The Mortgage Files

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

your mortgage chances may be slim with this credit card

Why your mortgage chances may be slim with this credit card

By Scott Sheldon / January 19, 2017

Credit cards play an integral role in your ability to qualify for home financing. If you carry a charge card in your wallet, this particular type of credit card might be the reason why your mortgage chances are a bit rocky. This is what you need to know about charge cards: Most credit cards have a provision in…

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Scott Sheldon's The Mortgage FIles Blog

Why do I have to close my credit cards on a cash out refinance?

By Scott Sheldon / January 17, 2013

The lender wants to make sure future debt obligations do not impact the integrity of repayment on the loan they are making to you. If the lender allows you to pay off the credit card balances, who’s to say you wouldn’t take out consumer debt again and be in the same situation you’re in in…

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