Randall Schrader's (superbroker007) Blog

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Mortgage and Lending - Competitive Insurance of Dundee
RECENT BLOG POSTS
A day doesn't go by that we don't get a call for financing ideas on single wide mobile homes.  There are so many in Florida, because people retire here on fixed incomes and single wides are a super value.  But, if you can't pay cash for your retirement pad, what are the options, if any? FHA loans...
11/16/2008
First time home buyers typically want to get into their first home with little money down, get a great interest rate on a fixed mortgage and get a great price on their first home.  Now may be the best opportunity in decades to accomplish all of the above! Banks are unloading property they forecl...
11/15/2008
Manufactured or Mobile homes are a different animal, but in expert hands, mortgages are easy to come by.  If the mobile home, (single wide or double wide) was built after June of 1976, there are tons of lenders lining up to fund a FHA or VA loan.  These loans require very little down (3%) too.  V...
11/14/2008
Home Equity Conversion Mortgages (HECMs) or Reverse Mortgages 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...
11/14/2008
Reverse Mortgages use the equity in the home to actually pay the senior every month.  The money can also be received in a lump sum or as a line of credit. 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 o...
11/13/2008
Seniors over 62 years old have a great tool available to them.  HECMs or reverse mortgages use the equity in the home to actually pay the senior every month.  The money can also be received in a lump sum or as a line of credit. The money received is not repaid until the home is sold or the senior...
11/12/2008
Banks are unloading property they foreclosed on at record low prices.  Sellers are discounting to compete.  Interest rates are historically low.  The FHA is designed to help first time home buyers become home owners. FHA loans are typically 30 year fixed loans and only require 3% of the purchase...
11/12/2008
It's true!  Veterans can get 100% financing, plus up to 6% of the purchase price in seller concessions.  That is up to 106% financing! The Federal Housing Administration (FHA) will insure a mobile home mortgage with only 3% down.  The FHA also allows 6% seller concessions.  Refinancing can be as...
11/11/2008
The VA has one of the very few ways to obtain 100% financing AND receive up to 6% of the purchase price in seller concessions to use toward closing costs and prepaids, like insurance.  I have helped Veterans purchase homes with next to ZERO out of pocket. With 100% financing, you would think tha...
11/11/2008
Reverse Mortgages use the equity in the home to actually pay the senior every month.  The money can also be received in a lump sum or as a line of credit. 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 o...
11/10/2008
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Randall Schrader

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