Fairway’s Lunch & Learn Week!

November 19th, 2013

Join Fairway Boston for its Lunch and Learn Week! Choose a class of your choice to attend that will be taught by Fairway’s own Jarred Alexandrov. Learn how you can use social media to your advantage or ways to get an accepted offer easier. Did we mention lunch will be served? Hurry now, seats are filling up!

Register here!

Learn while you lunch!

Lunch and Learn

*First come, first served basis. Only 8 Realtors® per class. CEU credits are not given.

Fairway Welcomes Phil Ganz to Our Boston Branch

November 5th, 2013





BOSTON, MA — November 5, 2013 — Phil Ganz has joined Fairway Independent Mortgage Corporation, one of the nation’s largest mortgage companies, as a Senior Loan Officer serving the Boston Metro area.


Based in Madison, Wisconsin Fairway Independent Mortgage Corporation is one of the country’s largest mortgage companies. With over 150 branches and 1,500+ employees nationwide, Fairway funded $6 Billion in loan volume in 2012.  Offering a wide range of financing products; including fixed and adjustable products, Conventional, FHA, VA, USDA, Down Payment Assistance and Bond programs, Fairway serves first time homebuyers, seasoned investors, and every prospective borrower in between.


Ganz has 10 years of mortgage industry experience as a Loan Officer. Prior to joining Fairway, he worked as a Senior Loan Officer for Guaranteed Rate Mortgage. Ganz has proven to be an invaluable resource to borrowers looking to buy or refinance a home.


“Our fantastic team is the reason behind our success, and we’ve been fortunate to work with some of the best and brightest professionals in the mortgage industry,” said Steve Jacobson, CEO of Fairway. “Ganz certainly belongs in this category, as demonstrated by his accomplishments and dedication serving homebuyers in the Boston area. We are thrilled to welcome Ganz to the Fairway family and believe he will serve a valuable role in our continued success.”


Ganz stated, “It is my great pleasure to join an amazing organization such as Fairway Independent Mortgage and be able to be able to help individuals in Boston with their home mortgage and refinancing needs.”


Ganz can be reached via email at philg@fairwaymc.com or by phone at 617-529-9317.  They can also be followed on Facebook at www.facebook.com/bostonlender and Twitter at www.twitter.com/mortgagemagic.


About Fairway Independent Mortgage Corporation

Founded in 1996 by Steve Jacobson and Dean Anderson, Fairway Independent Mortgage Corporation is a mortgage banker headquartered in Sun Prairie, Wisconsin. The company has 150 locations and over 1,500 employees nationwide. The corporate vision is to foster relationships and create a team atmosphere, empowering offices to operate autonomously in their day-to-day operations, while still maintaining strict compliance and consistency across the board. Fairway Independent Mortgage Corporation provides all necessary support in the areas of personnel, accounting and compliance. For more information, please visit www.FairwayIndependentMC.com.



Heidi Yribar

Fairway Independent Mortgage



Zillow’s New Co-Marketing Program

October 29th, 2013

Zillow CoMarketing


Made Easier


With so much new technology these days, advertising your business is a piece of cake. Zillow is making it even easier with their new co-marketing feature. Realtors, here is a chance to share advertisement costs. And lenders, now is chance to be seen as an agent’s preferred lender. By sharing marketing costs, agents and lenders can often reduce their marketing spend and increase their ROI.

Usually, agents and lenders who share marketing costs already have an established professional relationship. The agent may already have a few lenders they trust, and same goes for the lender. Now, Zillow provides these professionals with an easy way to market themselves on the same pages throughout the site.

The relationship between the agent and the lender is strictly limited to a co-marketing arrangement under which the lender pays Zillow to appear in advertising alongside the agent on Zillow. Within the Zillow Co-Marketing Program, lenders may not refer business to agents and vice versa. This restriction does not apply to referrals by agents and lenders that are outside of the Zillow Co-Marketing Program.


How It Works:

– Realtors invite their lenders to share the marketing costs (up to 50%).

– Once the lender confirms, they will appear alongside the agent on Zillow.



To find out more about the program, click here.

How Does The Government Shutdown Affect Potential Home Buyers?

October 15th, 2013

If you’re like most people in the market for real estate these days you’re probably wondering how the government shutdown is affecting your ability to buy a home.

Many government agencies like the FHA, IRS, VA, Social Security Administration are facing cut-backs and furloughs that do affect the mortgage and housing market.

Here’s how it might be affecting you or your plans to buy a home.

If You Are Currently Buying a Home:

Tax Return Verification:

Mortgage lenders are required to verify that you’ve filed tax returns (usually for at least the most recent 2 years). During the government shutdown, the IRS is not processing requests for verification that your tax returns have been filed.

Most mortgage lenders have announced that they will be closing loans without tax return verification; however you may face additional hurdles being approved for a mortgage if you are self-employed due to the necessity of having your income verified by tax returns.

In addition, some consumers have reported that some banks are not waiving their requirement for tax return verification before closing a loan. Check with your mortgage lender or bank what their policy is regarding verification of your tax return as your closing may be delayed if verification is not available.

Social Security Number Verification

In some cases, lenders require your social security number and identity to be confirmed with the Social Security Administration. While this applies to a small number of home-buyers, if your identity needs to be confirmed you may experience a delay in closing of your home.

USDA Loans Will Not Proceed Until the Shutdown Ends

The US Department of Agriculture personnel is on furlough until further notice. If you have a loan in process that is a “USDA” loan, your loan will be unable to proceed until the USDA office is operational and able to approve your loan.

If you have a USDA loan in process, contact your lender, Realtor, and attorney to discuss the timeline of your transaction. Your mortgage commitment date and/or closing date may have to be delayed until the shutdown ends.

Alternatively, you may want to re-apply for mortgage financing that is not USDA so that you can continue the purchase of your home without need for UDSA approval.

If You Are Thinking About Buying a Home:

Still a Booming Market in Boston

The housing market in Boston is still booming, with many great properties still hitting the market. In the grand-scheme of the housing industry, the shutdown is having a limited effect on your ability to buy a home.

Uncertainty about the economy has also helped mortgage rates stay low so that monthly mortgage payments are many times less than what you would pay to rent in Boston.

Mortgage Pre-Approval Paperwork

Most home buyers needs a mortgage preapproval before making an offer for a property listed for sale. When you get pre-approved, ensure that you provide your lender with all necessary paperwork, including 2 years of tax returns.

A strong and thorough pre-approval will help get your offer accepted and make the mortgage approval process smoother despite some of the potential “gotchas” listed above.

If you were thinking of buying a home with a USDA loan, ask your mortgage loan officer to present alternative loan programs that you will qualify for.

In times of uncertainty, rely on the trusted real estate professionals whose job it is to navigate the process for you.

Your Realtor, Mortgage Loan Officer, and Real Estate attorney will advise you and walk you through how to buy a home…even when the government is shut down!

Jarred Alexandrov

Mortgage Loan Advisor



Getting Your Home Insured

October 1st, 2013

Insurance is required to buy a home

Securing home owners insurance is required for your mortgage financing to be approved. Ask your loan officer for a recommendation to an insurance agent with great rates and who can quickly get your policy in place. You will pay for the first year of your policy in full when you secure this.

If purchasing a condo, there are different insurance requirements you have to follow.

Your condo association must have a master policy in place. Depending on the details of that policy, you may need to obtain your own policy to cover your individual unit. This is called an “HO-6” policy. Your loan officer will let you know if this is required and refer you to an insurance agent that can provide this type of policy.

Recommended Home-Owners Insurance Agent:



The Purchase and Sales Process

September 24th, 2013

P&S2The purchase and sales contract is your legal contract to buy a home. You will rely upon your real estate attorney to protect your interests and work with the seller attorney to accurately reflect the terms of your agreement with the seller in this document. In general, your loan officer does not get involved with this. It will also contain details on whether or not the seller is paying for any of your closing costs.

The most important thing for your loan officer is that the P&S confirms the mortgage commitment and closing dates.

Make it Offical

o Terms of the Purchase will be confirmed

– Purchase price and down payment amount

o Important Dates will be confirmed

– Mortgage Contingency date (Commitment) and Closing date

o Earnest Money Deposit – Remainder of 5% (or down payment if less than 5% down) paid at this time

– Send a copy of EMD check and P&S to Fairway. Evidence of the source of this EMD will be required (bank statement showing check clearing your account)

Apply for Your Mortgage Financing

September 17th, 2013

MAPSchedule an in-face appointment or phone call to speak with your loan officer so that you clearly understand this step. The loan officer’s job is to accurately reflect all the details of your transaction on the application, including your interest rate and loan program.

The Application Package: The mortgage application package is a stack of paper around 45 pages that you will have to review, sign, and return to your loan officer. It is important that you:

o Understand what you are signing. Ask for clarification on anything you do not understand

o Sign and date in all the necessary places

o Return as soon as possible (even if changes are to be made) as the signed application is needed to send to the loan processing department

Supporting documentation will be requested: Your loan officer will provide you with a document checklist detailing the updated documents needed for your specific loan program. These items are needed within 3 business days in order to keep your loan file on track for closing.

The loan officer will review all updated documents. In 99% of cases, your loan officer will ask you to clarify some items, or provide additional paperwork. This is a normal part of the loan process and is meant to make your file as complete as possible so that when an underwriter (who doesn’t know you) looks at your file for approval, they clearly understand the transaction and can approve your file as quickly as possible without coming back to you for additional information.

You Have An Accepted Offer, Now What?

September 10th, 2013

handshakeWhen you have an accepted offer, it is an exciting time and emotions will be running high. Relax and start with the 4 steps below!

1. Start by scheduling your home inspection

– Learn more about your new home

-Many times the inspection will lead to a change in your offer so communicate that to your loan officer. Changes include:

o Sales price

o Seller concessions

o Commitment and closing dates

o Repairs to be made

2. Have your realtor connect with your loan officer to discuss the important dates and provide a copy of the signed offer. Your loan officer needs to know:

– Mortgage application deadline

– Mortgage commitment letter deadline

– Closing date

3. The paperwork starts. You’ll need to provide your loan officer with:

– Copy of $1000 deposit check (realtor usually has a copy)

– Bank satement showing the $1000 deposit check clearing your account

– Copy of signed offer

4. Connect with a real esate attorney to help you negotiate your purchase and sales agreement and protect your deposit money

– In general, it is best to work with a real estate attorney that your loan officer and realtor have worked with in the past and are comfortable with. Having a team that is on the same page will make this process much smoother for you. Ask your agent and loan officer for recommendations.

Things to Know About Condominium Approval

September 3rd, 2013

Buying a condo means a separate approval process

Yes, buying a condo requires some additional paperwork and even an additional approval that is not needed when buying a single-family home. However, we do this all the time and the condo approval process usually does not require much effort on your part. Your realtor and your attorney will assist in obtaining the following:

o Condo questionnare

– Answers key questions that could impact loan program

– Your loan officer will provide to your real estate agent to be completed and returned by the condo management company as soon as possible. This questionnare will then be forwarded to our condo approval department for review of any “red flags” and if there is an issue, we will communicate that with all parties to determine a solution.

o Condo documents (master deed, trust, master insurance policy) will be provided by the management company to your loan officer. Your real estate agent will assist in obtaining these. Again, these are needed as soon as possible in order to keep your closing on track.

Is Your Dream Home Worth it?

August 27th, 2013

houseYour appraisal confirms your house is worth what you are paying

Your appraisal is a very important step in the loan process. It will usually be ordered by your loan officer the same day you’ve applied for your mortgage. The appraiser’s job is to independently verify the value of the home you’ve purchased. Keep in mind the following about the appraisal process:

o A credit card deposit by you is required to order the appraisal. This is the only thing you will pay for upfront as part of the loan process. This can range between $450 and $650 depending on your property type.

o It will take about 2 weeks for your appraisal to be completed and for an appraisal report to be generated and provided to your loan officer. A copy will be sent to you when it is received.

o 95% of the time your appraisal will confirm the value of your home and the appraisal will be submitted with your loan application for review by an underwriter.

o If the appraisal states that the home is worth less than what you are paying for it then that triggers a “red flag” that must be addressed. Your loan officer, realtor, and attorney will all connect to discuss a strategy for moving forward. When this happens, rely upon your team of professionals to talk you through your options.