mortgage: What you need to know before you get a Mortgage - 10/12/15 12:47 AM
   Determined to get a great buy and save money when you purchase a new or resale home or condominium? Most of your "money" challenge rests, not with the purchase price, but with the cost of borrowing money to buy. Saving a few thousand on the purchase price, but jumping into a mortgage without any research may mean that apparent purchase savings disappear into massive accrued interest costs.
The cost of borrowing someone else's money to buy a house or condominium can add interest and other charges that result in you paying two or three times the original purchase price after a … (0 comments)

mortgage: Mortgage Requirements to Ease this August - 06/22/15 12:22 AM

 
    On August 1, 2015, loan documents to homebuyers are going to be simpler and easier to understand. Two new forms, a Loan Estimate and a Closing Disclosure, will replace the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form.
 
    The purpose of the new forms is to simplify closing information and make it simpler for consumers to compare their estimated costs to final costs.
 
    Created by the Consumer Financial Protection Bureau with input from consumers and industry groups such as the NAR, the new forms will hold lenders to three-day deadlines so that consumers … (1 comments)

mortgage: Which Mortgage Types Do You Qualify for? - 04/27/15 02:52 AM

 
   When it comes to home mortgages, there is no such thing as "one size fits all." Homebuyers come to the financing table with all manner of different circumstances dictating the type of mortgage they will need. Fortunately, there are many different types of mortgages available these days, and that means that chances are, if you are in good financial standing, you’ll be able to find a mortgage that is the right fit for you.
 
Here is a brief overview of the types of mortgages available today:
Adjustable-rate mortgages, or ARMs, feature a changing interest rate, which will affect the size of … (0 comments)

mortgage: Fixed Rates doesn't mean Fixed Mortgage Payments - 04/02/15 08:01 PM
   This is one of the best times to get a fixed-rate mortgage. A fixed rate simply means that the mortgage lender charges you a fixed rate of interest that doesn't ever change over the life of the loan.
   If you get a fixed rate of 4.00 percent, you will be paying four percent in interest until you sell the home. At such a low rate, it's unlikely you'd refinance.
   You can see how much you pay in interest in an amortization schedule. The longer you pay on a fixed rate, the more interest you pay down because your … (1 comments)

mortgage: How to Qualify for a Refinance - 04/01/15 12:44 AM
   You may think it's your last chance to refinance your mortgage before interest rates go through the roof. Or, you feel your home's value has risen enough that you can get a better deal on your mortgage debt.
   So how do you determine whether or not you qualify to refinance? First, establish how much equity you have. To refinance without paying private mortgage insurance, your LTV has to be 78 percent or less.
 
   According to Zillow, you should find out how much your home is worth and how much you still owe on your current mortgage. Then … (0 comments)

mortgage: 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)

mortgage: 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)

mortgage: Effective Home-buying Strategies - 03/09/15 11:47 PM

The National Association of REALTORS® has announced that there's a housing supply shortage. Homes are selling quickly and home prices are starting to inch up again. It's becoming a seller's market in many areas.
Any time the market changes, it's time to change strategies. During a buyer's market, buyers have the upper hand and can make more demands to sellers over their homes' price and condition. During a sellers' market, buyers concede the upper hand to sellers and are more willing to accept higher prices and terms.
When homes are in short supply, buyers don't have the luxury of taking … (0 comments)

mortgage: How to Get the Lowest Mortgage Interest Rates - 02/24/15 10:38 PM

   When you go online to look at mortgage rates, it can be confusing. The only way to get the best rate is to talk to real lenders.
 
  First, decide on which loan program you're going to compare. You need to decide between a fixed, an adjustable rate mortgage (ARM) and a hybrid. A fixed rate is fixed throughout the life of the loan, an ARM has an interest rate that can vary throughout the life of the loan and a hybrid is an ARM that is fixed for a predetermined period then adjusts into an ARM.
 
(0 comments)

mortgage: How the Tech Industry is redefining REAL ESTATE - 01/26/15 12:30 AM
         The banner statement of the tech revolution is adorned with the words "innovation" and "disruption". More than creating products, the tech industry is about creating ideas that change the way we think about everyday commodities and activities. It seems only logical that the shifting vision of this industry, as well as its needs, practices, and personnel, would begin to change the shape of real estate markets where tech is centered. Emerging Trends in Real Estate 2015 predicts that the love/hate relationship real estate investors have with tech will intensify. Intentional or not, the wants and needs of … (0 comments)

mortgage: Why You Need A Mortgage Broker - 12/13/14 05:32 PM

Mortgage brokers, mortgage lenders, bank originators and credit unions all have a place in the housing marketplace.
Together, they give mortgage consumers lots of room to shop around, not just for the best rates and terms, but also for the type of service that comes with obtaining a mortgage.
What mortgage source is best for you depends on your personal and financial needs.
 
This week, we are taking a look at the benefits of shopping with mortgage brokers, based on information from their trade group, National Association of Mortgage Brokers.
 
NAMB isn't going to cheer other mortgage sources. … (1 comments)

mortgage: New Regulations make it easier to get a Mortgage - 10/21/14 11:25 PM

     More and more Americans will now be able to qualify for a mortgage because of an agreement reached by Fannie Mae and Freddie Mac with national lenders. 
       Before, strict Federal Regulations as a result of the subprime crisis have made it so risky for lenders to extend credit to just only individuals with near perfect credit. As a result a large percentage of Americans were left out of the housing market. The new deal clarifies to lenders exactly what would trigger the dreaded “buy back” scenario.
       Under the new regulations Fannie Mae … (1 comments)

mortgage: More People Are Refinancing Due to Low Mortgage Rates - 10/20/14 02:12 AM

 
       Lenders right now are finding themselves busier than ever due to an increase in the number of homeowners wanting to refinance now that rates for a 30-year fixed mortgages have dipped below 4%. This is the lowest that rates have dropped within the past 120 days.
 
           Experts recommend that homeowners who have a rate of 4% or higher and currently paying private mortgage insurance should take advantage of these lower rates. The PMI may be removed due to the increase in property values and the difference in interest can make … (1 comments)

mortgage: Pros and Cons of Mortgage Protection - 07/23/14 02:37 AM

What is Mortgage Protection?
            Generally, mortgage protection insurance will cover a certain % of your monthly mortgage bill in the event that you lose your job or become disabled, for various lengths of time. (Each Sate has different policy requirements)  Most of these policies will also pay off your entire loan should you pass away. Policies can differ greatly from one agency to another, so you need to know what a given policy offers for the price. Shop around because different agencies will have different coverage options and prices.
      The cost … (1 comments)

mortgage: USDA Program allows low credit score and no appraisal - 05/14/14 11:28 PM

        Under the USDA streamline refinance, qualification hurdles are low, underwriting is fast, and the closings are normally scheduled three weeks after the applications. Minimal eligibility standards are enforced by USDA (hence reducing the efforts of applicants to qualify for loans):
The home subject to refinancing should be your primary residence. The home you're refinancing must have been mortgaged either from a USDA direct home loan or a USDA guaranteed home loan. Prior to the application, 12 consecutive on-time payments must have already been made apart from the said conditions, no other requirements are expected such as: credit report … (2 comments)

mortgage: Tips to Keep Your Mortgage Intact - 05/03/14 02:05 AM

      Getting approved for a mortgage can be tough. Once you've got it you need to make sure you'll keep it. Here are some Tips to Keep Your Mortgage Intact.
DO NOT quit or change your job/s. Employment stability is an important part in the loan approval process especially during underwriting. Quitting or changing jobs (even for a promotion) can downgrade your chances for a loan approval.  If this happens, consult with your loan officer first before doing so. DON'T make any high value purchases before and during the loan approval process (even with cash/money). In addition to the cutting the money meant … (1 comments)

mortgage: Smart Ways in Getting Your Home Loan Approved - 04/29/14 01:48 AM

         In these days, almost anyone can get a mortgage approved - just as long as you can prove you don't need it.
However, today's market has changed compared to that of the last decade. It can be difficult to get a mortgage loan compared to that of 5 years ago and it may be tougher to keep that home loan intact.
But don't worry, there are Smart Ways in Getting Your Home Loan Approved and intact. See below.
Getting Your Mortgage Application Approved
        The mortgage approval process is typically basic. You just need to … (0 comments)

mortgage: How Pre-approvals Make It Easier to Buy Your Next Home - 03/31/14 02:51 AM

Pre-approvals that Mortgage Companies issue are great tools to negotiate a great deal with your Realtor or directly with a seller.
However, there's pretty much a lot of misunderstanding in the market. Many of potential home owners believe that pre-qualification and pre-approval are the same. A pre-qualification is an opinion from a Realtor or a mortgage broker (without underwriting) while pre-approval is a formal procedure between a lending institution.
Pre-approvals are issued by mortgage companies which means that you are more committed.
Getting pre-approved is more important because:
They are only issued after some checking and verification has been performed. They are generally issued by … (3 comments)

mortgage: What’s Changing with @facebook.com - 03/20/14 02:55 AM

Here's some changes happening right now with Facebook...
"Currently, messages sent to your @facebook.com email address are delivered to your Facebook Messages.
However, we’re updating the way @facebook.com email addresses work, so that soon any email messages that are sent to your @facebook.com email address will no longer go to your Facebook Messages. Instead, these emails will be forwarded to the primary email on your Facebook account. Learn how to add or update your primary email.
As a part of this change, any current Facebook conversations that include an email address will become read-only. This means that you’ll still be … (11 comments)

mortgage: Low FICO Score is Now Accepted - 02/26/14 02:24 AM

According to reports, borrowers with low FICO scores is now getting a smoother time in getting a mortgage.
Ellie Mae Organization Insight reports that the average FICO of an approved mortgage fell to 724. It's the lowest since its inception.
FICCO score basically is another way of saying "credit score". It was set up the by the Fair Isaac Company decades ago to determine a person's capacity to pay mortgage. 
Over the years, mortgage lenders had to tighten FICO standards because of the troubling economy.
But now the labor market has improved which means home values rise and the economy begins … (2 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

Fax: (813) 749-7776

Email Me



Links

Archives

RSS 2.0 Feed for this blog