There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family, others might think they are too young, and still, others might think their current income would never enable them to qualify for a mortgage. We want to share what the typical first-time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers . Here are some interesting revelations on the first-time buyer: Bottom Line You may not be much different than many people who have...READ MORE
According to the National Association of Realtors’ latest Realtors Confidence Index , 61% of first-time homebuyers purchased their homes with down payments below 6% from October 2016 through November 2017. Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying. The median down payment for all buyers in 2017 was just 10% and that percentage drops to 6% for first-time buyers. Zillow Senior Economist Aaron Terrazas’ recent comments shed light on why buyer demand has remained strong, “Looking into 2018, rent is expected to continue gaining. More...READ MORE
For the Week Ending September 15, 2017 Please enjoy this quick update on what happened this week in the housing and financial markets. Stocks soared to new record highs this week, in part because estimated financial losses from Hurricane Irma dropped from $200 billion down to $50 billion or less. Higher gas prices and rent increases helped consumer prices jump in August, pointing to firming inflation. The Consumer Price Index rose 0.4% over July. Low inflation, despite a strong labor...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.