The Mortgage Files

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

Scott Sheldon's The Mortgage FIles Blog

What loan programs are available to help me refinance if I'm underwater,my loan is not owned by Fannie Mae or Freddie Mac?

By Scott Sheldon / November 1, 2012

If your loan is ineligible for the HARP 2 refinance program, you do have options. If you live in Sonoma County, or Santa Rosa or a the surrounding areas, you can refinance your loan for up to 97% of the current appraised value. You be looking most likely using a government loan which has a…

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Scott Sheldon's The Mortgage FIles Blog

How Much Income Do You Need To Buy A House?

By Scott Sheldon / October 8, 2012

Home Loans are made against your ability to repay. While the mortgage loan is secured against the house, it is really made against your income. That’s what mortgage lenders are look for, income to offset liabilities. Yes, a house payment is liability for a borrower. Oftentimes, there is a disparity between how much house you…

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Scott Sheldon's The Mortgage FIles Blog

How To Get a Sonoma County Mortgage Loan

By Scott Sheldon / October 2, 2012

If you are thinking about how to get a Sonoma County Mortgage loan please stop and make sure to read this article in its entirety. The mortgage loan process has transformed in the last few months and obtaining a Sonoma County mortgage loan is not a simple as it used to be. For illustration purposes…

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Scott Sheldon's The Mortgage FIles Blog

How Your Fico Score Affects Your Ability To Get A Mortgage

By Scott Sheldon / September 30, 2012

“Why can’t I get the interest rates I see advertised on the Internet.” One of the most important characteristics of securing a mortgage is your Fico Score. Simply put, the lower the credit score higher the interest rate. How Your Fico Score rates is what determines both your eligibility for the mortgage as well as…

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Scott Sheldon's The Mortgage FIles Blog

Common Credit Score Mistakes Consumers Make When Getting A Mortgage: Tips To Avoid Them

By Scott Sheldon / September 24, 2012

For many, seeking a home loan is an exchange of trust and privacy when it comes to providing a social security number to obtain a credit report. The credit report is one of the foundational pillars mortgage companies use to originate a loan by taking into consideration debt obligations which impact borrowing ability. After reviewing…

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Scott Sheldon's The Mortgage FIles Blog

Understanding A Paper Trail: What Funds Are Eligible For Use In A Mortgage Loan

By Scott Sheldon / September 10, 2012

As mortgage lender, we see it all the time, cash funds being used in consideration on a purchase mortgage or on a home refinance. People earning non-reported money doing cash side jobs otherwise known as money “under the table.” These funds are ineligible as consideration for procuring a home loan. The reason is simple, all…

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Scott Sheldon's The Mortgage FIles Blog

What Is A Debt to Income Ratio?

By Scott Sheldon / August 24, 2012

A debt income ratio, DTI for short, is the percentage of your gross monthly income that is allocated for reoccurring monthly debt obligations plus your total mortgage payment. The way the math is calculated is by taking any consumer monthly debt obligations on a monthly basis and adding them to the proposed monthly house payment…

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Scott Sheldon's The Mortgage FIles Blog

Want the Best Mortgage Rate? Let's Talk Monthly Debt Oligations

By Scott Sheldon / August 19, 2012

Sonoma County Mortgage Rates are quite low. In fact locking-in a 30 year fixed rate mortgage around 4% is pretty common these days. Whether purchasing or refinancing, securing the best mortgage rate is on everyone’s mind. However, while getting the lowest rate is certainly an admirable goal, qualifying for that mortgage loan become something else…

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