GREENWAY BLOG

28 June 2022

Most Medical Debts To Be Removed From Credit Reports

  Changes are coming to medical debt reporting on consumer credit histories. In fact, credit scoring is changing to help consumers – specifically those with medical debt. That's not something you hear every day! Could a change in medical debt reporting help you? Read on for what borrowers should know about changes to how medical collections debt is reported. Medical Debt is a Huge Element of Consumer Debt When you think of consumer debt, overspending on credit cards may come to mind first. However, according to Consumer Financial Protection Bureau  research , there’s $88 billion in medical debt on consumer credit records as of last...

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27 June 2022

Homeownership Serves as a Hedge Against Inflation

  If you've been following the news lately, you've heard about rising inflation. Today,  inflation  is at a  40-year high .  According to the  National Association of Home Builders  (NAHB): “Consumer prices accelerated again in May as shelter, energy and food prices continued to surge at the fastest pace in decades. This marked the third straight month for inflation above an  8% rate and was the largest year-over-year gain since December 1981 .” As prices go up for gas, groceries and more, your wallet is likely feeling the impact. If you're thinking about purchasing a home this year you may have...

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24 June 2022

MarketMinute | Mortgage apps rise despite higher prices and volatile rates

In testimony to Congress this week, Fed Chair Powell acknowledged that steep Fed interest rate hikes could tip the US economy into recession. As fears of a coming recession from Fed rate hikes replace fears of inflation in investors' minds, mortgage rates are able to improve. Unemployment claims last week fell to 227K as the labor market continues to show strength despite Fed rate hikes and recession concerns. Mortgage rates have experienced tremendous volatility since inflation data was released...

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21 June 2022

Should You Use a Cash-Out Refinance to Consolidate High-Interest Debt?

  Many homeowners refinance to pay off debt that has built up over time, such as credit cards and auto loans. If you find yourself struggling with high-interest debt, you’re not alone. According to   Experian , the average American household has $92,727 in personal debt. For homeowners, the good news is that you can use a cash-out refinance to pay off debt. With a   cash-out refinance  homeowners get a mortgage for more than they owe on the home. In turn, they can take the difference in cash and pay off high-interest debt with it, which helps them to save more money over the long term. Mortgage interest rates can be an amazing bargain...

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18 June 2022

What Does The Fed's Rate Hike Mean For Mortgages?

  They did it again! In an effort to quell inflation, the Fed increased policy rates by 0.75% at their most recent meeting. This is the largest increase since 1994 and more than initially expected. Mortgage interest rates had already moved upward in anticipation. What's next? It is expected the Fed will continue moving rates on an upward path at each successive meeting of the Open Market Committee, so long as conditions warrant. Most analysts anticipate the increases will continue until the Fed has met its directive of containing inflationary forces in the economy. Background on the Fed: The Federal Reserve Board (the Fed) controls...

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