The Mortgage Files
Nationally syndicated mortgage news and advice from Senior Loan Officer Scott Sheldon.
How to get a mortgage for a manufactured home without mortgage insurance
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…
Read More5 things to avoid after you sign a purchase contract to buy a home
Shockingly enough people still do the things that can cause themselves heart ache when buying a home. Here’s what you need to know plan on buying a home… Your ability to buy a home rests on the numbers and documentation your mortgage lender has. If there is a change in any of these things, your…
Read MoreShould you go FHA or Conventional?
FHA loans and conventional loans remain the most popular financing type for today’s mortgage borrowers. Here’s how to determine which program makes the most financial sense for you… FHA loans are insured by the Federal Housing Administration. The program contains two forms of mortgage insurance; an upfront mortgage insurance premium calculated at 1.75% of the…
Read MoreWhy harp refinances are dwindling
One of the financial programs aimed at homeowners wishing to refinance in the economic downturn was Making Homes Affordable Harp 2. The program to this day allows people to refinance even if they are underwater. Here’s what you should know about this program… How the program works If you took out your loan May 31,…
Read More3 things you must have for a mortgage loan
If you’ve never bought a home before or it has been many years since your last mortgage transaction, you’ll need to freshen up on the basics. What lenders look for… The 3 c’s Cash-this one is a biggie. You need to have cash to buy a house pure and simple. Gone are the days of…
Read MoreIs down payment assistance worth it to a buy a home?
If you’re looking to buy a house with little or no cash your options may be limited. Here is what you need to know to get your foot in the door, successfully… Down payment assistance programs Down payment assistance can be sponsored by a local state or government entity or entity grant. Essentially, down payment…
Read MoreHow mortgage lender can make a loan work when another cannot
Ever work with a mortgage company to later on find your loan won’t work, and another delivers? There’s a reason for it. Here’s what you should know about mortgage companies. The Consumer Financial Protection Bureau has safeguards in place to make sure mortgage companies operate off of a level playing field with consumers. The level…
Read MoreMortgage after loan modification? Here’s how…
One of the challenges many homeowners faced in the recession was financial hardships. Loan modifications were often a short term solutions banks used for homeowners facing delinquency, income changes, or loss of home-equity. If you’ve had a loan modification in your past here’s what you need to know… What is a loan modification? A loan…
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