The Mortgage Files

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

Should you Cash out refinance and remodel or buy another property?

By Scott Sheldon / November 10, 2019

Homeowners who have outgrown their houses may be considering the possibility of buying another property or just staying put and remodeling the one they already have. Here are some things to consider if you’re trying to determine what makes the most financial sense… When you buy your first home you might not be thinking about…

How your mortgage payment relates to purchase price

By Scott Sheldon / November 2, 2019

Buying a home means the careful planning of your finances and making sure it’s really something that you can support? One of the biggest challenges home buyers face is budgeting for a new mortgage payment. If you’re going to be buying a house here are the things you might want to consider as it relates…

No more VA Loan Limits in January 2020!

By Scott Sheldon / October 27, 2019

HR 299 is a new VA Bill recently signed by the president that makes some big changes to VA financing. If you’re thinking about buying a house and you’re an eligible VA mortgage applicant. Here are some things you ought to consider.. VA financing allows you to purchase a house with no money down. Presently…

Types of loans you can get based on your credit score

By Scott Sheldon / October 20, 2019

Credit is one of the biggest parameters of a lender’s decision to grant you a loan approval or not. There’s a lot of misconceptions out there floating around the internet about what you can and can’t do with the type of credit that you have. Here’s some things to consider if you’re worried about your…

8 common mortgage misconceptions most consumers ask about

By Scott Sheldon / October 13, 2019

The internet is full of information about purchasing or refinancing a house. Some of it tangible some of it not worth the paper it’s written on. Here are seven of the most common misconceptions with regards to getting a mortgage… Pulling credit for a mortgage automatically tanks your credit score. The reality of it is…

This FHA requirement might hurt your multi unit home buying chances

By Scott Sheldon / September 13, 2019

One of the perks of getting an FHA mortgage is the ability to purchase a primary home using just 3.5% down. The math however will change if you’re buying a multi-family property… You heard that correctly. You can buy a multifamily property using an FHA-insured loan up to four units with just 3.5% down. The…

Why the purchase price should not be the single most important factor

By Scott Sheldon / September 8, 2019

When buying a home most would believe the number one most important thing you need to be focused on is what you pay for the house. Mom and dad who bought their house years ago, Grandma and Grandpa who bought their house back in the early 1980s when housing prices were $40,000 all have an…

How your finances matter when it comes to buying a home

By Scott Sheldon / September 1, 2019

Buying a home is quite a financial feat. It requires careful planning due diligence and making sure that it’s the right decision for you and your family. If you’re buying a home, you may to begin to prepare your finances… To get a mortgage you must have a blend of cash, credit and income. You…