When Life Threw this Family Curveballs, Greenway Was Ready

Christine and Dan Kritch and their 3-year-old daughter, Kierstin, lived in a house built in 1922. The house was nestled on a beautiful half-acre lot in a great neighborhood but, like many older homes, it had very small rooms and just one bathroom. The Kritches made the difficult decision to sell their house so they could move into a larger home in a nearby town and enroll Kierstin in a better school system.

The Kritches contacted Erin Carvelli at Greenway Mortgage. Erin had helped Dan with the purchase of his first home years earlier. The Kritches planned to go the conventional route, using the money from the sale of their home to make a down payment on a new home. They were pre-approved for a $600,000 purchase mortgage and put their house on the market.
And on the market their house sat. For nine months.
There were plenty of showings, but they received just one low-ball offer. After some negotiation, the Kritches weren’t able to reach an agreement with the buyer. They dropped the price a few times, but the house still hadn’t sold. Buyers were walking away for the same reason the Kritches were prepared to walk away – small rooms and one bathroom.
Erin sat down with Christine and Dan to discuss their options.
“We decided to stay in the house and do some renovations to make the house work for us,” Christine said. “We like the area and the size of the property, and we had the option to enroll Kierstin in a private school, but we needed money to pay for the renovations.”
Those renovations would be extensive – and expensive. The Kritches wanted to build an addition with a living room on the first floor and a master suite on the second floor. They also wanted to add a half bath, convert one of the small bedrooms into a laundry room, and add another bedroom on the second floor.
After Erin explained the various loan products and options, the Kritches decided to look into a renovation loan. With a renovation loan, the appraisal is based on the future value of the home once renovations are complete. This can be a great option for homeowners who don’t have enough equity in their home.
However, there are additional costs and requirements with this type of loan. Erin processed the mountain of paperwork that comes with a renovation loan, but they hit another roadblock.
“There was a lot of back-and-forth with the contractor to understand how to comply with the loan requirements,” Christine said. “But when we saw what the monthly payments would be, we knew we had to come up with another option.”
Fortunately for the Kritches, an “as-is” appraisal came in higher than expected, so they wouldn’t need to use the future value of the home to secure a renovation loan. Erin told them that they had enough equity for a cash-out refinance.
This would allow them to refinance what they owed on their existing mortgage while turning much of the equity into cash to pay for the renovations. A cash-out refi would also accelerate the renovation timetable and save the Kritches a lot of money each month. Once they decided to go with a cash-out refi, the process moved quickly and the loan closed with no issues.
Of course, it took about 18 months to get from the initial discussions about buying a new home with a conventional mortgage to finalizing the cash-out refi and staying put. Erin was there every step of the way.
“Erin was like my BFF for a year and a half,” Christine joked. “I was constantly calling, emailing and texting her – everything but FaceTime. Erin replied every single time. She went above and beyond whenever a new issue came up, and she always had the information we needed to keep us on the right path.”
Christine and Dan had a plan when this process started. But, as we all know, sometimes life doesn’t care about your plans. Life throws curveballs. That’s when it helps to have people in your corner who you can trust to help you through the rough patches.
As of this writing, demolition is just about done, and the remodeling and rebuilding is about to begin. Ultimately, the end result will be what the Kritches wanted – a larger home in an area they like, and good schools for Kierstin.
“After we closed on the loan, it almost felt odd to not be in contact with Erin every day,” Christine said. “She has the patience of a saint and the knowledge to put my mind completely at ease. My family is very happy, and I can’t recommend Erin strongly enough.

For the Week Ending July 27, 2018


Please enjoy this quick update on what happened this week in the housing and financial markets.



Talk of tariffs and trade concerns continue to help keep mortgage rates low. However, the strong economy and labor market could pressure rates higher.
Recent comments by President Trump about raising rates are not likely to affect the Fed's plans. One or even two policy rate increases are still expected for 2018.
The European Central Bank is seeing inflation increase overseas and should end economic stimulus this year. This could pressure future mortgage rates higher.


Existing home sales continued to slide in June, to a 5-month low. A persistent shortage of properties on the market drove house prices to a record high.
New home sales also dropped to an 8-month low in June. Demand remains high, but builders are struggling with labor shortages and material costs.
Fifteen more states can now accommodate fully digital home closings. A total of 265 million homebuyers can now enjoy fully online closing processes across the country.


Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.



The New Jersey Housing and Mortgage Finance Agency (NJHMFA) announced on June 5, 2018 the launch of a state-wide, first-time homebuyer down payment assistance program anticipated to help NJ residents meet their goal of homeownership.

Funded through the NJHMFA, qualified homebuyers can now get $10,000 to make their home buying dreams a reality with the Down Payment Assistance Program (DPA).


  • Interest-free, five-year forgivable second loan with no monthly payment

  • Funds can be used to assist the prospective homebuyer with down payment and closing costs

  • The assistance must be paired with an NJHMFA first mortgage loan

  • The first mortgage loan is a competitive 30-year, fixed-rate government-insured loan, originated through a participating lender

  • Certain restrictions such as maximum household income and purchase price limits apply.

For many first-time homebuyers, the monthly mortgage payment on their first home may be comparable to their current rental payment, demonstrating that the income needed to purchase a home is not in many cases the barrier to homeownership.

The biggest challenge for these buyers is accumulating the funds needed to cover the down payment and closing costs.

The DPA program helps provide the resources needed to complete the purchase. The $10,000 helps to reduce the strain on the homebuyers existing financial resources, translates into immediate equity and helps to ensure a stable footing on their entry into homeownership.

For more news and information on the Down Payment Assistance Program (DPA), read the entire press release here.

Visit our product page here for complete details on this program.

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. Some exclusions do apply as there are certain parameters the loan must meet to determine if it fits Day 1 Certainty criteria.

• Fannie Mae Loans Only
• Verifies income and assets electronically
• No income docs or bank statements required
• Employment types limited; W2 and some self-employed
• Appraisal may not be required
• Restrictions apply, talk to your Greenway Loan Officer for more information.
Do you have more questions? Contact us today, we are happy to help (732.832.2967)

Greenway Mortgage: McArthur Success Story

Greenway Refuses to Let Difficult Circumstances Prevent a Happy Ending

Divorce is never easy. When kids are involved and a home needs to be sold, the situation becomes even more stressful.

When Mary McArthur finalized her divorce, the family home sold quickly. When she needed a mortgage for a new home for herself and her two children and needed it turned around quickly, she contacted Amy Marino at Greenway Mortgage.

Amy had previously helped Mary with another home purchase and two refinances – one to consolidate and pay off credit card debt, and a cash-out refi for a major home improvement project. However, this home purchase was more complicated because of the circumstances involved.

Mary put in an offer on one house, but another offer was accepted. However, the house was back on the market within a week. Mary made an offer, which was accepted with the contingency that the closing had to occur in a matter of weeks.

“There were so many variables involved – some Mary could control, most she could not,” Amy said. “There was no room for error. We knew there could be serious problems for Mary and her family if her mortgage didn’t go smoothly, so everyone had to step up.”

Amy and Mary were in constant communication by email and text, day and night, to keep the process moving forward. All documentation was gathered for the back office team to secure the mortgage commitment and process the loan, and Amy made sure Mary always knew what the next step would be so there would be no delays or confusion.

Then Mary requested to move up the closing date. She needed to accelerate the timeline and close two transactions on the same day. She asked if she could close on the sale of her existing home in the morning and the purchase of her new home in the afternoon.

Understanding Mary’s special circumstances, Amy and the Greenway Mortgage team told Mary not to worry. They would get the job done.

This was an “all hands on deck” situation. Loan processors and underwriters worked diligently to package Mary’s file cleanly, get title squared away and communicate with Mary’s attorney. Amy stayed on top of everything throughout the process, answered questions from all parties involved, and kept Mary informed.

The entire process, from submission to clear close, was completed in less than two weeks. Mary and her 15-year-old son and 11-year-old daughter had a new home.

“Going through a divorce is never easy for kids,” Mary said. “But they absolutely love their new house. They’re surrounded by friends, they can ride their bikes everywhere, and they’re staying in the same schools.”

It all came down to communication and process. Amy made sure everyone was on the same page and kept Mary’s mortgage on track. The back office team knew from the outset that timing was critical and kept everything moving.

The Greenway Mortgage process, from origination to processing to underwriting to managing, was designed for this kind of situation. When so many factors and circumstances can come into play and affect the outcome, a proven process with the right combination of technology and industry expertise can be the difference between a nightmare and a happy ending.

“If you had told me when my first offer fell through that everything would work out, and that we would end up in a house we love with a comfortable mortgage payment I could afford, I would have called you crazy,” Mary said. “But it happened. I can’t thank Amy and Greenway enough.”

Put your mortgage process in the hands of someone who won't give up on you. 
Click here to get started with Amy Marino today!

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