The Mortgage Files

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

Unlocking Dreams: A Festive Dip in Interest Rates

Building or Buying a Home with Little or No Down Payment: What to Consider

By Scott Sheldon / January 7, 2024

Title: Building or Buying a Home with Little or No Down Payment: What to Consider Are you dreaming of owning a home, but have little or no cash for a down payment? If you’re in this situation, you might be wondering whether building or buying a home is the right option for you. Both scenarios…

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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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how to time when to buy a home

How time to the market to buy a home

By Scott Sheldon / November 5, 2023

Everyone looking to buy a house is looking to get a “deal” to some degree. The home has to fit within the monthly budget in support of a sound financial decision. Part of this process is identifying marketing time so you can buy a home successfully… The great investor warren, Buffett has been quoted of…

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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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Does the house you want to buy need work?

Does the house you want to buy need work?

By Scott Sheldon / October 15, 2023

As you get preapproved and embark on your homebuying journey, you will soon discover an array of different homes. Some homes are in good condition, some in excellent condition and others perhaps in poor condition. Here are some things to consider as it relates to whether the house truly needs work when deciding to make…

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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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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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Why rising interest rates can be good news for some homebuyers

Why rising interest rates can be good news for some homebuyers

By Scott Sheldon / August 20, 2023

Rising interest rates, for some homebuyers, can be beneficial. While it is true, rising interest rates do diminish purchasing power for the right situation, it actually could be beneficial. Here is what to know… Most people look at the big picture. They look at interest rates, the cost of funds and make a determination about…

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