The Mortgage Files

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

Should you Cash out refinance and remodel or buy another property?

By Scott Sheldon / November 10, 2019

Homeowners who have outgrown their houses may be considering the possibility of buying another property or just staying put and remodeling the one they already have. Here are some things to consider if you’re trying to determine what makes the most financial sense… When you buy your first home you might not be thinking about…

No more VA Loan Limits in January 2020!

By Scott Sheldon / October 27, 2019

HR 299 is a new VA Bill recently signed by the president that makes some big changes to VA financing. If you’re thinking about buying a house and you’re an eligible VA mortgage applicant. Here are some things you ought to consider.. VA financing allows you to purchase a house with no money down. Presently…

Why the purchase price should not be the single most important factor

By Scott Sheldon / September 8, 2019

When buying a home most would believe the number one most important thing you need to be focused on is what you pay for the house. Mom and dad who bought their house years ago, Grandma and Grandpa who bought their house back in the early 1980s when housing prices were $40,000 all have an…

Mortgage rate too good to be true? It probably is…

By Scott Sheldon / August 18, 2019

So, you got a mortgage rate that sounds too good to be true but now you can’t close Mortgage rates are presently near their historic lows on 30-year fixed rate mortgage with the average 30-year fixed being between 3.375% and 4.125%. As such people are refinancing in droves taking advantage of the dip in rates.…

Here’s how much more expensive your mortgage will be due to bad credit

By Scott Sheldon / June 16, 2019

Here’s how much more expensive your mortgage will be due to bad credit If you’re thinking about getting mortgage loan financing one of the most important things you can do to keep your mortgage costs low and affordable is to maintain a high and healthy credit score. Here’s what you should know when it comes…

Mortgages: why you need to read the fine print

By Scott Sheldon / May 5, 2019

Every consumer wants to get a fair and reasonable deal on the cost of borrowing funds refinance your home or purchase a home. However, what many people get fooled into is believing that whatever they’re seeing on the internet or receiving in their mailbox is is the best choice for them. Here is what you…

Why the VA mortgage is the best home loan

By Scott Sheldon / April 9, 2019

If you served in the military a VA mortgage if you can qualify supports, the maximal amount of borrowing power with the lowest possible payment. Here are some things to consider when looking at a VA mortgage… The US Department of Veterans Affairs guarantees loans up to 100% loan to value for purchase rate and…

Can you use roommate income to get a mortgage?

By Scott Sheldon / March 26, 2019

Refinancing or purchasing a house requires an apple supply of cash, credit and income. Here’s what you need to know with regards to getting a mortgage loan with roommate income. Generally, to get a mortgage you cannot use roommate income to qualify. In the lending world this type of income is called border income. Most…