The Mortgage Files

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

Scott Sheldon's The Mortgage FIles Blog

Should I Put More Money Down Or Pay Off Debt To Buy A Home?

By Scott Sheldon / March 29, 2015

Lining up your finances for a home purchase this year? Spring is right around the corner. Here’s how to gauge if you should put more money down, or pay off debt to improve your figures. Key questions to ask yourself: How much house payment can I manage while still being able to save money? How…

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Scott Sheldon's The Mortgage FIles Blog

Does My Loan Type Hurt My Credit Score?

By Scott Sheldon / February 28, 2015

Future favorable financing deals, low rates and preferred credit offerings all will be available depending on how well you manage the grandaddy credit type: a mortgage loan. Generally, when you take out a mortgage on home, you can expect a sharp and noticeable increase in all three credit scores, just by virtue of making a…

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Scott Sheldon's The Mortgage FIles Blog

5 Simple Reasons You Are Being Denied A Mortgage

By Scott Sheldon / February 21, 2015

Gearing up to refinance or buy a home this year?  These five nuances may stop your financial plans dead in the tracks. Here’s what to know to avoid your mortgage loan application being denied… Your Credit Score Is Not What You Think It Is Happens every day. A consumer will get one credit score from…

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Scott Sheldon's The Mortgage FIles Blog

Is Buying A Short Sale Property Still Worthwhile?

By Scott Sheldon / December 28, 2014

Talk to anyone who has dabbled in the real estate recent years and they will almost certainly have an opinion on short sales. Though not as common anymore, homeowners short selling their homes present an opportunity to get your foot in the door. Here’s what to know as a home buyer… What They Are A…

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Scott Sheldon's The Mortgage FIles Blog

Are You Sure Renting Still Makes Sense?

By Scott Sheldon / December 7, 2014

Many millions of consumers who either previously owned a home or have never owned a home before  are all too familiar with the financial drain renting poses. Here’s four renting realities consumers face… Your Home Is Controlled By Your Landlord A legal right to occupy the property does not not include making changes to the…

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Scott Sheldon's The Mortgage FIles Blog

Quirky Mortgage Borrowers Are Still Getting Loans

By Scott Sheldon / November 30, 2014

Had a previous bad credit event? Don’t have two years in the same field? Income not three times your proposed payment? Fear not, when your financial picture doesn’t fit the box, here’s how you may still qualify some lenders… To get a mortgage, you must have the four pillars lenders use to frame together a…

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Scott Sheldon's The Mortgage FIles Blog

How To Buy A Home Without 20% Down And No Mortgage Insurance

By Scott Sheldon / November 23, 2014

The days of needing 20% down to buy a home are long gone. To compensate, lenders charge private mortgage insurance as means to offset risk, driving up would-be borrowers’ mortgage payments. Here’s how you can buy a home with less than 20% down and still avoid dreaded PMI… Quick PMI Nuts And Bolts Private mortgage…

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Scott Sheldon's The Mortgage FIles Blog

How The Size Of Your Mortgage Is Impacted By Your Credit Score

By Scott Sheldon / September 1, 2014

Looking to finance larger loan size? If you plan on being in the market for a mortgage loan $417,000 or larger, your credit score along with your equity will play an important role in your ability to get approved for a  jumbo sized home loan.  What you’ll need to know if you’re looking for a…

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