The Mortgage Files

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

Why Silicon Valley Bank failed and why it's good news for mortgage rates going forward

Why Silicon Valley Bank failed and why it’s good news for mortgage rates going forward

By Scott Sheldon / March 19, 2023

The recent failure of Silicon Valley Bank points to a broader issue that banks particularly depository institutions face as relates to their financial stability. Here is how this benefits your finances when buying or refinancing a home… Here is how a bank works, a bank takes the depositor’s money, and lends it out. They do…

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locking mortgage rate with discount points

Should I pay discount points when locking my interest rate?

By Scott Sheldon / March 12, 2023

For those looking to purchase to refinance a home, there might be some shellshock as it relates to costs associated with getting a home loan these days. It’s no surprise we are still in an inflationary environment and home loan rates are still feeling the effects of the broader inflationary environment. As a result, you…

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2023 Confirming Loan Limit Rise

2023 Confirming Loan Limit Rise

By Scott Sheldon / September 25, 2022

The federal housing finance agency recently released its 2023 conforming loan limit. The new loan limit for 2023 is $715,000. Here is what this means if you’re purchasing or refinancing a home… Each year the Federal Housing Finance Agency which oversees Fannie Mae and Freddie Mac releases its annual loan limit. The annual loan limit…

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What is a non-qualified mortgage and why do these loan types cost more?mortgage

Should you take out an adjustable rate mortgage?

By Scott Sheldon / September 4, 2022

With interest rates as high as they are consumers want adjustable-rate mortgages for payment relief. If you’re thinking about an adjustable-rate mortgage versus a fixed-rate mortgage here are some things, you need to be aware of… The first few years of the mortgage loan are called a teaser rate.  A teaser rate is short-term and…

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Don't be the "I don't wanna waste your time" consumer

Don’t be the “I don’t want to waste your time” consumer

By Scott Sheldon / July 10, 2022

People looking to buy or refinance a home may have been turned down by another mortgage company based on their financial situation. If you’ve been turned down before and you think all odds are against you don’t give up. The first step to failure is not to try. Simply put don’t be that customer that…

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How to turn a pre-approved buyer into a cash buyer

How to turn a pre-approved buyer into a cash buyer

By Scott Sheldon / May 9, 2022

As the real estate market continues to become increasingly competitive, you might find yourself making offers on homes above the asking price. Possibly even waiving contingencies on the advice of your real estate professional, and still finding that you’re losing to competition on the house. This is something occurring nationally right now as most markets…

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How 2-1 and 3-2-1 Buydown works when buying a home

The best way to cash out refinance your home

By Scott Sheldon / April 17, 2022

Consumers are no strangers to the present economic times we are living in right now as everything is rising, and inflation is rampant virtually everywhere. Gas prices, stock prices, housing prices, mortgage rates the list goes on. As cost rises the need to borrow money also increases.   If you have been thinking about doing…

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How your ex can make your mortgage application difficult

Your ex can make your mortgage application difficult

By Scott Sheldon / February 27, 2022

You’re trying to purchase or refinance a home. You have an ex that you’re dealing with that you were either married to or on the title to a property with. The mortgage process depends on what that communication looks like with that other person. It could be very easy or more technical and challenging. Yes,…

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