Whether you’ve owned a home before or you’re ready to take the leap into homeownership for the first time there are usually a handful of questions around what is required for a down payment and how-to best source down payment assistance. In today’s blog we’ll go over how much you really need for a down payment and how you can get help with down payment and closing costs. Interesting Statistics About Your Credit Score and Down Payment According to a study done from Fannie Mae’s ESR team, fewer than 1-in-4 consumers are aware that low down payment programs exist. With that said, many still don’t know mortgage lenders’ credit...READ MORE
For the Week Ending September 27, 2019 Please enjoy this quick update on what happened this week in the housing and financial markets. Consumer confidence fell sharply in September, the biggest drop in 9 months. The escalation in trade tensions with China may have contributed to the decline. U.S. business investment contracted more sharply than estimated in the 2nd qtr. The data cast a shadow on the economy, increasing concerns of a recession. Jobless...READ MORE
There's good news in the home financing world: Lower interest rates make financing a home today cost less than it did last year, even though prices continue to rise. Look at the difference in the monthly principal and interest (P&I) payment with a 5% jump in price: You can see the market offers a renewed opportunity to buy at a lower cost. Of course, no one knows how long current rate trends will last. If you or a loved one is ready to purchase, please remember that getting a pre-approval f or your home loan is a good first step. We are glad to discuss the markets, the process, and the many available financing options. Are you ready to get...READ MORE
Pumpkin spice latte season has arrived. Have you caught yourself spending extra cash on a daily caffeine fix? Although inexpensive, those lattes can add up to a bigger number quite fast! If you’re looking to purchase a new home, you’re probably aware that saving for a down payment takes discipline. That’s why it is so important to limit your extra expenses (like a latte a day). By doing this, you can reach your down payment goal faster. Depending on where you live, putting away a small amount away each day into savings will get you to the average down payment you need for homeownership faster than you think. Take a look here to get an idea of the...READ MORE
For the Week Ending September 20, 2019 Please enjoy this quick update on what happened this week in the housing and financial markets. Mortgage rates were not directly affected by the Fed policy rate cut this week. Mortgage rates are based on markets that are influenced by but not controlled by Fed policy. An attack on Saudi Arabia's oil production facilities reduced output, driving up the cost of oil. Consumers are seeing higher gas prices at the pump....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.