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Western Finance Services

Moncor Mortgage Bank, Inc

James Bogdanoff, "Your Personal Mortgage Consultant...for Life!"

1.	How do I know how much house I can afford? Answer
2.	What is the difference between a fixed-rate loan and an adjustable-rate loan? Answer
3.	How do I know which type of mortgage is best for me? Answer
4.	What does my mortgage payment include? Answer
5.	How much cash will I need to purchase, build or refinance a home? Answer

Q :	How do I know how much house I can afford?
A :	This is a very good question. It depends... For a start, we use automated underwriting for a start. It compares your income, debts and credit history. Our experience shows that a homebuyer with good credit will often qualify for more than they would want to pay. If their credit is marginal then they may be limited in the amount of loan they can borrow. The debt to income ratios are guidelines and not hard and fast rules.

Q :	What is the difference between a fixed-rate loan and an adjustable-rate loan?
A :	Almost all the loans done today are fixed rate loans with equal payments for the life of the loan. There are some variations of the fixed rate loans: Interest only for the first ten years then principle and interest payments for the remaining twenty years and forty year loans or as short as ten year loans with equal payments loans.

Q :	How do I know which type of mortgage is best for me?
A :	There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors: What is your credit score? What are our available funds? What about your income? In addition, are you likely to live at this property at least three to five years?

Q :	What does my mortgage payment include?
A :	On a regular mortgage loan, the monthly mortgage payments include three separate parts: Principal: Repayment applied to the balance of the loan. Interest: Payment to the lender based on that monthly balance. Escrow impounds for Taxes, Insurance For the lowest payment possible, some loan programs allow for interest only payments.

Q :	How much cash will I need to purchase, build or refinance a home?
A :	All cost in a refinance are including in the loan. You do not need any cash out of pocket to refinance. When purchasing a house you need a deposit also called Earnest Money and; Closing Costs: property taxes, homeowners insurance for a year, some daily interest on the new loan, title insurance and closing fee, loan fees, survey and recording.

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