The Mortgage Files

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

Scott Sheldon's The Mortgage FIles Blog

How To Refinance If You Are NOT Harp 2 Eligible

By Scott Sheldon / January 20, 2013

As many now know, the Making Homes Affordable Program aka Harp 2 Refinance  allows people to refinance if their loans are owned by Fannie Mae or Freddie Mac, with out any loan-to-value restriction. Successfully refinancing any occupancy home despite being underwater is quite common these days under this program. While this program, is helping many…

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Scott Sheldon's The Mortgage FIles Blog

Will "Qualified Mortgages" Help Consumers?

By Scott Sheldon / January 13, 2013

On January 10, 2013, the Consumer Financial Protection Bureau unveiled new rules to help protect consumers from unscrupulous mortgage lending. These rules implement underwriting criteria what constitutes a “qualified mortgage”.  As long as the mortgage lender meets certain criteria, the consumer cannot sue a lender for not verifying income, providing a loan to a consumer…

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Scott Sheldon's The Mortgage FIles Blog

How Loan To Value Affects Interest Rate

By Scott Sheldon / January 6, 2013

Many of the mortgages being made today contain higher loan to values. These loans contain inherent “risk based pricing” which causes the rates to change. What is loan to value anyway? The loan to value (LTV) is defined as the amount of money you’re borrowing against the value of your the property expressed as a…

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Scott Sheldon's The Mortgage FIles Blog

What exactly is a large cash deposit going into my bank account?

By Scott Sheldon / January 4, 2013

Large cash deposits have to be sourced and paper trailedwhether doing a purchase or refinance transaction. One of the things lenders are required to do is source all money used in a transaction even funds not being used for the transaction. For example if you’re making $5000 a month and you get a deposit in…

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Scott Sheldon's The Mortgage FIles Blog

How can I get my credit score up to get a mortgage?

By Scott Sheldon / December 12, 2012

People thinking they can qualify for mortgage loan financing, learn after their credit report is pulled their credit score has dropped and they either cannot get the interest rate they were hoping for or they cannot in some cases get a mortgage loan at all. Action steps to get your credit score up pay down…

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Scott Sheldon's The Mortgage FIles Blog

Where To Get Information On Sonoma County Home Buying?

By Scott Sheldon / December 8, 2012

You will want to speak with the local mortgage loan officer upfront. Ideally a loan officer who, as a Fannie Mae Freddie Mac lender and has access to various mortgage loan programs including FHA loans, conventional loans VA loans, USDA loans and home path loans. Put another way, the lender that has the full gamut…

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Scott Sheldon's The Mortgage FIles Blog

What Santa Rosa mortgage can I use to purchase an income property?

By Scott Sheldon / December 2, 2012

This depends if you meet the eligible requirements to purchasing an investment property. The best Santa Rosa mortgage would allow you to put 20% down and use fair market rents to offset the purchase price. Additionally, most investors look at using a 30 year fixed rate mortgage to improve cash flows and provide the highest…

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Scott Sheldon's The Mortgage FIles Blog

The Biggest Self-Employed Borrower Traps When Getting A Mortgage

By Scott Sheldon / November 25, 2012

If there is one type of borrower in this credit market whose profile has been scrutinized the most by the financial markets, it’s the sole proprietor business. Self-employed borrowers/sole proprietors used to be able to get stated income loans that would otherwise allow them to provide no income verification. Because the paradigm has shifted so…

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