The Mortgage Files

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

Should you buy a house or wait for the market to improve?

5 signs you should wait to buy a house

By Scott Sheldon / June 25, 2023

If you’re thinking about buying a home, but you’re just not sure. You’re probably better off listening to your gut. That looming credit card debt, or personal loan, that you just can’t seem to kick whatever the case may be here are five reasons you might want to think about waiting to purchase a home…

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Here’s how to buy a house even if you think your income may not qualify

Here’s how to buy a house even if you think your income may not qualify

By Scott Sheldon / June 18, 2023

If you’re looking to get prequalified to buy a home, one of the main elements, a lender will use to determine your ability to afford that home is your income. Your gross monthly income from your W-2 wages or your net income from your tax returns is what the lender will use as a basis…

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What the bank or credit union may not be telling about their juicy mortgage offer

What the bank or credit union may not be telling about their juicy mortgage offer

By Scott Sheldon / May 14, 2023

You just went into a contract to buy a home, and now it’s time to get a mortgage loan to close escrow. If you decide to ask your local credit union or bank for mortgage info, make sure to read all the fine print. Here is some practical information to be aware of before you…

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How hourly wages impact mortgage loan approvals

Why hourly wage earners sometimes have a hard time getting a home loan

By Scott Sheldon / May 9, 2023

You’re all excited to purchase your first home, you have a good job, you have a good down payment, and you’ve got a good credit score. What could go wrong, right? Here’s an occurrence that happens pretty frequently you might not know about and more specifically what to do about it as it relates to…

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When you’re applying for a home loan, make sure you tell your lender everything

When you’re applying for a home loan, make sure you tell your lender everything

By Scott Sheldon / April 23, 2023

If you’re thinking about getting prequalified to buy a home, maybe you have some issues with your credit history in the past, or maybe you cosigned for someone else’s property. These are the types of things you might think might not matter to a mortgage company granting your home loan, but they do matter. If…

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Why Silicon Valley Bank failed and why it's good news for mortgage rates going forward

Why Silicon Valley Bank failed and why it’s good news for mortgage rates going forward

By Scott Sheldon / March 19, 2023

The recent failure of Silicon Valley Bank points to a broader issue that banks particularly depository institutions face as relates to their financial stability. Here is how this benefits your finances when buying or refinancing a home… Here is how a bank works, a bank takes the depositor’s money, and lends it out. They do…

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interest rate to refinance my mortgage

What’s the magic interest rate to refinance your mortgage?

By Scott Sheldon / February 5, 2023

For consumers who purchased their homes or took out any kind of residential mortgage loan in 2022 the future prospect of refinancing can seem very attractive. Here are some things you might want to consider as to finding what mortgage rate is generally the best to justify moving forward on a refinance when rates drop……

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self employed mortgage tough

Are you self-employed and having a tough time getting a mortgage?

By Scott Sheldon / January 1, 2023

Are you self-employed and having a tough time getting a mortgage? Here’s what you need to know… When it comes to being self-employed one of the biggest challenges that you’re going to have as an entrepreneur is reporting income. The more income you show the more taxes you pay, and the more taxes you pay…

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