Lethbridge Herald, The (Newspaper) - October 6, 1970, Lethbridge, Alberta
THC HCRAID Tuwlay, Otfebw How To Arrange Financing Engineered Homes Ltd. Contrasts Brick, Panels Bright Engineered Home Gladdens Beauvais Place Engineer d Homes Lid. offers excitement. It's no secret, Engineered has developed the talents of an architect who refuses not to be noticed. This one will delight yon. Jn fact it's a rather unusual, exciting and Happy concept. You'll find it at 3305 Beauvais Place. A good parade of homes has something for everyone. This has the look of post and beam on Die outside, cleanly .modem lines on the inside. The exterior color scheme teatmes tan framed in rough light yellow lumber. We say fough. We mean texture. Its a neat contrast to the tan panel. About 500 Dutch mould brick and 90 pieces of black Vermont will provide enough ma- terial to fashion the fireplace you'll find in Engineered Home Ltd. entry to the 1970 parade. Now, put them all together and you'll have a really fine fire- place. Raised hearth? You Bet! And one line of bricks gives you that arch that joins the pillars. When you see that fireplace, after driving up the wide drive- way, under the beams of the carport, into the garage, you'll know you're home. Setting off the Dutch mould brick on the exterior are very black and very smart box lights. Engineered infers a traffic idea that intrigues. The master bedroom has access to a full bathroom. You can leave another way. Its aU handy to two more bedrooms. The interior dtsign features color by the masters. Wallpa- per is in as long as its up- lifting. Designers have taken red, purple, orange and1 made them live together in one glo- rious display. Who can be blue? If s a happy home. The kitchen cupboards have Hie took of fine furniture. Engineered Homes, noted for its style and pace is a front- runner again this year in the 1970 parade of show homes. And while you're here study those lighting fixtures, THey're good looking. GARBAGE CANS A short section of fence matching the design of the main property fence is an ef- fective way of hiding garbage cans. A section about 40" king will take two cans. Place it 24" out from the main fence. Except to those instances where the buyer pay cash, three basic financial obliga- tions must be met: down pay- ment, mortgage and closing costs. The home-buyer also must set aside money for in- surance, immediate repairs or improvements to the home and emergencies. An offer to purchase Is drawn up, to be signed by both buyer and seller. It is an agree- ment between buyer and seller to purchase the home at a stated price. E is accompanied by a deposit which may be for- feited if the buyer does not go through with the sale. Check with your lawyer before sign- ing. Financing may involve only a first mortgage or may neces- sitate both a first and second mortgage on the property. The mortgage is a loan using tbe bouse as security. The amount of the mortgage is tbe difference between the down payment and the value of the bouse, If you do not have enough cash for the down payment or cannot obtain a loan for the en- tire amount of the first mort- gage, you may be forced to ob- tain a second mortgage to make up difference. Interest rates are higher. Make the largest down pay- ment you can afford. The larger your down payment ihe lower your mortgage. You therefore pay out less in total interest and your equity iu ihe home builds up faster. Short of cash for a down pay- ment? Try to enlarge the first mortgage to cover the amount of down payment you lack. If tMs Is not possible, try So arrange a short-term loan. Many people that you can borrow about 90 per cent of the cash value of your life insurance. Employers will sometimes lend money to employees, par- ticularly if a job transfer has made buying a home neces- sary. As a last resort, go to the mortgage market for your sec- ond mortgage. Lenders will either charge you a high inter- est rate (as much as 12 to IS per cent) or will charge you the current interest rate for first mortgages plus bonus plus closing costs. The bonus Is an extra percentage paid by tbe buyer of Hie home to compen- sate the lender for the addi- tional risk involved in second mortgages. R can make the to- tal amount paid for the mort- gage extremely high. For example, on a house costing with a down payment of the mort- gage will be If you ob- tain a first mortgage of your second mortgage amounts to Assuming that the bonus is 20 per cent, it will amount to (20 per cent of and your second mort- gage becomes with in- terest. NHA mortgages were created under the National Housing Act to encourage home building and assist home ownership. You must apply and get approval for the loan be- fore construction begins. Non-NHA mortgages are termed conventional mort- gages and are obtained through private or institutional sources. Private sources, such as friends and relatives, can be a highly economical and reliable source of obtaining a first mortgage. Credit unions are a reliable source of loans for members who do not need an extremely large amount of money to fi- nance their borne. Most mortgage brokers are highly reputable source for conventional loans and charge the current interest rates for first mortgages. If you are not absolutely sure, check with your lawyer before you sign anything. Institutional sources general- ly have certain lending policies or preferences and are restrict- ed by law to lending a maxi- mum percentage of the valM of the home. Good Luck to The Lethbridge Householders' Association On Their Presentation Of HOME SHOW 70 We Are Proud To Be One Of Their Main Suppliers Suppliers of QUALITY BUILDING SUPPLIES LUMBER PAINT CARPETS and Floor Coverings REVELSTOKE BUILDING MATERIALS LTD. 1602-2rd S. "hone 327-5777 PHONE 327-7262 REVELSTOKE TRANSIT MIX Piant At 12th Street.And 2nd Ave, N.