The Mortgage Files

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

How to avoid getting a jumbo loan due to Coronavirus

New Mortgage Loan Limits for 2023

By Scott Sheldon / December 4, 2022

The Federal Housing Finance Agency announced on Tuesday, November 29th the new loan limits for 2023. The new conforming loan limit has increased and has been year over year 7 years in a row. If you’re thinking about purchasing or refinancing a home in 2023 here is what you need to know… The loan limit…

Read More
Mortgage Word Cloud Art

Why your income is your lifeline to finance a home

By Scott Sheldon / January 23, 2020

Getting mortgage loan financing requires you providing a blend of good cash, ample credit, and income to offset a proposed new expense i.e. a mortgage loan. You must have the right blend of all three in order to purchase or refinance a home. What might not make sense however is the lifeline that’s going to…

Read More
Can you get a mortgage with bad credit?

Can you get a mortgage with bad credit?

By Scott Sheldon / January 9, 2020

Many mortgage companies along with the internet would have you believe getting a mortgage with bad credit cannot happen. It is true the process will be more difficult and challenging, but it is not impossible. If your desiring to refinance your property or buy a home with less than perfect credit the following information will…

Read More
Why the purchase price in a real estate transaction should not be the single most important factor

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…

Read More
why waiting for lower rates is a bad idea

How to remove private mortgage insurance

By Scott Sheldon / May 16, 2017

There is too much information circling around the internet, about how to remove mortgage insurance from your monthly mortgage payment. Unfortunately, it is not as simple as having 20% home equity either. Here is what you need to know about removing this dreaded housing cost. Is the loan insured by FHA or is the loan…

Read More
why you cannot opt out of title insurance

Why you cannot opt out of title insurance when getting a mortgage

By Scott Sheldon / April 21, 2017

If you are like most consumers, you want to have a clear understanding of the fees associated with a mortgage. The closing process, lender fees, title fees, etc. This is so you know exactly how all the numbers add up. Here is something you need to know regarding getting title insurance when purchasing or refinancing…

Read More
2017 mortgage rate environment

The 2017 Mortgage Rate Environment

By Scott Sheldon / January 12, 2017

The mortgage industry has gone through some changes in the last three months. If you are looking to finance a home in 2017, it is important that you know what the opportunities are and how to capitalize on them. Over the next 12 months, keep these items in mind as you consider your financing arrangements:…

Read More
how to write killer offer letter

Are we in a housing bubble?

By Scott Sheldon / October 25, 2016

As prices continue to climb many are wondering if there’s going to be a pop similar to the financial crisis.  Here is the reality of mortgage and housing market… The financial crisis was brought on by the subprime meltdown. The subprime mortgage products that were available led to the financial collapse of America and the…

Read More