Randall Schrader

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

As predicted, a new wave of highly qualified borrowers are calling to refinance their mortgages at the new low interest rates. Life is good for a well seasoned mortgage broker these days. Will the rates hold for a while longer? I sure wouldn't bet on it.

My recommendation would be to look into getting any financing necessary in the works ASAP and try to lock a rate at a near term low and CLOSE! If you try to pick the bottom, it could really cost you.

If you need a great mortgage broker in Florida or Georgia, call Randall at 863-229-1235

HUD, in June of 1976, began regulating how manufactured homes would be built. Previously, it was every manufacturer for themselves and some homes were great and some, not so much.

All post 6/1976 homes have minimum wind speed restrictions and several other requirements. Through the years, and especially after hurricane Andrew, FHA has found ways to make these homes extremely safe.

If you need a loan on this type of property in Florida, call a seasoned pro! Call Randall at 863-229-1235

I went into the back of a Wal Mart and saw a buliten board FULL of licenses! There were thousands of them. What is the point? A license to sell propane, one for ammo sales and on and on. Does anyone ever look at these licenses? Does anyone know what has to be done to keep these licenses? Maybe one person who doesn't work with the products.

When a roofing contractor shows up to do a job, the license number is prodley painted on the truck. What are we to do with this info? Call the contractor police each day and be certain this contractor hasn't forgoten how to nail shingles? Is the company owner even on my roof?

I understand a lawyer and a doctor, but we went off track somewhere and can't even catch a fish in a pond without calling the authorities and getting permission. Red tape is not always a good thing.

In a word, NO! After all I've seen in our markets over the last six months, I'm not betting the farm on anything. But, 30 year fixed mortgages in the 3's seems a lot to wish for.

Why be greedy? Rates are advertised widely in the mid to upper 4's lately, and that can change in a flash. I receive rate updates throughout the day and I know how fast rates can move in the right conditions.

If you need to borrow for a purchase or refinance, DO IT NOW. If rates get better, it won't be much better. If rates get worse, there is no telling how much worse.

If you need a mortgage in Florida or Georgia, call Randall at 863-229-1235