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Can I Choose My Own Appraiser?

May 28
10:21
AM
Category | ETE Video Series

Can I Choose My Own Appraiser for My Mortgage Transaction?

The short answer is No. But neither does the lender. 

Having a home appraised is an important part of the mortgage process where the fair market value of the property is determined by an independent licensed professional on behalf of the lender. Neither the borrower nor the lender can choose the appraiser.

Find out why and learn about the appraisal process, the Home Valuation Code of Conduct (HVCC) and appraisal management companies (AMCs) watch this short video by The Mortgage Expert, Erin Carvelli.

Check out our other posts about appraisals and the mortgage process

Want To Know More About Erin, Her Team and the Mortgage Process?

Check out her All Things Mortgage page!

She's posted tons of useful resources and keeps it updated

Are you ready to take the next step?

It's time to get pre-approved with Erin the Expert!

Additional Resources

 

 

 

 

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2 Year Job History | What does it mean!?

May 10
1:49
PM
Category | ETE Video Series

Think you need to be at the same job for 2 years in order to qualify for a mortgage?

You do not. Watch this short video by The Mortgage Expert, Erin Carvelli.

 

Additional Resources

Want To Know More About Erin, Her Team and the Mortgage Process?

Check out her All Things Mortgage page!

She's posted tons of useful resources and keeps it updated

Are you ready to take the next step?

It's time to get pre-approved with Erin the Expert!

 

 

 

 

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[VIDEO] Debt to Income Ratio | What is it and Why is it So Important to Mortgage Qualification?

Apr 17
10:35
AM
Category | ETE Video Series

There are 2 types of Debt-to-Income ratios (DTI) Greenway considers when qualifying you for a mortgage:

  • Front-End (also known as the Housing Ratio)
  • Back-End (also known as the Total DTI).

How is each calculated? Watch this short video by The Mortgage Expert, Erin Carvelli.

 

DTI or Debt-to-Income Ratio is the percentage of a borrower's gross income available for paying your bills.

The Front-End Ratio

  • Also known as The Housing Ratio
  • The ratio of gross income to the borrower's mortgage payment including PITI

The Back-End Ratio

  • Also called the Total Ratio
  • This is the ratio of the borrower's gross income to all expenses. Including:
    • Mortgage with PITI
    • Consumer debt such as credit cards and car loans
    • Student loans
    • Alimony and child support

Read our in-depth post here

Additional Resources

Want To Know More About Erin, Her Team and the Mortgage Process?

Check out her All Things Mortgage page!

She's posted tons of useful resources and keeps it updated

Are you ready to take the next step?

It's time to get pre-approved with Erin the Expert!

 

 

 

 

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[VIDEO] Written Verifications of Employment are Critical to the Mortgage Process

Mar 27
10:11
AM
Category | ETE Video Series

Erin the Expert is Back! Her second series of Mortgage Videos is ready to roll out over the next few months.

The first one going live is a quick overview of the Written Verification of Employment and why it's so important to the mortgage process. Watch the video below and then dive in further.

A written verification of employment (WVOE) is a typical mortgage requirement whereby the lender requests a form be completed by the borrower's current and/or previous employers to ascertain and verify specific details about their employment such as dates of hire and termination as well as compensation structure (salary, bonus, commissions) and year to date earnings.

  • WVOEs are a requirement and must be completed in order to secure financing
  • If an employer does not return it in a time timely fashion or refuses to complete it, your loan approval could be in jeopardy.
  • We find it best that the borrower prepare their employer for the WVOE request to ensure they realize the importance.

Read our in-depth post here

Additional Resources

Are you a first time home buyer?

Consider downloading our FREE homebuying guide specifically for those new to the process. It's packed with useful information, checklists and tip sheets to get you off on the right foot.

Are you ready to take the next step?

It's time to get pre-approved with Erin the Expert!

 

 

 

 

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[VIDEO] What is Schedule C Income?

Jan 3
9:35
AM
Category | ETE Video Series

Schedule C is the form used in your federal tax returns that reports income you've earned when you are self-employed or are paid via 1099 (as opposed to a W2).

With part-time gigs and side hustles like ride-sharing, freelance work or consulting, blogging, house-sitting and dog walking you will receive a 1099 at tax time for the money those jobs earned you.

Because that income is reported differently and can have expenses written off against it, we need to take a closer look at your returns to determine what your actual qualifying income is. We also need to show a 2-year history of that income in order to count it towards the income you can use to qualify for a mortgage.

Therefore, in addition to the regular documentation needed, we also need all pages of your last 2 years' tax returns.

For more details on the mortgage process and documentation, listen to episode 6 of Erin's MortgageCast podcast.

 

Additional Resources

Are you a first time home buyer?

Consider downloading our FREE homebuying guide specifically for those new to the process. It's packed with useful information, checklists and tip sheets to get you off on the right foot.

Are you ready to take the next step?

It's time to get pre-approved with Erin the Expert!

 

 

 

 

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