home buying: How to use Cash Gifts as Down Payments - 06/03/15 05:15 AM

   In order to get into the housing market, many homebuyers are accepting gifts from family or friends in order to meet down payment requirements by lenders. In fact, as of 2012, one in five Baby Boomers has either gifted, loaned or co-signed a loan to help children or grandchildren buy their first home.
 
   But along with other borrowing restrictions following the housing bust in 2008, lenders cracked down on down payment gifts, too. No longer can a homebuyer "pass the hat" to relatives and friends in order to come up with enough cash to put down on a home, whether … (0 comments)

home buying: Good Credit Score After a Home Purchase is Just As Important - 04/10/15 03:49 AM
   Everybody knows how important it is to have great credit when you're buying a house. But keeping your credit good after you've purchased is just as critical. Letting your score take a hit after you close escrow can negatively impact you in a few important ways.
Credit Cards
   It's easier than you think to get into trouble with credit cards once you become a homeowner. One late or missed payment is all it takes to get your first ding.
   Even if you don't have any credit cards when you buy your home, make your first mortgage payment and watch your mailbox … (0 comments)

home buying: Buying a House while Being Single - 03/15/15 03:53 PM

   Home purchases among single people are a growing trend, as buyers take advantage of low rates and available funds to transition from renting to homeownership.
   And by and large, those singles are not men. 
   "A few decades ago, a single woman buying real estate on her own was a rarity. Before the Fair Housing Act of 1968, few women could get approved for a credit card, much less a mortgage, without a husband's or father's signature," said US News. "Now that's all changed. In fact, the National Association of Realtors reports that since the mid-1990s, single women … (0 comments)

home buying: Your Monthly Payments and Interest Rates - 03/10/15 01:59 AM
    National average 30-year fixed rate mortgage interest rates have been under five percent for over five years. They should stay low forever, right?
Economists predict that the soaring economy, improved job outlook and ebullient consumer confidence will cause the Federal Reserve to start raising overnight borrowing rates to banks. Mortgage interest rates will become volatile, and things can change quickly for consumers.
 
To illustrate changing mortgage interest rates and their impact on your monthly payment, consider what a difference even a small dip and rise in interest rates means to you.
 
In December 2014, the median-priced home … (0 comments)

home buying: 10 Important Steps in Home Buying - 12/11/14 07:57 PM
So you're ready to take a leap and buy a home. If this is your first time, you may want to know what to do to make the process go more smoothly. Here are 10 steps you're gonna through to buy that home.
 
Get prequalified - Your lender will "run your credit" to look at your credit reports and evaluate you for risk. Your income, credit scores, payment history, revolving debts, obligations such as child support as well as the type of loan you choose are all factors in determining your interest rate and other terms of the loan. The lender will also consider … (0 comments)

home buying: Don't Go Alone When You're Home Shopping - 12/02/14 03:55 AM

Homebuyers are increasingly shopping for homes with a real estate agent. Eighty-eight percent of buyers purchased their home through a real estate agent or broker, up from 69 percent in 2001, says a new report from the National Association of REALTORS®.
 
That means your competition has professional help. Do you?
 
In 2014, buyers used a wide variety of resources in searching for a home, with the Internet (92%) and real estate agents (87%) leading the way. And 90% of homebuyers who searched for homes online ended up purchasing their home through an agent. Buyers who used the Internet … (3 comments)

home buying: The Best Steps to Buy Your First Home - 09/24/14 11:33 PM

          According to The J.D. Power 2014 Home Buyer/Seller Satisfaction Study, first-time homebuyers need clear communication and want to be walked through the purchase process every step of the way. The more seamless the experience, the less overwhelmed they're likely to be.
          It's up to the agent to help build your confidence by educating you and working in your best interest. If you're about to buy a home, you want to be satisfied with your agent, his or her services, and most of all -- the home you choose to buy.
 
(1 comments)

home buying: Helpful Advice to First Time Homebuyers - 09/03/14 02:17 AM

       Even before you start shopping for a home, there's some things you should do to put yourself in the best position to buy a home.
 
Start early, a couple of months before you hire a real estate professional.
 
Check and repair your credit
       The Fair Credit Reporting Act requires the three nationwide consumer credit report companies, Equifax, Experian, and TransUnion, to provide you with a free copy of your credit report and FICO scores upon request once a year. You can order the reports by visiting AnnualCreditReport.com, or call 1-877-322-8228.
Each credit … (0 comments)

home buying: How to Win a Bidding War - 06/16/14 08:38 PM
How to Win a Bidding War
     Now let's say you've finally found the home of your dreams. The home that you'll most likely have your first child in. The home that you'll live with your spouse for many years to come and make cherish moments in.
  But unfortunately for you, there's another homebuyer that thinks the same way to! Will you let go of your dreams? NO! You have a bidding war. Here are some PRO tips to win that bidding war and make that dream turn into reality.
 
Offer a significant amount of money (with conviction). Although … (0 comments)

home buying: When Will The Federal Reserve End Its Support for Low Mortgage Rates? - 01/13/14 08:14 PM
The Federal Reserve just published its minutes from its December 2013 Open Market Committee meeting. Commonly known as the "Fed Minutes", this report is summarizes what happened in that meeting. It also give detailes on the conversations and debates that lead to its decision.
The Fed Minutes, which is comprised of more than 8,000 words, shows groups of divided opinions. Some members pointed out that the Fed is doing to much for the economy, while others think otherwise and that the Fed should do more. Ultimately, they voted and have reached a consensus to "taper" its support for the economy.
The … (3 comments)

home buying: 67% Believe It's Good Time to Buy in 2014 Despite Rising Mortgages - 01/12/14 11:40 PM
Every month, Fannie Mae surveys about 1,000 homeowners about the state of the U.S. Housing Market. 
Results that were taken from December show that 67% of consumers think that now is the right time to buy despite reports of rising mortgage prices. 
It's perfectly understandable why consumers are so optimistic about 2014. Home values of many cities are up about 10 percentage points as compared to last year with some areas even seeing growth of about 20%.
A sampling of the latest statistics shows how the US market is improving
Existing home supply is at just 5.1 months nationwide New home … (2 comments)

home buying: Buying A Home Before Selling Your Existing House - 12/16/13 11:04 PM
Let's say you're driving in this neighborhood that you really like and, just like that, you fell in love with one of the houses that's "coincidentally" for sale. The problem is, you're still paying for your current house. You haven't put it out for sale yet, or it has already, but it has yet to reach a closing. You then ask yourself this question: "Should I buy a home before selling the one that I have?"
Although it's not for everybody, let's weigh in the pros and cons of Buying A Home Before Selling Your Existing House.
The Benefits
Even though this … (1 comments)

home buying: Debunked myths about buying a home 2013 - 11/06/13 06:04 PM

            One thing people needs to look in to is that buying a home today is totally different from buying a home a few years back. Here, I share with some myths about buying a home via a Yahoo Homes article about Debunked myths about buying a home 2013.
 Myth 1: You need 20% down payment to even consider buying a home.
          False. Down payments now can be very low. Now you can purchase a house with just 3% down payment or even 0% with VA loans. For more information about … (0 comments)

 
Brian Heckman, NMLS #229758 Equal Housing Lender (Success Mortgage Partners, Inc. NMLS #130562)

Brian Heckman

NMLS #229758 Equal Housing Lender

Tampa, FL

More about me…

Success Mortgage Partners, Inc. NMLS #130562

Address: 13139 W. Linebaugh Ave. #201, Tampa, FL, 33626

Office: (813) 749-7776

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