The Mortgage Files

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

"A concerned homeowner holding mortgage documents in front of a house, with fluctuating interest rates represented in the background, symbolizing the uncertainty and risks of refinancing."

The Hidden Risk of Lower Interest Rates: Why Refinancing May Not Be as Simple as It Seems

By Scott Sheldon / October 2, 2024

The Hidden Risk of Lower Interest Rates: Why Refinancing May Not Be as Simple as It Seems As the possibility of lower interest rates looms on the horizon, many homeowners and buyers are excited about the idea of refinancing their loans and saving on their monthly payments. However, there’s a risk that comes with those…

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"Illustration of a human figure representing the Federal Reserve, holding large scissors and cutting a red percentage sign symbolizing an interest rate. Surrounding the figure are individuals representing homeowners, business people, and families reacting in various ways to the rate cut, with a city skyline in the background, featuring banks, homes, and businesses."

“Why Federal Reserve Rate Cuts Don’t Directly Lower Mortgage Rates”

By Scott Sheldon / September 30, 2024

Why Federal Reserve Rate Cuts Don’t Directly Lower Mortgage Rates When the Federal Reserve announces a cut in interest rates, many people immediately assume that mortgage rates will drop as well. Unfortunately, this is a common misconception. When the Fed adjusts its rates—specifically the Federal Funds Rate—it doesn’t directly impact long-term mortgage rates. Instead, these…

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"A person standing in front of a 'For Sale' sign outside a suburban house, holding a clipboard and looking uncertain, reflecting hesitation about buying a home. The house has a well-kept lawn and a clear blue sky in the background, symbolizing the decision-making process in home ownership."

4 Signs You’re Not Ready to Buy a House

By Scott Sheldon / September 23, 2024

4 signs you’re not ready to buy a house when it comes to purchasing a home. It’s probably one of the highest-ticket purchases you’ll ever make in life, if not the most high-ticket purchase. You want to, of course, make sure that affordability is number one. This is primary, above all else. However, just because…

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Sold suburban home with a 6% mortgage interest rate sign, reflecting current real estate market conditions.

Why Housing Prices Will Rise: Understanding Interest Rates and Market Timing

By Scott Sheldon / September 18, 2024

If you’ve been sitting on the sidelines, waiting for the “perfect” time to buy a house because of high interest rates, now is the moment to pay close attention. Over the past few years, mortgage rates surged to 7%, creating a challenging environment for homebuyers. However, with the recent dip into the 6% range for…

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A person sits thoughtfully at a desk, surrounded by mortgage documents, with items like a firefighter's helmet, a teacher's apple, and a tech gadget representing different professions. The setting combines a professional atmosphere with a cozy, homey background, illustrating the balance of multiple careers and mortgage planning

How to get an FHA mortgage with multiple jobs

By Scott Sheldon / September 11, 2024

When it comes to securing a mortgage through the Federal Housing Administration (FHA), understanding the nuances of income qualification can be crucial, especially for those with multiple job streams. The FHA’s primary aim is to ensure that the income used to qualify for a mortgage is stable, predictable, and likely to continue. Here’s a deeper…

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Modern house with a 'Sold' sign in the front yard, symbolizing successful real estate transactions. In the background, a clipboard with appraisal documents and a magnifying glass emphasizes the importance of accurate property valuations and working with an experienced lender

New Fannie Mae Mortgage Value Rules: What Homebuyers and Refinancers Need to Know

By Scott Sheldon / September 3, 2024

As of October 31, 2024, Fannie Mae has introduced new requirements that will significantly impact how property values are assessed in conventional loans. Whether you’re looking to buy a home or refinance your current mortgage, these changes make it more critical than ever to work with an experienced lender. Here’s what you need to know.…

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Modern house with a 'Sold' sign in the front yard, symbolizing successful real estate transactions. In the background, a clipboard with appraisal documents and a magnifying glass emphasizes the importance of accurate property valuations and working with an experienced lender

Why Your Lease is Not a Barrier to Homeownership

By Scott Sheldon / August 27, 2024

For many families considering buying a home, the belief that they cannot proceed because they are bound by a lease is a common misconception. Depending on your state, a lease is not necessarily a barrier to homeownership. If you’re renting and your rent payment is $3,000 a month with another six months left on your…

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fha streamline refinance

Maximize Savings with FHA Streamline Refinance: How to Lower Your Mortgage Interest Rate

By Scott Sheldon / August 20, 2024

As we move through 2024, FHA streamline refinances are starting to make a significant comeback. This resurgence is driven by the potential for substantial monthly savings, particularly for those who purchased homes in 2023 or earlier. If your current interest rate is around 6.5% or higher, now might be the perfect time to consider an…

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