The Mortgage Files

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

How to use your FHA mortgage to sell your home for more

How to use your FHA mortgage to sell your home for more

By Scott Sheldon / February 11, 2024

If you have an FHA mortgage on your home and are planning to sell, you can take advantage of the fact that the loan is assumable. This means that the buyer of your property can take over your existing loan, which can help you get a higher price for your home… Here’s how it works:…

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Here is a quick formula for determining how much income you need to buy a home

Here is a quick formula for determining how much income you need to buy a home

By Scott Sheldon / January 19, 2024

Buying a home is a big financial decision, and affordability is the number one factor to consider. To determine how much home you can afford based on your income, you can use a simple formula… First, take your annual income gross pre-tax and multiply it by five. For example, if your annual income is $100,000,…

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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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Should you buy a more expensive home?

Should you buy a more expensive home?

By Scott Sheldon / November 12, 2023

For families looking to purchase a home, a mortgage payment, and price of the home can go hand-in-hand decision making. If you find a house that could be a good fit for you and your family, but it seems a bit out of reach. Here are some things you might want to take some consideration…

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how to time when to buy a home

How time to the market to buy a home

By Scott Sheldon / November 5, 2023

Everyone looking to buy a house is looking to get a “deal” to some degree. The home has to fit within the monthly budget in support of a sound financial decision. Part of this process is identifying marketing time so you can buy a home successfully… The great investor warren, Buffett has been quoted of…

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why being a picky home buyer could be an issue

Why being choosy as home buyer could be problematic

By Scott Sheldon / October 29, 2023

You’ve decided to buy a home, you’ve gotten preapproved with a lender, your file has even been pre-underwritten. Here are some things you might want to give some consideration to- what you want versus what the market might support… Here’s to considerations to think about.. Consideration one- Let’s say you’re pre-approved to $700,000, the house…

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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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