The Mortgage Files

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

Why long term term open housers need pre approval

Why long term term open housers need pre approval

By Scott Sheldon / May 13, 2024

Title: Navigating the Home Buying Journey: Why Long-Term Open Housers Need Pre-Approval If you’re the type to spend weekends browsing open houses without immediate plans to buy—affectionately known as a “weekend warrior home buyer” or a “long-term open houser”—you understand the thrill of the hunt. There’s a unique excitement in exploring potential homes and imagining…

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Understanding Mortgage Rates and Their Impact on Home Buying Power

Understanding Mortgage Rates and Their Impact on Home Buying Power

By Scott Sheldon / May 8, 2024

Navigating the world of real estate financing can often feel like trying to hit a moving target, especially with the constant fluctuations in mortgage rates. Following is how to break down the often complex relationship between mortgage rates and home buying power, helping you understand how these changes can impact your pursuit of the American…

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How hourly wages impact mortgage loan approvals

How hourly wages impact mortgage loan approvals

By Scott Sheldon / April 28, 2024

Are you dreaming of owning your own home but finding it challenging to secure a mortgage due to your hourly wage? You’re not alone. Many individuals face hurdles in obtaining residential mortgage loans, particularly those paid hourly with varying work hours. Let’s delve into why this can be a struggle and explore potential solutions. When…

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Navigating the Decision to Wait for Lower Mortgage Rates

Navigating the Decision to Wait for Lower Mortgage Rates

By Scott Sheldon / April 22, 2024

Are you holding off on buying a home, hoping that interest rates will come down? It’s a common sentiment among consumers, but before you delay your homeownership dreams, let’s take a closer look at the financial implications… Let’s start with an example: Suppose the average 30-year fixed-rate mortgage today is 6 1/2%, and you’re considering…

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how to buy a home from family without needing any cash

How to buy a home from family without needing any cash

By Scott Sheldon / April 17, 2024

Have you ever considered buying a house from a family member? It’s a unique opportunity that comes with its own set of benefits and challenges. Whether you’re purchasing your childhood home from your parents or acquiring a property from a grandparent, understanding the ins and outs of this process is essential for a successful transaction.…

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

How to qualify to buy a new home by renting out your current one

By Scott Sheldon / March 4, 2024

Are you considering purchasing a new home, but already own a property and are worried about not having enough income to support two house payments? You’re not alone. This is a common concern for many homeowners who are looking to upgrade their living spaces. However, there are options available to you that can help you…

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How to use your FHA mortgage to sell your home for more

How to use your FHA mortgage to sell your home for more

By Scott Sheldon / February 11, 2024

If you have an FHA mortgage on your home and are planning to sell, you can take advantage of the fact that the loan is assumable. This means that the buyer of your property can take over your existing loan, which can help you get a higher price for your home… Here’s how it works:…

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

Here is a quick formula for determining how much income you need to buy a home

By Scott Sheldon / January 19, 2024

Buying a home is a big financial decision, and affordability is the number one factor to consider. To determine how much home you can afford based on your income, you can use a simple formula… First, take your annual income gross pre-tax and multiply it by five. For example, if your annual income is $100,000,…

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