The Mortgage Files

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

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

Why Moving Money Around Can Be Problematic For Getting A Mortgage

By Scott Sheldon / January 20, 2015

Keeping your money in one place is vital to a mortgage transaction. Cash to close and savings post closing escrow become critically important to sealing the deal. Here is what to know if you’ve been moving money around and are applying for a mortgage… It’s An Issue For Banks Moving money around in different accounts…

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Scott Sheldon's The Mortgage FIles Blog

Your House Will Not Appraise For A Refinance Or Will It?

By Scott Sheldon / January 12, 2015

Mortgage interest rates hit a 19 month low the week of January 9, prompting many homeowners to begin refinancing. All too many have tried in the recent years yet.hold back because they think their house will not appraise for what they need to make numbers pencil. Following is the real skinny if you’re debating whether…

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Scott Sheldon's The Mortgage FIles Blog

Why Its Not Cheaper Or Easier To Refinance With Your Mortgage Holder

By Scott Sheldon / March 31, 2014

Planning to refinance your house? Deciding through the advertisements, telephone solicitations, direct mail can be mean endless choices. Opting to try your mortgage holder? If yes, buyer be aware offers to good to be true. What to know about your mortgage holder’s offer… *For anyone who has refinanced their home or bought a home since…

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Scott Sheldon's The Mortgage FIles Blog

Can I Get A Mortgage With Limited Or No Supporting Financial Documentation?

By Scott Sheldon / February 28, 2014

Generally no-in order to get a mortgage these days you must be able to support an ability to repay. An ability to repay the debt by virtue of having income to offset the liability is what home lenders look for. When purchasing a home, bank on providing tax returns, W-2s, pay stubs and bank statements.…

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Scott Sheldon's The Mortgage FIles Blog

It's Still Possible To Get A Mortgage Despite A Judgement

By Scott Sheldon / February 24, 2014

A judgement, a court ordered nightmare that if not handled correctly can make getting a mortgage loan much more stringent than it otherwise needs to be.  What you’re lender will want want… Quick Terms To Know Judgment-a court ordered debt that can arise from a number of factors, a lawsuit, a divorce,  business dispute to name…

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Scott Sheldon's The Mortgage FIles Blog

HARP After HAMP: How To Refinance After A Recent Loan Modification

By Scott Sheldon / June 9, 2013

Homeowners who went through difficult financial times in recent years, actually can still refinance their homes so long as their situations have changed for the better.  Many banks offered loan modifications to homeowners who otherwise couldn’t refinance due to equity position or repayment ability.  Two government programs have helped homeowners stay in their home and/or…

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Scott Sheldon's The Mortgage FIles Blog

I live In Santa Rosa, trying to refinance my mortgage, why am I getting a higher rate?

By Scott Sheldon / February 17, 2013

First off, refinancing your home is a great decision, interest rates are low and there are many programs available to help homeowners refinance some even without loan-to-value restrictions, see more on the Harp 2 Refinance. In order to get the lowest possible interest rate, understand there’s two critical components most lenders will typically not sure…

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