The Mortgage Files

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

When are housing prices going to return to normal?

When are housing prices going to return to normal?

By Scott Sheldon / June 29, 2022

For those that have been sitting on the sidelines, watching what’s happening in the market. Are you thinking to yourself “gosh I should have bought a house last year or a few years ago!” Remember, hindsight is 20-20 and you can’t regress you can only go forward. So, when are housing prices going to return…

Read More
Why you should wait for your credit to improve before applying for a mortgage

The new credit score you need to get a mortgage

By Scott Sheldon / November 28, 2021

It was recently announced there’s a credit score change to conventional loans. This credit score change is now shaping the way families can procure a mortgage. If your credit score needs a little bit of love, and where you should be concerned about your credit score.  FHA mortgages require a 580-credit score with most banks…

Read More
are usda loans worth the hype

Should you really worry about PMI when buying or refinancing a house?

By Scott Sheldon / October 3, 2021

One of the dreaded things of the housing and mortgage industry is an additional expense called private mortgage insurance that’s added to your monthly mortgage payment. PMI should be avoided by whatever means necessary. However, perception is everything so let’s talk about and break down what PMI is and whether is it as bad as…

Read More
why waiting for lower rates is a bad idea

How to remove private mortgage insurance

By Scott Sheldon / May 16, 2017

There is too much information circling around the internet, about how to remove mortgage insurance from your monthly mortgage payment. Unfortunately, it is not as simple as having 20% home equity either. Here is what you need to know about removing this dreaded housing cost. Is the loan insured by FHA or is the loan…

Read More
Scott Sheldon's The Mortgage FIles Blog

How To Buy A Home Without 20% Down And No Mortgage Insurance

By Scott Sheldon / November 23, 2014

The days of needing 20% down to buy a home are long gone. To compensate, lenders charge private mortgage insurance as means to offset risk, driving up would-be borrowers’ mortgage payments. Here’s how you can buy a home with less than 20% down and still avoid dreaded PMI… Quick PMI Nuts And Bolts Private mortgage…

Read More
Scott Sheldon's The Mortgage FIles Blog

Why A Low Rate Loan Is Not Always The Most Affordable

By Scott Sheldon / May 10, 2014

Other factors beyond the rate can drive up a your projected new monthly mortgage payment. Such adjustments include private mortgage insurance (PMI for short) and the term of the loan sought. A lower rate loan adjusting for mortgage insurance and a shorter term debt structure will make for a higher payment. What to be aware…

Read More