The Mortgage Files

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

Why Refinancing Today Trumps Waiting for Lower Rates Tomorrow

Do future Fed cuts mean lower mortgage rates?

By Scott Sheldon / January 11, 2024

When the Federal Reserve Bank increases or cuts the Fed funds rate, many people believe that it automatically makes mortgage rates go up or down. However, it’s not that simple. The relationship between the Fed’s actions on monetary policy and mortgage rates is a little more complex than that. When the Fed is increasing interest…

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Here's a strategy to buy a home and set up a future refinance

Here’s a strategy to buy a home and set up a future refinance

By Scott Sheldon / December 3, 2023

For families looking to purchase a home, good news has arrived interest rates are slowly starting to descend. As time goes on purchasing power for family’s home searching will rise. So, the benefit of this is a lower monthly payment, potentially qualifying for a larger priced home by market forces. Here are some things to…

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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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are usda loans worth the hype

Are USDA loans worth the hype?

By Scott Sheldon / September 24, 2023

The US Department of Agriculture guarantees loans for certain families in certain geographic locations. These loans can be potentially an affordable loan program to help a family who doesn’t have a down payment buy a home in an area considered to be less industrialized a.k.a. agricultural. If you’re looking to get a USDA loan, here…

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Does the house you want to buy need work?

Here’s how your homebuying options change when interest rates fall

By Scott Sheldon / August 27, 2023

You and your family are thinking about buying a home, but the prospect of a 6.5-7.0% mortgage doesn’t sound all that appealing right? Do you want interest rates to come down so you can have a more affordable mortgage? This makes sense, but it’s a deeper problem and here are some things you should be…

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How to set realistic expectation for yourself when deciding to buy a home

How to set realistic expectation for yourself when deciding to buy a home

By Scott Sheldon / July 30, 2023

If you’re looking to purchase a house you need to be all in. That means you need to surrender to the expectations your realtor and lender have laid out for you so you can be successful. If you’re thinking about buying a house here are some things to consider… Your realtor and your lender are…

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How different mortgage loan types impact how much money you can get for seller credits

How different mortgage loan types impact how much money you can get for seller credits

By Scott Sheldon / July 16, 2023

If you’re thinking about buying a home and you’re short on cash, here are a few things you might want to consider as it relates to downpayment and closing costs… There are two main mortgage types; government-backed loans, and government-insured loans. Government-backed loans are Fannie Mae and Freddie Mac while government-insured loans are FHA &…

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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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