The Mortgage Files

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

Should you buy a more expensive home?

Should you buy a more expensive home?

By Scott Sheldon / November 12, 2023

For families looking to purchase a home, a mortgage payment, and price of the home can go hand-in-hand decision making. If you find a house that could be a good fit for you and your family, but it seems a bit out of reach. Here are some things you might want to take some consideration…

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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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are usda loans worth the hype

Are USDA loans worth the hype?

By Scott Sheldon / September 24, 2023

The US Department of Agriculture guarantees loans for certain families in certain geographic locations. These loans can be potentially an affordable loan program to help a family who doesn’t have a down payment buy a home in an area considered to be less industrialized a.k.a. agricultural. If you’re looking to get a USDA loan, here…

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Does the house you want to buy need work?

Here’s how your homebuying options change when interest rates fall

By Scott Sheldon / August 27, 2023

You and your family are thinking about buying a home, but the prospect of a 6.5-7.0% mortgage doesn’t sound all that appealing right? Do you want interest rates to come down so you can have a more affordable mortgage? This makes sense, but it’s a deeper problem and here are some things you should be…

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What is a non-qualified mortgage and why do these loan types cost more?mortgage

What is a non-qualified mortgage and why do these loan types cost more?

By Scott Sheldon / July 23, 2023

If you’re thinking about purchasing or refinancing a home, you may have heard the term qualified mortgage. A qualified mortgage is a term coined by the CFPB that represents a full documentation loan with a debt-to-income ratio of 43%. Generally, most loans fit this category even though they sometimes allow debt to income ratio as…

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locking mortgage rate with discount points

Should I pay discount points when locking my interest rate?

By Scott Sheldon / March 12, 2023

For those looking to purchase to refinance a home, there might be some shellshock as it relates to costs associated with getting a home loan these days. It’s no surprise we are still in an inflationary environment and home loan rates are still feeling the effects of the broader inflationary environment. As a result, you…

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what to do when you are told you cannot qualify for a mortgage

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…

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how a recession could impact your home buying

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…

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