Unemployment claims for last week came in lower than expected at 223K. Claims have dropped from a record high of 6.149 million in early 2020. Consumer prices surged even higher than expected in January, climbing 7.5% year over year. That’s the largest annual gain since 1982. A strong labor market and rising inflation have increased the probability of a larger policy rate hike to come at March's Fed meeting. Foreclosures were up in January after a pandemic moratorium ended, though still less than 50% of January...READ MORE
Finally some good news in the mortgage world! 🗞🗞→ Documenting income for self-employed buyers is returning to normal. What does this mean? In typical scenarios, borrowers who rely on self-employment income may now submit their most recent federal income tax returns as proof of income, as long as the returns are no earlier than 2020. How does this help? Covid-era rules for certain government-backed loans required self-employed borrowers to submit recent P&L statements, asset account statements, and more. It’s much easier for most to supply tax returns instead. If you know of anyone who delayed a mortgage because of the extra...READ MORE
If you’re looking for an all-in-one financing solution to build your dream home, look no further. The FHA Construction Loan is one of Greenway’s Specialty One-Time Close Construction Loans. Low inventory and rising home prices can make buying a home challenging. There’s no reason to wait for your perfect home to become available on the market. With an FHA construction loan from Greenway Mortgage, you can build the home you want—and finance it with just one application and one closing. It's that simple! The Lowdown on the FHA One-Time Close Construction Loan… The FHA One-Time Close Construction Loan...READ MORE
Private payrolls fell by 301K in January vs the expected 200K gain, according to ADP. The drop is blamed on the Omicron variant’s spread. The core personal consumption expenditures price index, an inflation gauge watched closely by the Fed, rose 4.9% year over year in December. Job openings totaled nearly 11 million in December, more than 4.6 million above the total unemployment level, according to the Labor Department. Although housing inventory remains tight, single-family housing starts reached 1.123 million last year, the highest level since...READ MORE
When it comes to homebuying, knowing what you can afford should always be step number one. In today’s housing market, a real estate agent or seller is going to want to know if you’ve been pre-approved by a mortgage lender. But what does pre-approval really mean, and why is it so important? With rising home prices and high buyer competition, a pre-approval letter is crucial prior to making an offer. This year especially, being intentional and competitive are musts when it comes to buying a home. Benefits of a Pre-Approval Letter A pre-approval letter is the only way to know your true price range and how much money you’re able to borrow...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.