The Mortgage Files
Nationally syndicated mortgage news and advice from Senior Loan Officer Scott Sheldon.
What happens with real estate prices when interest rates ultimately fall?
It’s no surprise that interest rates drive the housing market. If more people can buy a home, more demand is created and more demand drives housing prices up, which subsequently results in gaining home equity. Following are the dynamics that transpire in the market when interest rates come down… Homeowners stand to gain more equity…
Read MoreWhy being choosy as home buyer could be problematic
You’ve decided to buy a home, you’ve gotten preapproved with a lender, your file has even been pre-underwritten. Here are some things you might want to give some consideration to- what you want versus what the market might support… Here’s to considerations to think about.. Consideration one- Let’s say you’re pre-approved to $700,000, the house…
Read MoreHow your financial experience might hinder your ability to get a mortgage loan
Getting a loan to buy a home is a maze of questions, examinations, along with an array of emotions. Here are some things to consider that might hinder your ability to get a mortgage loan… You have a strong financial situation. Let’s say you’ve got strong income and or revenue within your business, excellent credit, cash…
Read MoreShould you buy a home in cash or finance it?
If you’re looking to buy a house and you have the economic means to do so, you might be considering whether it makes sense to buy the house in cash and be mortgage free or take out mortgage loan. At the end of the day, it boils down to personal preference, However, before you make…
Read MoreWhy rising interest rates can be good news for some homebuyers
Rising interest rates, for some homebuyers, can be beneficial. While it is true, rising interest rates do diminish purchasing power for the right situation, it actually could be beneficial. Here is what to know… Most people look at the big picture. They look at interest rates, the cost of funds and make a determination about…
Read MoreShould you cash out refinance or take out a home equity line of credit?
So you have a situation in which you need to access cash. You have a first mortgage at 3%, lots of equity in your home and you want to cash out refinance in order to do a new improvement. What’s the best way to access that money?.. The reality of it is you pretty much…
Read MoreWhy failing banks is good news for mortgage rates
In the last few weeks, a handful of big banks have failed including Silicon Valley bank signature bank, and now First Republic Bank. While this is not a repeat of 2008, it does signal instability in the broader mortgage market which may be good news for long-term mortgage rates. Hear some things to consider… First…
Read MoreWhat the bank or credit union may not be telling about their juicy mortgage offer
You just went into a contract to buy a home, and now it’s time to get a mortgage loan to close escrow. If you decide to ask your local credit union or bank for mortgage info, make sure to read all the fine print. Here is some practical information to be aware of before you…
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