The Mortgage Files

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

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Are we in a housing bubble?

By Scott Sheldon / October 25, 2016

As prices continue to climb many are wondering if there’s going to be a pop similar to the financial crisis.  Here is the reality of mortgage and housing market… The financial crisis was brought on by the subprime meltdown. The subprime mortgage products that were available led to the financial collapse of America and the…

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Should you really buy that home?

By Scott Sheldon / October 12, 2016

Buying a home is no easy feat. There’s a lot of paperwork and you need to be on top of your to secure the big ticket purchase. How do determine if you should pull the trigger or wait… Banks will let you take on a mortgage payment at no bigger than 45% of your monthly…

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Little lending nuances to get a mortgage

How to figure out closing costs on a mortgage

By Scott Sheldon / September 27, 2016

Closing costs are a factor you must account for consider when taking out a mortgage to buy or refinance a home. Here’s what you need to know across the board… When can you take out a mortgage there’s fees that you’re going to pay to various service providers besides just the mortgage company. This includes,…

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one smart move for getting a mortgage

One really smart move to best prepare for getting a mortgage

By Scott Sheldon / September 11, 2016

Securing mortgage loan financing requires a laundry list of paperwork. Here’s a really simple tip you can take to the bank to make sure your process is easy while getting the best mortgage… Every year you gather together paperwork for doing your tax returns things like; receipts, explanations, paystubs and W-2s. 70% of this information…

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waiting for mortgage rates

Waiting for rates to drop on a new mortgage?

By Scott Sheldon / August 31, 2016

It’s no secret interest rates are the main driver of the nation’s loan volume. Fixed rate mortgages are currently sub 4%. Here is why waiting for a better rate could be risky could move… The markets will continue to move The pricing associated with interest rates moves daily, in some cases multiple times per day.…

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Getting a mortgage is still not an easy process

By Scott Sheldon / August 25, 2016

Well it might appear as though getting a mortgage is easier than it was a few years ago, the process is still dicey.  It is no secret in the industry the majority of loans do not close on time. Here’s what you need to know if you’re going to be getting a mortgage in the…

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how carrying a rental home may impact your mortgage qualifying

Is your new rental agreement going to pass for a mortgage?

By Scott Sheldon / August 13, 2016

Rental income can be a double edged sword if you need it to qualify. Here’s what to know about your new rental future rental income when it comes time to getting a mortgage… Some mortgage companies will give you the benefit of using fair market rents for income when buying a rental property. The type…

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today's mortgage loan process

3 things you will not like about today’s mortgage process

By Scott Sheldon / July 19, 2016

These things about today’s mortgage loan process will drive you crazy. Know what lenders will want…. Patriot Act This says lenders do not make loans to drug dealers, money launderers or terrorists.  Obviously, 99.9% of today’s mortgage loan borrowers are completely on the up and up. However, this does not change the fact mortgage lenders…

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