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FAQ

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).

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. A1 Residential Mortgage, Inc. 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

Awards and Achievements

2019, 2018, 2016, 2014, 2013, 2012, 2011

Portland’s 5 Star Mortage Professionals – Portland Monthly

2003

Million Dollar Club Award – Countrywide Home Loans

2021

SCOTMAN GUIDE TOP ORIGINATORS
Hari Prasad Kataruka is Top 25 Mortgage Broker Nationwide

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Contact Us

3645 NW John Olsen Place
Hillsboro, OR 97124

Phone: (503)381-4179 (Hari)
Phone: (503)481-3770 (Anju)
Hours: Mon-Fri 9AM-5:30PM
Closed Holidays

Contact Info

Licensed in Oregon & Washington:
OR NMLS ID: 66526
WA-MB: 66526
Branch ID MB: 132028

nmlsconsumeraccess.org
consumerfinance.gov

Anju Kataruka

Anju.Kataruka@a1rm.com
Cell: (503) 481-3770
NMLSR ID: 117655
MLO: 117655

Hari Kataruka

Hari.Kataruka@a1rm.com
Cell: (503) 381-4179
NMLSR ID: 132032
MLO: 132032

© 2023 A1RM | All Rights Reserved | Privacy Policy | Disclaimer

For additional information or to talk to an agent call (503) 481-3770 or
(503) 381-4179

Business Hours:
Monday through Friday
9am to 5:30pm