Your holiday to-do list is probably pretty long, with all the decorating, shopping, wrapping and gathering. If you want to keep your credit sparkling like the holiday lights into the new year, you may want to think about adding some don’ts to your list as well. DON’T open new credit accounts. A 10% savings at checkout is tempting, but that extra credit card could lower your credit score. DON’T run up your credit card balances. In addition to knocking points off your credit score, higher balances can make meeting your minimum payment requirements more difficult. DON’T put off paying bills. With so much going on,...READ MORE
Please enjoy this quick update on what happened this week in the housing and financial markets. The Fed kept policy rates unchanged at this week's FOMC meeting and also signaled that rates are unlikely to change in 2020 with moderate economic growth. Consumer prices increased more than expected in November, mainly due to higher gas costs. Price increases drive inflation, which pressures mortgage rates higher. Stocks continue to hit record highs as a phase one trade deal with China seems to be moving closer to completion. If not postponed, more tariffs take effect Dec 15th. Builders continue to move...READ MORE
Facing aging housing stock and tight markets, more consumers are looking to renovate a new purchase or their existing house to create he home of their dreams. Making significant home improvements such as adding an extra room or replacing the roof not only makes a difference in how much you enjoy your home, but it can improve its overall value as well. The top 3 interior renovation projects with the best likely value to the home for resale is: Complete Kitchen Renovation Kitchen Upgrade Bathroom Renovation According to a study from NAR, 75% of homeowners have a greater desire to be in their home after remodeling. In 2019, 73% of homeowners say they...READ MORE
Please enjoy this quick update on what happened this week in the housing and financial markets. The Fed meets next week for the last FOMC meeting of the year. A policy rate cut is not expected, but markets will be looking for signs of what may happen in 2020. Trade talks with China continue on a 'phase one' deal. A trade deal is expected to boost the global economy, and a deal announcement could pressure mortgage rates higher. The trade deficit dropped to its lowest level in nearly 1-1/2 yrs in October, suggesting trade could contribute to economic growth and higher rates in the 4th...READ MORE
On November 26, 2019 the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2020. The maximum loan limit for one-unit properties will be $510,400 , an increase from $484,350 in 2019. Release . The decision was based on the recovery of housing prices under the Housing and Economic Recovery Act of 2008 (HERA). They require that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price. FHFA third quarter 2019 House Price Index (HPI) reported that house prices...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.