The Mortgage Files
Nationally syndicated mortgage news and advice from Senior Loan Officer Scott Sheldon.
3 ways that will prevent you from getting a mortgage
If you want a mortgage, you need to play by the lender’s rules. There’s an old saying called the Golden Rule he who has the money makes the rules. When it comes to getting mortgage loan financing you need to be prepared to show supporting income documentation and have your ducks lined up. Here is…
Read MoreHow to make your financial profile less intricate for a mortgage application
It’s no secret these days mortgage companies want you to jump through hoops and provide what might seem like endless amounts of paperwork in order to grant you credit. Here are some things to consider when applying for a mortgage so you can better position yourself for a successful outcome… Mortgage companies are in the…
Read MoreHow to lower your debt to income when getting a mortgage
Your debt to income ratio represents the number of monthly expenses you have in relation to your monthly income. Lenders usually want this number to be no more than 50% of your monthly income. If you have a debt to income problem, this information is for you… One of the ways to increase your debt…
Read More6 common mortgage loan scenarios you cannot circumnavigate
For some people getting a mortgage can be very challenging based on their financial profile. Following are some things to consider if your financial profile need some extra work and attention These are not all, but these are just some of the scenarios that can mortgage companies often see… I don’t want to apply for…
Read MoreHow changing your income and job status may affect your mortgage chances
Securing mortgage loan financing requires an ample credit score enough equity and or down payment, but it also requires income. You must have documented proof of income as well as a two-year work history to qualify for nearly every mortgage loan program. The following scenarios could be particularly beneficial or problematic depending on your financial…
Read MoreHere is one surefire way of making the mortgage loan process more of a hassle
When you’re refinancing or purchasing a home. There is going to be inevitable paperwork that the mortgage company is going to require. If you plan on seeking a mortgage anytime soon, please take heed in the information that follows… Mortgage companies are under federal requirements to specifically document ATR ability-to-repay. To meet government required consumer…
Read MoreWhat to expect with mortgage rates over the next few months
If you’ve been waiting to pull the trigger on a new house purchase or a refinance and you’re waiting for an interest rate you may get your wish over the course of the next couple of weeks. That said that’s not without some potential risk you otherwise might incur by waiting for what may or…
Read MoreShould you Cash out refinance and remodel or buy another property?
Homeowners who have outgrown their houses may be considering the possibility of buying another property or just staying put and remodeling the one they already have. Here are some things to consider if you’re trying to determine what makes the most financial sense… When you buy your first home you might not be thinking about…
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