Greenway Mortgage Blog

5 July 2022

Private Mortgage Insurance What Is It and When Can You Cancel PMI?

If you’ve purchased your home with a down payment lower than 20% of the purchase price, you’re likely paying each month for private mortgage insurance (PMI). We’ve got all the details on PMI, why you need it, how it’s paid, when you can cancel, and more. What Exactly is Private Mortgage Insurance? Private Mortgage Insurance, also called PMI, is a type of insurance you may be required to pay for if you have a conventional loan. PMI protects the lender if you stop making payments on the mortgage loan. PMI is not to be confused with Homeowner’s Insurance, which is required and protects the physical home and property. When is...

1 July 2022

MarketMinute | Housing and Finance Report

The Fed's preferred inflation gauge rose 4.7% in May from a year ago, slightly less than expected but still stubbornly high. Factory orders for durable goods rose more than expected in May, suggesting business investment remains firm despite economic concerns. Fed Chair Powell insisted this week that the Fed is not deliberately trying to cause a recession and that the economy is on solid footing. Despite gloomy headlines and higher mortgage rates, new home sales unexpectedly rose in May and reversed a 4-month slide....

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 June....

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 hesitated a...

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 June 10, but mortgage...

GREENWAY BLOG

Private Mortgage Insurance What Is It and When Can You Cancel PMI?

MarketMinute | Housing and Finance Report

Most Medical Debts To Be Removed From Credit Reports

Homeownership Serves as a Hedge Against Inflation

MarketMinute | Mortgage apps rise despite higher prices and volatile rates