The Mortgage Files
Nationally syndicated mortgage news and advice from Senior Loan Officer Scott Sheldon.
Why failing banks is good news for mortgage rates
In the last few weeks, a handful of big banks have failed including Silicon Valley bank signature bank, and now First Republic Bank. While this is not a repeat of 2008, it does signal instability in the broader mortgage market which may be good news for long-term mortgage rates. Hear some things to consider… First…
Read MoreWhat the bank or credit union may not be telling about their juicy mortgage offer
You just went into a contract to buy a home, and now it’s time to get a mortgage loan to close escrow. If you decide to ask your local credit union or bank for mortgage info, make sure to read all the fine print. Here is some practical information to be aware of before you…
Read MoreHow to avoid common self employed mortgage mistakes
If you’re self-employed and trying to get prequalified to buy a home period it is not only the income you show on paper, the total picture matters. Here’s what you need to know if you self employed and applying for a mortgage loan… You’re your own boss, you don’t work for anyone else, and you…
Read MoreShould I pay discount points when locking my interest rate?
For those looking to purchase to refinance a home, there might be some shellshock as it relates to costs associated with getting a home loan these days. It’s no surprise we are still in an inflationary environment and home loan rates are still feeling the effects of the broader inflationary environment. As a result, you…
Read MoreWhat’s the lowest credit score to get a home loan?
There is a significant amount of inaccurate information online and in the real estate community about the credit score needed to get a home loan to purchase or refinance a home. Talk to one company they’ll tell you XYZ, talk to another company they’ll tell you something else entirely, talk to another company, and you…
Read MoreWhat’s the magic interest rate to refinance your mortgage?
For consumers who purchased their homes or took out any kind of residential mortgage loan in 2022 the future prospect of refinancing can seem very attractive. Here are some things you might want to consider as to finding what mortgage rate is generally the best to justify moving forward on a refinance when rates drop……
Read MoreWhy you might want to consider a DSCR loan to buy a rental property
What is a DSCR loan and how can this type of financing help you purchase a rental property portfolio? In Q3 2022, the DSCR loan emerged as a viable option for investors looking to buy a rental property who need a bit more flexibility than traditional loans backed by Fannie Mae and Freddie Mac. DSCR…
Read MoreWhat to do when you’re told you can’t qualify for a mortgage
If you’re trying to purchase or refinance a home and you’ve been turned down, read on. Perhaps your income is not up to par, or your credit score is not up to par or there’s some sort of material financial situation making your loan application problematic. Here is what to know… Most mortgage companies generally…
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