The Mortgage Files

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

Here is a smart mortgage strategy for buying a home in 2023

Here is a smart mortgage strategy for buying a home in 2023

By Scott Sheldon / June 11, 2023

If you’ve been on the fence about buying a home and you’re thinking about potentially getting prequalified. Here are some things you should give some consideration to… You might be telling yourself “I don’t want to buy a home right now because interest rates are kind of high.”  The question becomes in relation to what?…

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What’s the lowest credit score to get a home loan?

What’s the lowest credit score to get a home loan?

By Scott Sheldon / February 23, 2023

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…

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mortgages rates and covid 19

How Covid_19 completely changed mortgage rates

By Scott Sheldon / August 14, 2021

It is no surprise Covid has influenced mortgage interest rates in the last 12 months. The coronavirus and its effect on the economy in particular the financial markets have been unprecedented, to say the least. Here’s how covid changed interest rates and what you can expect going forward if you’ve been thinking about refinancing a…

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New Jobs and Mortgages

Can you get a mortgage with a brand new job or a recent raise?

By Scott Sheldon / June 14, 2021

One of the most important things consumers have to deal with when securing mortgage loan financing besides having a good credit score and a good down payment is having income to actually offset the proposed liability i.e, a  mortgage payment. Income is single-handedly the most important thing because it drives affordability. Lenders and banks know…

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How to avoid getting a jumbo loan due to Coronavirus

5 quirky refinance scenarios that work

By Scott Sheldon / January 8, 2019

5 quirky refinance scenarios that work In the last few years mortgage lending guidelines have begun to loosen as the broader economy is stronger now that the recession has past. Following refinance scenarios are eligible for financing… Cash-out refinancing followed by cash-out refinancing just six months after. You heard that right you can do a…

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How to use seller carry financing to purchase a house with less cash down

The only 5 guaranteed ways to boost borrowing power

By Scott Sheldon / March 8, 2018

Interest rates are on the rise and the cost of funds is now hovering just below 5% on the average 30-year fixed-rate mortgage. Following are tried and true techniques you can use to improve your mortgage borrowing power. Paying off debt This one is huge. Minimum payments on car loans, student loans, credit cards and…

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Why you shouldn't be solely focused on credit when it comes to getting a mortgage

How mortgage borrowers can hurt their chances for obtaining credit

By Scott Sheldon / March 2, 2018

Avoid these common credit blunders when applying for home loan The mortgage industry relies on accurate credit reporting to make credit decisions when granting people home mortgages. Here’s some of the things that can hurt your mortgage chances and how to not only your credit score, but your odds of getting approved… With the amount…

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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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