In today's blog (Part 4), we'll take a look at Condominium Ownership. In case you missed Part 1 through 3 of this 4-part series you can find them here: Part 1: Forms Of Homeownership: Fee Simple Part 2: Forms of Homeownership: Leasehold Part 3: Forms of Homeownership: Housing Cooperative Moving on to condominiums! A condominium is one of a group of housing units where the homeowners own their individual unit space, and all the dwellings share ownership of common use area (hallways, parking lots, roads, etc). The main difference between condos and regular single homes is that there is no individual ownership of a plot of land. All the...READ MORE
Talks continue for another pandemic stimulus package, although it is now questionable if a deal could be pushed into law before the November elections. Pandemic aside, 6,500 new restaurants opened last month. That's only 100 fewer new restaurant openings nationwide compared to a year earlier, a good sign for the recovery. Jobless claims declined last week, falling for the third time in four weeks. Continuing claims fell to 8.37 million; however, more people were on extended benefits. Single-family homebuilding surged in September, cementing the housing...READ MORE
In today's blog (Part 3), we'll take a look at Housing Cooperative (Co-op) Ownership. You'll learn how a Co-op works, what types of co-ops exist, and more! In case you missed Part 1 and Part 2 of this 4-part series you can find them here: Part 1: Forms Of Homeownership: Fee Simple Part 2: Forms of Homeownership: Leasehold Housing Cooperative (Co-op) Ownership Explained: A housing cooperative or a co-op is a corporation whereby the owners don’t own their units outright; instead each resident is a shareholder. Buying a house or renting an apartment aren’t the only living arrangements available, and they...READ MORE
Consumer prices rose 0.2% in September, mainly due to a sharp increase in used car prices. Inflation still remains below the Fed's target of 2.0%, which helps rates remain low. Producer prices also rose in September. The increase was more than expected amid a surge in costs for traveler accommodation services. It was the 1st year-on-year gain since March. Jobless claims unexpectedly increased last week, coming in at 898,000. The increase could heighten fears that the pandemic is inflicting lasting damage to the labor market....READ MORE
Welcome back to our four-part blog series on the different forms of homeownership. In Part 1, we learned about Fee Simple. In case you missed it, click here to learn more . This week, let's dive into Leasehold Ownership. You may have never heard of the term “leasehold”. You’re not alone. In fact, its pretty uncommon and only really encountered in New York, New Jersey and Florida. Basically, someone who buys a leasehold buys the right to live in the building, but does not own the land the building is standing on. Instead, the owner, called the freeholder, grants the buyer use of the building and...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.