Ask the expert

I’m buying my first house. What do I need to know? – Angie; Madison

Congratulations on your decision to become a homeowner! The biggest mistake made by first time home buyers is not surrounding themselves with true professionals. Selecting the right mortgage professional and Realtor is crucial to making this a good experience. The first step is to meet with a mortgage professional (like Peter!) to discuss what financing is right for you, and more importantly, how much you are comfortable spending. Contact me today to get the process under way at: peter@peterkazaks.com

I work for myself and have heard that getting a mortgage is harder for people like me. Is this true? And what should I do to make this easier? – Susan; Shorewood

Self employed people and fully commissioned employees can qualify for the same mortgages as salaried professionals! There are a few issues to keep an eye on, and working with the right mortgage professional from the start of the home buying process will ensure that you are receiving the right advice and qualify for the best mortgage available. Call me today to learn more at 414.807.7277!

My husband I want to build a home next year and have already decided on a lot in Pewaukee and a builder. Now we need a construction loan, but we also own our own home in West Allis. How can we finance this construction project and still pay our existing mortgage? – Patty; West Allis

Wow, building a home is an exciting process! There are several options available to you for financing your new home. Send an e-mail to peter@peterkazaks.com with information on where you are at in the process and I’ll respond with information on bridge loans, lot loans, and construction loans along with an explanation of the process leading to your final fixed rate loan on the finished home.

I want to re-model my 1960’s kitchen and update it with new appliances and floors. I have a great rate on my first mortgage, but I need to borrow more money to accomplish my dream kitchen re-model. Can you help me? – Jen; Wauwatosa

That’s a great decision, Jen! Nothing spruces up a house like an updated kitchen or bathroom. A fixed rate second mortgage or Home Equity Line of Credit (HELOC) may be the right way to cost effectively finance the improvements. Together we can review the terms of your current mortgage and the options which will allow you to keep the great rate you already have and accomplish your remodeling dreams. Call me at 414.807.7277 to get the ball rolling!

My ARM just adjusted and my payment went up $300.00 per month! That is harsh. Anything I can do about it? I want to getmy payment lower. – Joe; Milwaukee

Welcome to the Broken ARM Club Joe! A few years ago the interest rate on ARMs, or Adjustable Rate Mortgages, were very attractive. Now that these mortgages which provided a fixed interest rate for only three or five years have changed interest rates for the worse many people are struggling to make the new payment fit into their budget. Send an e-mail with the interest rate and balance of your mortgage, along with what you think your home is worth and its address to peter@peterkazaks.com and I’ll be in touch to let you know more about your options!

My husband just told me he wants a divorce and is moving to Montana. I can’t afford our current home, but need to buy something for myself and the kids. How do I know how much I can afford and IF I can afford to buy another home on one income? – Rachel; Oak Creek

Rachel, I’m sorry you are going through this difficult time. Like many other divorcees, you will need to work extra hard to make sure that you are financially successful as a now single income family. I can help you out with budgeting worksheets and advice, along with a candid discussion about how much you can afford to spend on housing. Please call me at 414.807.7277 to set up a time to meet and learn more about your option.

I live in Mequon, but I’m buying a vacation home in Minoqua and I need a mortgage for the purchase. Should I call someone in Minoqua, or can you help me, Peter? – Frank; Mequon

Hi Frank, Minoqua is a great area for a relaxing getaway! Did you know that in most cases financing available for vacation homes has the same great terms as a primary residence? Don’t let anyone tell you otherwise! Because you are buying property in Wisconsin, I can help you with the process. Please call 414.807.7277 so we can get the pre-approval process going so you can write an offer as soon as you find the right vacation home for you and your family!