The Mortgage Files
Nationally syndicated mortgage news and advice from Senior Loan Officer Scott Sheldon.
Why being choosy as home buyer could be problematic
You’ve decided to buy a home, you’ve gotten preapproved with a lender, your file has even been pre-underwritten. Here are some things you might want to give some consideration to- what you want versus what the market might support… Here’s to considerations to think about.. Consideration one- Let’s say you’re pre-approved to $700,000, the house…
Read MoreHow your financial experience might hinder your ability to get a mortgage loan
Getting a loan to buy a home is a maze of questions, examinations, along with an array of emotions. Here are some things to consider that might hinder your ability to get a mortgage loan… You have a strong financial situation. Let’s say you’ve got strong income and or revenue within your business, excellent credit, cash…
Read MoreMortgage loan programs for unconventional scenarios
If you’re trying to get a home loan to purchase a home, but you’re self-employed, and have some unique sources of income, or don’t show income on tax returns. there are still programs out there. The following are some examples of non-traditional options that might help you as it relates to successfully getting a mortgage…
Read MoreWhy to plan for the long term when buying a home
Getting your piece of the American dream, buying a home, it’s one of the pivotal moments in life. It can for many families be bedrock by which future happy family memories are made… Real estate is a buy and hold game and interest rates should have no bearing on your long-term financial plans for owning…
Read MoreWhy rising interest rates can be good news for some homebuyers
Rising interest rates, for some homebuyers, can be beneficial. While it is true, rising interest rates do diminish purchasing power for the right situation, it actually could be beneficial. Here is what to know… Most people look at the big picture. They look at interest rates, the cost of funds and make a determination about…
Read MoreHow to set realistic expectation for yourself when deciding to buy a home
If you’re looking to purchase a house you need to be all in. That means you need to surrender to the expectations your realtor and lender have laid out for you so you can be successful. If you’re thinking about buying a house here are some things to consider… Your realtor and your lender are…
Read MoreWhat is a non-qualified mortgage and why do these loan types cost more?
If you’re thinking about purchasing or refinancing a home, you may have heard the term qualified mortgage. A qualified mortgage is a term coined by the CFPB that represents a full documentation loan with a debt-to-income ratio of 43%. Generally, most loans fit this category even though they sometimes allow debt to income ratio as…
Read MoreWhy your credit score is not the only thing that matters when it comes to getting a mortgage loan
If you’re thinking about doing any kind of a mortgage loan to purchase or refinance a home, and your credit needs some work, that might be a sign to pull back, and it also might not. Here are some things to consider that go in correlation with getting a mortgage beyond your credit score. Let’s…
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