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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New Fannie Mae rule for using social security income to get a mortgage

New Fannie Mae rule for using social security income to get a mortgage

By Scott Sheldon / December 27, 2023

Are you or someone you know planning to purchase or refinance a home using Social Security income? If so, there’s some good news! Fannie Mae has recently announced new guidelines that will make it easier for families with Social Security income to qualify for a mortgage loan… Under the new guidelines, mortgage lenders can now…

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

What happens with real estate prices when interest rates ultimately fall?

By Scott Sheldon / November 19, 2023

It’s no surprise that interest rates drive the housing market. If more people can buy a home, more demand is created and more demand drives housing prices up, which subsequently results in gaining home equity. Following are the dynamics that transpire in the market when interest rates come down… Homeowners stand to gain more equity…

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Should you cash out refinance or take out a home equity line of credit?

Should you cash out refinance or take out a home equity line of credit?

By Scott Sheldon / August 6, 2023

So you have a situation in which you need to access cash. You have a first mortgage at 3%, lots of equity in your home and you want to cash out refinance in order to do a new improvement. What’s the best way to access that money?.. The reality of it is you pretty much…

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How to maximize purchasing power when buying a home

Why the current mortgage dilemma is a bigger problem than most think!

By Scott Sheldon / July 9, 2023

If you have a really low mortgage rate on your home right now, but you want to buy another home, there needs to be some sort of justification, for giving up the historic, low-interest rate to go into a higher-priced mortgage,  here are some things consumers have to weigh out as a relates to making…

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How your interest free consumer debt may be keeping you from buying a home

How your interest free consumer debt may be keeping you from buying a home

By Scott Sheldon / April 14, 2023

If you’re thinking about purchasing a home and you’re carrying any consumer debt, such as installment loans, personal loans, or even low-rate credit cards. These things could adversely affect your ability to purchase a home. If you carry any of these obligations and you are desiring to buy a home the following information is for…

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How earning more income affects your ability to buy a home.

How earning more income affects your ability to buy a home

By Scott Sheldon / April 3, 2023

If you’re thinking about purchasing a house, it’s not just your credit score and your down payment that counts, it’s also your income, as your income drives affordability. How much income you generate is going to determine whether you’re able to buy a home. Here are some things to know about income when buying a…

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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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