The Mortgage Files

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

FHA Loan Update: Easier Process for Family Gift Funds

FHA Loan Update: Easier Process for Family Gift Funds

By Scott Sheldon / May 23, 2024

If you’ve been thinking about buying a home with an FHA loan, there’s some exciting news that could make the process smoother, especially if you’re relying on family for financial help. The Federal Housing Administration (FHA) just announced a significant change to its guidelines that could make it much easier for homebuyers… What Changed? Since…

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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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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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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 to determine which mortgage loan program is best based on your credit score

How to determine which mortgage loan program is best based on your credit score

By Scott Sheldon / January 28, 2024

Choosing the right mortgage is crucial when you’re looking to finance your dream home. Two popular options are FHA loans and conventional loans, each with its own set of guidelines and requirements. In this blog post, we’ll explore the key differences between FHA and conventional loans, focusing on credit scores and how recent updates 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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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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