The Mortgage Files

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

Should You Lock or Float Your Mortgage Rate? Here’s What to Consider

By Scott Sheldon / December 11, 2024

When you apply for a mortgage, one of the key decisions you’ll need to make is whether to lock in your interest rate or let it “float.” This choice can impact your monthly payment and your overall financial comfort, so let’s explore both options to help you decide. What Does It Mean to Lock Your…

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A hopeful family standing in front of a new home, representing possibilities for homeownership with flexible credit options.

Tips for Buying or Refinancing a Home with a Low Credit Score

By Scott Sheldon / November 26, 2024

If you’re considering buying a home or refinancing your current mortgage but have concerns about your credit score, there’s good news: you still have options. While a higher credit score certainly makes the process easier, lenders today offer flexible solutions for buyers and refinancers with credit scores that are less than perfect. Understanding how credit…

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Calculator and mortgage loan documents showing monthly savings on a refinance

When to Refinance Your Mortgage: Key Factors for Lowering Costs

By Scott Sheldon / November 6, 2024

When to Refinance Your Mortgage: Key Factors for Lowering Costs If you’ve bought a home recently or are considering lowering your mortgage rate, knowing when to refinance can make a significant financial difference. Many homeowners are looking for opportunities to reduce monthly payments or eliminate private mortgage insurance (PMI). Here are essential guidelines to help…

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A potential homebuyer is sitting at a desk, reviewing their credit report with a concerned expression. Papers and documents related to home loans are scattered on the table, including a visible credit score report with a lower-than-ideal score. A mortgage loan officer is standing nearby, offering advice and support, symbolizing the collaborative approach to improving credit and navigating financial hurdles. The atmosphere suggests a professional but hopeful tone, with natural lighting in a clean, modern office space. The image captures the emotional moment of seeking guidance when facing credit challenges in the homebuying process

How to Buy a House Even with a Low Credit Score: The Real Story

By Scott Sheldon / October 29, 2024

When thinking about homeownership, many people assume their credit score is a barrier. The reality, however, often extends beyond just your credit score. Concerns like not having a sufficient down payment, limited savings, or carrying significant debt such as car loans or credit card balances often cloud the full picture. If you’ve been told by…

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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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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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Should You Buy a Home with a 401(k) Loan or Down Payment Assistance?

Should You Buy a Home with a 401(k) Loan or Down Payment Assistance?

By Scott Sheldon / June 26, 2024

Buying a home is a significant financial decision that requires careful planning and consideration of various financing options. Two common methods prospective homeowners might consider are borrowing from a 401(k) and utilizing down payment assistance programs. Each approach has its benefits and drawbacks, and understanding these can help you make an informed decision tailored to…

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