When you refinance to a lower rate, you'll get a lower payment. But the opportunities don’t stop there. Take a look: Reduce your balance faster. With a lower interest rate, you pay more principal with each payment, especially in the first years of the loan. Example: After five years of payments on a 30-year loan of $200,000 at 4%, you would pay $19,706 in principal vs. $17,105 on the same loan at 5%. That's an extra $2,601 in benefit on top of the $7,052 of interest savings. Total advantage = $9,653 Own Free and Clear Sooner. There are two ways to make this happen: Pay extra principal. Apply your monthly...READ MORE
Congrats! You’ve made an offer and it was accepted! What’s next? It’s now time to have the home inspected prior to closing. A thorough home inspection when you’re buying a house can save you thousands of dollars in unexpected repairs — or from unwittingly buying a money pit. What is a Home Inspection? A home inspection is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation. Agents often recommend you make your offer contingent upon a clean home inspection. Why? This contingency allows you to renegotiate the price you offered for the...READ MORE
Did you know that you do not need a down payment of 20% to buy a home? In fact, according to data from the National Association of Realtors , over half of home buyers make down payments of less than 6%. Yes, that’s correct! Of course, the advantage of a larger down payment is the potential for lower borrowing costs. In turn, this results in a smaller monthly mortgage payment. In the end, it all depends on your specific situation. Benefits to Buying a House with A Small Down Payment There are some positives to buying a house with little or no down payment as well. For instance, once you make a down payment, you can only access that money via a home loan...READ MORE
Please enjoy this quick update on what happened this week in the housing and financial markets. The economic fallout from the now pandemic COVID-19 coronavirus continues to grow. Stocks have plummeted globally and have now entered a bear market. Mortgage rates have recently spiked higher, despite stocks' losing ground. The media will be late reporting this, as most won't see it until next week's Freddie Mac rate survey. Central banks around the world are announcing stimulus plans to combat the global economic slowdown from the virus. The Fed meets next week and is likely to announce something. The FHFA...READ MORE
In today’s market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. Here are five tips from realtor.com ’s article , “How to Find Your Dream Home—Without Losing Your Mind.” 1. Get Pre-Approved for a Mortgage Before You Start Your Search One way to show you’re serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage. Even if you’re in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your...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.