The Mortgage Files

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

A wallet containing colorful credit cards with a bold text overlay reading "Refinancing Strategies to Reduce Credit Card Debt and Buy a Home – Refinance" against a blue background.

Refinancing Strategies to Reduce Credit Card Debt and Buy a Home

By Scott Sheldon / May 20, 2025

Refinancing Strategies to Reduce Credit Card Debt and Buy a Home If you’re sitting on a 3% mortgage and juggling high-interest credit card or auto loan debt, you’re not alone. As of early 2025, the average American household carries about $7,321 in credit card debt, with interest rates often exceeding 20% . This financial strain…

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Car payments vs owing a home

Car Payments and Home Buying Power: How $700/Month Can Cost You $100,000

By Scott Sheldon / April 17, 2025

How a Car Payment Could Cost You $100,000 in Home Buying Power When you’re house hunting in today’s market, every dollar counts — and sometimes, it’s not your income holding you back from qualifying, it’s your monthly liabilities. One of the biggest culprits? Your car payment. You wouldn’t believe how often I see someone with…

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"A person standing in front of a 'For Sale' sign outside a suburban house, holding a clipboard and looking uncertain, reflecting hesitation about buying a home. The house has a well-kept lawn and a clear blue sky in the background, symbolizing the decision-making process in home ownership."

4 Signs You’re Not Ready to Buy a House

By Scott Sheldon / September 23, 2024

4 signs you’re not ready to buy a house when it comes to purchasing a home. It’s probably one of the highest-ticket purchases you’ll ever make in life, if not the most high-ticket purchase. You want to, of course, make sure that affordability is number one. This is primary, above all else. However, just because…

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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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How to ease lending qualifications when buying a home

How to ease lending qualifications when buying a home

By Scott Sheldon / April 4, 2024

Hey there, fellow dreamer! Are you ready to take the leap into homeownership and turn your dream home fantasies into reality? If you’re anything like me, the prospect of embarking on this journey can be both exhilarating and nerve-wracking. But fear not, because I’ve been there, and I’m here to share some insights that could…

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5 practical ways to increase your purchasing power when buying a home

5 practical ways to increase purchasing power when buying a home

By Scott Sheldon / March 27, 2024

Buying a house today can be an arduous task, especially when you consider the many challenges that families face. One of the most significant challenges is qualifying for a price that is affordable for the family. Heightened interest rates and high housing prices only add to the difficulty. However, there are a few factors that…

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Scott Sheldon's The Mortgage FIles Blog

How the housing industry may be affected by the upcoming real estate changes

By Scott Sheldon / March 21, 2024

The recent settlement involving the National Association of Realtors regarding real estate agent compensation has the potential to impact both buyers and sellers in the industry. As we move into uncharted territory in the summer of 2024, it’s important to evaluate the possible effects of this change. Historically, the industry has accepted a real estate…

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How to maximize purchasing power when buying a home

How to maximize purchasing power when buying a home

By Scott Sheldon / February 29, 2024

In this blog post, we’ll delve into the intricacies of examining whether it’s wiser to invest more in down payments or to retain cash and utilize debt to enhance purchasing power. Traditionally, a larger down payment is linked to lower monthly mortgage payments and reduced overall interest costs. However, in today’s financial landscape, where liquidity…

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