The Mortgage Files

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

how to buy a home from family without needing any cash

How to buy a home from family without needing any cash

By Scott Sheldon / April 17, 2024

Have you ever considered buying a house from a family member? It’s a unique opportunity that comes with its own set of benefits and challenges. Whether you’re purchasing your childhood home from your parents or acquiring a property from a grandparent, understanding the ins and outs of this process is essential for a successful transaction.…

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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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5 practical ways to increase your purchasing power when buying a home

5 practical ways to increase purchasing power when buying a home

By Scott Sheldon / March 27, 2024

Buying a house today can be an arduous task, especially when you consider the many challenges that families face. One of the most significant challenges is qualifying for a price that is affordable for the family. Heightened interest rates and high housing prices only add to the difficulty. However, there are a few factors that…

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Scott Sheldon's The Mortgage FIles Blog

How the housing industry may be affected by the upcoming real estate changes

By Scott Sheldon / March 21, 2024

The recent settlement involving the National Association of Realtors regarding real estate agent compensation has the potential to impact both buyers and sellers in the industry. As we move into uncharted territory in the summer of 2024, it’s important to evaluate the possible effects of this change. Historically, the industry has accepted a real estate…

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5 practical ways to increase your purchasing power when buying a home

How to avoid a contingent offer to buy a new home without selling your current home first

By Scott Sheldon / March 14, 2024

Buying a new home while still owning your current home can be a challenging process, especially in today’s market. When you want to purchase a new home without selling your current home first, you may be required to make a contingent offer. A contingent offer means that the purchase of your new home is dependent…

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5 practical ways to increase your purchasing power when buying a home

How to qualify to buy a new home by renting out your current one

By Scott Sheldon / March 4, 2024

Are you considering purchasing a new home, but already own a property and are worried about not having enough income to support two house payments? You’re not alone. This is a common concern for many homeowners who are looking to upgrade their living spaces. However, there are options available to you that can help you…

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Unlocking Dreams: A Festive Dip in Interest Rates

Building or Buying a Home with Little or No Down Payment: What to Consider

By Scott Sheldon / January 7, 2024

Title: Building or Buying a Home with Little or No Down Payment: What to Consider Are you dreaming of owning a home, but have little or no cash for a down payment? If you’re in this situation, you might be wondering whether building or buying a home is the right option for you. Both scenarios…

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How buying a condo may carry the same mortgage payment as a single family home

How buying a condo may carry the same mortgage payment as a single family home

By Scott Sheldon / December 30, 2023

If you’re debating between purchasing a condominium unit versus a single-family home, there are several factors to consider. You’ll want to evaluate the monthly mortgage payment, market conditions, and whether you can handle the mortgage payment affordably. Typically, condominium units are less expensive than single-family homes, sometimes by as much as $100,000 or more. However,…

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