The Mortgage Files

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

why being a picky home buyer could be an issue

Why being choosy as home buyer could be problematic

By Scott Sheldon / October 29, 2023

You’ve decided to buy a home, you’ve gotten preapproved with a lender, your file has even been pre-underwritten. Here are some things you might want to give some consideration to- what you want versus what the market might support… Here’s to considerations to think about.. Consideration one- Let’s say you’re pre-approved to $700,000, the house…

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Should you buy a house or wait for the market to improve?

5 signs you should wait to buy a house

By Scott Sheldon / June 25, 2023

If you’re thinking about buying a home, but you’re just not sure. You’re probably better off listening to your gut. That looming credit card debt, or personal loan, that you just can’t seem to kick whatever the case may be here are five reasons you might want to think about waiting to purchase a home…

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Here is a smart mortgage strategy for buying a home in 2023

Here is a smart mortgage strategy for buying a home in 2023

By Scott Sheldon / June 11, 2023

If you’ve been on the fence about buying a home and you’re thinking about potentially getting prequalified. Here are some things you should give some consideration to… You might be telling yourself “I don’t want to buy a home right now because interest rates are kind of high.”  The question becomes in relation to what?…

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5 ways ypu will not get a home loan

5 ways you will not get a home loan to buy a home

By Scott Sheldon / February 26, 2023

Most people given a choice would desire to purchase a home, arguably, given their financial situation, and their ability to handle a monthly housing payment. Oddly enough, there are times from a lender’s perspective you might not get a home loan and it has nothing to do with your credit score, credit, history, income, or…

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how to refinance 2nd mortgage

Is is a second mortgage making your refinance harder? This tip may help…

By Scott Sheldon / May 7, 2020

Mortgage lenders sometimes take an overly gun shy approach to how a mortgage loan is originated. One such example of this is if you have a first and a second mortgage on your home. Let us say your goal is to refinance and to not get any money out but just combine the first and…

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How to avoid getting a jumbo loan due to Coronavirus

How to avoid getting a jumbo loan due to Coronavirus

By Scott Sheldon / April 22, 2020

Securing mortgage loan financing right has become a little bit of a challenge for some families desiring to borrow money. Here are some considerations you need to be aware of if you’re looking for a jumbo mortgage during the coronavirus pandemic… If you’re looking to mortgage a house and the size of a loan that…

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How to get a mortgage if you've been furloughed to do to COVID_19

How to get a mortgage if you’ve been furloughed to do to COVID_19

By Scott Sheldon / April 9, 2020

The coronavirus has undoubtedly created a significant amount of challenges for mortgage companies and families across America. Some lenders are changing credit score requirements, others are pulling out of the market entirely, and others are making restrictions on what types of loans they will fund. If you are in the process of getting a mortgage…

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how the ppp loan may hurt your mortgage

Don’t make this common 401K home buying mistake

By Scott Sheldon / March 19, 2020

One excellent way to buy a house is to borrow money from your 401k. Every 401K provider is different, and the language associated with your 401k provider can make or break your ability to buy a home. Here’s what you need to know if you’re borrowing money from your 401k to purchase a house. For…

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