Orders for big-ticket items slipped last month as manufacturers continued to navigate a supply chain crunch that has resulted in higher materials costs and longer delivery times. The economy grew at a robust 6.6% annual rate last quarter, slightly faster than previously estimated, pointing to a sustained consumer-led rebound from the pandemic recession. Initial unemployment claims were little changed over the past week, hovering around pandemic-era lows and showing further signs of job market healing. Existing home sales rose for the second straight month...READ MORE
What is a HECM and is it the same as a Reverse Mortgage? A HECM (pronounced heck-um) is a Home Equity Conversion Mortgage , the fancy name for a Reverse Mortgage. It makes sense when you think about it because that's exactly what you're doing—converting your home equity into cash. If you are a homeowner aged 62 or older, a reverse mortgage can be a helpful tool to help you stay in your home (or even buy a new one) but not worry about having a mortgage payment. You will still be responsible for paying taxes and insurance and for properly maintaining your home. You must use the home as your primary residence. How does a HECM mortgage work? Take a look...READ MORE
Retail sales declined 1.1% in July, more than the 0.3% expected drop. Consumer spending is nearly 70% of all economic activity and a good gauge of overall economic health. Minutes released from last month's Fed meeting show a willingness to start reducing asset purchases before the end of the year, which could push mortgage rates higher. Unemployment claims hit a 17-month low last week, pointing to another month of robust job growth. Continuing claims also dropped to levels last seen in March 2020. Housing starts were up 6.3% in June,...READ MORE
Consumer prices jumped 5.4% in July but came in slightly lower than economists expected. Inflation and any expectation of its continuance put upward pressure on rates. Payrolls increased 943,000 in July as the unemployment rate dropped to 5.4%. Job gains came fastest in leisure and hospitality, followed by professional and business services. Unemployment claims dropped for the 3rd week in a row last week to 375,000, demonstrating labor market improvements due to increased economic activity. States are struggling to distribute the $46 billion in stimulus...READ MORE
An appraisal is an important step in the home buying process. Basically, an appraisal is a professional evaluation of the market value of the home you’d like to purchase. Appraisals are ordered by the lender to confirm or verify the value of the home prior to lending a buyer money for the purchase. On the other hand, a home inspection is different from an appraisal. How so? Home inspections assess the condition of the home before the transaction is finalized. Let’s take a closer look at the two and find out why a home appraisal and a home inspection is needed. What is a Home Appraisal? The National Association of Realtors ...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.