest payment or touching other investments. Plus, if clients want to pass the home down to their children, it can stay in the family. Heirs pay the amount owed or 95% of the home's appraised value, whichever is less. Click here to learn more about Reverse Mortgage and Reverse Mortgages...

GREENWAY BLOG

MarketMinute | Prices and Pending Sales are on the Rise!

FHA Loan Borrowers Can Soon Save $800 Per Year

Buying a Home When Mortgage Rates Have Risen

MarketMinute | Good News for First-time and Low-income Homebuyers

Is Using A Reverse Mortgage A Good Idea?