Answer One Mortgage A Tallahassee Mortgage Lender offering Mortgage Loans

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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 is an index and margin used in an ARM? Answer
4.	How do I know which type of mortgage is best for me? Answer
5.	What does my mortgage payment include? Answer
6.	How much cash will I need to purchase a home? Answer
7.	Am I able to apply for a loan online? Answer
8.	Why don't you have your rates posted on your website? Answer
9.	Why would I use Answer One Mortgage instead of my bank? Answer

Q :	How do I know how much house I can afford?
A :	Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.

Q :	What is the difference between a fixed-rate loan and an adjustable-rate loan?
A :	With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.

Q :	How is an index and margin used in an ARM?
A :	An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR). This information may prove a bit confusing, so call one of our team and we'll answer your questions with skill and expertise.

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, including your current financial picture and how long you intend to keep your house. Answer One Mortgage can help you evaluate your choices and help you make the most appropriate decision.

Q :	What does my mortgage payment include?
A :	For most homeowners, the monthly mortgage payments include three separate parts: Principal: Repayment on the amount borrowed Interest: Payment to the lender for the amount borrowed Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.

Q :	How much cash will I need to purchase a home?
A :	The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply: Earnest Money: The deposit that is supplied when you make an offer on the house Down Payment: A percentage of the cost of the home that is due at settlement Closing Costs: Costs associated with processing paperwork to purchase or refinance a house

Q :	Am I able to apply for a loan online?
A :	Absolutely. While many mortgage lenders are able to only take your application via phone, fax, or in person, Answer One Mortgage offers our borrowers a Secure Site to apply online. Understanding that your private information is to be kept in the strictest confidence , our site is approved through Veri Sign with encryption to protect personal information. Applying online, your application will go directly to the loan officer you are working with, and remain confidential. While we would like to meet with each and every one of our borrowers in person, we realize that your schedule or long distance location may not allow for that to happen. We will meet our clients after hours if needed, but don't require that you to take time out of your busy day to come to our office. Answer One is committed to making this process user friendly, and that is why you are not only able to apply online, but you are able to check on the status of your loan online as well.

Q :	Why don't you have your rates posted on your website?
A :	Rates fluctuate with market conditions. This means that they may change several times during one day. Rates are also tied to specific loan programs, property types, and credit scores. If we list a rate on the website, you may be seeing a rate that either you do not qualify for, or that is not the best that you qualify for. We will not quote rates via telephone unless we have a considerable bit of information to make an educated rate determination. This is another reason why using Answer One Mortgage is your best choice in mortgage lending.

Q :	Why would I use Answer One Mortgage instead of my bank?
A :	Great question. Answer One Mortgage focuses on just one thing, mortgage loans. We have built a reputation for getting the job done and making deals work. Banks work within a "box" of underwriting guidelines. While a bank may not be able to approve some loans, Answer One is able to "shop" your loan to multiple lenders with special loan products and thereby ensure the best chance for loan approval. Very rarely, are we unable to approve a loan, and on that rare occasion, it doesn't stop there. We will counsel you on the best way to improve your chances for loan approval in the future. Building long term relationships is important to us.