.'-
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
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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.-
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' "2231. TABLE ROCK, ROAD
Va Mile North of "Y" Intersection
' -Easy: Parking
: Nice Plants 7;
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FULLER
PAINTS
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FORMICA I WINDOW
TRIMS I SCREENS
'0
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asatft-
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WINDOWS i Accessories
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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