The Mortgage Files

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

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Why your income is your lifeline to finance a home

By Scott Sheldon / January 23, 2020

Getting mortgage loan financing requires you providing a blend of good cash, ample credit, and income to offset a proposed new expense i.e. a mortgage loan. You must have the right blend of all three in order to purchase or refinance a home. What might not make sense however is the lifeline that’s going to…

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Why the purchase price in a real estate transaction should not be the single most important factor

Why the purchase price should not be the single most important factor

By Scott Sheldon / September 8, 2019

When buying a home most would believe the number one most important thing you need to be focused on is what you pay for the house. Mom and dad who bought their house years ago, Grandma and Grandpa who bought their house back in the early 1980s when housing prices were $40,000 all have an…

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How to avoid getting a jumbo loan due to Coronavirus

Here are 2 mortgage process problems you will want to avoid

By Scott Sheldon / July 28, 2019

Securing mortgage loan financing is the cornerstone of financial prosperity in America. It’s one of the biggest decisions you’ll ever take on your life. Here’s watch to avoid when applying for a high-ticket mortgage… Make no mistake the way mortgage companies must originate loans is 100% controlled by the federal government. That means the “asks”…

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Self Employed Borrowers

Here is a legit non-traditional income program for self-employed mortgage borrowers

By Scott Sheldon / June 30, 2019

Traditionally, self-employed mortgage borrowers are more heavily scrutinized by mortgage companies because of their gyrating income. If their business stops the revenue stops and their ability to make a mortgage payment could be impacted. That’s the rationale behind why lenders look at self-employed borrowers more stringently. Lenders request both personal and or corporate returns from…

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How to use seller carry financing to purchase a house with less cash down

Should you buy & build or buy a single family home?

By Scott Sheldon / June 23, 2019

  Purchasing a house is representative of so many different things in life depending on who you ask. Buying a lot and constructing is a monstrous project requiring long-term planning. Here’s some things to consider if you’re trying to weigh out the options… Let’s first look at the example of building home. Building a home…

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Why you shouldn't be solely focused on credit when it comes to getting a mortgage

Here’s how much more expensive your mortgage will be due to bad credit

By Scott Sheldon / June 16, 2019

Here’s how much more expensive your mortgage will be due to bad credit If you’re thinking about getting mortgage loan financing one of the most important things you can do to keep your mortgage costs low and affordable is to maintain a high and healthy credit score. Here’s what you should know when it comes…

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todays mortgage loan process and what not to do

Here’s the loan process and what not to do when getting a mortgage

By Scott Sheldon / June 9, 2019

When you’re getting a mortgage the process can seem a little bit scary because it’s unfamiliar and most people don’t take out mortgages that often, so the unfamiliarity of the process can seem daunting stressful and somewhat cryptic. Here is how the mortgage process works and most importantly what you should avoid doing when getting…

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why your mortgage goals why not happen

Should you refinance with today’s mortgage rates?

By Scott Sheldon / June 2, 2019

The decision to refinance can be something that requires careful consideration time and energy. If you’re thinking about refinancing here’s some things to consider… What is the number one net tangible benefit to do this refinance? This is by far the most important consideration you need to ask yourself. Is it worth all the paperwork…

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