The Mortgage Files

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

Why your income is the biggest driver of purchasing power

Why your income is the biggest driver of purchasing power

By Scott Sheldon / April 8, 2024

When it comes to purchasing a home, your monthly income is the most influential factor, surpassing even your credit score and available cash. Understanding how your income impacts your purchasing power is essential for aspiring homeowners. Let’s explore this concept with practical examples and actionable insights. Consider this scenario: You earn $100,000 annually, and based…

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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 to ease lending qualifications when buying a home

Here is a smart mortgage strategy for buying a home in 2023

By Scott Sheldon / June 11, 2023

If you’ve been on the fence about buying a home and you’re thinking about potentially getting prequalified. Here are some things you should give some consideration to… You might be telling yourself “I don’t want to buy a home right now because interest rates are kind of high.”  The question becomes in relation to what?…

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What’s the lowest credit score to get a home loan?

What’s the lowest credit score to get a home loan?

By Scott Sheldon / February 23, 2023

There is a significant amount of inaccurate information online and in the real estate community about the credit score needed to get a home loan to purchase or refinance a home. Talk to one company they’ll tell you XYZ, talk to another company they’ll tell you something else entirely, talk to another company, and you…

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mortgages rates and covid 19

How Covid_19 completely changed mortgage rates

By Scott Sheldon / August 14, 2021

It is no surprise Covid has influenced mortgage interest rates in the last 12 months. The coronavirus and its effect on the economy in particular the financial markets have been unprecedented, to say the least. Here’s how covid changed interest rates and what you can expect going forward if you’ve been thinking about refinancing a…

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New Jobs and Mortgages

Can you get a mortgage with a brand new job or a recent raise?

By Scott Sheldon / June 14, 2021

One of the most important things consumers have to deal with when securing mortgage loan financing besides having a good credit score and a good down payment is having income to actually offset the proposed liability i.e, a  mortgage payment. Income is single-handedly the most important thing because it drives affordability. Lenders and banks know…

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How to avoid getting a jumbo loan due to Coronavirus

5 quirky refinance scenarios that work

By Scott Sheldon / January 8, 2019

5 quirky refinance scenarios that work In the last few years mortgage lending guidelines have begun to loosen as the broader economy is stronger now that the recession has past. Following refinance scenarios are eligible for financing… Cash-out refinancing followed by cash-out refinancing just six months after. You heard that right you can do a…

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How to use seller carry financing to purchase a house with less cash down

The only 5 guaranteed ways to boost borrowing power

By Scott Sheldon / March 8, 2018

Interest rates are on the rise and the cost of funds is now hovering just below 5% on the average 30-year fixed-rate mortgage. Following are tried and true techniques you can use to improve your mortgage borrowing power. Paying off debt This one is huge. Minimum payments on car loans, student loans, credit cards and…

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