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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - April 10, 1973, Lethbridge, Alberta -THE LETHBRIDGE HERALD lueiday, April IU, 19, J Paid off at last Chris and Ciork Figenshau, 806 20th St.S., burning their mortgage after paying if off April 2 Mortgage shoppers beware The best mortgage financial situation in Canada in many years exists today, experts say. But, they add, mortgage shoppers should exercise considerable caution. Caveat emptor. That's Latin for ''let the buyer beware.1' And that could well be good advice for anyone consider- ing a mortgage to buy a house. By JLAI MAYBIE Herald Staff Writer A person in Lethbridge can get "hosed" by seme mort- gage companies and wind up paying interest in, high as 35 to 45 per cent, one lender to'.d The Herald. While 35 to 45 per cent in- terest is rare, rates of 12 to 24 per cent are mere com- mon, he said. When one considers how much a person has to pay back at the present normal 9 per cent interest rate, the higher rates are stagger- ing. A bonus clause is the vehi- cle some mortgage compan- ies use to fcol some prospec- tive buyers, the lender said. The lender may offer the house buyer a mortgage at 10 to 12 per cent interest but he winds up paying 18 to 20 per cent interest when the bonus clause is considered. For example, a person may take out a mortgage for and receive onlv the other being a bonus charged by the lend- er. The buyer, while receiv- ing only has to repay in principle and pays 10 to 12 per cent interest on the This, in effect, gives him an interest pay- ment of 13 to 20 per cent on the amount he received. Squeeze A Lethbridge district man was caught in a squeeze when he signed a contract for a mortgage, re said. The man received only but paid 11 per cent interest en tte nracrci rs'e at the time was seven per cert i which put him into an extremely high interest rate category. He couldn't prepay the mortgage and get a conver.- licmil one because of a large penalty clause in the contract he signed. People get enticed into wirh situations through mass media advertising, he said. lenders of that type are ex- in .-rowing people. They paint a pretty pici'ire. They ret as much as think they can. Once ihe TArson's ficnaturc is cWairxrJ s'uck because of a hieli pen- alty clause for he While there are mortgage lenders of that type in Leth-' bridge, he said, most com- panies are good. Most sec- ond mortgage people are okay and don't have bon- uses or interest penalty clauses. Thsy do charge higher rates, however, like 11 to 14 per cent, bectuse of the higher risk factor in second mortgages. There is no reason for a person to be saddled with a mortgage interest rate of more than 14 per cent, the lender said. So many qualifi- cations for a irortgage have been lifted recently that even a person with a bad credit rating can get a mortgage loan. It's easier now than it has ever been, be said. If a person can't get 8 mortgage from, a convention- al lender, chances are he could qualify with Central Mortgage and Housing Cor- poration or the Alberta Hous- ing Corporation, Pointers Alf Fazio, mortgage man- ager for Royal Trust, and of- ficials of Central Mortgage and Housing Corporation out- lired seme of the following points of which prospective house buyers should be aware before buying. Present first mortgage interest rates in Lethbridge are available at between end S'j per cent with most mortgage lenders charging nine per cent. If a obtains a 25. year mortgage for S20.000 at 3 per cent interest he will nave repaid to the rr.oriS3.ee company on his payment Inlerest on the SSO.fXri loan for the period E mounts to S29.6SQ. Monthly taymenis on principle and in- terest only 'not including taxes i would be S155.60. Only S3.300 of principle would be paid off in the first five ;ears It would take morp 1'nan years before an equal i mount of the monthly pay- ment applied to principle ard interest. In the first 13 icars, UKH, more than half the monthly payment goes to- interest. At per cent interest 1'ic would repay '.o rr.wUag" company .1 '.w monlhly payments of 'rot including taxes' for iricrojt of f.'i At per cent interest r rtpayment would be and v> licnal Housing mort- gages. CM1IC mor1- gages do not have a period ard can he ,n or part at any I'nie v.-lh- ciit penalty. XHA mortgages approved lende-s have .1 three-year lock-in period dar- ing which Iho borrower can- not pay off the mortgage The borrower can m a i: lump sum payments at 1 he- end cf the first and f-eroH year, up to It per ccnl r; th? loan, providing he .'1 nays a penally equal 1" Vr manlhs of interest on Iho lump sum payment. Between 1h'e third fip'i >ear. XllA lcr-v aPow 1he borrower 1" W part oi 1hc loan, subject tf> the a ni three months, of irriercfl the payment. Some XHA prc.vidc that a! Ihe end of ii r fjve-ycar contract, TIT.T to Ihe all or any part of 1h" rr ay be paid without penalty. The lock-in feature of some mortgages creates a hardship on the house owner who wishes to sell his house. The interest penalty in some cases could run as high as Sl.OGO. The renewal contract fcr conventional and NHA mort- gages is based on the out- standing principle at the time cf renewal. In most irstances where a person is buying a new house from a builder he will have to assume the mortgage obtained by the builder. The builder's mortgage lender will net usually accept payout. The purchaser will not have the opportunity of shopping around for the best terms and best interest rate. 6 Seine mortgage panies require that tha house buyer take out life insurance for the value of the mort- gage. It could be a decreas- ing term insurance whereby the annual premium de- creases as the mortgage de- creases or it could be a flat annual premium with the in- surance covering the decreas- ing value of the mortgage. In either case, the premium could run to ar.nual- Some lenders do not re- quire Me insurance coverage. Package Ail mortgage companies 11 fire insurance Pre- v'lms for package insur- ,.r.cf covering of bouse corsSciis run from up. O A minimum fee of S3S '-.t accompany a mortgage In the majority f' eases both ODIC and the lender require an fee so the total f t could run lo J70 to 7r; fee is to rvtain an on w h i c ii Ihe of ihe mcrlpage 35 1 a td. and for processing of t rr application if t h .i--c buyer it5'' of ihe prorv nd necessarily on 'bn pnce A hnusc i <-y hai-c a felling price of hut 1hc may only be S28.WK) may b? arranged frr to ft5 per ctnl cf value on certain eon- Author encoura pageant support By JIM GRANT Herald Staff Writer In an era of anti-police feelings, Albertans must get behind the RCMP Century Celebrations to indicate their support of 1 a w enforcement in the province, says a prom- inent Alberta author and his- torian. Dr. James MacGregor, chairman of the Alberta RCMP Century Celebrations advisory committee, told a news conference in Leth- bridge Monday "the RCMP image ir failing less than oth- er police but the RCMP certainly has felt the impact of a national attitude that degrades the police worker. Alberta will hold a prov- ince-wide celebration in 1974 to mark the 100th anniver- sary of the arrival of the RC11P to Alberta. These cel- ebrations should not be con- fused with the federal centen- nial events that will tske place throughout the nation in 1973. Alberta will commemorate the occasion through a pro- gram of historical cultural events spanning a three-year period ending in 1975. Dr. MaeGregor said objec- tives of the celebrations are: To commemcirate 100 years of Alberta growth based on the arrival of the Northwest Mounted Police in 1874. To instill in Albertans. particularly the young peo- ple, an appreciation and knowledge of the contribu- tions the RCMP made toward the quality of life in Alberta and the promise of its future. To identify and preserve permanent memorials to peo- ple, places, and events to en- sure h i s t o r i cal documents and information relating to the force and Alberta's growth will be compiled and preserved. To invite and encourage participation of the RCMP in as many events as possible throughout the three year celebration. To develop and co-or- dinate one-time celebrations and events. It is hoped that youth groups, cultural and ethnic organizations, schools, uni- versities, churches, all level of governments, and the busi- ness industry will become in- volved in the celebrations, said Dr. MacGregor. The Alberta government has budgeted S2.3 million for the celebrations cf which million will be used for pro- ject funding. It is the job of the advi- sory committee, headed by Dr. MacGregor. to co-ordin- ate programs and allocate funds for community and group projects- It is also the job of the committee to recognize all community efforts toward the centennial celebrations and accept feedback from "grass- root" organizers as to how ef- fective the overall program is. Toward the end of April an advertising campaign will be launched to inform commu- nity and business groups on how they can become in- Charging drunks lias effect A reduction in the "number c-f complaints handled by Lethbridge police ten Ije partly to a restriction the use of Ihe release without charge sec- tion cf the Liquor Control Act. Last week Chief Michelson said that acting on numerous complaints from downtown merchants, police HxwW be using more discretion in the application of the release without charge section. Under the act. a person found to be dnmk in a pub- lic place can be arrested by ptfice, detained overnight in civen breakfast. and released without any chirpe; laid Except in deserving cases, police are now making ar- rests and laying charges. Chief Micheteon the syslem was being abused and was not "having Ihe desired effect" on repeat rre. He pointed to the fact that 55 people were arrested the of March 31. while only five persons were taken prisoner this weekend as evi- dence that the new policy of laying charges in nearly all cases of public druntoiess is having tibe desired effect. volved and to inform them how to submit applications for government grants. All requests for funds will be processed this June and the committee will make grants to some of the RCMP centennial projects in Sep- tember. The establishment of the RCMP in the west is far more significant historically than the coming of the railway, says Alex Johnson, Century Celebrations commutes member and chairman of the Historical Society. When the NWMP stomped out the illegal whisky trade, they set up a system cf law and order that helped estab- lish Alberta's quality of life today, he said. Through Fort Whoop-Up, LethbriUge has a very close tie-in with the history of the RCMP and groups and or- ganizations in this city should take the lead in creating pro- jects honoring the force on its anniversary, he suggest- ed. "Right now we're lagging said Mr. Johnson. "Fort Macleod is away ahead of us in that they started some programs a couple of years ago. I hope Lethbridge will begin to catch up pretty soon." 6 beaver in river Six beaver have been kill- ed in the Oldmau River near Indian Battle Park and a trap- per has his sights on the seventh and last beaver in the area. That's the word from Frr.ak Sommerville, an officer with the fish and wildlife division cf the department cf lands and forests. The animals were branded villains, Mr. Sommerville says, after they destroyed a considerable murJber cf pop- lar trees. It was decided they would have to be killed rather than trapped alive and relocated after people kept springing the traps, he told The Herald Monday. The beaver killed were caught in conibear traps set by a trapper hired by officials to dispose of the animals in as humane a way as possible. Mr. Scmmerville said when the beaver gets into the trap a bar springs shut and hits him at the base cf the skull, knock- ing him unconscious. The bars cuts off the blocd supply ar.d the beaver died. painlessly, he said. The hu- mane society approves of the trap, he said. 71.3 trappsr. rev: stalking the last bssver in Ike area, retains pelts as paj merit for his services. Mr. Sommsrville says ths fish and wildlife division has the authority to control cr manage wildlife in any park or on private land. Bill Brown, parks superin- fenr'ent tha Citv of Lsth- bridge. says the city is con- cerned over the damage caus- ed by the animals. Most of the trees destroyed were 70 to 90 years old. Dam- age is spread ox'sr most of the riverbottom, Mr. Brown said. The city was initially is- sued to permit to deal with problem but had no success, so the provincial wildlife offi- cials were asked for help, Mr. Sommerville said. Gotft could with west By JIM MAYBIE Herald Staff Writer Lethbridge might save thousands of dollars if it would go after the provincial government for development of a park in West Lethbridge. the Lethb-ridge Chamber of Commerce task force on pro- vincial affairs was told Mon- day. Dick Gruenwald. Soc i a 1 Credit MLA for Lethbridge West, said the government is.looking at urban park de- velopment and there could be something in it for Leth- bridge if the city got busy now. The city is planning devel- opment of a lake and park in West Lethbridge. similar to the Henderson Lake devel- opment but on a smaller scale. This could possibly qualify as a provincial park and save the city consider- able costs over the years, ht indicated. The provincial government announced in the throne speech that opened the cur- rent legislative session that it would make money avaii- abile for provincial parks in- side cities, but 5t mentioned coly Edmonton and Calgary specifically. Mir. Gruenwald indicated that even though be is an opposition MLA he could do something to help the city in a bid for the park, if the city was so inclined. City officials indicated Mon- day they were not aware of the provincial proposal but would certainly look into it. Mr. Gruenwald was the fea- tured speaker at- the task force meeting presenting his views on the effectiveness cf opposition MLAs. He expressed dissatisfac- tion with the effectiveness cf the legislative assembly ard said he felt his time would be better spent at home in his constituency. He branded many members as publicity seekers and sug- gested a let cf time was wasted oh playing games and party politics, detracting from, good government. The opposition has a job io do in bringing information be- fore the public and watching cabinet ministers closely for indications of empire building, he said. Criticism for the sr.ke cf criticism is not good, he in- dicated. The opncsit i o n shoudzi't ciritize 'vhhout of- fering an alternative. Government has a job Io fiiuil the needs of a ccmmur.- ily. If the opposition does a j-cod job. they can effec- tive in fulfilling those needs. ho It oicicnt Mr. Gruer- waid was rot a slrong parly man. Ths individual his conscience ccmc5; fir-si, he jcid. ahecd of tiie party Rotarianfs record praised A local Rotarian honored Monday for never missing a weekly meeting in -97 years says attendance Is very im- portant because there isn't any fellowship in an empty chair. Arthur Pirtknd 3243 Ave. S., became a Rotarian in 1919 and hasn't missed a meeting since 1926. John Gogo, president of the Downtown Rotary Club. says Mr. PaUaud's record won't be touched by a mem- ber of his dub. A. K. PUJLAND ;