Mortgage forbearance provided a lifeline for many homeowners during the COVID-19 pandemic. In February 2021, according to an article on Forbes.com, 2.7 million homeowners were enrolled in forbearance plans. A forbearance plan is an agreement that allows homeowners experiencing a temporary hardship to make a reduced mortgage payment (or no payment at all) during the plan’s term. Someone who received forbearance, will eventually have to repay any amounts not paid during the plan. This past year we’ve seen many extensions on mortgage forbearance plans to help homeowners in distress. In March, the FHA gave qualifying borrowers three more months of forbearance...READ MORE
Fed Chair Powell told a House Select Subcommittee on the Coronavirus Crisis this week that inflation is still seen as transitory, despite recent data showing big increases over last year. Powell also reaffirmed the Fed's intent to encourage a "broad and inclusive" job market recovery and to avoid interest rate increases based only on fear of coming inflation. Unemployment claims resumed their downward trend last week, after rising slightly in the prior week. The labor market continues to head toward a full recovery. The...READ MORE
Are you excited about the thought of owning your own home, but short on funds? Perhaps rising home prices are stopping you from the dream of homeownership. If you’re searching for ways to make buying your first home a reality without having to come up with 20% for a down payment; you’ve come to the right spot. Intrigued? Different loan programs come with their own perks, and this one is no exception. With Greenway’s No Money Down FHA Loan , qualified homebuyers can get 100% financing towards the purchase of a new home. That’s right, no money down. You don’t even need to be a first-time buyer to qualify. Here’s what you need to...READ MORE
The Fed kept policy rates unchanged at this month's meeting, but more officials forecast rate increases in 2023. The markets' response to Fed comments pressured rates higher. Inflation concerns grew this week, as May's producer prices rose at their fastest annual clip in nearly 11 years. Inflation increases are bad for mortgage rates, pushing them higher. Jobless claims continue to come in closer to what economists consider a normal range, a sign that the labor market continues to improve despite high continuing claims numbers. ...READ MORE
If you’re in the market to buy a home in the coming months, you may already have discovered that the competition is tight and the inventory is low in many areas of the country. This housing shortage is the result of a few key factors according to Gay Cororaton, senior economist and the director of housing and commercial research at the National Association of Realtors (NAR). With less than a 2-month supply of homes for sale on the market, the inventory in January 2021 fell nearly 26 percent compared with January 2020, NAR reports. “All in all we’re short now about 3 million homes,” Cororaton said. “That’s a...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.