Randall Schrader

With rates down and lenders borrowing cheaper than ever, NOW is a great time to look into refinancing your mortgage. I am working with a lot of clients that have unbelievable potential savings.

You owe it to yourself to see what your new payment would be and what it will cost to get there. You need to factor in how long you intend to live in your home too. If you save $200/month, but think you will be moving in two years, you will save $4,800. If the cost to refinance is higher, it may make more sense to stay put. Don't forget to factor in any tax consequences.

While you are at it, re-evaluate your home owner's insurance. Do you have enough coverage? Too much? Consult an agent and go through your policy and pricing. We were paying for some type of replacement coverage in Florida, and after speaking to my insurer, we discovered that we were paying to get our home repaired UP to the current code.

If my home was built with 1/2" plywood and had to be repaired, but the current code required 3/4" plywood, the entire roof would be re-done with 3/4" plywood to catch up to the current code. Makes sense! Well, my house was brand new! I was obviously already at every current code and wasting money.

If you need a great mortgage broker in Florida or Georgia, call Randall at 863-604-0169

Single wide manufatured / mobile home loans are getting tougher and tougher to get done with lenders refusing to expose themselve's to the excessive risk in these loans. It is not impossible though!

A larger down payment and a better credit score can work nicely to get a loan on this type of property.

The FHA does not have a problem with single wides, but a bank has to fund these FHA insured loans and they are not interested. Only two things can explain such a phenomenon; #1 The foreclosure rate must be very poor vesus other property types. #2 The banks feel more secure keeping cash in their vaults versus on the street making money.

It is too bad to, because in Florida there must be tens of thousands of single wides. I will take the lead in this catagory and work to lend to any and all potential singe wide borrowers. The rules are changing fast and I'm on top of it. Call me if I can help in Florida or Georgia.

The husband passes away suddenly. The funeral expenses are mounting. There is not enough money to keep up with the mortgage.

Why not apply for a reverse mortgage? A senior can receive a lump sum to pay off the existing mortgage, pay the back bills and NO monthly mortgage payment is ever paid!

The loan gets paid off after the senior leaves the home and the rest of the equity goes to the senior or the heirs. What could be better in a situation like this?

Randall - 863-604-0169

I still get calls from consumers and Realtors asking about the existance of financing for Manufactured homes. Yes, it's available and easy to get done. I'm working on several right now.

Mobile homes in parks, co-ops, 1956 homes, you name it, I've done it all. I can help with conventional financing, FHA, VA, private money . . . . . . . . .

If you need help with a property like this in Florida or Georgia, call Randall at 863-604-0169

I've done tons of home loans for First Time Home Buyers and have done most of them with very little money out-of-pocket from the buyers. It's important to understand that even with 100% financing, which is difficult to structure these days, there are still closing costs, pre-paids and reserves to contend with.

Closing Costs - Beyond the cost of the home, buyers are responsible for paying an underwriter, mortgage broker, property appraiser, surveyor, title company, state and county taxes, recording fees, inspectors and credit reporting companies to name a few. Sure, the buyer can pay some or all of these to sweeten the deal, but these are costs to consider.

Pre-paids - These are things that need to be paid before we can close. These are items like a full year's homeowners policy, the loading of escrow accounts and whatever pre-paid interest is required.

Reserves - Probably THE most important of the three. Basically, reserves are what money is available in case of a mishap or emergency. Financially responsible borrowers have a few house payments set aside in case of a serious auto accident or a job lay-off or other unexpected occurrence. The last thing a lender wants to here is that there won't be a nickel left after the moving van is paid for.

A good mortgage broker like me can show you how to best present your loan if a cash deficientcy is an issue, but money in the bank is a great idea, even if you don't need it!

For mortgages in Florida and Georgia, call Randall at 863-604.0169