The Mortgage Files

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

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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Should you buy a single family or mobile home?

Should you buy a single family or mobile home?

By Scott Sheldon / August 13, 2023

Buying a home is a big decision, and deciding what type of home can be an even bigger one. If you are trying to decide to what purchase considering the following… Single family homes contain lower interest the lowest interest rates and provide the most amount of financing options. These types of properties are also…

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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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Here’s how to buy a house even if you think your income may not qualify

Here’s how to buy a house even if you think your income may not qualify

By Scott Sheldon / June 18, 2023

If you’re looking to get prequalified to buy a home, one of the main elements, a lender will use to determine your ability to afford that home is your income. Your gross monthly income from your W-2 wages or your net income from your tax returns is what the lender will use as a basis…

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How to ease lending qualifications when buying a home

Here is a smart mortgage strategy for buying a home in 2023

By Scott Sheldon / June 11, 2023

If you’ve been on the fence about buying a home and you’re thinking about potentially getting prequalified. Here are some things you should give some consideration to… You might be telling yourself “I don’t want to buy a home right now because interest rates are kind of high.”  The question becomes in relation to what?…

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