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KerryAnn Douglas's Advice

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  • 98 Contributions
  • 2 Best Answers
  • 17 Helpful

KerryAnn Douglas wrote:

Is it a good or bad idea to get a 5\1 ARM on a non warrantable condo?

Answer
Considering none of us have a crystal ball...today's rate courtesy of the internet at the time of this writing means your mortgage payment for principal and interest only is $494.  In 5 years your rate could go up a maximum of 2% more making your payment $622.  Could you handle this increase based on today's income that you bring in?  What if your income decreased?  Also take into consideration the potential for the increase in property taxes, condo fees, and any special assessments that may be assessed to "bail out" the association.  I would be talking to your loan officer about all of the "worst case" scenarios that you could be facing and make your decision from there.
July 07
(2)

What are some warning signs that a city is a bad market to buy in.

Answer
Contact a local agent to provide market insight.  You could buy very low and sell for a nice profit in 5-7...
June 26
(0)

Financing a farm house with old barn & silo on property

Answer
Can you go USDA financing?  http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do  You probably need to locate a credit union or a mortgage banker like Waterstone Mortgage or First Fidelity.  Please let me know if I can provide any contact information for you.
June 02
(0)

How do I see homes for sale in the Town of Lisbon, Wisconsin

Answer
I would be happy to set up a customized search for you please contact me if you're interested.
May 25
(0)

Looking for lots for sale in Lake Mills, WI

Answer
Currently there are 24 for sale.  Contact me if you would like me to send you a list of them.
May 23
(0)

Looking to Buy, Where to start - Madison, WI

Answer
Who do you know recently purchased a home?  Referrals are the best!  Or you could take a look at the agents who are active in the areas you're seeking information from, like Zillow or from http://www.rebac.net/buyers-rep which is the website for the council of buyer's agents.Your very first step should be getting in touch with a mortgage person.  Please let me know if you would like any referrals to loan officers.
May 14
(0)

We are looking for a HOME in a retirement community to rent to possible buy

Answer
Thank you for your service!  There are also only 2 rent to own properties in Kenosha county.  There are a few more rentals, but again, none of these are 55+ communities.  There is a side by side ranch condo in Twin Lakes that is 55+ - but you also said that wouldn't work for you.I would be happy to help in any way I can.
May 13
(0)

Buyer's expectations when approved short sale purchase cannot close due to code violoations?

Answer
Work it out with the seller, take care of the little things if you can - smoke detectors, junction boxes.  If you want the house do what you can to close.
May 11
(1)

I am a 1st time buyer as a single person.

Answer
Also, condos can get approved if they are not on the list.  I'd be happy to help you out.
May 09
(0)

What is considered a defect?

Answer
Defects are in the "eye of the beholder."  Attorneys define actual defects therefore you should seek the consultation of one.
May 04
(0)