Whether you're a seasoned home buyer or embarking on your first home-buying journey, the spring real estate market of 2024 is full of opportunities and challenges alike. At Greenway Mortgage, we're committed to ensuring you have a smooth and successful home buying experience, every step of the way.

As interest rates begin to shift and inventory remains tight, preparation is key to staying ahead in this competitive market.

That's why we've created a comprehensive Spring Guide to Buying a Home specifically tailored to help you navigate the complexities of today's real estate landscape with confidence.

 

Why Preparation Matters In Today's Housing Market

Being prepared helps you understand the language and the process of buying a home. It helps you paint a clear picture of your financial situation and determine your buying power.

It also helps you avoid pitfalls, particularly those related to documentation, that cause stress and slow down the process. Most importantly, it gives you confidence and helps you make better decisions.

What Our Homebuying Guide Offers:

Our Spring Guide to Buying a Home is packed with homebuying information, resources, checklists and interactive calculators that you can use as a resource throughout the home buying process.

1. The 5 Stages of the Mortgage Process: From pre-approval to closing, we break down each stage so you know exactly what to expect.
2. Harnessing the Power of Pre-Approval: Discover how a pre-approval can give you a competitive edge in securing your dream home.
3. Documenting Success: Learn how to avoid documentation mistakes that could slow down your mortgage application.
4. Deciphering Credit Scores: Understand how your credit score influences your mortgage qualification and how to optimize it.
5. Mastering the Art of Closing: Insider tips on navigating the closing process like a pro.
6. Property Evaluation Checklist: A handy home buying comparison checklist to help you evaluate properties and neighborhoods with confidence.

Download Your Free Homebuyer Guide Today:

Click here to download your free copy of our Spring Guide to Buying a Home and embark on your house hunting journey with confidence.

Feel free to contact us with any questions about programs, the mortgage process, or to get pre-approved - we are here to help.

Happy house hunting from the Greenway Mortgage Team.

 

 

 

Congratulations! Your new home is now in the 'pending' stage, indicating that your offer has been accepted, inspections have passed, and you're one step closer to sealing the deal. It's important to understand that this phase can be more complex than it seems. That's precisely why we've put together this Q&A blog, where we'll delve into the intricacies of pending homes and provide expert insights to make your home buying experience as seamless as possible.

Check out some common questions below and don't hesitate to reach out to us if you have any other questions. We are happy to help. Give us a call at 888-616-9885 or contact us here by filling out this short form.

#1: What does it mean when a home is listed as "pending" in the real estate market?

When a home is listed as "pending," it means that a buyer has made an offer, the offer has been accepted, and the home is under contract. The buyer can have inspections done and can back out based on the outcome of the inspections or the subsequent negotiations. Assuming those parts of the process go smoothly, a home is considered "pending" once those contingencies are resolved. The true definition: all parties have satisfied their ends of the contract and the home is simply awaiting closing day!

#2: Are there different variations of "pending" status for homes, and what do they mean?

Yes, there are variations of the "pending" status. Some homes may be listed as "active under contract" or have stipulations such as "shown for back up." These variations can indicate that there is an executed contract, but the seller is still open to entertaining backup offers or that additional contingencies exist. Confused about the home's status? Reach out to you real estate agent for details.

#3: What should buyers do when a home is in the "pending" stage?

When a home is pending, buyers should start preparing for the closing day. This includes finding movers, changing their address, packing, and handling utility transfers. They will also need to submit final paperwork to their mortgage lender and real estate agent. It's essential to be prepared but also aware that delays or unexpected issues can arise.

#4: What are some common reasons why a home sale might fall through during the pending stage?

A common reason for a home sale to fall through during the pending stage is when the buyer cannot secure a loan following their pre-approval. This is why it's important not to make any major financial changes until the sale is finalized.

#5: Can sellers entertain backup offers when their home is in a pending status?

Yes, sellers can entertain backup offers while their home is pending. Backup offers can become primary offers if the initial contract falls through, typically during the inspection renegotiation period. Offering a bid over the list price and being flexible with terms can make a backup offer more compelling.

#6: What happens if a buyer decides to back out of a deal during the pending stage?

If a buyer backs out during the pending stage, they may forfeit their escrow deposit, which is typically about 3% of the purchase price. They may also risk further legal action. The house will go back on the market for sale.

#7: What is the final step after the pending stage in a home sale?

The final step after the pending stage is either for the home to go back on the market or to fully close. If all requirements are satisfied, the home will officially close, and the buyers will receive the keys to their new property. If the deal falls through, the home will go back on the market.

Bottom Line:

The 'pending' stage in the home buying process represents a pivotal moment filled with promise and opportunity. While it denotes advancement, it's essential to grasp the finer details, as we've explored in this blog. Still have questions? Feel free to contact us 888-616-9885 or shoot us an email at leads@greenwaylending.com.

Looking for A Local Real Estate Agent?

Additionally, if you're in search of a local real estate agent, we have a selection available and are delighted to offer recommendations. Your journey towards homeownership is our priority!

 

 

 

In the exciting journey of homeownership, understanding the distinctions between pre-qualification and pre-approval is crucial. While the terms may sound similar, their implications vary significantly, especially for eager homebuyers. In this blog, we'll examine the key differences and help you decide whether to start with a pre-qualification or jump straight into the pre-approval process.

Mortgage Pre-Qualification: Testing the Waters

What is Mortgage Pre-Qualification?

Before fully committing to the homebuying process, getting pre-qualified acts as a preliminary step. During this phase, you provide an overview of your financial situation, encompassing credit, debt, income, and assets, to your mortgage lender. Some lenders may perform a credit check, but the process is generally informal.

The Purpose of Pre-Qualification

Home loan pre-qualification serves as a valuable tool for prospective buyers to gauge their borrowing power. It offers an estimate of how much you might be able to borrow, assisting you in planning and preparing financially for your homeownership goals. This initial step provides insights into your potential monthly mortgage payments, aiding in the creation of a realistic budget for your home search.

How Mortgage Pre-Qualification Works

Getting pre-qualified is a straightforward process. You share your financial snapshot with the lender, and based on this information, they provide an estimate of your borrowing capacity. While not a guarantee of loan approval, pre-qualification is a cost-free and quick way to initiate your homebuying journey, whether over the phone or online.

Mortgage Pre-Approval: The Real Deal

What is Mortgage Pre-Approval?

Moving beyond the preliminary stage, mortgage pre-approval is a more comprehensive process. It involves submitting documentation, such as pay stubs, W2s, tax returns, and bank statements, for a thorough evaluation by the lender's underwriter. The outcome is a pre-approval letter, indicating the specific mortgage amount you qualify for.

The Significance of Mortgage Pre-Approval

A pre-approval letter holds substantial weight in the eyes of sellers, showcasing your serious intent and financial capability. This advantage can make a difference in competitive real estate markets, positioning you one step closer to securing the home of your dreams.

Required Documentation for Pre-Approval

To kickstart the pre-approval process, gather essential documents like pay stubs, W2s, federal tax returns, and bank statements. Having this information ready not only streamlines the pre-approval process but is also a precursor to the documentation needed for the actual loan application.

Click here to grab your free Documentation Checklist.

Making the Decision: Pre-Qualification or Pre-Approval?

Consider Your Homebuying Readiness

Ask yourself whether you're merely contemplating homeownership or ready to embark on house hunting. If you're in the early stages, pre-qualification provides a useful starting point. However, if you're prepared to make offers on homes, skipping pre-qualification and opting for pre-approval gives you a competitive edge in the market.

Bottom Line

In the intricate world of homebuying, understanding the nuances between pre-qualification and pre-approval is pivotal. While pre-qualification offers a preliminary glimpse into your borrowing potential, a pre-approval letter elevates your standing with sellers, signaling your seriousness and financial readiness. Whether you choose pre-qualification to dip your toes or dive into pre-approval, the key lies in aligning your choice with your current stage of homebuying readiness.

Helpful Resources

• Roadmap to Mortgage Pre-Approval
• Homebuyer Guide
• Get pre-approved
• Apply Now – Full Mortgage Application

 

Getting Started On Your Home Buying Journey

Getting a home loan may feel like an epic journey at times, but with the right guidance it can be easily conquered. Before you begin, reach out to a Greenway Loan Officer to discuss your financial situation so we can work on a plan to get you into the home of your dreams.

Feel free to click below and receive your complimentary Mortgage Pre-Approval Roadmap Brochure. It includes tools to help you monitor your monthly budget as well!

Succeed with a Mortgage Pre-Approval

After speaking with a Greenway Loan Officer, we’ll be able to assess your financials and determine the size of the loan you qualify for. By getting pre-approved, you’ll be able to:

• Narrow down your market because you’ll know how much you can afford

• Signal to sellers that you’re serious about home buying.

• Make strong offers.

• Help you beat out the competition and negotiate with power

• Close smoothly with a fast loan process

Mortgage Loan Documents Needs

To get you pre-approved you will be asked to present documentation that substantiates the information you provide on your application, which may include:

• Pay stubs – last 30 days

• W2s – last 2 years

• Tax Returns (in some cases)

• Employment History

• Bank statements

• Realtor and attorney contact info

• Copy of photo ID

Saving You Time | Greenway's Online Pre-Approval Application

Our online pre-approval application, streamlines the process, eliminates paperwork (saving you time and more trees) and adds greater transparency in a surprisingly simple format, whether you’re a first-time homebuyer, leveling up, refinancing or extracting equity.

Our intuitive interface will guide you through the pre-approval process from beginning to end. The best part...you can apply anywhere on any device at any time with confidence in about 15 minutes or less!

Pre-Approval Application | What To Expect

You’ll first start by creating your personal account and enter basic info such as:

• Type of Loan (purchase/refi)

• Marital Status

• Co-Borrower Information

• Employment History

• Income

• Real Estate Owned

• Assets and Liabilities

• Gifts and Grants

• Declarations

Our application allows you to import your financial data from your bank(s) to verify your income and assets, eliminating the need to supply copies of paper statements.

Having this information upfront allows us to quickly and accurately evaluate your scenario and issue a pre-approval in about half the time in most cases.

The Hunt for Your Dream Home

Now that you have a pre-approval, work with your Real Estate agent to find the ideal home that best suits your budget. Your realtor will guide you through the negotiation process. Once a price is reached that both parties can agree on, a purchasing agreement will be signed.

Your Mortgage Loan Dashboard

Once you’ve completed the application, you’ll be directed to you’re loan dashboard where you can upload any important docs that may be needed. You will also have access to send your loan officer a message.

Transparently – You’ll always receive clear communication from us every step of the way.

Mortgage Question & Answers:

What is a soft inquiry?

A snapshot of your credit score when it’s pulled. It’s also known as a soft credit check which happens when you or someone you authorize checks your credit report. Soft pulls have no impact on your credit score and do not generate an inquiry on your credit report.

What is a hard pull?

A hard pull has an impact on your score and can lower it by up to 3 points. It does create an inquiry on your credit report, but your score is protected for 90 days. This is only required for an official loan application. A hard pull isn’t needed for our pre-approval application.

Why Should I Get Pre-Approved for a Mortgage?

You'll be certain about the price range that's best for you. You'll know how much cash you'll need to close, and you'll know your maximum monthly payment. Understanding your limits will help you negotiate with confidence. Plus, since sellers like a sure thing, you'll have an advantage over buyers who may not have a pre-approval letter.

How Long is a Pre-Approval Valid?

A pre-approval is typically good for the "shelf life" of the documents used. These will include a credit report, pay stubs, bank statements, W2s, tax returns, etc. The usable life of these documents will vary, yet it's usually safe to say that your approval is good for up to 3-4 months. During this time, it pays to file all important financial documents so they're readily available for future updates.

What If I Change My Mind About Mortgage Pre-Approval?

There's no obligation to purchase a home or use a particular loan program once you've been pre-approved. Pre-Approval simply helps to assure you know exactly what's involved, that you are comfortable in a particular price range and that you are truly ready to make your move.

Things you should do before getting a mortgage:

• Save for your down payment
• Track your monthly budget
• Obtain an up-to-date credit score
• Reduce your current debts
• Prepare loan documentation

When you do begin the process of applying for a mortgage, be sure to reply to any requests from your lender quickly. The most common reason for approval delays is missing or incomplete information. The best way to ensure your application is processed quickly is to be prepared and respond to all requests from your loan officer.

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Helpful Mortgage Resources

• First-Time Homebuyer Resources
• Homebuyer Guide
• Mortgage Calculators
• What to Expect During the Mortgage Process
• Online Pre-Approval Application
• Online Apply Now Application 

 

 

In the ever-evolving landscape of personal finance, leveraging your assets to secure a brighter future has become a prevailing theme. If you're still grappling with high-interest debts from last year or envisioning major life changes, your home's equity could be the key to unlocking newfound financial freedom. Let's explore how tapping into your home's equity can jumpstart your journey to regain control and turn your dreams into reality.

#1: High-Interest Debt is SO Last Year!

High-interest debts can weigh heavily on your financial well-being, limiting your options for growth. However, your home's equity presents a unique opportunity to break free from this burden. By strategically utilizing this valuable resource, you can consolidate debts and benefit from more manageable interest rates, paving the way for a more secure financial future. Contact us if you'd like to talk about your options. You may be surprised!

#2 Make Your Home Renovation Dreams Come True!

Your home is not just a place to live; it's an investment. If you've been harboring dreams of transforming your living space, your home's equity can be the catalyst for change. Whether it's a kitchen renovation, a bathroom upgrade, or a complete home makeover, unlocking the equity in your property can bring your home renovation dreams to life.

#3 Finance Your Big Plans

As you set your sights on big plans for the year, consider putting your home's equity to work. By doing so, you ensure that you have the financing you need when you're ready to take the plunge. Whether it's starting a new business, furthering your education, or embarking on a once-in-a-lifetime adventure, your home can serve as a financial springboard for your aspirations.

#4 Optimize Your Home Loan for Financial Changes

Making financial changes this year? Look no further than your home loan. Opportunities for saving, investing, or fulfilling long-held dreams may be hiding within the structure of your existing mortgage. We're here to guide you through the possibilities, helping you make the most of your home's equity and position yourself for a more prosperous future.

Bottom Line:

In the realm of personal finance, your home's equity stands as a powerful tool waiting to be used! Don't let it remain untapped; reach out to explore the possibilities and discover how your home can be the key to achieving your financial goals. Contact Greenway Mortgage today, and let's start the conversation that could reshape your financial future. It's never too early to take the first step toward a brighter 2024!