You’ve considered countless properties and visited many open houses, before finally zeroing in on your choice house, making an offer, securing financing and closing on the property.

Congratulations, you are now a home owner! But there are a few more things you’ll want to consider now that you’ve moved and settled into your new home. Here, we’ll detail what you’ll want to be aware of when it comes to maintaining your new property, as you continue on the path to becoming what Greenway likes to call the Happy Homeowner.

KEEP YOUR HOUSE CLEAN
You might have always wondered why your parents were so insistent on keeping a clean house when you were a kid, and now as an adult you know – not only does a spotless house look good to you and your guests, it can also be very attractive to prospective buyers should you eventually decide to sell the property. Do a little here and there to make sure your house is always ready for company, and be sure to break out the big guns occasionally for some deep cleaning.

KEEP YOUR HOUSE WELL MAINTAINED
In addition to making sure your new home is as clean as it can be, you’ll want to make sure it is well maintained. That means keeping up with the cost of repairs when they pop up, and not leaving them to fall to neglect.

Make sure to take some time to keep the fences mended, the house paint looking fresh, and the roof nice and stable. Do your best to keep the interior updated as well – putting in new fixtures, painting the rooms, even adding new flooring! If you can afford to, be sure to upgrade any items you might be changing out, such as lighting and fixtures.

Again, not only will these help keep your house looking as good as when you bought it, they’ll also help you build home equity and make the house attractive when you decide to sell.

What does the mortgage process entail? Here is your guide to understanding the mortgage process from start to finish. 

1. APPLICATION

You'll need to submit some documents, including, but not limited to:

• Pay stubs – last 30 days
• W2s – last 2 years
• Federal tax returns – last 2 years, all pages/schedules
• Bank statements – Last 2 months, all pages
• Purchase contract – All pages
• Realtor and attorney contact info
• Copy of photo ID – must be legible
• Appraisal payment

The required documents can vary based on the type of loan you're getting and your lender's underwriting requirements. To keep things moving, be ready to respond quickly to any requests for additional documents or details.

2. PROCESSING
Loan file is turned into the processing department. Loan processors gather documentation about the borrower and property, review all information in the loan file and assemble an orderly and complete package for the underwriter. The processor will immediately order your appraisal and begin to process your loan file.

3. APPRAISAL
Appraiser contacts realtor to schedule appraisal. Report available 3-5 days after the appraisal is performed.

4. UNDERWRITING
The underwriter is the key decision-maker. Appraisal is reviewed and file submitted for underwriting. Approval is typically available within 3 days.

5. APPROVAL
Once your loan is approved, the Mortgage Commitment is sent to you, your Realtor and attorney. Processing will contact you to discuss any outstanding documentation (conditions).

6. CLEARING CONDITIONS
Once outstanding conditions are supplied to processing, the file returns to underwriting for final review. Typically takes 48 hours.

7. CLEAR TO CLOSE
Once underwriting reviews the conditions, they clear the loan for closing. The closing department will contact your attorney to set up a closing date. Closing can take place any time after this point.

A FEW THINGS TO KNOW...

• Do not make any large purchases without consulting your loan officer. Spending cash or incurring new debt could negatively impact your ability to qualify for a mortgage.
• After closing, your loan may be transferred to a new servicer. You will receive a notice in the mail when this happens. It is normal and everything is okay with your account.

Watch our Introducton to the Mortgage Process Here.

Have you seen our First-Time Home Buyer Video? If not, you can check it out here.

Here at Greenway, we believe the mortgage process should be exciting and fun, not intimidating or confusing. With Greenway by your side to answer your questions and guide you through every step of the process, you'll feel more confident about your decision and super-stoked about your future! 

Home Loan Financing 

Greenway offers financing for all your mortgage needs, from special First-Time Buyer Programs through Jumbo loans, renovation loans and more!

We also know that you probably prefer to do online research about a major purchase before you decide to speak to someone personally. We’re okay with that, which is why we’ve created mortgage resources for the first-time home buyer where you can learn everything you need to know about homeownership. 

Loan Approval is Key!

It's important to remember one thing,  getting a loan approval is key! Why? It will help you beat out the competition, negotiate with power and let you know how much you can afford.

Did you know Greenway Gives Back?

We believe in giving back! We donate 5% of our annual profits to local and regional non-profit groups and causes. Our employees are also active in the communities we lend in. Visit our website here to learn more and join our causes!

Have you visited Greenway Mortgage Yet?

Our website is filled with Fist-time Home Buyer resources including:

• Free eBOOKs 
• Educational Videos
• First-Time Home Buyer Information & Resources
• Calculators
• Blogs
• and so much more

We know that buying your first home can be overwhelming.  If you have questions about anything you’ve read, or if you’re ready to begin the mortgage process, we’re here to help! Start the conversation with a licensed Greenway loan officer today!

We're Social! You Can Find Us On:

• Instagram
• Facebook
• Twitter
• Linkedin