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Greenway Mortgage offers a refinance program for homeowners with low to no equity. If you, a friend or family member find yourself in a difficult equity position, consider a High LTV Refinance Option. 
 
The high loan-to-value (LTV) refinance option provides refinance opportunities to borrowers with existing Fannie Mae mortgages who are making their mortgage payments on time, but whose Loan to Value (LTV) ratio for a new mortgage exceeds the maximum allowed for standard limited cash-out refinance options.
 
If your home is able to qualify for this refinance program, you could enjoy these benefits:
  • Lower Mortgage Payments
  • Lower Interest Rates
  • Shorter Loan Term
  • Switch from Adjustable Rate Mortgage (ARM) to a Fixed Rate Mortgage
  • Private Mortgage Insurance (PMI) may be transferred or not required at all. (If PMI exists on current loan, it must be transferred to a new loan. If no PMI exists, it may not be required).
Important Program Features
A great feature about this program is that there is streamlined documentation mandates for income, employment and assets. Appraisals are typically not required. In order to qualify, borrower’s must have made 12 payments on their loan being refinanced and it cannot be used to refinance a HARP loan.
 
What property types are eligible?
All property types are eligible including investment properties under this program.
 
For more information on this program click here.
 
The Bottom Line
If you’re having trouble with your mortgage and owe more than your home is worth or you have almost no equity, you might be able to refinance with this program. Think about all that you could save by paying much less on your monthly mortgage payment. Don’t hesitate to speak with a Greenway Mortgage Loan Officer today and see if you will be eligible. (908) 489-4658 
 
 

For the Week Ending February 15, 2019

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Producer prices fell for a 2nd straight month in January, leading to the smallest annual increase in 1-1/2 years. Low or absent inflationary pressure is good for interest rates.
Retail sales recorded their biggest drop in 9+ years in December as receipts fell across the board, suggesting a slowdown in economic activity at the end of 2018.
Jobless claims rose last week, pushing the 4-week moving average of claims to its highest level in just over a year & suggesting some moderation in job growth.

 

Most markets across the country are still seeing home prices inch up, although at a slower pace than in previous quarters. The national median price is $257,600.
The home theater is moving out of the basement and into the main living area. Home theaters are being replaced by comfy, cozy multifunctional media rooms.
A new report shows that only 13% of offers written by agents for their clients faced a bidding war last month—down significantly from 53% a year ago.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.


For the Week Ending February 8, 2019

 

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Mortgage rates have shown more volatility from day-to-day recently. Overall, rates have hovered at recent lows.
The rate of retail sales growth is expected to slow in 2019 amid cooling economic conditions. Still, retail sales are forecast to rise between 3.8% and 4.4%.
The U.S. trade deficit dropped 11.5% in November, falling for the first time in 6 months. The decrease in imports followed 5 straight months of increases.

 

The recent drop in mortgage rates has helped spark greater demand for housing. Many buyers are out shopping, hoping for a quick deal before rates rise.
Data shows luxury house flipping has risen in several markets throughout the nation. However, it's still low relative to the years before 2008.
Freddie Mac says 1.6 million fewer homes are on the market than expected as more of today's seniors choose to age in place.

 

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

 


When you’re ready to get a home loan, it can help to have as much information about the mortgage process as possible. That way you can take the right steps towards getting your loan, and hopefully avoid some of the more common pitfalls along the way. To help you reach your goal of homeownership, here’s a list of do's and don’ts as you start with the process of getting a home loan and buying a home.

DO:

Keep All Records in Good Order.

  1. Availability - Keep your financial records close at hand in case updates are requested.

  2. Income – Be aware that underwriters typically verify your income and tax documents through your employer(s), CPA, and/or IRS tax transcripts. Hold onto new paystubs as received.

  3. Assets – Continue saving incoming account statements. Keep all numbered pages of each statement. Ex. 8 of 8.

  4. Gifts – If you're receiving any gift money from relatives, they'll need to sign a gift letter (we’ll provide) and an account statement evidencing the source, which must be "seasoned" funds.

  5. Current Residence – If you're renting, continue paying your rent on time and save proof of payment. If you're selling your current residence, be prepared to show your HUD-1 Settlement Statement. If you'll be renting your home, you may need to show sufficient equity, a lease and receipt of the first month’s rent and security deposit.

Keep your credit shining. Continue making payments on time. Your credit report may be pulled again, and any negative change to your score could cause you to lose your approval and your home.

Understand that things have changed. Underwriters require more documentation than in the past. Even if requests seem silly, intrusive or unnecessary, please remember that if they didn't need it, they wouldn't ask.

 

DON’T:

Apply for new credit. Changes in credit can cause delays, change the terms of your financing or even prevent closing. If you must open a new account (or even borrow against retirement funds), please consult with me first.

Change jobs during the process. Probationary periods, career or even status changes (such as from a salaried to a commissioned position, leave of absence or new bonus structure) can be subject to very strict rules.

Make undocumented deposits. Primarily large but sometimes even small deposits must be sourced unless they are identified. Make copies of checks and deposit slips. Keep your deposits separate and small. Avoid depositing cash.

Wait to liquidate funds from stock or retirement accounts. If you need to sell investments, do it now and document the transaction. Don't take the risk that the market could move against you leaving you short of funds to close.

Ever be afraid to ask questions. If you're uncertain about what you need or what you should do, Greenway Mortgage is here to help you through the process, even long before you intend to buy.

 


For the Week Ending February 1, 2019

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Consumer confidence was down this month, likely affected by the government shutdown. Still, consumer spirits remain robust by historic standards.
The Fed left policy rates unchanged at this week's FOMC meeting. They also signaled that future rate hikes this year are less likely than previously forecast.
Trade talks with China continue this week, though there is still little indication they are willing to bend to U.S. demands. The deadline for striking a deal is March 1.

 

Case-Shiller says home prices are rising at a slower pace. Even still, values increased 5.2% annually in November, only down from 5.3% in October. 
Pending home sales were down slightly in December. Although tight supply continues to play a role, a drop in mortgage rates is expected to help.
New home sales were up 16.9% in November, vs 2.9% expected. The median sales price of new houses sold in November 2018 was $302,400.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

 


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