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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (April 14, 1961)
.'- C-19 MEDFORD MAIL TRIBUNE, APRIL 14, 1961 Several Means of Fi nancing Home Improvements Are listed Poor Kitchen Light Can Cause Accident Home improvement may be financed in a number of ways - , unsecured personal loans, collateral loans, and mortgage loans. Of these, the most common - and thji most expensive is the unsecured personal loan. . For many, it is often the only way to take care of relatively small improvement outlays. .... . ' Such loans may be obtained from almost any bank or sav ings and loan asociation. They may be arranged by the coix tractor who does -the work or the supplier of the mater ials. . - ; . It is advisable that after you have determined' what the cost will be, to make your own' arrangement ' directly with the financial- institution, preferably one' with, which; you carry a savings or check ing acount. ' .1 -v ' Unsecured Property -.i Unsecured property improve ment loans ' are usually made on .the basis of discount rath er than simple interest. For example, if you wish to ob tain $1,000 for two years, an amount commonly equal to 5 per cent, or $50 a. year -will be added to the amount and the total will be repaid in equal monthly installments over the period of the loan. This arrangement comes to something -over "9 per cent simple interest, and is about the best that can be had for this type of financing. About FHA Plans So that persons without col lateral may obtain financing, the Federal Housing Adminis tration insures lending institu tions against loses on unse cured home improvement loans up to a maximum amount of $3,500 and for a maximum of five years. For - information . about the FHA plan, visit or; write to your nearest FHA office for the explanatory , pamphlet, "Remodel, Repair, Repay with FHA." This pamphlet" Jists improvements eligible for fi nancing,. tells how to arrange for a loan, and gives the max imum monthly charges per mitted. ' Many ' banks and savings and loan associations have their own terms which may slightly vary from those sta ted by FHA. Conserve Value Bankers realize that the re pair and improvement of real Annnrn property conserve its value. Federal savings and loan asociations, for example, are permitted to make unsecured loans up to $3,500 without FHA insurance. . B y p o s t i n g collateral (stocks, bonds, or life insur ance policies) as security -for a loan, the charge will be on the- basis of simple interest rather than a discount pay ment and may be much less in total amount. It is usually preferable to arrange for col lateral financing rather than . the unsecured type where pos sible to do so. Mortgage Loans -' f-The third method of financ ing is by mortgage loan. If you are planning improve-- ' ments in connection with the . purchase of an' existing house,' it is wise to arrange to have Reg. $1.60 DOO-KLIP Grass Sheart I 99c Used Power Mowers $ from 1988 " Try Acme First For MOWERS! We have the BRANDS you Know and Trust' FREE PARKING their cost included in the same mortgage loan that is made to finance the purchase. ... The same rate ' of interest and repayment will be spread out over the same period as - that of the rest of the mort gage loan. This-is the most "favorable financing of all;. ' If you wish. to make exten sive improvements on a house you own, on which the mort gage has already been repaid, a new mortgage , loan' can us ually be arranged to . cover the cost.' ' " ', If the' mortgage is not com-' pletely repaid, it may be pos- . sible to increase it to cover all or most of the improve ment cost. This, called "open ending," i is however, possible- , and practicable only when ' 'provided for when-the' mort gage loan is made. . - Preparing meals with mod ern kitchen equipment has be come an easier task for the homemaker. But lack of prop- : er light in. the kitchen paves the way for accidents, making it one of the most dangerous rooms in the home, according to the American Home Light- ' ing Institute. Improving kitchen lighting can be easy on the budget. In many -cases, especially ..with - counter lighting, fluorescent' ' fixtures can be installed as a "do-it-yourself" project in old er homes. Two important things to watch when you plan for kit chen lighting are the color of light you choose and glare protection. Generally, deluxe cool white fluorescent is pre ferred for the kitchen. This light is easy to see by, and provides excellent color ren dition of materials you work with, "including -foods.- FLOWER FARM ' "2231. TABLE ROCK, ROAD Va Mile North of "Y" Intersection ' -Easy: Parking : Nice Plants 7; XT FULLER PAINTS CURTIS CABINETS FORMICA I WINDOW TRIMS I SCREENS '0 NO asatft- BlHUftRS DOORS ' " " '.. flours . Muminum rm - o 2 To April 13th to 20th IF F ! On All Sale Items FOLDING DOORS ; SCREEN DOORS ALUMINUM T BATHROOM WINDOWS i Accessories A UUUIIo ; 1 WlllUUWd 1 Ad A A A PAOGHAM GLASS & MILLWORK SFfCMlfSrS IN HOMIWAIfll 245 S. Central at 10th " " . Ph. SP 2-5201 1303 COURT STREET PHONE SP 3-4545 , " .. - Si if J Established In 1933
