Blog


Pumpkin spice latte season has arrived. Have you caught yourself spending extra cash on a daily caffeine fix? Although inexpensive, those lattes can add up to a bigger number quite fast!

If you’re looking to purchase a new home, you’re probably aware that saving for a down payment takes discipline. That’s why it is so important to limit your extra expenses (like a latte a day). By doing this, you can reach your down payment goal faster.

Depending on where you live, putting away a small amount away each day into savings will get you to the average down payment you need for homeownership faster than you think.

Take a look here to get an idea of the amount you need to save each day over the next five years to afford a down payment. This applies to those living in the Northeast.

Whether you’ve saved a little or a lot, reach out today, and we’ll work on finding a loan that works for you.


For the Week Ending September 20, 2019

 

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

 

 

Mortgage rates were not directly affected by the Fed policy rate cut this week. Mortgage rates are based on markets that are influenced by but not controlled by Fed policy.
An attack on Saudi Arabia's oil production facilities reduced output, driving up the cost of oil. Consumers are seeing higher gas prices at the pump.
Manufacturing output increased solidly in August, but the outlook for factories remains weak amid trade tensions and slowing global economies.

 

Homebuilder sentiment surged to the highest level of the year in September. However, rising rates and the trade war with China are causing concerns.
Housing starts hit a 12-yr high in August. Both single- and multi-family home construction increased, boding well for declining inventories.
Existing home sales rose to a 17-month high in August. It was the 2nd straight month of gains, likely helped by August's low mortgage rates.

 

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.

 


The Ultimate Mortgage Glossary

Sep 17
2:52
AM
Category | General

At Greenway Mortgage, we want you to feel comfortable making the decisions that get you into the home of your dreams.

A big part of that is speaking the language. We've created The Ultimate Mortgage Glossary just for you which includes major loan types and other terms you will run into during the mortgage process.  

A basic understanding of these terms will make you feel right at home working with a Greenway Mortgage loan officer.

Take me to the Mortgage Glossary >>

 


For the Week Ending September 13, 2019

 

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

 

 

Consumer borrowing was up $23.3 billion in July, the biggest monthly gain since Nov. 2017. The increase pushed total consumer credit to a record $4.1 trillion.
Despite forecasts of a looming recession for 2020, economic data and the labor market continue to show strength.
The Fed will meet next week. Last month's meeting produced the first policy rate cut in 10 years, and speculation continues now for a second.

 

Mortgage applications to purchase a home increased 5% last week and were 9% higher than the same week a year ago. Total application volume rose 2%.
Inventories grew tighter in August, strengthening competition in the market. However, median listing prices saw their largest July-to-August drop since 2012.
The Treasury released a plan last week to recapitalize mortgage giants Fannie Mae and Freddie Mac and to release them from government conservatorship.

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.


There are a number of loan programs available that are suitable for first time home buyers. At Greenway Mortgage, we are proud to offer many conventional home loans that are tailored to you based on your current finances. We also offer special government loan program options to help you get into your new home.

FEDERAL HOUSING ADMINISTRATION (FHA) LOANS

These are government-insured loans from the US Department of Housing and Urban Development (HUD) that offer low down payments, making them especially attractive to first time home buyers who are looking to save where they can. The rates on these loans are often lower than conventional products and have less stringent credit requirements.

FHA loans are also often assumable, meaning you can take over the loan from the previous owner, and pass it on to someone else if you decide to move. Learn more.

VETERANS AFFAIRS (VA) LOANS

VA loans are offered by the government to veterans of the armed forces, as well as those currently on active duty, and widows or widowers of veterans. VA loans have less strict requirements and require no down payment. Learn more.

UNITED STATES DEPARTMENT OF AGRICULTURE (USDA) LOANS

For would-be home owners living in smaller towns or rural areas, USDA loans are a great option for fulfilling their dreams of buying a home. Like VA loans, they require no down payment but are subject to USDA eligibility maps. Learn more.

Check out more First-Time Home Buyer Programs Here.


Showing results 21 - 25 of 421