The Mortgage Files
Nationally syndicated mortgage news and advice from Senior Loan Officer Scott Sheldon.
Unlocking Dreams: A Festive Dip in Interest Rates
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…
Read More2024 Conforming & FHA Loan Limits increased!
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…
Read MoreWhat 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…
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