The Mortgage Files

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

You can now cash out refinance 100% known to value with VA financing

By Scott Sheldon / January 16, 2022

For borrowers who are military veterans, the change to VA loans that recently have taken place can be immensely beneficial. If you have a VA mortgage on your house, and if you’re interested in using VA financing to accomplish your goals as it pertains to refinancing. Please read on… The Department of veteran affairs recently…

Are you Self employed having a tough time getting a mortgage?

By Scott Sheldon / January 1, 2022

Are you self-employed in having a tough time getting a mortgage? Here’s what you need to know… When it comes to being self-employed one of the biggest challenges that you’re going to have as an entrepreneur is reporting income. The more income you show the more taxes you pay the less you have for savings…

How changing your preapproved amount may affect your home buying chances

By Scott Sheldon / December 26, 2021

So, you’re looking to purchase a house, you’re preapproved, and you’re on the home search. You and your realtor are going out on nights and weekends looking at homes and deciding if the house is the right fit for you and your family. Here’s some following information you should be aware of as it relates…

You can refinance with up to 65% debt to income ratio

By Scott Sheldon / December 5, 2021

For many people looking to save money. Refinancing can prove to be a very financially beneficial outlet. If you’ve tried to qualify for a mortgage before or have had some income challenges in your business or due to Covid- 19 for example here are some things to be aware of as it pertains to refinancing…

3 things to know that make your mortgage difficult

By Scott Sheldon / November 21, 2021

Most people understand that getting mortgage financing is not the most fun thing in the world to do.  There’s an examination that takes place which is these requests for paperwork on the process and these requests for paperwork in the process can sometimes, for someone that doesn’t have familiarity with the mortgage process make it…

How to get a first time home buyer program

By Scott Sheldon / September 5, 2021

Buying your first home requires careful consideration of your cash, credit, and income. A first-time homebuyer is anyone who has not owned a house or any real estate in the last 2 years. Here’s what you need to know… The reality of it is that there aren’t any special first-time homebuyer programs out there in…

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…

Why most financial experts get mortgages wrong

By Scott Sheldon / July 18, 2021

There’s so much financial misinformation online it’s inundating. Here are some things the experts say as it relates to housing and mortgages for you to consider when trying to get financially ahead… You have to put down 20% to purchase a house  The reality is nothing could be further from the truth. They say this…