E-signing Your Disclosures

• Don't make any large purchases (new car, furniture, etc)
• Don't make any major life changes such as quitting your job, getting married, divorced, taking a vacation, etc 
• Don't open up new credit of any sort - this can knock points off your credit score & delay closing
• Don't make any random deposits into your bank accounts. Make sure to document cash gifts, lottery winnings, etc properly,
• Keep making your payments on time
• Come to Greenway with any questions you have 

Appraisal

A licensed professional will conduct a review to reassure both you and the mortgage lender of your new home's value. The appraiser will visit the property and note its style and overall condition, measure square footage and confirm the number or rooms.

While appraisers are not to be confused with home inspectors, they will look for any obvious defects or safety issues. They will compare the property to its legally designated use. For example, are there two units when there should be only one, is it zoned properly, is it located in a flood zone, are there other external factors that could negatively affect value or marketability. A list of comparable properties will be pulled to determine if your purchase price is right for the market. Keep in mind the comps should be located in the same area and should be similar in size, style and function.

You will have an opportunity to see the appraisal report prior to settlement. For now, you can sit back and relax while the appraiser takers the lead on this part of the homeownership journey! Your Greenway Loan Officer will be in touch.

Underwriting

You’ve made it to the Underwriting Checkpoint. At this point, the underwriter evaluates your application and documents, double checks the loan guidelines and if all is accurate, issues an approval. In order to meet the loan program rules, underwriters may ask for clarifications or for more documentation. If this occurs, don’t be alarmed; it’s a normal part of the process. Responding to any requests as quickly as possible will help to get you home on time. It’s also possible that the underwriter will approve your loan with conditions. This just means that there are still a few more of the usual steps required to obtain a full mortgage commitment.

The appraisal is reviewed and file is submitted for underwriting. Approval is typically available within 3 days. 

Remember to avoid the road blocks (as we stated above). Any major life changes, pitstops at the furniture store, or credit inquiries at the car dealership. Your Greenway Mortgage Loan officer will be in touch again with another update.