Greenway Mortgage Blog

21 June 2022

Should You Use a Cash-Out Refinance to Consolidate High-Interest Debt?

Many homeowners refinance to pay off debt that has built up over time, such as credit cards and auto loans. If you find yourself struggling with high-interest debt, you’re not alone. According to Experian , the average American household has $92,727 in personal debt. For homeowners, the good news is that you can use a cash-out refinance to pay off debt. With a cash-out refinance homeowners get a mortgage for more than they owe on the home. In turn, they can take the difference in cash and pay off high-interest debt with it, which helps them to save more money over the long term. Mortgage interest rates can be an amazing bargain compared to...

18 June 2022

What Does The Fed's Rate Hike Mean For Mortgages?

They did it again! In an effort to quell inflation, the Fed increased policy rates by 0.75% at their most recent meeting. This is the largest increase since 1994 and more than initially expected. Mortgage interest rates had already moved upward in anticipation. What's next? It is expected the Fed will continue moving rates on an upward path at each successive meeting of the Open Market Committee, so long as conditions warrant. Most analysts anticipate the increases will continue until the Fed has met its directive of containing inflationary forces in the economy. Background on the Fed: The Federal Reserve Board (the Fed) controls the federal...

13 June 2022

Benefits of A Cash-Out Refinance

Buying a home is certainly one of the biggest financial investments you’ll ever make. Keeping a home as comfortable and up to date as possible is key to loving the home you’re in. However, sometimes it’s difficult to come up with extra cash for home renovations and repairs. If you find yourself in this position, you may want to consider a cash-out refinance which allows you to tap into your home’s equity. A cash-out refinance has many benefits and so much to offer. With a cash-out refi, you can renovate your home, consolidate high-interest debts into a single, low-interest loan, buy that dream vacation you’ve been longing for and so much...

10 June 2022

MarketMinute | Something Is Falling In Price

The Fed is expected to raise policy rates by 0.5% next week. This move was previously forecast and is already reflected in mortgage rates. Jobless claims moved to the highest level since mid-January last week, totaling 229K, despite signs of an otherwise strong labor market. Credit card balances have spiked to $841 billion and hit new record levels, as consumers deal with the highest inflation in 40 years. Purchase mortgage applications fell 7% for the week and were 21% lower than the same week one year ago....

4 June 2022

June Is Homeownership Month

More than ever, we have realized that our homes are so much more than the houses we live in. Over the past couple of years, they’ve become our workplaces, schools for our children, and a safe place where we’ve weathered the most challenging moments of a worldwide pandemic. From rural counties to bustling cities, owning a home offers an opportunity to lay down roots, start a family and embark on new beginnings. As National Homeownership Month kicks off this June, homeowners certainly have many reasons to celebrate. Read on to learn about the non-financial and financial benefits it has to offer. In an annual Gallup poll, Americans chose...

GREENWAY BLOG

Should You Use a Cash-Out Refinance to Consolidate High-Interest Debt?

What Does The Fed's Rate Hike Mean For Mortgages?

Benefits of A Cash-Out Refinance

MarketMinute | Something Is Falling In Price

June Is Homeownership Month