The Mortgage Files

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

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?…

Is a down payment assistance loan to buy a home a good idea?

By Scott Sheldon / February 12, 2023

For those looking to purchase real estate particularly first-time home buyers, the notion of a down payment assistance loan where you need very little or no money to close escrow could be a very attractive option. Here are some things to consider if you’re evaluating a low or down-payment mortgage loan…  Down payment assistance loans…

What’s the minimum down payment to buy a home?

By Scott Sheldon / July 6, 2022

The Internet does a wonderful job of supplying different information about the minimum down payment you need to buy a home. Read one article you’ll have an idea of what it would take, read another article, and its completely different information. So, how do you assimilate an endless amount of online information as it relates…

3 things to know that make your mortgage difficult

By Scott Sheldon / November 21, 2021

Most people understand that getting mortgage financing is not the most fun thing in the world to do.  There’s an examination that takes place which is these requests for paperwork on the process and these requests for paperwork in the process can sometimes, for someone that doesn’t have familiarity with the mortgage process make it…

When it comes to mortgage financing the harder way is usually the way that will make your loan work

By Scott Sheldon / October 24, 2021

We are still in an environment that requires us to get support ability to repay. The harder approach, generally, is the approach that’s going to make the most sense between taking you from where you’re going and helping you accomplish your goal. If a new accomplisher goal of refinancing a house, or buying a new…

Going backwards trying to save for a home?

By Scott Sheldon / March 23, 2017

  Do you need help saving to buy a house? What you think you need and what you actually need may not be the same. Here is what you should know when saving for a home. In order to purchase a home, you need at least 3.5% for a down payment. Another option is Down…

This common mistake will kill your mortgage

By Scott Sheldon / March 2, 2017

Are you buying a home? This common mortgage mistake can end up creating more unnecessary challenges for you during the underwriting process. Here are the things you should look out for… When you are buying a home, you need to show your lender that you have a down payment and access to funds to close.…

The equity percentage you need for a big mortgage is less than you think

By Scott Sheldon / February 16, 2017

Most people will tell you that you must have excellent credit and a big down payment to secure a larger mortgage. The reality is that while having a big chunk of cash to put down on a house is nice to have, it is not always an absolute requirement. Here is the information you should…