GREENWAY BLOG

A greener look at a mortgage process unlike anything you have
experienced before. Where experience, efficiency & integrity meet.

First-Time Home Buyers – You Have Options!

First-Time Home Buyers – You Have Options!

  It’s no lie, the housing market has been wild. If you’re a first-time homebuyer, don’t lose faith in finding your first home. You have options. Sometimes thinking outside the box can lead you in the right direction. Here are a few things to consider: Your Budget Have you crunched the numbers yet to see how much you can afford? If you’re unsure of your magic number, reach out to the experts at Greenway Mortgage. We’ll look at your finances and assess what you can borrow. Consider a Condo or a Townhouse Condos and Townhouses make great starter homes. In fact, they’ll help you build equity to fuel a move when...

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Understanding The Hows and Whys of Escrow Accounts

Understanding The Hows and Whys of Escrow Accounts

  Why bother with escrow accounts? Escrow accounts provide for the timely payment of taxes and insurance on your home.  This prevents tax liens, loss of property and any lapse of insurance coverage.  As part of your regular mortgage payment, 1/12th of the annual cost is collected. These funds are held and paid out as bills come due. If taxes are $5,000 and insurance is $1,000 for a total of $6,000, you’ll pay $500 into escrow each month. The balance will build until an outgoing payment is made. The minimum required balance is usually a two month cushion  to assure that sufficient funds are in the account even if payments are...

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MarketMinute | What's the home renovation spot du jour?

MarketMinute | What's the home renovation spot du jour?

The Fed's favorite inflation gauge rose 3.6% to a 30-year high in August. Inflation will typically pressure interest and mortgage rates higher. Stock market holdings made up about half of the $109.2 trillion of household-owned financial assets through the second quarter of 2021, reaching a 70-year high. Initial jobless claims fell last week to 326k, the lowest in a month, pointing to ongoing improvement in the labor market. Continuing claims fell to 2.7 million.   The housing market has been fiercely competitive over the last few months, but housing...

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MarketMinute | What's Higher Than Expected?

MarketMinute | What's Higher Than Expected?

In testimony before Congress, Fed Chair Powell cautioned that the causes of the recent rise in inflation may last longer than anticipated. Inflation could pressure rates higher. The economy expanded at a 6.7% annual pace in the 2nd qtr despite a resurgence of COVID-19, a slight increase over earlier growth estimates. Initial jobless claims rose for the 3rd straight week. However, unadjusted claims, which economists say offer a better gauge of the labor market, fell slightly last week.   Home prices climbed to a new record in July, as buyers continued to...

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How Will The Rate News Affect Your Mortgage?

How Will The Rate News Affect Your Mortgage?

  Here’s how the rate news could affect your mortgage If you follow the financial news, you know that the Fed recently had one of their scheduled meetings to discuss and comment on policy. First, who is the Fed? The Federal Reserve Board (the Fed) is the central banking system of the U.S. The Fed supports the U.S. economy with monetary policy. The Fed indicated it could start raising rates in 2022. These are charges for overnight loans from bank to bank and will often indirectly impact mortgage rates.  The Fed also expects to begin tapering its asset purchases “soon,” as early as its next meeting in November.  The Fed began...

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