The Mortgage Files

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

4 proven ways real estate will make your wealthier

By Scott Sheldon / January 8, 2023

If you’re thinking about buying a home, good, it’s a sound financial decision and it’s the bedrock by which most Americans in America have created wealth for themselves and their families. Here are the four pillars of owning real estate and how they all work in tandem with each other to make you wealthier as…

Are you self-employed and having a tough time getting a mortgage?

By Scott Sheldon / January 1, 2023

Are you self-employed and having a tough time getting a mortgage? Here’s what you need to know… When it comes to being self-employed one of the biggest challenges that you’re going to have as an entrepreneur is reporting income. The more income you show the more taxes you pay, and the more taxes you pay…

What to do when you’re told you can’t qualify for a mortgage

By Scott Sheldon / December 25, 2022

If you’re trying to purchase or refinance a home and you’ve been turned down, read on. Perhaps your income is not up to par, or your credit score is not up to par or there’s some sort of material financial situation making your loan application problematic. Here is what to know… Most mortgage companies generally…

How to get an FHA Mortgage on a non Hud Approved condo

By Scott Sheldon / December 18, 2022

For would-be borrowers looking to purchase or refinance a condominium unit and looking for government financing such as a VA loan or an FHA loan, you might come to find getting such a mortgage for a condominium unit that is not HUD-approved might prove to be difficult. Here are some things you need to consider…

How assumable mortgage loans work

By Scott Sheldon / December 11, 2022

If you’ve been thinking about buying a home and have been discouraged about interest rates you might be able to assume the seller’s mortgage. Think it’s too good to be true? It’s not. Here’s some information that you might need to know as it relates to assuming someone else’s mortgage when buying a home… Let’s…

How to buy a home 2-1 and 3-2-1 Buydown Program

By Scott Sheldon / November 27, 2022

If you’re thinking about purchasing a home and you’re worried about the mortgage payment. Fear not, some, but not all mortgage companies might offer a buy-down program allowing you to get a below-market interest rate… It’s no surprise mortgage rates are presently on the higher side averaging 6.4 to 6.99 depending on your credit score,…

How a future recession may impact your plan to buy a home

By Scott Sheldon / November 20, 2022

If you’ve been thinking about purchasing a home and you’ve been on the fence because of economic conditions. The following information could assist you in helping to determine when and/or if you should purchase a home… The concern many home buyers have right now is “I want to wait and see”.  Purchasing a home in…

Is the mortgage rate or the purchase price you pay for a home more important?

By Scott Sheldon / November 13, 2022

If you’ve been thinking about purchasing a home and you’ve been on the fence because you’re just not sure about the right time, the information that’s going to follow is for you… Trying to time the market to identify a moment in time to pinpoint the right time to purchase a home is an incredibly…