The Mortgage Files

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

mortgage scenarios discount points

These mortgage scenarios will almost always mean paying discount points

By Scott Sheldon / December 19, 2017

Discount point are nothing more than upfront head you pay to purchase a lower interest rate and subsequently a lower monthly payment. In some case the you may not have a choice to pay discount points. Following are those ways… It is reasonable to assume when refinancing with a lower than 660 credit score on…

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bank statement program for getting a mortgage

These two factors drive your mortgage cost

By sonomacountym / September 19, 2017

These two factors have the biggest influence on the cost of your mortgage. There are two things can change the cost of your mortgage when buying or refinance a home more than you think. Here’s what you need to know when trying to secure the best possible mortgage for your family. The two factors that…

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How to decide when it’s time to get a cosigner

By Scott Sheldon / September 13, 2017

How to decide when it’s time to get a cosigner for your mortgage Securing mortgage financing with a unique scenario can be a challenging endeavor. If your income is not enough or your monthly expenses gobble up most your income a cosigner may be in order. Here is how to determine when you really need…

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can you buy a house with less than 600 credit score?

The truth about how credit scores relate to mortgages

By Scott Sheldon / August 29, 2017

Credit scores are incredibly important when secure a mortgage financing. They are however only one leg of a four-leg table. Here’s what to remember about credit scores and home loans. *Credit scores for jumbo mortgages need to be at least 680 or more *Credit scores can be as low as 620 for a conforming loan…

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fha loans to buy a home

Will a low down loan help you buy a home?

By Scott Sheldon / June 20, 2017

Low down-payment loans have been around much longer than most people realize. 2008 was the re-emergence of the FHA, only requiring 3.5% down. Today loans backed by the government requiring even less down are becoming popular. Here’s what you need to know if you’re working with a low down-payment loan to purchase a home… Low…

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is the end near for dodd frank

Is the end near for Dodd Frank?

By Scott Sheldon / June 14, 2017

Dodd Frank is the financial overhaul that took place a couple of years ago in the aftermath of the financial crisis. The House of Representatives on Thursday, June 18, are advancing a bill known as the Financial Choice Act putting into motion a series of events that may lead to the demise of Dodd Frank.…

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How to buy a home when you have one to sell first

How to buy a home when you have one to sell first

By Scott Sheldon / May 30, 2017

Purchasing a home can be tricky if you have a home to sell first. For many, the opportunity to purchase a new home can only come from the sale of the home they currently own. Here are some tips to help navigate hurdles of buying a home when going in “contingent”. You want to purchase…

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Tax Forms and Tax Losses

Tax return losses may hurt your mortgage chances

By Scott Sheldon / May 23, 2017

Qualifying for a mortgage involves: an acceptable credit score, sufficient assets and stable income. These are to show you can support a mortgage payment, plus other liabilities. You must have a balance of all three to successfully qualify for financing. The following is what you must know when trying to qualify with “paper losses” on…

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