If you are not happy with your mortgage loan, there is no reason to feel trapped! Refinancing allows borrowers to take out a new loan and pay off the old one. The result? A lower interest rate, more favorable terms or even the opportunity to walk away with some cash in your pocket! Take a look at these 5 reasons to refinance your mortgage:

#1 Mortgage Rates Have Gone Down

The primary reason many homeowners refinance their mortgage is to lower their interest rate. It's why we refinance just about any loan, whether it's a mortgage, student loan, or even credit card debt (think 0% balance transfer cards). You could save thousands of dollars a year!

Evaluate whether to refinance a mortgage based on today’s rates, not a prediction of future rates. Right now, is the perfect time, too! Keep in mind that a lower payment is also a function of the term of the new loan. For instance, if you have 20 years left on your mortgage and refinance back to a 30-year mortgage, the extended term will lower your monthly payment even at the same interest rate. Consult with a Greenway Loan Officer to see if refinancing is right for you. We’ll answer all your questions and concerns.

#2 Your Credit Score Improved

Even if rates haven't gone down, you still may be able to qualify for a lower rate if your credit score has improved.

#3 When You Need to Lower Your Payment

Families on tight budgets may find refinancing provides relief from high payments. In many cases, this is achieved by extending the term of the loan. Borrowers need to carefully weigh whether the monthly savings are worth paying on a debt for years longer than originally planned.

#4 To Convert an ARM to a Fixed Rate Mortgage

Refinancing can make sense as a way to convert an Adjustable Rate Mortgage (ARM) to a fixed rate mortgage. This is particularly true if you believe interest rates may be on the rise. 

#5 Your Home Has Increased in Value

If the value of your home has gone up, you might also get some benefit from refinancing, especially if you have other high-interest debt to pay off. When you get a cash-out refi, you take out a new mortgage that’s larger than what you previously owed, and you receive the difference in cash. A cash-out refinance is an alternative to a home equity loan.

Bottom Line

For borrowers, refinancing can save money, reduce monthly payments and provide a source of cash. Don’t wait! Reach out today to see if you should refinance your home mortgage and to discuss current rates.

Check out our Refinance Calculator!
Is your old APR (Annual Percentage Rate) too high? Estimate the benefits of refinancing using our calculator >> Click here.


For the Week Ending April 5, 2019


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

Signaling a possible slowdown in the economy, retail sales dropped 0.2% in February. Slower economic activity is likely to keep the Fed from raising rates.
Rates bounced up off their recent lows this week. The market often moderates this way following a quick drop.
Talks with China for a new trade deal continue to progress. When a new deal is completed, it could help push stocks higher and boost consumer confidence.


New home sales rose to an 11-month high in February, suggesting lower mortgage rates were providing further lift to the housing market.
Construction spending also hit a 9-month high in February, increasing for the 3rd straight month. The strong gains are a good sign for the housing market.
According to NAR, 32% of homes sold in February were on the market for less than a month. The median existing-home price for February was $249,500.

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.

Greenway Mortgage is opening more doors for New Jersey’s Police and Fire Professionals!
We understand the unique stresses and financial burdens which our everyday hero’s go through on a daily basis. With the increased medical coverage and pension contributions, a lot of our pay checks have been decreasing over the past few years. Greenway Mortgage has great news! The Police and Firemen’s Retirement System Mortgage Program can help!

What is the Police & Firemen’s Retirement System Mortgage Program?
The NJ Housing and Mortgage Finance Agency makes available the Police & Firemen’s Retirement Systems Program (PFRS) to qualified police officers or fire fighters who are active (not retired) members of the PFRS pension and otherwise eligible, with at least one-year creditable service at time of application.
What are some key features of this program?
  • For new mortgages and refinances
  • Available to first-time and repeat homebuyers
  • Owner occupied residents only
Are all properties eligible for this mortgage?
Properties that are eligible must be a one- or two-family residence or condominium located in the State of New Jersey and you must occupy the residences within 120 days of closing and remain in the residence for the life of the loan.
What is the maximum mortgage amount I can borrower?
The maximum mortgage amount is determined by Fannie Mae. The current maximum mortgage amount is $484,350.
Other Important Details:
  • There are no first-time homebuyer requirements
  • Conforming loan limits only
  • Mortgage insurance is required on loans with down payments less than 20%
  • Volunteer fire fighters or retired police or fire fighters are not eligible for the PFRS mortgage loan program
  • Monthly service charge applicable
Eligibility requirements, exclusions and other terms and conditions apply
This program is a huge benefit to members that are eligible. Reach out today with any questions or for more information and to see if you are eligible.

For the Week Ending March 29, 2019


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



Global economic concerns have sent bond prices soaring this week as investors move to safety. Improved bond prices have helped bring mortgage rates lower.
The 4th quarter GDP number was reduced from 2.6% to 2.2%, signaling economic growth slowed even more than was initially reported.
Consumer confidence slumped in March, missing forecasts. This was the 4th decline in 5 months and could contribute to slowing the economy.


Housing starts fell 8.7% in February, the most in 8 months. Construction of single-family homes dropped to more than a 1-1/2-year low.
Home prices, however, continued to rise in January. Nationally, prices rose 4.3% year-over-year, which is near the long-term average pace.
Despite lower mortgage rates, pending home sales dropped 1% in February compared with January. Further rate drops in March could bring more sales.

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.

Erin the Expert is Back! Her second series of Mortgage Videos is ready to roll out over the next few months.

The first one going live is a quick overview of the Written Verification of Employment and why it's so important to the mortgage process. Watch the video below and then dive in further.

A written verification of employment (WVOE) is a typical mortgage requirement whereby the lender requests a form be completed by the borrower's current and/or previous employers to ascertain and verify specific details about their employment such as dates of hire and termination as well as compensation structure (salary, bonus, commissions) and year to date earnings.

  • WVOEs are a requirement and must be completed in order to secure financing
  • If an employer does not return it in a time timely fashion or refuses to complete it, your loan approval could be in jeopardy.
  • We find it best that the borrower prepare their employer for the WVOE request to ensure they realize the importance.

Read our in-depth post here

Additional Resources

Are you a first time home buyer?

Consider downloading our FREE homebuying guide specifically for those new to the process. It's packed with useful information, checklists and tip sheets to get you off on the right foot.

Are you ready to take the next step?

It's time to get pre-approved with Erin the Expert!





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