The Mortgage Files

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

Why failing banks is good new for mortgage rates

Why failing banks is good news for mortgage rates

By Scott Sheldon / May 22, 2023

In the last few weeks, a handful of big banks have failed including Silicon Valley bank signature bank, and now First Republic Bank. While this is not a repeat of 2008, it does signal instability in the broader mortgage market which may be good news for long-term mortgage rates. Hear some things to consider… First…

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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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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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5 ways ypu will not get a home loan

5 ways you will not get a home loan to buy a home

By Scott Sheldon / February 26, 2023

Most people given a choice would desire to purchase a home, arguably, given their financial situation, and their ability to handle a monthly housing payment. Oddly enough, there are times from a lender’s perspective you might not get a home loan and it has nothing to do with your credit score, credit, history, income, or…

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is a down payment assistance loan a good idea?

Is a down payment assistance loan to buy a home a good idea?

By Scott Sheldon / February 12, 2023

For those looking to purchase real estate particularly first-time home buyers, the notion of a down payment assistance loan where you need very little or no money to close escrow could be a very attractive option. Here are some things to consider if you’re evaluating a low or down-payment mortgage loan…  Down payment assistance loans…

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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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how DSCR Loan work to buy rental homes

Why you might want to consider a DSCR loan to buy a rental property

By Scott Sheldon / January 22, 2023

What is a DSCR loan and how can this type of financing help you purchase a rental property portfolio? In Q3 2022, the DSCR loan emerged as a viable option for investors looking to buy a rental property who need a bit more flexibility than traditional loans backed by Fannie Mae and Freddie Mac. DSCR…

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Should you buy a more expensive home?

Freddie Mac changes to accessory dwelling units

By Scott Sheldon / June 13, 2022

On June 3rd Freddie Mac announced changes to Freddie Mac conventional mortgages for single-family homes with granny units. These changes allow for expanded financing on Freddie Mac mortgages. So, if you’re looking for a mortgage that has a single-family residence with a granny unit this information might be for you. The following changes at Freddie…

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