FINANCING

hat to expect from
Sherwood Studios...

♦ Fine designer
furniture - the
latest looks, lines
and colors
♦ 20 professional
designers on staff
♦ Elegant
accessories for
every taste
♦ Unique and
unusual gifts for
all occasions

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♦
♦
♦

Courteous service, always
Complimentary gift wrapping
Bridal registry
Always 20% off mfr. sugg. retail

Mon-Thur-Fri 10-9 ♦ Tue-Wed-Sat 10-6 ♦ Sun 12-5
6644 Orchard Lake Road at Maple Road ♦ 855-1600

\AALTER F-ERZ INTERIORS INC

COMMERCIAL . RESIDENTIAL . MODELS
INTERIOR FURNISHINGS . CUSTOM DESIGN

SUSAN WINTON-FEINBERG, A.S.I.D.

Director of Design

2350 Franklin Road * Bloomfield Hills, Michigan 48302
(313) 338-2260 * Fax: (313) 338-8893

52 • FAI-1, 1993 • syyLE

How much house can you afford? You'll
need enough money for the down payment
and closing costs, plus enough income to cov-
er the monthly payments, utilities and main-
tenance.
Plan on accumulating 20 percent of the pur-
chase price in cash for the down payment.
Multiply your annual income by two to de-
termine how much mortgage you'll likely
qualify for.
Before you begin shopping for a house,
consult your bank or savings and loan and
find out how much you are qualified to bor-
row.
Here's a menu of mortgage options:
• Fixed-rate mortgage (FRM). The inter-
est rate doesn't fluctuate, so your monthly
payments (principal plus interest) stay the
same over the 15- or 30-year life of the loan.
The advantages of FRMs is that as your in-
come increases, your payments become less
and less of a burden.
Also, there is security in knowing exactly
what to budget each month, to make your
mortgage payment
• Adjustable-rate mortgage (ARM). These
can be more attractive than FRMs because
the interest rates are usually lower. Howev-
er, the rate will fluctuate over the life of the
loan. Be sure to check into the rate cap
how high the interest rate might go.
It's possible to get an ARM that is con-
vertible to an FRM after a certain period of
time. And an ARM may be your answer if you
need a house now, yet can't afford the high-
er interest rate of a FRM.
But don't consider an ARM if you think
your income may drop in the future.
• Specialty loans. ARMs and FRMs are the
most common mortgages, but it may pay to
look into FHA and VA loans. If you've been
in the armed services, you may qualify for a
veteran's (VA) loan.
If you fall within certain income guidelines,
you may be eligible for a Federal Housing Ad-
ministration (FHA) loan.

MOVING DAY

You've rented the moving truck, but how
should you load it? According to Ryder Truck
Rental: Load large appliances first, then large
furniture. Stand mattresses on their sides,
along the side of the truck. Fill gaps with small
cartons and lightweight items. Tie everything
down and protect delicate items and tabletops
with blankets. 0