The Mortgage Files

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

Should you buy a home in cash or finance it?

Should you buy a home in cash or finance it?

By Scott Sheldon / October 8, 2023

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…

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can you buy a house with less than 600 credit score?

Can you buy a house with a less than 600 credit score?

By Scott Sheldon / October 1, 2023

For families were looking to buy a home one of the biggest setbacks people have been their credit score. The better the credit score the more likelihood you can get a loan. Everyone knows this, however, if your credit score needs a little bit of love, believe it or not there’s a mortgage loan programs…

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are usda loans worth the hype

Are USDA loans worth the hype?

By Scott Sheldon / September 24, 2023

The US Department of Agriculture guarantees loans for certain families in certain geographic locations. These loans can be potentially an affordable loan program to help a family who doesn’t have a down payment buy a home in an area considered to be less industrialized a.k.a. agricultural. If you’re looking to get a USDA loan, here…

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How to align expectations with market conditions to buy a home

How to align expectations with market conditions to buy a home

By Scott Sheldon / September 17, 2023

You have decided to you want to buy a home. You supply the lender with all your paperwork, and you know you can afford a mortgage even if it’s a little outside of your payment comfort, but for whatever reason you just can’t seem to get into a contract. The stars are not aligning, which,…

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hy to plan for the long term when buying a home

Why to plan for the long term when buying a home

By Scott Sheldon / September 3, 2023

Getting your piece of the American dream, buying a home, it’s one of the pivotal moments in life. It can for many families be bedrock by which future happy family memories are made… Real estate is a buy and hold game and interest rates should have no bearing on your long-term financial plans for owning…

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Why rising interest rates can be good news for some homebuyers

Why rising interest rates can be good news for some homebuyers

By Scott Sheldon / August 20, 2023

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…

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Should you buy a single family or mobile home?

Should you buy a single family or mobile home?

By Scott Sheldon / August 13, 2023

Buying a home is a big decision, and deciding what type of home can be an even bigger one. If you are trying to decide to what purchase considering the following… Single family homes contain lower interest the lowest interest rates and provide the most amount of financing options. These types of properties are also…

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Should you cash out refinance or take out a home equity line of credit?

Should you cash out refinance or take out a home equity line of credit?

By Scott Sheldon / August 6, 2023

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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