The Mortgage Files

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

locking mortgage rate with discount points

Should I pay discount points when locking my interest rate?

By Scott Sheldon / March 12, 2023

For those looking to purchase to refinance a home, there might be some shellshock as it relates to costs associated with getting a home loan these days. It’s no surprise we are still in an inflationary environment and home loan rates are still feeling the effects of the broader inflationary environment. As a result, you…

Read More
5 ways ypu will not get a home loan

5 ways you will not get a home loan to buy a home

By Scott Sheldon / February 26, 2023

Most people given a choice would desire to purchase a home, arguably, given their financial situation, and their ability to handle a monthly housing payment. Oddly enough, there are times from a lender’s perspective you might not get a home loan and it has nothing to do with your credit score, credit, history, income, or…

Read More
is a down payment assistance loan a good idea?

Is a down payment assistance loan to buy a home a good idea?

By Scott Sheldon / February 12, 2023

For those looking to purchase real estate particularly first-time home buyers, the notion of a down payment assistance loan where you need very little or no money to close escrow could be a very attractive option. Here are some things to consider if you’re evaluating a low or down-payment mortgage loan…  Down payment assistance loans…

Read More
how DSCR Loan work to buy rental homes

Why you might want to consider a DSCR loan to buy a rental property

By Scott Sheldon / January 22, 2023

What is a DSCR loan and how can this type of financing help you purchase a rental property portfolio? In Q3 2022, the DSCR loan emerged as a viable option for investors looking to buy a rental property who need a bit more flexibility than traditional loans backed by Fannie Mae and Freddie Mac. DSCR…

Read More
4 proven ways real estate wealth

4 proven ways real estate will make your wealthier

By Scott Sheldon / January 8, 2023

If you’re thinking about buying a home, good, it’s a sound financial decision and it’s the bedrock by which most Americans in America have created wealth for themselves and their families. Here are the four pillars of owning real estate and how they all work in tandem with each other to make you wealthier as…

Read More
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…

Read More
what to do when you are told you cannot qualify for a mortgage

What to do when you’re told you can’t qualify for a mortgage

By Scott Sheldon / December 25, 2022

If you’re trying to purchase or refinance a home and you’ve been turned down, read on. Perhaps your income is not up to par, or your credit score is not up to par or there’s some sort of material financial situation making your loan application problematic. Here is what to know… Most mortgage companies generally…

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

How to buy a home 2-1 and 3-2-1 Buydown Program

By Scott Sheldon / November 27, 2022

If you’re thinking about purchasing a home and you’re worried about the mortgage payment. Fear not, some, but not all mortgage companies might offer a buy-down program allowing you to get a below-market interest rate… It’s no surprise mortgage rates are presently on the higher side averaging 6.4 to 6.99 depending on your credit score,…

Read More