About Me
Steve Heideman is a widely respected expert on debt planning, the mortgage market, capital markets and commercial real estate. His expertise and opinion are frequently sought from a variety of media sources in radio, television, print and the internet. At the beginning of the credit crisis of 2007-2008,Steve was asked to give his input to the consumer protection regulation at the Federal Reserve Board of Governors in Washington DC for hearings on abusive lending practices.
Steve is the President of United Mortgage Financial Group, Inc. a residential mortgage company Heideman Capital Advisors a commercial and investment real estate capital firm located in Tempe, Arizona and Fulcrum Investment Strategies a social media network dedicated to education and the sharing of non-traded assets like commerical real estate and private equity. Through varied partnerships and connections with investment banks, hedge funds, banks, private investors and investment banks Steve has been building the capital structures for real estate acquisition, development, bridge, joint venture and permanent financing for over a decade.
Steve is honored to be the founding Past President of the UpFront Mortgage Broker Association (UMBA). This non-profit association was formed in 2000 by the esteemed Professor Emeritus Jack Guttentag, former Jacob Safra chair of the Wharton School of Business at the University of Pennsylvania. Steve was hand picked by Professor Guttentag from a list of 100’s of mortgage professionals to fill this role. During his tenure, the organization grew into a well respected voice for transparency in mortgage lending practices and consumer advocacy. To this day UMBA is the only non-profit consumer advisory group within the professional mortgage industry.
For 2 years, Steve was the host of “Talking Dollars and Making Sense” for Phoenix’s KFNX 1100 AM news/talk radio station. The show was the drive time lead in for Bill O’Reilly. Steve has taken a sabbatical from the terrestrial radio medium to focus on the burgeoning social media of blogging and podcasting on the internet. Steve is currently the real estate finance “guru” for filife.com a financial advice website that was born from a partnership between two established companies, Dow Jones (publisher of The Wall Street Journal) and IAC (the internet company behind LendingTree, Match, College Humor and others) and is delivered in a web 2.0 format.
Steve is the President of United Mortgage Financial Group, Inc. a residential mortgage company Heideman Capital Advisors a commercial and investment real estate capital firm located in Tempe, Arizona and Fulcrum Investment Strategies a social media network dedicated to education and the sharing of non-traded assets like commerical real estate and private equity. Through varied partnerships and connections with investment banks, hedge funds, banks, private investors and investment banks Steve has been building the capital structures for real estate acquisition, development, bridge, joint venture and permanent financing for over a decade.
Steve is honored to be the founding Past President of the UpFront Mortgage Broker Association (UMBA). This non-profit association was formed in 2000 by the esteemed Professor Emeritus Jack Guttentag, former Jacob Safra chair of the Wharton School of Business at the University of Pennsylvania. Steve was hand picked by Professor Guttentag from a list of 100’s of mortgage professionals to fill this role. During his tenure, the organization grew into a well respected voice for transparency in mortgage lending practices and consumer advocacy. To this day UMBA is the only non-profit consumer advisory group within the professional mortgage industry.
For 2 years, Steve was the host of “Talking Dollars and Making Sense” for Phoenix’s KFNX 1100 AM news/talk radio station. The show was the drive time lead in for Bill O’Reilly. Steve has taken a sabbatical from the terrestrial radio medium to focus on the burgeoning social media of blogging and podcasting on the internet. Steve is currently the real estate finance “guru” for filife.com a financial advice website that was born from a partnership between two established companies, Dow Jones (publisher of The Wall Street Journal) and IAC (the internet company behind LendingTree, Match, College Humor and others) and is delivered in a web 2.0 format.
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Steve Heideman answered:
GK--
The approval process is called the Five C’s of credit and they consist of:
* Collateral – the property itself
* Credit – the borrower’s repayment history for all loans
* Capacity – the borrower’s ability to pay
* Capital – the borrower’s net worth
* Character – the borrower’s willingness to repay the loan and their reliability
1. Collateral
Collateral reflects the strength of the property itself. Lenders look at if the property is owner occupied (do you live there) or is it a rental dwelling? Is the property a home, condominium or cottage? Is the property located in a metropolitan neighborhood or a rural area? Is there a single family living in the home or multiple families?
All these factors are considered by the lender for marketability when rating your property.
An appraisal is one of the tools that will be used to assess the value of the property.
2. Credit
When you borrow money, your repayment history is reported to the credit bureau - this rating is called your BEACON score. How you pay … always on time, maybe sometimes a few days late, will determine what type of credit rating will apply. Some other factors that affect your credit rating are if your credit card balance is greater than 85% of the credit limit, if an account has gone to collection, or if there have been multiple inquiries into your credit.
3. Capacity
What is capacity? You may have heard the terms DTI– Debt to Income Ratio. There are 2 debt to income ratios-- top and bottom ratios. Your top ratio is your housing payment/gross monthly income. Your bottom ratio is your total monthly debt/gross monthly income. These ratios indicate how much debt you can carry based on your household income. The lenders focus on your employment status - if you are salaried, commissioned, self employed, full time, or part time - to determine what types of documents are required to confirm your income and how to qualify your capacity.
4. Capital
Capital refers to your personal net worth and how much equity you have in the property. Your equity is calculated using the current market value of your home divided by all outstanding mortgage balances. There are different types of mortgage products to facilitate the amount of equity in your home - conventional or high ratio mortgages.
5. Character
Character is a subjective rating and basically reflects a combination of all of the above factors. Some other points to consider are how long have you lived at your current residence? How long have you been at your job and how long in that specific industry? What is your martial status? Do you have any payment obligations for child support? Your character tells a story to the lender about your unique situation.
The approval process is called the Five C’s of credit and they consist of:
* Collateral – the property itself
* Credit – the borrower’s repayment history for all loans
* Capacity – the borrower’s ability to pay
* Capital – the borrower’s net worth
* Character – the borrower’s willingness to repay the loan and their reliability
1. Collateral
Collateral reflects the strength of the property itself. Lenders look at if the property is owner occupied (do you live there) or is it a rental dwelling? Is the property a home, condominium or cottage? Is the property located in a metropolitan neighborhood or a rural area? Is there a single family living in the home or multiple families?
All these factors are considered by the lender for marketability when rating your property.
An appraisal is one of the tools that will be used to assess the value of the property.
2. Credit
When you borrow money, your repayment history is reported to the credit bureau - this rating is called your BEACON score. How you pay … always on time, maybe sometimes a few days late, will determine what type of credit rating will apply. Some other factors that affect your credit rating are if your credit card balance is greater than 85% of the credit limit, if an account has gone to collection, or if there have been multiple inquiries into your credit.
3. Capacity
What is capacity? You may have heard the terms DTI– Debt to Income Ratio. There are 2 debt to income ratios-- top and bottom ratios. Your top ratio is your housing payment/gross monthly income. Your bottom ratio is your total monthly debt/gross monthly income. These ratios indicate how much debt you can carry based on your household income. The lenders focus on your employment status - if you are salaried, commissioned, self employed, full time, or part time - to determine what types of documents are required to confirm your income and how to qualify your capacity.
4. Capital
Capital refers to your personal net worth and how much equity you have in the property. Your equity is calculated using the current market value of your home divided by all outstanding mortgage balances. There are different types of mortgage products to facilitate the amount of equity in your home - conventional or high ratio mortgages.
5. Character
Character is a subjective rating and basically reflects a combination of all of the above factors. Some other points to consider are how long have you lived at your current residence? How long have you been at your job and how long in that specific industry? What is your martial status? Do you have any payment obligations for child support? Your character tells a story to the lender about your unique situation.
Steve Heideman answered:
Margret,
It is not unreasonable to ask for the seller to pay closing costs at all. Because it is a buyers market, you have a lot more leverage than you would in other real estate markets. I have attached a blog post about closing costs for further education.
It is not unreasonable to ask for the seller to pay closing costs at all. Because it is a buyers market, you have a lot more leverage than you would in other real estate markets. I have attached a blog post about closing costs for further education.
Specialties
Financial market and interest rate analysis, real estate investment analysis, small business development, private equity real estate capital raising, prudent management of equity in property, capital structuring for commercial real estate, Social Media Marketing
Experience
Latest:
Contributor for Filfe.com
Filife.com is a financial advice website that was born from a partnership between two established companies, Dow Jones (publisher of The Wall Street Journal) and IAC (the internet company behind LendingTree, Match, College Humor and others) and is delivered in a web 2.0 format.
October 2007—present
Previous:
President for United Mortgage Financial
March 2003—present
Certifications & Awards
CCIM
A Certified Commercial Investment Member (CCIM) is a recognized expert in the disciplines of commercial and investment real estate. A CCIM is an invaluable resource to the commercial real estate owner, investor, and user, and is among an elite corps of more than 9,000 professionals who hold the CCIM designation across North America and more than 30 countries. Only 6 percent of the estimated 150,000 commercial real estate practitioners nationwide hold the CCIM designation, which reflects not only the caliber of the program, but also why it is one of the most coveted and respected designations in the industry.
CMPS
CMPS is a training, examination, certification and ongoing membership program for financial professionals who provide mortgage and real estate equity advice. You can be assured that a mortgage professional with CMPS credentials has met rigorous, peer-developed and reviewed standards endorsed by a national professional body. The CMPS Institute was formed as a joint effort by leaders in the mortgage and financial planning industries to raise professional standards among mortgage professionals and integrate sound financial planning advice into the mortgage process. Recognized for its preeminence within the industry, the CMPS curriculum represents the core knowledge expected of mortgage advisors, regardless of the diversity of specializations within the industry.
A Certified Commercial Investment Member (CCIM) is a recognized expert in the disciplines of commercial and investment real estate. A CCIM is an invaluable resource to the commercial real estate owner, investor, and user, and is among an elite corps of more than 9,000 professionals who hold the CCIM designation across North America and more than 30 countries. Only 6 percent of the estimated 150,000 commercial real estate practitioners nationwide hold the CCIM designation, which reflects not only the caliber of the program, but also why it is one of the most coveted and respected designations in the industry.
CMPS
CMPS is a training, examination, certification and ongoing membership program for financial professionals who provide mortgage and real estate equity advice. You can be assured that a mortgage professional with CMPS credentials has met rigorous, peer-developed and reviewed standards endorsed by a national professional body. The CMPS Institute was formed as a joint effort by leaders in the mortgage and financial planning industries to raise professional standards among mortgage professionals and integrate sound financial planning advice into the mortgage process. Recognized for its preeminence within the industry, the CMPS curriculum represents the core knowledge expected of mortgage advisors, regardless of the diversity of specializations within the industry.
Interests
hiking, camping, fishing, beer brewing, snowboarding, playing guitar, investing, fiscal literacy
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