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.
WHAT YOU SHOULD KNOW
• 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.
Move Up with a Bridge Loan and bridge the gap in financing between your current home and your dream home!
Buying a new home before you can sell your old one can present quite the financial conundrum. This is mostly because you have to come up with the cash for a new property when you don’t have access to the home equity you have already built up in your existing property. That’s where a bridge loan comes in.
What is a Bridge Loan?
A bridge loan, also called a “wrap” or “gap financing,” allows borrowers to purchase new property by accessing the equity in their current property before it’s sold.
How does a Bridge Loan Work?
While bridge loans can come in different amounts and last for varying lengths of time, they are meant to be short-term tools. Generally speaking, bridge loans are temporary financing options intended to help real estate buyers secure initial funding that helps them transition from one property to the next.
Let’s say you found your dream home and need to buy it quickly, yet you haven’t had the time to prepare your current residence for sale, let alone sell it. A bridge loan would provide the short-term funding required to purchase the new home quickly, buying you time to get your current home ready for sale. Ideally, you would move into your new home, sell your old property, then pay off the loan.
Perfect for borrowers in a seller’s market
Fast & flexible underwriting and execution
$500,000 Minimum loan amount
1-4 Unit Single Family Residence
Primary residences, second homes and investment properties
The Fine Print
Property must be listed on MLS
55% maximum LTV
Requires excellent credit - 680 minimum FICO
Higher DTI ratios considered
Bridge loans are the kind of loan you look to obtain when you need to move forward and you can’t do it any other way. If you are dead-set on purchasing a property but struggle to make the financials work, a bridge loan could truly save the day.
As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.
According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.
“It may be easy enough to purchase your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.”
Would moving to a complex with homeowner association fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?
“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”
The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $14,000 in equity last year.
“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”
As we mentioned earlier, would a condo with an HOA fee be worth the added peace of mind of not having to do the maintenance work yourself?
“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”
As scary as that thought may be, any additional security and an extra set of eyes looking out for you always adds to peace of mind.
“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”
Evaluate all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or in a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?
“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”
Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Installing handrails and making sure your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.
“Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”
How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.
When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, we can connect you with one of the many realtors with whom we have a great relationship. They can help evaluate your ability to sell your house in today’s market and we can help you finance your dream retirement home!
|For the Week Ending February 23, 2018|
Please enjoy this quick update on what happened this week in the housing and financial markets.
|Minutes from the Fed's last FOMC meeting point to more policy rate hikes ahead. Officials have seen an increase in economic growth and an uptick in inflation.|
|The Fed doesn't control mortgage rates, yet rates are influenced by the Fed's actions. As the Fed raises policy rates this year, mortgage rates will likely follow.|
|Jobless claims hit a near 45-year low last week, pointing to strong job growth in February. A strong labor market supports the growing economy.|
|Existing home sales fell unexpectedly in January, possibly due to tight inventory and rising mortgage rates. Home supply has declined for 32 straight months.|
|New housing starts were up though, to a 1-yr high of 1.326 million in January. Building permits soared to their highest level since 2007.|
|While builders are busy creating new homes, condos are lacking. Condos are 7% of the multifamily market (down from an average of 22% from 1985-2003).|
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.