The Mortgage Files

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

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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Why you should wait for your credit to improve before applying for a mortgage

Why you should wait for your credit to improve before applying for a mortgage

By Scott Sheldon / February 4, 2024

In the current consumer landscape, securing approval for a mortgage is a significant challenge. It’s widely acknowledged that applying for and obtaining a loan can be a bit tricky, considering factors like documentable income, credit history, and available cash. Your financial health, including payments and potential skeletons in the closet, all play crucial roles in…

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How buying a condo may carry the same mortgage payment as a single family home

How buying a condo may carry the same mortgage payment as a single family home

By Scott Sheldon / December 30, 2023

If you’re debating between purchasing a condominium unit versus a single-family home, there are several factors to consider. You’ll want to evaluate the monthly mortgage payment, market conditions, and whether you can handle the mortgage payment affordably. Typically, condominium units are less expensive than single-family homes, sometimes by as much as $100,000 or more. However,…

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New Fannie Mae rule for using social security income to get a mortgage

New Fannie Mae rule for using social security income to get a mortgage

By Scott Sheldon / December 27, 2023

Are you or someone you know planning to purchase or refinance a home using Social Security income? If so, there’s some good news! Fannie Mae has recently announced new guidelines that will make it easier for families with Social Security income to qualify for a mortgage loan… Under the new guidelines, mortgage lenders can now…

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Unlocking Dreams: A Festive Dip in Interest Rates

Unlocking Dreams: A Festive Dip in Interest Rates

By Scott Sheldon / December 21, 2023

As we step into a new season, the mortgage landscape is adorned with a delightful surprise—interest rates taking a graceful descent. In Sonoma County, California, this financial waltz is not just a trend; it’s a game-changer that’s about to redefine the home-buying experience…   From the High Sevens to the Mid-Sixes **The Tale of Interest…

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how lower rate changes your purchasing power

How improving mortgage rates drive purchasing power

By Scott Sheldon / December 17, 2023

Are you in the market for a new home? You might want to take advantage of the current trend in interest rates. In recent weeks, interest rates have come down by about half a percent, which can mean a significant increase in your purchasing power. If you are pre-approved with a mortgage company and looking…

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2024 Conforming & FHA Loan Limits increased!

2024 Conforming & FHA Loan Limits increased!

By Scott Sheldon / December 10, 2023

Are you considering buying or refinancing a home shortly? If so, you might be interested to know that the Federal Housing Finance Agency (FHFA) and the Federal Housing Administration have recently announced the new loan limits for 2024. The loan limit represents the maximum residential mortgage loan amount the government will allow in a certain…

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