The Mortgage Files

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

How hourly wages impact mortgage loan approvals

How hourly wages impact mortgage loan approvals

By Scott Sheldon / April 28, 2024

Are you dreaming of owning your own home but finding it challenging to secure a mortgage due to your hourly wage? You’re not alone. Many individuals face hurdles in obtaining residential mortgage loans, particularly those paid hourly with varying work hours. Let’s delve into why this can be a struggle and explore potential solutions. When…

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5 practical ways to increase your purchasing power when buying 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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how lower rate changes your purchasing power

How improving mortgage rates drive purchasing power

By Scott Sheldon / December 17, 2023

Are you in the market for a new home? You might want to take advantage of the current trend in interest rates. In recent weeks, interest rates have come down by about half a percent, which can mean a significant increase in your purchasing power. If you are pre-approved with a mortgage company and looking…

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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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How your financial experience might hinder your ability to get a mortgage loa

How your financial experience might hinder your ability to get a mortgage loan

By Scott Sheldon / October 23, 2023

Getting a loan to buy a home is a maze of questions, examinations, along with an array of emotions. Here are some things to consider that might hinder your ability to get a mortgage loan… You have a strong financial situation. Let’s say you’ve got strong income and or revenue within your business, excellent credit, cash…

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Does the house you want to buy need work?

Does the house you want to buy need work?

By Scott Sheldon / October 15, 2023

As you get preapproved and embark on your homebuying journey, you will soon discover an array of different homes. Some homes are in good condition, some in excellent condition and others perhaps in poor condition. Here are some things to consider as it relates to whether the house truly needs work when deciding to make…

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Mortgage loan programs for unconventional scenarios

Mortgage loan programs for unconventional scenarios

By Scott Sheldon / September 10, 2023

If you’re trying to get a home loan to purchase a home, but you’re self-employed, and have some unique sources of income, or don’t show income on tax returns. there are still programs out there.  The following are some examples of non-traditional options that might help you as it relates to successfully getting a mortgage…

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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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