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 interrupted. ...READ MORE
Please enjoy this quick update on what happened this week in the housing and financial markets. Rates, including those for mortgage loans, hovered near historic lows in 2019 and helped propel the stock market to record highs. Stocks in 2019 gained almost 29%, the most since 2013. Confidence among consumers climbed to the highest level in 5 months in December, as Americans grew more optimistic about the economy and their personal finances. Jobless claims dropped to a 4-week low at the end of last year, the latest signs that the labor market remains robust. This was the 3rd straight drop in unemployment filings. ...READ MORE
What Perceptions Might be Keeping you from Saving Money with a Refinance? "I've read that the rate needs to be 1% or 2% lower than my current one." When average loan amounts were much lower, it took a much bigger drop in rates to achieve tangible savings. Today, even small rate differences can make a big impact. The best way to determine value is to simply divide your costs by your savings. This provides a "break-even" period, and if you know you'll be using your loan past this point, the rest is pure benefit. "I haven't yet reached the break-even point from my last refi." That may...READ MORE
Please enjoy this quick update on what happened this week in the housing and financial markets. Orders for durable goods (products designed to last at least 3 years) fell 2% in November from October. This is the biggest month-over-month decline since May. Stock indexes ticked higher in holiday-thinned trading as investors looked ahead to a promised trade breakthrough between the world’s biggest economies in January. Jobless claims fell last week in a sign of ongoing labor market strength. Claims have been volatile in recent weeks around the holiday season and end of the year. New home sales...READ MORE
Have you checked out home price gains recently? In the most recent quarterly report released by the Federal Housing Finance Agency, all states in the union experienced growth in property values. In fact, average growth in home prices is positive for every state whether you look at 3-month, 1-year, 5-year, 10-year or 30-year averages. What does this mean for you? It reaffirms the potential for growth in your home's value. Even if you've tried before and couldn't, it can open doors for refinancing . You may be able to access cash or save on payments and mortgage insurance. It reassures you that short-term...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.