Randall Schrader's (superbroker007) Blog

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Mortgage and Lending - Competitive Insurance of Dundee
RECENT BLOG POSTS
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?  Ma...
12/20/2008
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 recei...
12/19/2008
I just off the phone with a very established and worthy borrower.  She said she wants to reduce her low interest rate from 2003 to a lower rate for 2009.  Plus, we are going to pay off a 7.5% HELOC she used to build an addition last year.  Her monthly savings will exceed $500! I have to believe s...
12/19/2008
Most first time home buyers don't realize how important their credit history, or a lack thereof, is.  To do a mortgage, we look at how a borrower has paid his past obligations, to project the future.  The weight is on the most recent history and history older than 24 months is almost useless. I c...
12/19/2008
In the world of FHA lenders, you have the lender, which is usually a mortgage broker like me and a sponsor, which is the bank that supplies the money at closing.  If the FHA will insure a manufactured or mobile home, then the sponsors can fund FHA insured manufactured homes.  But they may also re...
12/19/2008
I dreaded this day.  It seems the incidence of foreclosure are MUCH higher on single wides than block or frame homes.  I can think of reasons that could cause this, but that's another post.  Polk County has manufactured / mobile homes everywhere.  From homes on land to homes in 55+ mobile home p...
12/19/2008
Polk County has manufactured / mobile homes everywhere.  From homes on land to homes in 55+ mobile home parks, every imaginable situation can be found in Polk County, and in abundance.  They are beautiful, safe and affordable.  But who lends on these homes these days? Loans are still available f...
12/11/2008
Reverse Mortgages Home Equity Conversion Mortgages (HECMs) or convert the equity in a senior's home to CASH. The money received is not repaid until the home is sold or the seniors leave the home, at which point the proceeds from selling the home pay off the loan and the remainder of the proceeds ...
12/08/2008
When I talk to people thinking of purchasing their first home, they typically want to get into the home with little money down, get a great interest rate on a fixed mortgage and get a great price on the home.  Now may be the best opportunity in decades to accomplish all of the above! Banks are s...
12/08/2008
Mortgages and chattel loans are still available for manufactured or mobile homes.  We also lend in 55+ park that may have co-op'ed land, which means the home is in a park and everyone owns a share of the whole park.  Today, 580+ credit scores are required on most loans, depending on the lender. ...
12/08/2008
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Randall Schrader

local_phone(863) 438-9290
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