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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (April 26, 1995)
A pril 26, 1995 • T he P oru and O bserver P age A4 ^Jorthtitb b - ©bseruer Book Takes Mystery Out Ot Small Home Repairs Loans For Fixer-Uppers In case you haven't noticed, the day ofthe handyman is over. You are a rare homeowner if y ou can find someone to come in and fix a sticky door, a leaky faucet, a worn screen door or the dozens of other little annoyances constantly cropping up. More likely, the door continues to be pounded open, the dripping faucet stains the sink yellow and drives to distraction anyone within hearing distance, and household oc cupants learn to live with and love the my riad of diminutive visitors who meander in through the hole in the screen door. Anyone who has ever needed a small household repair, which surely includes everyone, has experienced the frustration of trying to find a professional to do a small job and the rage of having to pay traveling costs and service charges in addition to labor and parts. Then there is the indignity of spending time on the phone trying to track down and beg a repair person to deign to acknow ledge the small prob lem. because most home improve ment professionals are not interested Potential home bus ers who can afford monthly mortgage pay ment for that "fixer-upper,” but not the out-of-pocket expense for repairs, may get the help they need from a new loan offered by Washington Mutual. Ihe company is one of a handful of local institutions to offer a rehabilitation mortgage program, which includes the cost of major remod eling in the loan amount. Washington Mutual also recently increased its program's loan-to- value ratio to 97 percent, meaning potential borrow ers need only a 3 percent down payment to finance the cost to both purchase and upgrade a home. Similarly, a 97 percent loan-to-value is available to a home through refinancing. The low down pay ment requirement targets low-to-moderate income people struggling to save for a dow n pay ment. To further reduce the initial cost of purchasing a home, the "97 percent rehab” loan can be combined with an option that eliminates practically all ofthe traditional closing costs. "Many older homes in our communities have solid constructions, but need work that ranges from the construction o f a new foundation or roof, to the rebuilding of bathrooms and kitchens,” said Jill Jones. Washington Mutual's affordable housing administrator. “With this new program bor rowers can get into a home with a minimal down payment and not have to come up with extra funds for repairs.” The loan amount is based on the appraised value ofthe property (w ith upgrades), or the sum of the home’s market value, the cost of construction for repairs and a 10 percent contingency budget. Bank Ot America Offers Low Interest Loan Bank of America is offering a S200 bonus and a low 8.99 percent introductory rate for customers who open a new home equity line ofcred- it. During the special offer the bank will also waive all fees, including c losing costs and appraisal fees (when based on Tax Assessed Value) - a potential savings of hundreds of dol lars. The special offer is available on the bank's Equity Maximizer line of credit. The introductorv rate will re- e ' » t, Beneficial Nematodes bx You may have noticed a pest control product on the garden store shelves in recent years called “in sect eating nematodes" or "benefi cial nematodes.” Nematodes are microscopic, eel-like roundworms, according to Jack DeAngelis, entomologist with the Oregon State University Exten sion Service. Most types of nema todes attack plants, causing diseas es. But a small group of these tiny worms attacks insect pests, not plants. These are termed “benefi cial nematodes." A native resident of soils, they attack, feed on and reproduce in the grubs or pupae of garden pests such as the black vine weevil, strawberry root weevil, white grubs and Japanese beetle. “They will not harm plants other animals or people,” said DeAngelis. "They are so safe, in fact, that the EPA has exempted them from its usual pesticide regis tration process." Naive populations o f these nematodes are often too low to effectively control pest infestations, he said. But. in the last few years, several coinpaniesdeveloped meth ods for raising and packaging ben eficial nematodes. Larger lawn and garden stores and retail nursery outlets often sell this new pest con trol product. Beneficial nematodes are add ed to water, then applied according to package in structions, said DeAngelis. Be sure to read and follow the directions on the label Timing is utmost importance - ap ply nematodes when the soil tem perature is above 55 degrees F and the soil is moist. Fall or spring are the best times, he said. The nematodes move through the soil and enter a host insect larva through natural body openings. They enter the host's blood system and release bacteria that multiply rapidly. Within 24 to 48 hours, the pest larvae are dead Beneficial nem atodes will not persist in the soil until the next year “ But the good news is that if you do a thorough jo b o f control, you probably won t have your weevil and beetle pests back, at least for a few years," he said. 7 • ■- • J ' • • ' , y ' * .. * • ' * *A ’ . ’ i t ‘ » . . *> / - Tf "» V.' . . i ■ -I • •/ 'Yi ' . •> ;y J »>• : ‘*1 ¡ ■ » .y :& ■ : T rest assured that the manual gets into the more exotic home repair tasks such as eliminating holes in mason ry; plumbing problems, repairing or replacing cracked or w arped outside siding and shingles, and repairing flashing and caulking roof joints. Berko tells us that most home repairs are simple and can be mastered with no previous experience with tools or home repair. The manual provides easy-to-follow instructions, indicating the proper tools and materials to have on hand at the outset, making a visit to the hardware store in the middle of a project unnecessary. This 88-large-page book, Small Home Repairs Made Easy, is avail able for $5.95-(plus $2 p&h) from Consumer Center. 350 Scotland Road, Orange, NJ 07050 or 1-800- 872-012! with credit card. An added benefit to doing the job yourself is that you will probably do a better job than a workman who is try ing to do the job in the least possible time, said Berko. “It’s good for people to do their own repairs.” he said. “It saves money and it’s a source o f satisfaction.” This book has just been updated Area Window Dealers Offer Services To Homeowners And Contractors • Five local window dealers, Columbia Door & B indow Compa ny, Portland; Fdelen Custom Doors & Windows, Portland; Kingsley Lumber, Portland; and McCoy Stair & Millwork Company, Portland havejoinedllte 1995Andersen Win dow Center(R) Program. A ndersen W indow Centers are resource centers that help homeowners and building and re- m o d e lin g c o n tr a c to r s b rin g Andersen Light — a unique com bination o f natural light and su perior window and patio door technology — to life. Trained window specialists use product inform ation, displays and litera ture to provide expert advice and ideas for rem odeling, displays and literature to provide expert advice and ideas for rem odeling, new construction or replacem ent p ro jects that include w indows and patio dooi . A ndersen W indow C enters also help bring A ndersen Light home with a special book offer. The Andersen Home Plans books, two books featuring over 80 home :|Iu rifatti» OOliscrncr A N plans, are available at A ndersen Window C enter location. Each book is only $2.95, and offers consum ers a wide choice o f home plan styles and sizes. A special book developed for building co n tracto rs is also available. The book contains 160 home plans and offers con tracto rs com plete floor plans and four elevations. Join us in celebrating “SThe ^Jnrtlanb (.©hserucr’s Twenty-fifth Anniversary. Advertise In N Call 503-288-0033 B a n k in g L IS C E N S E D IN O R E G O N S IN C E 1975 Singles & Seniors, I can help you! “1st Class Guarantee" A -Z E B R A a Realty Inc. , rmls 300 NE Multnomah, Suite #27 Portland, Oregon 97232 George A. Hendrix MBA. GRI. Broker to include new products and tools and now includes simple instruction on installing your own telephone and extensions. Berko is executive director of Consumer Education Research Cen ter, a national non-profit consumer organization founded in 1969 and devoted to educating consumers. CERC gets all proceeds from the Sale of this book. As a director of the N.J. Home Improvement Contractors Associa tion and former head of one of the state’s largest home improvement contracting companies, Berko has had many years experience in the home improvement field. He found that many times homeowners, intimidated their mis taken impression ofthe difficulty of a project, would hire contractors and still be unhappy by the quality of the repairs. Even if a homeowner does not choose to do the home repair him self, this book will demystify the process, giving him the knowledge of what needs to be done, how com plicated it is and what it should cost, said Berko. (503) 2301390 • (Res.) 287-6837 on A m e r ic a ® Get a $200 Bonus With Every BofA Home Equity Line. NEW, RETURNS OVERSTOCK C° t $ te ^ CU t T 335-5985 4069 N.E. M.L.K. Blvc & 162nd & Division (Division Crossing NO P O IN TS & NO FEES L IQ U ID A T IO N You’ve heard o f smart money, right? Well this is very smart money. Because you can use a home equity line to pay off 1 can double the upstairs room - before the twins arrive. high-interest credit cards, save for college, fix up the house OUTLET whatever you want. Not only will you pay a much lower interest rate, but that interest may be 100% tax deductible. Your financial advisor can help you with that. C O M E A N D SEE W H A T Y O U R M O N E Y W IL L B U Y A T 50% T O 75% O FF R E TA IL We’re here to help with a terrific interest rate and, if you open your line of credit by May 5, you’ll get a $200 bonus. Plus, % P re s e n t 10% c o u p o n w ith p u rc h a s e fo r a d d itio n a l s a v in g s . Expires 6-09-95. SPECIAL IN T R U D I t TORY R AIL there are no points and no fees. If you need details, or would like to . j apply, stop by any BofA branch or call us at 1-800-THE-B of A. You're smart. Your money Furniture • Bedding • Clothing Rugs • Housewares «Tools «Toys Electronics • Lamps • Flateware Auto Accessories And Much More! QUALITY DEPARTMENT STORE ITEMS NEW STORE HOURS OPEN WED-FRI 10-6, SAT 10-5 should be, too. m Bank off America Mike from Legal ha» some important reading for you To be eligible for this offer apply by 55/95 activate by 12/31 95 The special introductory discounted rate only good until October 31 1995 The APR which can vary monthly was 10 67% on 2/9/95 Your rate will never be more than 18% The APR on an optional fixed rate loan taken on 2/9/95 was 9 45% to 9 60% depending on the term and loan amount There is a finance charge of $50 for each fixed rate portion after the first loan Introductory line of credit and fixed »ate loans are based i B i 4 heckmg Account If automatic payment is stopped the rate will increase b\ 1 2% A $65 annual fee is waived the first year No points no fees otter based on TAV up to $100 000 if appraisal is required a tee will be assessed Adequate property insurance must be maintained ©1995 Bank of America Oregon Member FDIC mm LEN D fcR f gg&a w c,. C arol S avonen main fixed at 8.99 percent APY through October 31. 1995. and will then revert to the bank's standard adjustable rate. The bank is offering the special rate and bonus to attract new custom ers for loan programs. "Add it all up — the $200 bonus, no points, no fees, and the great starting rate and we feel this is the best value around. We think customers will appreciate it because it reduces their up-front, out- of-pocket expenses to nothing." said BofA Chairm an W. C harles Armstrong. "In addition, interest on the Eq uity Maximizer line of credit may be 100 percent tax d ed u ctib le." Armstrong said. in small jobs. The cost, coupled with the agony of waiting for the return call and the time off from work wait ing for the service person to show up, often late or not at all, make a minor home repair a major headache. Robert Berko may have the an swer for you. Berko is the editor of Small Home Repairs Made Easy, a manual that lists step-to-step direc tion on how to do around-the-house repairs. A ccording to Berko, such my steries as unstopping the toi let, fixing the door bell and repairing the garage door are within the capa bility of even the most unskilled and unschooled among us. The paperback manual starts your education even before you at tack the problem with an illustrated rundown of common tools you will need and how to handle them. For example, the novice will appreciate the illustrations of five different types of hammers, such basic revelations as how to start a nai I and how to avoid hammer marks on wood. But lest the more experienced among you scoff at a book that de votes a page to hanging a picture, shelves and other things on a wall, . J. s f Tb > w
