GREENWAY BLOG

27 November 2024

Freddie Mac & Fannie Mae Simplify Appraisal Waivers for 2025

  Exciting changes are on the horizon for homebuyers! Starting in early 2025, Freddie Mac and Fannie Mae are making updates that could simplify the homebuying process for your clients. These changes aim to make purchasing a home faster, less expensive, and more accessible—especially for first-time buyers. Here’s a closer look at what this change means and how it could benefit homebuyers: What Is an Appraisal Waiver? An appraisal waiver allows buyers to skip the traditional in-person home appraisal during the mortgage approval process. Instead, automated tools determine the home’s value based on recent sales and other market data....

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26 August 2024

Understanding Rate Locks: Why Longer Locks Come with Higher Costs

  Understanding Rate Locks: Why Longer Locks Come with Higher Costs When you apply for a mortgage, one of the most crucial decisions you'll face is locking in your interest rate. But why do longer rate locks tend to cost more? It all comes down to risk—both for you and the lender. The Role of Interest Rate Fluctuations Between the time you apply for a loan and the moment you close, interest rates will fluctuate. Sometimes, these changes are subtle, but they can also be quite volatile, even shifting from one minute to the next. Locking in your rate serves as a safeguard against rising rates, much like purchasing an insurance policy....

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4 March 2022

MarketMinute | How long have typical owners lived in their homes?

  According to payroll processor ADP, private companies added 475k new jobs in February. ADP also revised January's report upward by 801K. In his testimony before Congress, Fed Chair Jerome Powell said he still expects a quarter point Fed policy rate hike at this month's meeting. New jobless claims came in at 215k, the lowest this year. Continuing claims' 4-week average fell to 1.48 million, the lowest since 1970.     Pending home sales were down 5.7% in January, continuing what is now a 3-month drop in...

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8 June 2018

Day 1 Certainty: Everything you need to know

DAY 1 CERTAINTY 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....

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20 April 2018

Move Up With A Bridge Loan

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?...

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