As you look for a home, speed may be something you value highly. Pre-approval, getting an offer accepted, and of course moving in. Online lenders like Rocket Mortgage from Quicken Loans have capitalized on this, creating more demand for speed, and swiftly brushing off the other key values of working with a local mortgage lender. But jetting off towards your dream home may not be all there is to the story. According to Investopedia - Online mortgage companies have become an increasingly significant force in the home loan industry. Leading the charge is Rocket Mortgage, with its automated approval process. Do these web-based firms have more to offer...READ MORE
Last month’s Fed meeting minutes showed officials agreed on the need to eventually dial back the pace of policy interest rate hikes. Consumer sentiment rose to a 3-month high in early August, indicating stronger expectations about the economy and personal finances. Retail sales for July were flat compared with an anticipated 0.1% gain. Falling fuel prices helped drive retail spending. Builder sentiment for the single-family homes market fell into negative territory in August, as builders and buyers struggle with higher...READ MORE
You’re almost there! You’ve been saving so long for a down payment on a new house and even set a budget for your monthly mortgage payment. But there’s one more thing you’ll need to consider: closing costs. Surprisingly, many home buyers get caught off guard by closing costs , which can certainly be an unpleasant surprise if you’re unaware. According to a 2021 Realtor.com survey of 3,000 adults, 44% said they weren’t aware of all the costs associated with buying a home. What Are Closing Costs and What Do They Cover? Closing costs encompass a variety of expenses above your property’s purchase price. They include...READ MORE
The consumer price index rose 8.5% in July from a year ago but was below expectations, due largely to slumping energy prices. Wholesale prices also fell in July, down 0.5% from the previous month. It was the first wholesale price drop in 2 years. Non-farm payrolls rose 528K in July, and the unemployment rate was 3.5%, easily beating estimates of 258K and 3.6%. Fannie Mae’s Home Purchase Sentiment Index fell 2 points in July to 62.8, its lowest reading since 2011. The total...READ MORE
The Annual Percentage Rate (APR) is not the rate you pay. Homebuyers will often believe the lowest annual percentage rate (APR) is the best. In fact, it's more important for buyers to weigh options against their personal financial situation and the amount of time they plan to have the loan. Low APRs typically come with the highest cost, and those funds can often be better deployed against larger down payments or, in some instances, paying off high-rate consumer debt. Here's a quick overview of what an APR is and how to calculate the costs and/or savings that accompany a lower one. What is APR? APR is not the interest rate that you pay....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.