The Mortgage Files

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

How Covid_19 completely changed mortgage rates

By Scott Sheldon / August 14, 2021

It is no surprise Covid has influenced mortgage interest rates in the last 12 months. The coronavirus and its effect on the economy in particular the financial markets have been unprecedented, to say the least. Here’s how covid changed interest rates and what you can expect going forward if you’ve been thinking about refinancing a…

Your choices if you’re self employed and you don’t show enough income for a mortgage

By Scott Sheldon / August 8, 2021

Mortgage companies use your net income from your tax returns to qualify you. The excuse my accountant won’t let me do that, or I have to pay more taxes is incongruent with mortgage loans. Here is what you need to know… Part of being an entrepreneur is also bearing the costs that come with it…

Why purchase price should secondary to this one thing when buying a home

By Scott Sheldon / August 1, 2021

Here is the number one thing you need to be concerned about when buying a house and it’s not the purchase price… For people buying a house, the prospect of the market being over-inflated, the market being too high, or the purchase price of the house being too much those are all concerns however, there’s…

What to know about your self employed tax return when it comes to getting a mortgage

By Scott Sheldon / July 25, 2021

When it comes to getting a mortgage and being self-employed you can still get financing as long as you show income, that’s the moral of the story.  That being said let’s say you’re doing well in your business and you’re choosing to not make quarterly IRS payments.  By choosing to not make quarterly payments you…

Why most financial experts get mortgages wrong

By Scott Sheldon / July 18, 2021

There’s so much financial misinformation online it’s inundating. Here are some things the experts say as it relates to housing and mortgages for you to consider when trying to get financially ahead… You have to put down 20% to purchase a house  The reality is nothing could be further from the truth. They say this…

Borrowing a down payment to buy a home? Watch our for these two retirement accounts

By Scott Sheldon / July 12, 2021

One of the best things you can do to proactively position you and your family to buy a home is to borrow money from your 401K after all, it’s your money. If you’re thinking about pulling money from retirement to buy a home here’s what you need to know and the 2 types of accounts…

Looking to buy a house the summer? You’ll need a down payment

By Scott Sheldon / July 3, 2021

As interest rates still remain low many people who have been on the sidelines about buying a house are now coming out of the woodwork. Maybe they’re buying a first home or a move-up home but there is strong demand for housing across the nation in every city and the county throughout the United States.…

Why not paying your self employed tax debt may cost you a mortgage  

By Scott Sheldon / June 28, 2021

When you’re self-employed and you’re looking to get a mortgage it’s super important that not only you file the right amount of income, but you also pay whatever debt is associated with the income you report, that is if you want to get a mortgage loan…If you’re self-employed and looking to buy a house or…