As the leaves begin to change and the air turns crisp, it's that time of the year when we welcome the beauty of fall into our homes. While hanging wreaths and lighting pumpkin spice candles add a cozy touch to the season, there are essential home maintenance tasks that every homeowner should tackle to ensure a smooth transition into autumn.

In this blog, we're providing you with a free Fall Home Maintenance Checklist to help you prepare your home for the changing seasons.

Why Fall is the Perfect Season for Home Maintenance

Fall offers the ideal conditions for taking care of your home. With generally dry weather and moderate temperatures, it's the perfect time to address both the interior and exterior of your house. 

What's On The Fall Home Maintenance Checklist?

This checklist covers the essential tasks to ensure your home is ready for the fall season. Most of these tasks can be completed without professional assistance, but if you're unsure or encounter any major issues, it's always wise to consult a professional.

Exterior Maintenance

• Rake leaves
• Aerate Lawn
• Repair/Replace Siding
• Examine Pool Cover for damage
• Install Storm Windows/doors & Remove Screens
• Plus so much more!

Interior Maintenance

• Check Fireplace for Damage/Hazards
• Check Water Heater for Leaks
• Vaccumn Lint from Dryer Vent 
• Clean Humidifiers and Vacuum Air Filters
• Replace Batteries in Smoke & Carbon Monoxide Detectors 
• Plus so much more!

Get Started Today

Don't wait until the last leaf falls to get started on your fall home maintenance. Download our free Fall Home Maintenance Checklist now to keep your home in top shape as you enjoy the cozy vibes of autumn. Get ready to embrace the season with a warm, safe, and well-maintained home.

CLICK HERE TO DOWNLOAD

Happy Fall from your friends at Greenway Mortgage!

 

 

Buying your first home is an exhilarating milestone, signaling a significant investment and the fulfillment of a lifelong dream. It's a place to call your own, a sanctuary where memories are made. However, amidst the excitement, the homebuying process can become overwhelming, leaving you juggling multiple tasks and making crucial financial decisions. Even with the support of experienced friends and family, there are often hidden aspects that catch you off guard.

Have no fear. We’re here to shed light on those untold secrets and provide you with invaluable insights. Armed with this knowledge, you'll be better equipped to navigate the journey of purchasing your first home, ensuring a smoother, less stressful experience that ends with you proudly clutching the keys to your dream abode. Let’s dive in!

#1: What I Qualified for Was Not the Same as What I Could Afford

Getting pre-approved is certainly step number one. How much loan you can afford is based on things like your credit history and scores, income and assets, and current liabilities. When all these factors are taken into consideration, you’ll get a number that you’re qualified for borrowing. This is the maximum mortgage loan you can qualify for.

It’s important to understand that qualifying for a mortgage loan does not mean you can afford it.

Before you start house hunting, it’s important to figure out what you can realistically afford as a house payment (principal and interest AND taxes and insurance combined).  If you purchase a home at the top of what you’re approved for, you might have a mortgage payment you can barely afford.  By setting a budget that aligns with your financial situation, you can avoid overextending yourself and find a home that is truly affordable.

#2 Staying Organized is Key | Mortgage Application Checklist

The homebuying process involves a significant amount of paperwork, and it's easy to underestimate the importance of being organized. From financial documents to inspection reports, having everything readily available can save you time and frustration. Creating a dedicated folder or digital storage system for all the necessary paperwork will help you stay on top of the process and provide easy access when needed.

First, to streamline your mortgage application process and ensure you don't miss any crucial documents, it's beneficial to utilize a mortgage application checklist. Our Mortgage Application Checklist can help you compile all the necessary paperwork, such as income verification, bank statements, tax returns, and employment history. Having a comprehensive checklist at hand will make the application process much more efficient and increase your chances of a smooth approval. It’s a great way to start the process; be sure to download it here.

#3: You Don't Need a Large Down Payment

One common misconception when buying a home is that a large down payment was a requirement. While a substantial down payment can reduce your mortgage amount and potentially lower your interest rate, it is not always necessary. In fact, the average down payment for first-time homebuyers in 2021 was just 6% of the purchase price.

Fortunately, there are various mortgage options available that require a lower down payment, such as FHA loans or conventional loans with private mortgage insurance (PMI). Understanding your options can help you navigate the down payment requirements more effectively. Check out our First-Time Homebuyer Resources and Mortgage Programs here.

We understand that saving up for a 20% down payment can be a lengthy process, particularly in today's economy. However, by seizing the opportunity to buy a home sooner rather than later, you can put an end to renting and start building equity in your own property. Remember, time is of the essence when it comes to securing your financial future through homeownership.

#4 Mortgage Insurance Was a Help – Not a Hindrance

Mortgage Insurance is often viewed as an additional expense and a burden. However, it serves as a helpful tool.  Mortgage insurance protects the lender in case you default on your loan, but it can also benefit you as a buyer. With mortgage insurance, lenders may be more willing to approve your loan with a smaller down payment or a lower credit score. This allows you to enter the housing market sooner and potentially secure a better interest rate. It's important to weigh the costs and benefits of mortgage insurance and understand how it can work to your advantage.

#5 Your First Home Doesn’t Need To Be Your Last Home

Did you know that the average homeowner stays in their first house for approximately 5 years? When embarking on the journey of purchasing your first home, it's common for first-time buyers to have a more modest budget, leading to compromises during the buying process. This often means opting for a starter home rather than your dream home right from the start.

But fear not, because this steppingstone serves a greater purpose. A starter home presents a fantastic opportunity to build equity, laying the foundation for future endeavors. It allows you to establish a solid financial base so that when the time is right, you can transition to your forever home—the one that perfectly aligns with your dreams and aspirations. Embrace the concept of a starter home as a valuable investment in your future, propelling you towards the realization of your ultimate homeownership goals.

#6 Marry the House, Date the Rate

We often say, “Marry the house. Date the rate.” This ultimately means, don’t let interest rates deter you because you can always refinance when the time is right. If you find the perfect house, don’t wait! The rate may not be what you hoped for, but again there will be opportunities to refinance in the future.

Committing to a home you love doesn’t mean you have to commit to the financing available now forever. You can always change your financing to more favorable terms later should better rates become available. Think of it this way. If rates continue to get higher, you’ll be glad you married the house when you did!  

#7 There is a Fee Associated with Almost Everything

It’s important to understand that other than your down payment on a house, there are other fees associated with the transaction. These small fees add up, that’s why it’s always good to be overprepared than underprepared.

Tip: Budget 1-2% of the house value to cover fees such as:

• Homeowner Association Fees (HOA); if applicable

• Appraisal Fee

• Credit Check Fee

• Title Inspection

• Closing Costs

• Private Mortgage Insurance (PMI)

• Homeowners Insurance

• Property Taxes

• Home Inspection Fee

The bottom line: buying a house requires upfront and ongoing fees.

#8: Home Appraisal and Inspection: Safeguarding Your Investment

In the quest to expedite the homebuying process, you may come across advice suggesting that skipping the home inspection is a viable option. However, this approach falls short of ideal. Both the home appraisal and home inspection play critical roles in the homebuying journey.

Let’s begin with the home appraisal, which determines the value of the property.  An appraiser will observe the property, analyze the data, and report their findings to their client. For the typical home purchase transaction, the lender usually orders the appraisal to assist in the lender’s decision to provide funds for a mortgage. In today’s sellers’ market having an appraisal is extremely important especially when low inventory is driving an increase in bidding wars which can increase home prices. When sellers are in a strong position like this, they tend to believe they can set whatever price they want for their house under the assumption that competing buyers will be willing to pay more. Lenders will only allow the buyer to borrow based on the value of the home. All in all, this is what helps keep home prices fair. If there’s every any discrepancy between the appraisal and the sale price of the home, your Real Estate Agent can help you navigate any additional negotiations.

Conducted by a professional inspector, this crucial step helps determine the current condition and safety of the property before finalizing the sale. From assessing the age of the roof to examining the HVAC system and other essential components, the inspection sheds light on any potential issues or necessary repairs. Armed with the inspection report, you as the buyer can discuss and negotiate with the seller, addressing any concerns before committing to the transaction. Your experienced Real Estate Agent will be invaluable in guiding you through this process, ensuring your interests are protected.

To delve deeper into the intricacies of a home inspection, we invite you to explore our recent blog post titled "What Should You Expect From a Home Inspection." Inside, you'll find expert advice on selecting an inspector, understanding the inspection process, and gaining insight into the areas that inspectors meticulously review.

Remember, when it comes to safeguarding your investment, both the appraisal and inspection are indispensable. By entrusting professionals and relying on the expertise of your Real Estate Agent, you can confidently navigate these critical steps, ensuring peace of mind and securing a sound investment for your future.

Bottom Line:

Buying a home for the first time is an exciting but complex process. Understanding the difference between what you qualify for and what you can afford, staying organized with paperwork, utilizing a mortgage application checklist, realizing that a large down payment is not always necessary, and recognizing the value of mortgage insurance can all contribute to a smoother homebuying journey. By arming yourself with knowledge and taking the time to research and prepare, you can make informed decisions and find the perfect home that fits your budget and lifestyle.

We are here to help you every step of the way. Here are some helpful resources to get you started:

• Contact Us
• Meet the Greenway Team
• Buying Your First Home
• First-Time Homebuyer Resources
• First-Time Home Buyer Guide
• What to Expect During the Mortgage Process
• Mortgage Calculators
• Mortgage Terms
• Loan Products
• Get Pre-Approved Today
• Ready To Get Started? Apply Now

 

Buying your first home is a monumental step in life, brimming with excitement and a touch of trepidation. It's a decision that carries both the thrill of newfound independence and the weight of significant responsibility.

As you embark on this journey, it's normal to experience a mix of emotions, but fear not, for you are not alone. We understand the blend of excitement and overwhelm that accompanies this milestone, which is precisely why we're here to assist you every step of the way.

At Greenway Mortgage, we believe the path to homeownership should be paved with guidance and support. Whether you're at the beginning of your savings journey or have already envisioned your dream home, our arsenal of tools and resources has been curated with you in mind. Our mission is simple yet profound – to empower you to unlock the doors of your first home, enabling you to embark on a new chapter of your life.

We have a variety of tools and resources to help you through the experience. Whether you’re just starting to save, or you already have a house in mind, we can help you get your keys to your first home. Check out our most popular home loan options for First-Time Home Buyers here!

Did You Know There are First-Time Home Buyer Perks?

Greenway makes buying for the first-time easy! Check out some of our First-Time Home Buyer Programs here.

1. Conventional 97 First-Time Home Buyer Program: 3% down payment regardless of income levels or geographic location. Learn more about our Conventional 97 First-time home buyer program here.

2. FHA Mortgage: These loans are designed to help first-time homebuyers and experienced homeowners alike by providing them with a low-down payment option. FHA mortgage insurance serves as protection for lenders in the event of a homeowner defaulting on their home loan. Click here to learn more about the FHA Mortgage.

3. The HomeReadyProgram: Helping More Buyers Achieve Homeownership! FHA alternative designed to help creditworthy homebuyers with limited income in designated areas.Click here to learn more about the HomeReady Program.

4. NJ Conventional DPA Program: Qualified clients can receive $15,000 to be used towards down payment and closing with affordable mortgage insurance premiums that follows conventional mortgage guidelines. Click here to learn more about our NJ Conventional DPA Program.

5. NJ First-Generation Down Payment Assistance Program: When paired with an NJHMFA First Mortgage and the Down Payment Assistance Program, eligible homebuyers can receive up to $22,000 in assistance! Click here to learn more about the NJ First-Generation DPA Program.

You Can Check out all our First-Time Homebuyer Resources here

Bottom Line:

While your journey towards homeownership can feel a bit overwhelming at times, know that you are not facing it alone. Greenway Mortgage and our team of expert loan officers are 100% committed to helping you make informed decisions, offering valuable tools and resources along the way. Together, we'll transform your dreams into a tangible reality, ensuring that you hold the keys to your first home with confidence and pride. Welcome to the world of homeownership, where a world of possibilities awaits.

 

Let’s take a stroll through the homebuying process. At first, it may seem confusing, particularly if you’ve never purchased a home before. But for those of us in the business, it's a straightforward path with clear milestones.

Are you ready to explore the homebuying process? Let’s break it down!

Step #1: Pre-Qualification

Pre-qualification involves a review of your finances to determine how much you may qualify to borrow for your home purchase. We can make this quick assessment verbally, without verifying your income, assets and credit. While a pre-qualification is helpful, it’s important to complete the next step before serious house hunting.

Step #2: Pre-Approval

Like a regular mortgage application, a pre-approval requires documentation to verify your income, assets, and credit, including bank statements, pay stubs and federal tax returns.  A pre-approval is far more valuable than a simple pre-qualification because it:

• Gets the process of formal verifications out of the way so you can concentrate on finding the right home;
• Assures you are looking at homes in your true comfort range; and
• Sets you apart from other potential buyers who may not yet be approved to borrow funds for the purchase.

All in all, getting an upfront loan approval will help you beat out the competition, negotiate with power and let you know how much you can afford.

Step #3: Find Your Dream Home

This is where the fun begins! Looking at homes and imagining them as your own can be an exciting process.

It can be challenging, too, when another buyer falls in love with the same house! Being prepared with a pre-approval will enable you to focus on homes you can comfortably afford and act quickly when you’re ready to make an offer.

It helps to be sure of the type of home, neighborhood and amenities or features you want so you can act quickly when you know you’ve found the right house, especially in competitive markets.

PRO TIP: Shop by monthly payment instead of price. Your monthly payment will typically include taxes, insurance, and other costs, like homeowners’ association, condominium, or co-op fees. Those costs can vary from house to house. The payment will determine your final loan approval, so it’s the most important factor to consider.

Step #4: The Home Inspection

It’s always a good idea to arrange a home inspection by a licensed engineer or inspector on any property you’re seriously considering or are placing under contract.  An experienced inspector can identify and discuss potential hazards or conditions that may not be otherwise apparent. Click here to learn about Home Inspections and what you should expect from one.

It’s your choice to complete the inspection before you make an offer or as a contingency of your contract. In either case, if any significant issues are discovered, the cost of and/or responsibility for repairs can be negotiated accordingly.

Even if no issues are discovered, it’s well worth the cost of an inspection to be reasonably well assured you won’t have unexpected repairs soon after purchasing your home.

Step #5 Purchase and Sales Agreement

The Purchase and Sales Agreement or Sales Contract is the legally binding document that stipulates the price, terms, and conditions of the transaction between the buyer and seller.

Depending on the region, either a real estate agent or an attorney will draft the agreement. Review it to ensure proper contingencies of the sale are listed, such as your right to an inspection and a financing clause. If you’re uncertain about the contract terms or your obligations, it’s a good idea to have it reviewed by your attorney before signing.

Step #6 Finalize the Loan Application

Finalizing your loan application becomes relatively easy after you’ve gone through the pre-approval process because you have already submitted the necessary financial documents pertaining to income and savings. Depending on how much time has passed since your pre-approval, you may simply need to provide your most recent pay stubs and bank statements.

Step #7: Property Appraisal

The property appraisal assures the lender that the property value is sufficient to be used as collateral for the loan.

The appraiser researches comparable, recently-sold properties to support the price agreed upon in your Sales Contract. The appraiser will also look for any obvious structural or conditional issues that may impact the health and safety of occupants or the marketability of the home.

Step #8: Final Loan Approval

Final loan approval will make two primary assurances:

• Any conditions relative to the property you’ve found are cleared, and
• Your income and assets are still sufficient to cover the total monthly expense and financial reserve requirements.

The underwriter will review the contract, appraisal, title work, etc., before issuing the final loan approval.

Step #9: Insurance

The lender must receive a binder evidencing your homeowners insurance coverage and showing the cost. It’s best to arrange for insurance well before closing to prevent delays. In some cases, choosing your insurance agent and knowing the cost of insurance is required prior to the final loan approval.

Step #10: Closing Disclosure/Document Preparation

After giving final approval, the lender prepares the official documents and disclosures to be signed at your final closing and settlement. Among these is the Closing Disclosure, which you will receive at least 3 days before your closing date. It will list all charges and expenses, so you’ll know your exact loan costs and cash requirements prior to closing.

Step #11: Closing

The closing is where you sign the documents and gain ownership of your home. Closings can occur in a few ways:

• In person with a title agent, bank attorney or notary;
• Online as an “e-closing”; or
• Hybrid, with some documents signed in person and others online.

Either way, after the closing occurs, the home will be yours!

Step #12: Move-In Day!

Congratulations! The day you’ve waited for is here – move-in day! As you’re packing, remember to arrange for the utilities to be transferred into your name and turned on so your house will be ready to become the place you want to be – your new home!

Bottom Line:

If you have questions or would like to take a step today, please reach out. The team at Greenway Mortgage is happy to help.

 

 

 

What does home price growth mean for you?

In July 2022, rapidly rising interest rates triggered a sudden slowdown in the upward trajectory of home prices and the intense bidding wars that accompanied them. Remarkably, 92% of U.S. markets witnessed monthly home price drops throughout the year. It was a significant shift in the market dynamics.

However, the tide has turned since then. The latest reports indicate that prices are now on the rise in 92% of U.S. markets.* This reversal brings new opportunities and considerations for buyers and sellers alike. (*Source: Black Knight, Inc.)

What Contributed To This Change?

1. Moderating interest rates still well below long-term averages

2. Continuing demand from buyers remains robust

3. A shortage of homes for sale

4. A strong labor market 

This trend reversal marks a great time to get into the market for both home buyers and sellers.

The First Step: Getting Pre-Approved

Before you search for your next home, we would love to help you with a mortgage pre-approval so you can:

1. Discover a price range that's comfortable for you

2. Stand out from other buyers

3. Negotiate your best deal

What Do You Need For A Pre-Approval? 

In order to get you pre-approved we need the documentation below. All of this and more will be needed once your loan is in process so might as well pull it together now.

1. Pay stubs – last 30 days

2. W2s – last 2 years

3. Federal tax returns – last 2 years, all pages and schedules

4. Bank statements – Last 2 months, all pages

5. Realtor and attorney contact info

6. Copy of photo ID – must be legible

Thinking About Selling Your Home?

We can offer insight on market conditions for selling your current home, too.

Bottom Line:

Reach out to our experienced team to discuss how the current market conditions may impact your real estate plans. We're here to help you navigate the complexities and seize the opportunities presented by the evolving housing market.

 

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Home Buyer Resources

To encourage and educate aspiring home buyers, Greenway offers free information and resources. You can visit us online to learn more.

• FREE First-Time Home Buyer eBOOK – Includes handy resources & checklists

• First-Time Home Buyer Resources – Learn about our First-Time Home Buyer Programs 

• Home Buying Comparison Chart - Take this chart with you during your home search

• Buying Your First Home – Learn everything you need to know

• Mortgage Calculators – We have an entire library of easy-to-use calculators!

• Mortgage Terms – Get up to speed on some mortgage terminology

• What to Expect During the Mortgage Process

• Get a FREE Pre-Approval

• Ready to get started? Apply Now using our online application.