The Mortgage Files

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

How buying a condo may carry the same mortgage payment as a single family home

How buying a condo may carry the same mortgage payment as a single family home

By Scott Sheldon / December 30, 2023

If you’re debating between purchasing a condominium unit versus a single-family home, there are several factors to consider. You’ll want to evaluate the monthly mortgage payment, market conditions, and whether you can handle the mortgage payment affordably. Typically, condominium units are less expensive than single-family homes, sometimes by as much as $100,000 or more. However,…

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can you buy a house with less than 600 credit score?

Can you buy a house with a less than 600 credit score?

By Scott Sheldon / October 1, 2023

For families were looking to buy a home one of the biggest setbacks people have been their credit score. The better the credit score the more likelihood you can get a loan. Everyone knows this, however, if your credit score needs a little bit of love, believe it or not there’s a mortgage loan programs…

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How to align expectations with market conditions to buy a home

How to align expectations with market conditions to buy a home

By Scott Sheldon / September 17, 2023

You have decided to you want to buy a home. You supply the lender with all your paperwork, and you know you can afford a mortgage even if it’s a little outside of your payment comfort, but for whatever reason you just can’t seem to get into a contract. The stars are not aligning, which,…

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hy to plan for the long term when buying a home

Why to plan for the long term when buying a home

By Scott Sheldon / September 3, 2023

Getting your piece of the American dream, buying a home, it’s one of the pivotal moments in life. It can for many families be bedrock by which future happy family memories are made… Real estate is a buy and hold game and interest rates should have no bearing on your long-term financial plans for owning…

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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 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 numbers in the mortgage process may change

How numbers in the mortgage process may change

By Scott Sheldon / June 4, 2023

When you apply for a home the lender analyzes your credit score, your income credit score, and assets in determining your eligibility to buy a home. If anything changes in the process, numbers can as a result… Numbers can change in the process in any number of the following ways- insurance on your home is…

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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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