GREENWAY BLOG

26 August 2024

Understanding Rate Locks: Why Longer Locks Come with Higher Costs

  Understanding Rate Locks: Why Longer Locks Come with Higher Costs When you apply for a mortgage, one of the most crucial decisions you'll face is locking in your interest rate. But why do longer rate locks tend to cost more? It all comes down to risk—both for you and the lender. The Role of Interest Rate Fluctuations Between the time you apply for a loan and the moment you close, interest rates will fluctuate. Sometimes, these changes are subtle, but they can also be quite volatile, even shifting from one minute to the next. Locking in your rate serves as a safeguard against rising rates, much like purchasing an insurance policy....

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4 March 2022

MarketMinute | How long have typical owners lived in their homes?

  According to payroll processor ADP, private companies added 475k new jobs in February. ADP also revised January's report upward by 801K. In his testimony before Congress, Fed Chair Jerome Powell said he still expects a quarter point Fed policy rate hike at this month's meeting. New jobless claims came in at 215k, the lowest this year. Continuing claims' 4-week average fell to 1.48 million, the lowest since 1970.     Pending home sales were down 5.7% in January, continuing what is now a 3-month drop in...

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8 June 2018

Day 1 Certainty: Everything you need to know

DAY 1 CERTAINTY Making the loan process easier!   Greenway is making the loan process easier with Day 1 Certainty! Day 1 Certainty is a data validation tool backed by Fannie Mae that allows us to confirm and update your assets and income with the click of a button. Prior to Day 1 Certainty, you would have to manually provide us with several months’ worth of documents just to verify your assets and income, often multiple times during the loan process. With Day 1 Certainty, we can automatically collect all your information and update it as needed. Using Day 1 Certainty, helps us provide you with a SMOOTHER loan process and a faster closing....

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20 April 2018

Move Up With A Bridge Loan

Move Up with a Bridge Loan and bridge the gap in financing between your current home and your dream home! Buying a new home before you can sell your old one can present quite the financial conundrum. This is mostly because you have to come up with the cash for a new property when you don’t have access to the home equity you have already built up in your existing property. That’s where a bridge loan comes in. What is a Bridge Loan? A bridge loan, also called a “wrap” or “gap financing,” allows borrowers to purchase new property by accessing the equity in their current property before it’s sold. How does a Bridge Loan Work?...

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29 March 2018

7 Factors to Consider When Choosing A Home to Retire In

As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement. According to the  National Association of Exclusive Buyers Agents  (NAEBA), there are  7 factors  that you should consider when choosing your retirement home. 1. Affordability “It may be easy enough to purchase your home today but think long-term about your monthly costs. Account for property taxes,...

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