The Mortgage Files

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

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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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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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 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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Why Refinancing Today Trumps Waiting for Lower Rates Tomorrow

Why Refinancing Today Trumps Waiting for Lower Rates Tomorrow

By Scott Sheldon / February 16, 2024

In the dynamic world of mortgage rates, the decision to refinance is often met with the lingering question of whether it’s worth waiting for even lower rates. The answer, especially if your interest rate is currently 7% or higher, is a resounding no. Here’s why taking advantage of today’s average 30-year fixed mortgage rates, ranging…

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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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