The Mortgage Files

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

why waiting for lower rates is a bad idea

How to remove private mortgage insurance

By Scott Sheldon / May 16, 2017

There is too much information circling around the internet, about how to remove mortgage insurance from your monthly mortgage payment. Unfortunately, it is not as simple as having 20% home equity either. Here is what you need to know about removing this dreaded housing cost. Is the loan insured by FHA or is the loan…

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lowest credit score to get a mortgage

Here is the lowest credit score you need to get a mortgage

By Scott Sheldon / May 5, 2017

Contrary to what you may hear or read, your credit does not have to be stellar to get a mortgage. Most banks and lenders require at least a 640 credit score. However, not all lenders are created equally. Here is what you need to know if you are trying to get a mortgage with bad…

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Why an FHA loan may be a suitable choice

By Scott Sheldon / April 28, 2017

 FHA loans have gotten a bad rap in the last few years. Here is the Granddaddy Truth about FHA loans, you should really consider if you are looking for mortgage options! FHA loans are another option you can take as a borrower, to help you accomplish your financial goal. The Federal Housing Administration ensures the…

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why you cannot opt out of title insurance

Why you cannot opt out of title insurance when getting a mortgage

By Scott Sheldon / April 21, 2017

If you are like most consumers, you want to have a clear understanding of the fees associated with a mortgage. The closing process, lender fees, title fees, etc. This is so you know exactly how all the numbers add up. Here is something you need to know regarding getting title insurance when purchasing or refinancing…

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Strange things that will stop your mortgage

Strange things that will stop your mortgage application

By Scott Sheldon / April 19, 2017

  If you are trying to get a mortgage, or have tried in the past, you know the process is detailed and very paperwork heavy. The following is what you should know and stay clear of. Banks do not take kindly to situations that involve scenarios that do not make sense. It has to pass…

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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

Is a 50 year mortgage a good move?

By Scott Sheldon / March 16, 2017

Are you looking to afford a mortgage? A 50 year mortgage may be an option, but here are some things to consider when looking at a long mortgage term. These loans are not bought and sold by Fannie Mae or Freddie Mac. They are smaller banks and portfolio lenders that offer unique financing and as…

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