The Mortgage Files
Nationally syndicated mortgage news and advice from Senior Loan Officer Scott Sheldon.
The Risks of Chasing a Lower Mortgage Rate
Why Chasing a Lower Mortgage Rate Can Backfire When buying a home, it’s natural to want the lowest mortgage rate possible. But sometimes, chasing a slightly better rate from another lender—especially after your offer has already been accepted—can backfire in a big way. Real-World Scenario You’ve got an offer accepted on a house. You’re working…
Read MoreHow to Buy a Home Without a Job Using a Rental Property Loan Strategy
If you’ve got solid credit and a decent amount of cash on hand—but no W2 income or traditional job—you might be wondering if it’s still possible to buy a home. The good news? It is, thanks to a lesser-known financing option called the Debt Service Coverage Ratio (DSCR) loan. This mortgage product is designed with…
Read MoreNavigating Sonoma County’s Housing Market in 2025: What Buyers Need to Know
Sonoma County Home Buying in 2025: Navigating Economic Uncertainty and Affordability As a mortgage loan officer with two decades of experience, I’ve seen the housing market ebb and flow. In 2025, Sonoma County presents a unique blend of opportunities and challenges for prospective homebuyers. Economic uncertainties, fluctuating interest rates, and affordability concerns are at the…
Read MoreNew Fannie Mae Mortgage Value Rules: What Homebuyers and Refinancers Need to Know
As of October 31, 2024, Fannie Mae has introduced new requirements that will significantly impact how property values are assessed in conventional loans. Whether you’re looking to buy a home or refinance your current mortgage, these changes make it more critical than ever to work with an experienced lender. Here’s what you need to know.…
Read MoreVA Loans in Community Property States: How to Manage Spouse’s Credit and Debt in California
Navigating VA Loans in Community Property States: A Guide for Married Couples in Sonoma and Lake County, California Buying a home is a monumental step, and securing a VA loan can be a fantastic option for veterans looking to make that dream a reality. However, living in a community property state like California adds a…
Read MoreWhy you should wait for your credit to improve before applying for a mortgage
In the current consumer landscape, securing approval for a mortgage is a significant challenge. It’s widely acknowledged that applying for and obtaining a loan can be a bit tricky, considering factors like documentable income, credit history, and available cash. Your financial health, including payments and potential skeletons in the closet, all play crucial roles in…
Read MoreNew Mortgage Loan Limits for 2023
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 MoreWhy your income is your lifeline to finance a home
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…
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