The Mortgage Files

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

buy a home now vs waiting

Buy a house now or should I wait?

By Scott Sheldon / February 26, 2020

One of the things homebuyers are always asking themselves is buying now versus waiting. Mathematically it could pencil out that buying a house down the line might make more sense, but you should pay close attention to all the financial contributors in your life so you can make the most informed decision possible… The lay…

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Mortgage Word Cloud Art

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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2020 Conforming Loan Limits Increaase

New loan limits for 2020 makes getting a mortgage easier

By Scott Sheldon / December 1, 2019

The Federal Housing Finance Agency which oversees loans bought by Fannie Mae and Freddie Mac announced to change to the conforming loan limit last week. Here’s what the change means for you… Every year the Federal Housing Finance Agency releases its loan limits for the next year. Over the last 4 years, the agency has…

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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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why there are no maybe loans in todays market

Why there are no “Maybe Loans” in today’s lending world

By Scott Sheldon / April 3, 2017

Are you trying to qualify for mortgage financing? Giving a “scenario” to a lender without actually providing thorough financials and pulling credit is a recipe for disappointment. Here is what you really need to know about today’s lending world to make sure you get real information. Today’s mortgage world is a very compliant and bureaucratic…

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

Going backwards trying to save for a home?

By Scott Sheldon / March 23, 2017

  Do you need help saving to buy a house? What you think you need and what you actually need may not be the same. Here is what you should know when saving for a home. In order to purchase a home, you need at least 3.5% for a down payment. Another option is Down…

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why your mortgage goals why not happen

The factors that determine your loan fees

By Scott Sheldon / January 5, 2017

Costs to secure your financing are a big factor when it comes time to getting a mortgage. Knowing why your loan costs (X) dollars is critical in being able to better understand how lenders price loans in the marketplace. This is what you need to know… All loans have fees. All fees are paid for by…

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mortgage for manufactured home

How to get a mortgage for a manufactured home without mortgage insurance

By Scott Sheldon / December 23, 2016

If you own a manufactured home, or if you are looking to purchase one, here is what you need to know when it comes to mortgage loan financing: Manufactured homes are not the same thing as modular homes. Manufactured homes are constructed, purchased at a dealer, and then moved to their final destination where they…

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