The Mortgage Files

Nationally syndicated mortgage news and advice from Senior Loan Officer Scott Sheldon.

3 ways you cannot get a mortgage

3 ways that will prevent you from getting a mortgage

By Scott Sheldon / February 12, 2020

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…

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How to make your financial profile less intricate for a mortgage application

How to make your financial profile less intricate for a mortgage application

By Scott Sheldon / January 30, 2020

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…

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How to avoid getting a jumbo loan due to Coronavirus

How to lower your debt to income when getting a mortgage

By Scott Sheldon / January 16, 2020

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…

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6 common mortgage loan scenarios you cannot circumnavigate

6 common mortgage loan scenarios you cannot circumnavigate

By Scott Sheldon / January 2, 2020

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…

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How to get a mortgage if you've been furloughed to do to COVID_19

How changing your income and job status may affect your mortgage chances

By Scott Sheldon / December 19, 2019

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…

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why your mortgage goals why not happen

Here is one surefire way of making the mortgage loan process more of a hassle

By Scott Sheldon / December 8, 2019

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…

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Why interest rates probably will not go down any lower

What to expect with mortgage rates over the next few months

By Scott Sheldon / November 17, 2019

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…

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6 common mortgage loan scenarios you cannot circumnavigate

Should you Cash out refinance and remodel or buy another property?

By Scott Sheldon / November 10, 2019

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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