GREENWAY BLOG

A greener look at a mortgage process unlike anything you have
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First-Time Home Buyer Loan Programs

First-Time Home Buyer Loan Programs

  If you're shopping for your first home loan, you've come to the right place. Here's a quick primer to explain types of purchase loans and the programs you can use to access them. Some of the programs can be particularly helpful for first time homebuyers, especially if you haven't yet built a strong credit history or large savings account. The right mortgage loan program can get you into a home faster and help you optimize your home investment. Here’s information on popular first time homebuyer options. When you compare loan programs, consider: Purpose (purchase, purchase and rehab, or construction)...

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MarketMinute | Home Sale Profits Are Up

MarketMinute | Home Sale Profits Are Up

Consumer inflation data for April was slightly better than expected after coming in higher for 3 consecutive months, a good sign for rates.  Retail sales were unexpectedly flat in April, down from last month's 0.6% increase, an indicator that consumer spending may be losing momentum. Jobless claims were slightly lower last week, but continuing claims — the number of people receiving benefits — rose to 1.79 million. Fewer homeowners are investing in renovations. After peaking in late...

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MarketMinute | A better week for rates and apps

MarketMinute | A better week for rates and apps

The DJIA stretched its winning streak to 6 straight sessions this week, closing above 39K points for the first time in 5 weeks.  This year, consumers will borrow an estimated $334 billion through "buy now, pay later" loans, which often are not reported to credit agencies. The May jobs report showed 175K new jobs in April, a 6-month low. Labor market declines open the door for the Fed to cut rates sooner in 2024. According to the New York Fed, renters put the probability of ever owning a...

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Can You Drop PMI to Pay for a HELOC Instead?

Can You Drop PMI to Pay for a HELOC Instead?

  As your loan balances decrease through regular payments and your home values increase over time, you may become eligible to eliminate your Private Mortgage Insurance (PMI). PMI can add hundreds of dollars to your monthly expenses. By removing it, you can keep that money in your pocket instead. Moreover, if you now have sufficient equity to drop PMI, you also have enough to secure a Home Equity Line of Credit (HELOC). A HELOC is a versatile financial tool that can be used for a variety of purposes, from funding home improvements to financing higher education. No Immediate Need For Cash? This is where the beauty of a HELOC truly shines. A HELOC can...

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MarketMinute | Fed Rate Actions and Home Price Movement

MarketMinute | Fed Rate Actions and Home Price Movement

The Fed kept its policy rate unchanged at this week's FOMC meeting but kept alive hopes for at least one rate cut this year.  Job openings fell to a 3-year low in March, and fewer people quit their jobs. Declining labor market conditions could be good for rates. Consumer confidence dropped to a 21-month low in April, falling for the 3rd straight month amid concerns about the cost of food and gas. The FHFA House Price Index climbed at a faster than expected 1.2% rate for the month in...

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