The Mortgage Files

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

Scott Sheldon's The Mortgage FIles Blog

How the housing industry may be affected by the upcoming real estate changes

By Scott Sheldon / March 21, 2024

The recent settlement involving the National Association of Realtors regarding real estate agent compensation has the potential to impact both buyers and sellers in the industry. As we move into uncharted territory in the summer of 2024, it’s important to evaluate the possible effects of this change. Historically, the industry has accepted a real estate…

Read More
5 practical ways to increase your purchasing power when buying a home

How to avoid a contingent offer to buy a new home without selling your current home first

By Scott Sheldon / March 14, 2024

Buying a new home while still owning your current home can be a challenging process, especially in today’s market. When you want to purchase a new home without selling your current home first, you may be required to make a contingent offer. A contingent offer means that the purchase of your new home is dependent…

Read More
5 practical ways to increase your purchasing power when buying a home

How to qualify to buy a new home by renting out your current one

By Scott Sheldon / March 4, 2024

Are you considering purchasing a new home, but already own a property and are worried about not having enough income to support two house payments? You’re not alone. This is a common concern for many homeowners who are looking to upgrade their living spaces. However, there are options available to you that can help you…

Read More
How to maximize purchasing power when buying a home

How to maximize purchasing power when buying a home

By Scott Sheldon / February 29, 2024

In this blog post, we’ll delve into the intricacies of examining whether it’s wiser to invest more in down payments or to retain cash and utilize debt to enhance purchasing power. Traditionally, a larger down payment is linked to lower monthly mortgage payments and reduced overall interest costs. However, in today’s financial landscape, where liquidity…

Read More
Why Refinancing Today Trumps Waiting for Lower Rates Tomorrow

Why Refinancing Today Trumps Waiting for Lower Rates Tomorrow

By Scott Sheldon / February 16, 2024

In the dynamic world of mortgage rates, the decision to refinance is often met with the lingering question of whether it’s worth waiting for even lower rates. The answer, especially if your interest rate is currently 7% or higher, is a resounding no. Here’s why taking advantage of today’s average 30-year fixed mortgage rates, ranging…

Read More
How to use your FHA mortgage to sell your home for more

How to use your FHA mortgage to sell your home for more

By Scott Sheldon / February 11, 2024

If you have an FHA mortgage on your home and are planning to sell, you can take advantage of the fact that the loan is assumable. This means that the buyer of your property can take over your existing loan, which can help you get a higher price for your home… Here’s how it works:…

Read More
Why you should wait for your credit to improve before applying for a mortgage

Why you should wait for your credit to improve before applying for a mortgage

By Scott Sheldon / February 4, 2024

In the current consumer landscape, securing approval for a mortgage is a significant challenge. It’s widely acknowledged that applying for and obtaining a loan can be a bit tricky, considering factors like documentable income, credit history, and available cash. Your financial health, including payments and potential skeletons in the closet, all play crucial roles in…

Read More
How to determine which mortgage loan program is best based on your credit score

How to determine which mortgage loan program is best based on your credit score

By Scott Sheldon / January 28, 2024

Choosing the right mortgage is crucial when you’re looking to finance your dream home. Two popular options are FHA loans and conventional loans, each with its own set of guidelines and requirements. In this blog post, we’ll explore the key differences between FHA and conventional loans, focusing on credit scores and how recent updates in…

Read More