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Borrowers Selling Current Home
Eligible Active Military or Veterans
*Additional items may be requested during the loan underwriting phase if more information is required to guarantee your loan.
Principal (P) – The portion of your payment that goes toward the principal balance (the remaining amount due) of the loan
Interest (I) – The portion of your payment that pays the lender
Taxes (T) – The portion of your payment that pays your property taxes each year
Insurance (I) – The portion of your payment that pays your homeowners insurance policy each year
Mortgage Insurance (MI) – The portion of your payment that goes to the mortgage insurance company; mortgage insurance is not paid on all mortgages
Owning your own home provides not only the satisfaction of purchasing a home, but allows you to completely customize and personalize your home to your liking, including painting walls and replacing flooring which could also potentially increase your home’s value.
Your monthly mortgage payments will include both principal and interest, with the principal portion going toward your personal equity in the home. If or when you decide to sell your home, the equity you have in your home can turn into profit if the value of your home is more than your remaining loan balance.
Many times your mortgage interest, property taxes and sometimes even closing costs can be tax deductible,* potentially allowing you to pay less income tax as a homeowner.
*This does not constitute tax advice. Please consult a tax advisor regarding your specific situation
As a homeowner, you’ll have access to our wide range of mortgage options that will help you predict your monthly mortgage payments versus being subject to annual rent increases you can’t necessarily always plan.
GFCI outlets in the kitchen and all bathrooms; exposed fuse boxes or wires will be flagged.
There cannot be cracks in the foundation
Handrails have to be on all staircases with three steps or more (this includes but isn’t limited to, steps outside to a deck and stairs in the basement).
A central heating source is required and has to be 100% operational and safe. If a home only has one source of heat and it’s from a wood stove or a pellet stove, it will need a central heating system. The central heating system must be able to heat the home for a minimum of 30 days without being attended to.
Interior walls must be complete. Sheet rocked walls that are unpainted will not be accepted.
Moisture found inside of a home will be flagged by an appraiser. Basements are not an exception to this rule.
If any windows or doors have cracks in them, they have to be replaced prior to the appraisal.
Garages, sheds, and/or outbuildings also have to pass the same guidelines as above and must not have chipping/peeling paint or exposed raw wood.
The inside and outside of the home must be painted; peeling paint will not be accepted.
Any exposed raw wood on the exterior of the home that is untreated with paint or stain will be flagged.
Shingles that are curling or missing will be flagged; if the appraiser thinks there is less than five years left on roof, it will be flagged.
The location of the septic tank or leach field must be known. Issues could arise if the septic tank has not been pumped or serviced in over five years.
The location of the well needs to be known. If it’s a dug well, please contact your Realtor or lender immediately. A water flow test and complete safety report will be required.
Rotting wood, chipping or peeling paint will be flagged.
Keep originals or be able to access on your employer/bank sites all pay-stubs, bank statements and other important financial documents.
Provide your Earnest Money Deposit from your own personal bank account or acceptable gift funds. Please talk to your loan officer or loan coordinator for additional clarification. This will present a very difficult problem if not managed properly in the beginning.
Provide all documentation for the sale of your current home, including sales contract, closing statement, employer relocation/buy-out program if applicable.
Notify your Loan Officer or Loan Coordinator if you plan to receive gift funds for closing. Gift funds are acceptable only if certain criteria are met. Advances from credit cards for down payment / closing costs are never acceptable.
Notify your Loan Officer or Loan Coordinator of any employment changes such as recent raise, promotion, transfer, change of pay status, for example, salary to commission.
Be aware that a new credit report could be pulled just prior to closing.
Close or open any asset accounts or transfer funds between accounts without asking your loan officer about the proper documentation required for your loan. For example, before transferring all funds from your savings to your checking, check with your loan officer.
Deposit any monies outside of your automated payroll deposits, particularly cash or sale of personal property, without notifying your Loan Officer or Loan Coordinator. Many guidelines require substantial documentation as to the source of these deposits.
Change jobs/employer without inquiring about the impact this change might have on your loan.
Make major purchases prior or during to closing such as new car, furniture, appliances, etc. as this may impact your qualifying amount.
Open or increase any liabilities, including credit cards, student loans or other lines of credit during the loan process as it may impact your qualifying amount.
We recommend reaching out to your Fairway mortgage professional via email, phone or in person to discuss your homeownership goals. This initial consultation covers how long you plan on living in the home, the amount of down payment you will need, and how much you want your monthly payments to be.
A pre-qualification determines how much money you will be eligible to borrow before you actually apply for a loan. It is very important to understand that a pre-qualification does not guarantee a loan. During this step, we gather your financial information and make a conditional determination about your qualifications. You can review our Document Checklist for the basic information required.
*A pre-qualification is not an approval of credit and does not signify that underwriting requirements have been met.
After you have completed a loan application, your mortgage professional collects all required documents and submits your loan file to the loan processor. The processor reviews your file and orders your property appraisal. Depending on your situation, the processor may need additional documentation during this step. Once your loan file is completed, the processor submits it to underwriting for approval.
The underwriter reviews your loan file to ensure all guidelines are met for the specific loan program and issues a loan decision. Once your mortgage has been approved and all conditions have been cleared, your loan is moved to “Clear to Close” status.
You will receive a loan commitment letter which contains the details of your loan including rate, amount and term along with any outstanding conditions that need to be addressed before the file is sent to closing. Once everything is cleared by the underwriter, our closing department will complete your final documents.
During closing, you will sign a variety of final documents. Be sure to bring a photo ID along with the proper form of payment to cover your down payment, closing costs, prepaid interest, taxes, insurance or any additional costs. After the closing documents are completed and all funds have been disbursed, you will receive the keys to your new home!