It's common belief that when you make your mortgage payment to a bank or other large mortgage servicing company, they are the ones earning the interest you pay each month . While this would seem like simple common sense, it's actually much more involved, and the truth may surprise you. Follow the steps to see where your payment may really end up. First, you pay your loan servicer. Next, your servicer takes a small fee for the administration of your loan and escrow account, then sends your payment off to Fannie, Freddie, Ginnie Mae, or other large aggregators of loans. These agencies have pooled your loan with...READ MORE
Please enjoy this quick update on what happened this week in the housing and financial markets. The Fed met this week, leaving policy rates unchanged as expected. The Fed committed to continue buying bonds, which should help keep rates low. The 1st qtr GDP declined more than expected, down 4.8% versus estimates of 3.5%. This was the first negative reading since 2014, though not as bad as the worst of the financial crisis. Jobless claims remain elevated as another 3.8 million people filed for unemployment last week. That brings the total to more than 30 million filings in the last 6 weeks....READ MORE
Your credit is one of the most important items when it comes to your financial health. Even in the best of the times, maintaining healthy credit can be an overwhelming task, let alone during the economic uncertainties related to the COVID-19 pandemic. What can you do to protect your credit in the months to come? Keep reading to learn what you can do on your own to prepare. Need Assistance? Find Out Who to Call: First, figure out where you have accounts and what you owe. If you haven’t pulled your free credit report in a while, getting one now will give you a baseline for your accounts and balances. Where can you get a free credit report?...READ MORE
Please enjoy this quick update on what happened this week in the housing and financial markets. A recent Reuters poll shows a majority of economists believe we will see a "U-shaped" economic recovery, in which the economy will stabilize a while before climbing to previous levels. After the first round of paycheck protection funding disappeared quickly, Congress approved a new $484 billion relief package. It includes $310 billion for small businesses. 4.4 million workers joined the ranks of the unemployed last week, bringing total new jobless claims to 26.5 million in the last 5 weeks....READ MORE
College graduation is a huge accomplishment. It is also the first step of your adult life! That’s why it’s important to have good financial practices in place for a successful future. To help kick start your future, here are 6 financial practices to start after college graduation. #1 Build a Budget & Start Saving (NOW) Create a budget for yourself that takes in account the following: Your Savings Goals Monthly Payments (rent, utilities, car payments, student loans, etc) Weekly Spending (gas groceries, entertainment) Tip: There are many mobile apps now-a-days that can help you get...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.