Protecting your credit score during this time is extremely important. We encourage you to be proactive in monitoring your credit, staying on top of personal finances, and using resources that are available to you. The three major U.S. credit reporting agencies Equifax, Experian and TransUnion are making it easy for consumers to do just this! They are currently offering consumers free weekly credit reports through April 2021. The reports are available on AnnualCreditReport.com . Lots of sites promise credit reports for free, but don’t be fooled by look-alikes. AnnualCreditReport.com is the only official site explicitly directed by Federal law to provide them. Normally...READ MORE
The Fed reported this week that the economic recovery continued at a modest pace over the first weeks of this year. Most businesses remain optimistic about the next 6-12 months. Many investors are concerned that increased spending resulting from President Biden's stimulus measure, if passed, will lead to greater inflation and might pressure rates higher. Jobless claims rose slightly last week to 745,000, just below estimates of 750,000. The increase underscores the pandemic's lingering effect on labor market recovery. A new report from the CFPB...READ MORE
Consumer confidence increased in February. Households report plans to spend more over the next 6 months as they are more optimistic about the labor market and economic recovery. Fed Chair Jerome Powell testified before Congress this week, saying the economy has a long way to go and reassuring that the Fed will remain accommodative. Jobless claims fell more than expected last week to 730,000, much lower than the forecast of 838,000, pointing to a labor market that is slowly recovering as businesses reopen. After a brief pullback in December, existing home...READ MORE
Retail sales jumped 5.3% to start 2021, well ahead of the 1.2% expectation. The big move came as millions of consumers received $600 stimulus checks. Producer prices increased in January by the most since 2009 as the cost of goods and services surged. This points to a potential rise in wholesale inflation and is not good for rates. January Fed meeting minutes indicate officials see the economy "far from" the Fed's goals for the labor market recovery and inflation, so policy is unlikely to change soon. Housing starts fell more than expected in January...READ MORE
When closing your refinance there are a few basics you need to know in advance. Your “payoff amount” is always higher than your remaining principal balance. Your balance is the amount of remaining principal owed. Your payoff amount is the balance plus prorated interest from the last payment received until the loan is actually paid off. The funding date is usually different from the closing date. The government mandates a three-day rescission period for refinances of primary residences. Loan payoffs will not occur until the fourth business day post-closing. This will affect the payoff amount, the final payment date and the release of any...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.