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Home Buying Comparison Chart: Don't Leave Without It!

Aug 4
4:27
AM
Category | General

 

Download Your Free Home Comparison Chart Here.

Purchasing a home is a major milestone that tops many people's lifetime to-do lists—and maybe their list of financial fears too. But it certainly doesn't have to be a scary or stressful experience. With time, care, and research, you can take control of the home-buying process.

When looking for a home to buy,  it becomes easy to get individual houses confused with one another because there are so many details. That's why Greenway Mortgage has created a Home Comparison Chart to help keep everything in order!

Our handy checklist identifies important factors to consider when choosing a home. In addition to an affordable sales price, you will also want to be sure that the neighborhood and house meets your needs.

 

Download and take this checklist along with you when you are house hunting. It will help you to evaluate the neighborhoods and assess the availability and condition of various features of up to three homes in a side-by-side comparison.

 

 

 

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Planning Ahead for the Perfect Mortgage Application

Jul 21
3:49
AM
Category | General

 

Planning ahead for your mortgage application will save you time and trouble once you start making offers. Here's a list of things you'll need to gather!

Income

  1. Provide your last two paystubs along with your W2s and Federal tax returns for the last two years (include all schedules). State returns are not needed.
  2. If you are self-employed, ask me for the additional documentation requirements.
  3. If you receive bonus or commissions or have changed your job or position, let’s talk.

Assets

  1. Combine all the funds needed to close into one account at least two months prior to your application.
  2. Document any other deposits here as each could be scrutinized.

Your Statements

  1. Save all pages of your asset statements, even if some are blank or are just advertisements.

Deposits

  1. Deposit checks individually.
  2. Don’t deposit cash without clear proof of the source.

Liquidation

  1. If you are going to sell stocks, bonds, investments or borrow against a retirement account, do it now. Cashing out now may cost you a few dollars in additional gains, but it also protects against losses.

Current Housing

  1. If you own and are selling, provide a copy of the HUD-1 settlement statement.
  2. If you own and are not selling, you'll need to qualify for both homes or meet the requirements for renting the current.
  3. If you are renting, show 12 months of canceled checks demonstrating timely payments and/or written verification from your management company. Ideally, pay your rent on the same day each month on or prior to its due date.
  4. If you live with family, you may need a letter stating that you live rent-free.

Credit

  1. Check your credit report at www.annualcreditreport.com. Identify any errors now and consult with us for the correct action to take.
  2. If you co-signed a loan or are being reimbursed for a loan that’s in your name, you’ll need at least six months of checks to exclude it.
  3. Avoid new credit or inquiries. These can lower your score and increase your rate.

Employment Stability

  1. Ideally, you’ll have two years or more with your current employer.
  2. Consult with us before changing employers, position or method of compensation. For example, don't switch from salary to commissions.

 

Have questions? Reach out to the Greenway Mortgage Team! We are here to help. And if you're ready to get started - click here to apply online! Start closing your loan in about 15 minutes with our easy online application! 

Resources:

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Home Improvements That Add Value to Your Home

Jun 23
3:50
AM
Category | General
 
Owning a home is one of the biggest investments of your life and when you plan to sell, you’ll want to make a profit. Often, that means figuring out how to increase your home’s value. Homeowners know that when you own, it never seems to be quite finished. In the quest to make it is as comfortable, functional, and up-to-date as possible, there is always something that needs to be repaired, replaced or improved!
 
You don’t have to call in a professional and spend a fortune to complete projects that add value to your home. In fact, there are many smaller improvements that you can do yourself and there’s something for everyone - cheap and easy DIY projects for beginners, and more advanced home improvements for the DIY enthusiasts amongst us.
 
The Greenway Team has seen many exciting DIY Home Improvement projects over the past few months due to the COVID-19’s shelter -n-place order. It’s certainly a great time to make changes to the place you call home. In this blog, we’ll uncover some indoor and outdoor DIY home improvement projects that can add value to your home. Are YOU ready to get inspired?
 
Indoor Projects
The Kitchen is the most valuable room in the house and is one of the biggest selling points for potential buyers -so why not spruce it up a bit?
 
Paint Kitchen Cabinets: A repaint can revitalize and modernize your kitchen, whilst saving you a bigger expense of having to get brand new cabinets. Tip: Use white paint to bring a bright airy feel to the kitchen.
 
Install New Cabinet Hardware: Switch your worn-out cabinet handles for new sleek chrome handles – a fantastic way to bring your kitchen on-trend.
 
Install a Backsplash: This will instantly boost the value of your home. Backsplashes act as a barrier against water, blocking the growth of mold. They are available in a wide range of styles and materials, too!
 
The Bathroom is also a crucial room for any buyer. A few simple DIY jobs can make your bathroom in tip-top condition before you start showing buyers around.
 
Add Storage: Everyone loves extra storage room. Why not build your own bathroom cabinet or install a set of floating shelves? This is a cost-effective way to add value to your home!
 
Replace the Taps & Install a New Shower Head: Invest in some new hardware for your sinks, bath, and shower. This will instantly renew your bathroom’s appearance.
 
Redo the Bathroom Floor: Is your floor starting to look dated? Laying a new floor can bring life to your bathroom.
 
Install a Towel Rack: A very simple upgrade and a nice additional feature for buyers.
 
Interior Home Improvements that Increase Property Value
 
DYI Crown Molding: Crown molding is very popular right now. It can bring an elegant finish to any room in your home with added appeal for buyers and more money for you.
 
Light Fixtures: Get rid of your fluorescent lighting and replace it for recessed lights for a soft and timeless glow in rooms like the kitchen. Other options include wall sconces and modern chandeliers.
 
Repaint the Property in Neutral Colors: Buyers tend to want neutral colors that go with lots of different things. For instance, try painting your rooms with colors like greys, whites, and creams. Redecorating in these colors will make your property far more desirable and valuable.
 
Remove Popcorn Ceilings: Removing these may be tricky, so you may need professional help. While once a standard, these days they are widely considered eyesores that can turn buyers off from a property. Removing these types of ceilings will modernize your home and increase its value.
 
Replace Carpets: How old are your carpets? It may be time to replace them as over time they become threadbare, flattened and stained. Replace your carpets with new flooring. Laminate flooring is a good choice as it’s cost—effective, durable and it’s certainly a DIY project you can work on yourself, saving the need for a professional.
 
Hang Mirrors to Open Up Rooms: A well placed mirror can do wonders, especially for the appearance of small or narrow rooms. They add depth and make them look larger!
 
Add Storage Where Possible: Some homes lack in storage. However, adding additional cupboards and shelves where possible makes your home more practical and easier to live in. Have you had the time to organize your space? 
 
Replace Dated Wallpaper: Wall paper was popular 20 years ago, but not so much anymore! Replace your outdated wall paper with a neutral paint color.
 
Knock Down Walls to Create Open Plan Living Spaces: You may want to leave this one up to the pros! Open plan living spaces are popular nowadays. Knocking down a wall between 2 rooms (kitchen and living room) will increase your home’s value.
 
Fill Holes & Cracks in the Walls: You may have holes, chips or cracks in your walls. This will happen over time and is a result of wear and tear. They are worth repairing as it will improve the appearance of your home and the extra bit of effort may boost its value.
 
Restore Hardwood Floors: Hardwood floors are highly desired in homes. In the past they have been covered up by carpet. If you discover original wooden floors underneath your carpet, restoring them is a great way to increase the value of your home.
 
Updating Exteriors for Added Curb Appeal
 
Repaint or Replace Your Front Door: Your front door is the focal point for anyone entering your home. An old door can give the wrong impression. You can repaint your front door to brighten and refresh your home’s exterior. If you want to spend more money, you can opt to replace the door to a more modern style.
 
Basic Landscaping Refresh: A well maintained and landscaped garden and yard can do wonders especially if you’re selling your home. Start by getting rid of unwanted weeds and filling your yard with colorful flowers - and don’t forget to cut the grass!
 
Paint Window Frames: If your window frames are peeling and cracking, it’s time to get your paint cans! This is an easy DIY home project. Adding a fresh lick of paint to your exterior window frames can providen an instant refresh.
 
Wash the Exterior of Your Home: The walls of your house can get very dirty over time. Use a garden hose and a scrubbing brush to eliminate dirt and revitalize your home’s appearance. For some homes, a power washer may be suitable.
 
Replace Garage Door: You’ll want to hire a professional to install a new garage door. This will add value to your home and it is one of the best things that you can do for your property, especially when you plan to sell it in the future.
 
Fun DYI Ideas:
Make Your Home Smarter: Upgrade to smart home appliances by installing a smart thermostat so your heating and cooling system can learn your routine and reduce your electric bill. Other smart home devices like, lighting, security cameras or speakers are a great addition, too!
 
Create New Ways to Discover the Great Outdoors: There is definitely a growing demand from buyers who want functional outdoor spaces. By creating backyard retreats as an extension of the home, from adding decks and patios to outdoor dining spaces and garden sitting areas, homeowners can add value and increase the enjoyment of their property! What would you add?
  • Garden
  • Sunroom
  • Backyard Patio
  • Outdoor Kitchen
  • Deck Area
Spray Paint Outdoor Furniture: Touch up your outside furniture. A can of spray paint can go a long way toward making an old looking piece seem almost new again and it’s inexpensive.
 
Reupholster: Outdoor chair seats or cushions can get faded and forlorn after a few seasons, especially if they receive direct sun. You can spruce up your patio set by reupholstering the seats. It takes only a little fabric and a staple gun. Just remove the seat pads from the chairs, and put on something new and stylish. You can remove the old fabric or leave it on if it’s not too thick and isn’t badly damaged.
 
Taking Care of Teak: Do you have a teak outdoor furniture set? Teak wood is hardy and long lasting, but it should be refreshed every few seasons to keep it in tip top shape. Use a cleanser especially for teak, follow with a light sanding, and then seal with a protective sealer.
 
Re-stain: If you have weathered wood furniture, there are ways to get it looking good as new again with a fresh coat of stain. Sand and clean your piece first, then wash and let it dry. Apply your new stain according to directions. Wait until you see the difference!
 
Build an Outdoor Firepit: Nothing beats roasting marshmallows and sharing stories around a fire during the summer months. An outdoor firepit is a great investment and a way to bring friends and family together.
 
What home improvement projects would you consider?
You don't have to implement all of these home improvement/DIY ideas to increase the value of your home. Whether you start planning for a complete patio renovation or a simple home improvement project, updating your home (inside or outside) is a solid investment in increasing your home’s value and appeal.
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Celebrate National Homeownership Month with Greenway Mortgage

Jun 9
5:18
AM
Category | General

 

June is National Homeownership Month, a time to celebrate the benefits that homeownership brings to families, neighborhoods, and communities across America. Not only does homeownership change lives and enhance futures, it is part of the American Dream.

To this day, there continues to be a noticeable shift from renting to homeownership, especially among young buyers. It's a way for people to increase their wealth and home equity. Keep reading to learn about some of the key benefits that homeownership has to offer.

How Did Homeownership Month Start?

National Homeownership Month started as a week-long celebration of homeownership during the Clinton administration in 1995. In 2002, President George W. Bush proclaimed June as the National Homeownership Month. Today, the mortgage industry continues the message of helping people realize the dream of responsible homeownership.

Knowledge is Power
Throughout June, Greenway Mortgage will be sharing some informational pieces on homeownership as we want to raise awareness and encourage more people to consider the benefits of buying their own home. With that said, let’s dive into some of those important  benefits and discuss some of the prep work that is required in order to achieve the dream of homeownership.
 
Benefits of Homeownership:

  • Provides stability.

  • Creates positive environments for families.

  • Improves neighborhoods.

  • Homeowners are more involved in civic affairs, including voting in the last election and knowing their elected officials.

  • Builds wealth.

  • Provides possible tax benefits.

 
Prep Work:

  • Know your credit score. Having a healthy credit score is vital to the home buying process. Figure out where your credit score stands and strategize some improvements, if necessary.

  • Build your savings. Home buyers will need money available for a down payment and closing costs. This is a great time sit down and get real about your financials. Make a budget, create a timeline and set yourself some saving goals.

  • Figure out your price range. Once you have a handle on your financial situation, the next step is to determine out how much money you can spend. Keep this number in mind when you meet with your real estate agent and Greenway Mortgage Loan Officer.

  • Do your research. Research the area you would like to purchase your home. Take note of school districts, commute times, nearby parks or shopping, and any other things you feel are important to you.

  • Find a real estate agent. It is important to have a trusted real estate agent by your side during your home buying journey. Find someone you can rely on and feel comfortable with.

  • Get your documents in order. A lot of paperwork goes into getting a home loan. Come out on top by getting organized and locating necessary papers ahead of time. Have on hand recent paystubs, W-2s from the past 2 years, recent tax returns and bank and asset statements.

  • Meet with a Greenway Loan Officer. It is crucial to meet with a lender to get pre-approved for a home loan so you know how much home you can afford. This should always be step #1. Also, having a pre-approval letter puts you at an advantage when dealing with a potential seller, as he or she will know you’re one step closer to getting a mortgage.

 
Are you a First-Time Home Buyer?
To encourage and educate aspiring home buyers, Greenway offers free information and resources. You can visit us online to learn more about buying your first home, first-time home buyer resources, videos, and so much more. Here are a few helpful links which you might want to check out if you’re a future home buyer.

 

Greenway Mortgage is proud to be a part of the industry that makes homeownership a reality for so many Americans! When you’re ready to get your journey started, reach out to us!  

 

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6 Financial Practices to Start After Graduation

Apr 21
5:00
AM
Category | General
 
College graduation is a huge accomplishment. It is also the first step of your adult life! That’s why it’s important to have good financial practices in place for a successful future.
 
To help kick start your future, here are 6 financial practices to start after college graduation.
 
#1 Build a Budget & Start Saving (NOW)
Create a budget for yourself that takes in account the following:
  • Your Savings Goals
  • Monthly Payments (rent, utilities, car payments, student loans, etc)
  • Weekly Spending (gas groceries, entertainment)
Tip: There are many mobile apps now-a-days that can help you get started with your budgeting goals.
 
Once you have a budget in place, you’ll have a good idea as to where your money is going and be able to build a realistic budget based on your needs. As a result, this will help you save money overtime!
 
#2 Keep Your Finances in Check
It’s important to set some time aside at least once a month to review your finances. By doing this, you’ll develop good money habits.
 
Tip: Set a reminder in your phone each month to review your finances
 
What should you review? Review your bank account and credit card statements to ensure your spending is in line with the budget you’ve set for yourself, along with any other accounts you save, spend and invest in. In addition, stay on top of your credit report to ensure your credit score isn’t being negatively affected by your financial habits.
 
#3 Prepare for Student Loan Payments
After graduating college, you usually have a grace period of 6 months in which you can prepare your finances before starting your student loan payments. If you prepare properly you won’t be surprised when it comes time to make your first payment.
 
Tip: Pay attention to the interest rate on your student loans. When you can afford to pay a little extra, you’ll save the most money by paying down the loan with the highest interest rate first. Set up automatic payments, too (sometimes you’ll get a discount by doing this). This is a great way to save money and build good credit.
 
#4 Have You Started Your Retirement Fund?
To sooner you start saving for your future retirement, the better! We promise! One of the most recommended ways to setting up a retirement fund is with a 401K. This may be offered through your workplace or you can set up one as a personal account through your bank or a brokerage firm. Many workplaces offer 401(K) matching. This means that your employer contributes to your 401 (K) up to a certain percentage or dollar amount. The best part… it’s essentially FREE money from your employer designed to encourage you to save for your future.
 
#5 Switch from A Student Card
If you own a student card it may be time to switch to a credit card that has perks and rewards.
 
#6 Start Investing
Invest a portion of our paycheck into individual stocks or mutual funds each month. This is a great financial practice especially if you start to invest early.
 
Bottom Line:
Saving early is key to a successful future. Getting into simple saving habits will benefit you long-term. It will even help you put a down payment on the home of your dreams some day. So, try putting these 6 financial practices into play now!
 
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