Study Options When
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Mortgage Shop
By CARL WESTBERG
Mortage financing a taw years ago
was rather limited. A fixed-rate mor
tgage, usually with a 30-year term,
was about all that was available to
moat home-buyers. Now, a buyer can
choose a home loan with payment
terms to suit one's needs. That's good
and it's bad. With the various choices
comes some confusion and the need to
do a little studying.
So, let's take a look at some of the
alternative plans of today. But first,
the most important bit of advice -
shop around. Many mortgage com
panies and financial institutions offer
mortgage plans that are similar, but
not quite the same. Be sure to com
pare the interest rates and all loan
terms offered by each lender. Take
the time to talk with several bankers
and other mortgage makers.
If you're looking for property
through a real estate firm, chances
are the agent can sugest a few len
ding companies to you. If you're not,
consult a real estate broker. General
ly, they will be glad to help you.
And now, here are some capsule
versions of some mortgage plans
available:
A fixed-rate mortgage has un
changing principal and interest
amounts. This mortage is generally
offered at a higher interest rate than
mortgages with adjustable
payments. A 30-year mortgage is still
the one most commonly chosen,
however, fixed-rate loan terms vary.
For example, they have 10-, 15- and
20-year payback periods.
An adjustable rate mortgage (call
ed an ARM) has an interest rate that
can go up or down, causing the mon
thly payment to vary. It is usually of
fered at a lower initial interest rate
than a fixed-rate mortgage. ARMS
permit adjustments in the interest
rate at periodic intervals, generally
ranging from one to five years. Many
ARMS also have caps limiting the
rate changes for each adjustment
period.
A buydown plan is when the seller,
buyer or a third party makes a lump
sum payment (not related to the
down payment and closing costs) to
the lender at closing. This lowers the
quoted interest rate of the loan paid
by borrower, diving the first few
years of the loan's terms, or ia some
cases, for the full terra of the loan.
The buy down plan can be helpful in
getting approval for a loan based on
the lower initial monthly payments.
Next time, we will cover the new
equity mortgage, the graduated pay
ment, the wraparound and the second
mortgages, as well as the assumption
of an existing mortgage.
And remember to shop around!
Carl Westberg is owner-operator of
Harvest Real Estate in Marshall.
Prior to opening an office here, he
held a real estate license in Michigan
for more than 2* years. He is a
member of the Madison County
Board of Realtors, the Asheville
Board of Realtors, the N.C. Associa
tion of Realtors and the National
Association of Realtors. His column,
"Real Estate Review." will appear in
The News Record periodically.
School Board Calls For Public
To Join American Education Week
Members of the Madison County
Board of Education are asking
parents, students and civic and
business leaders to join in the nation's
annual salute to public education dur
ing American Education Week, Nov.
15-21.
This year's American Education
Week theme - "We The People:
Building Schools Together"- was
especially selected to commemorate
the bicentennial of the United States
Constitution.
"American Education Week is our
community's chance to spotlight the
accomplishments - and the needs -
of our local public schools," said
Robert L. Edwards, superintendent
of Madison County schools.
"America's schools have played a
major role in keeping each genera
tion of Americans dedicated to the
principles set down in our United
States Constitution," said Edwards.
"American Education Week is our
opportunity to build the support
necessary for schools to continue that
task."
American Education Week was
established as a national celebration
of public education in 1921. The event
is consponsored nationally by the
American Legion, the National
Parent-Teachers Association, the Na
tional Education Association, the Na
tional School Boards Association and
the U.S. Department of Education.
At the regular monthly meeting
Nov. 2, the Board of Education voted
unanimously to observe American
Education Week and Board Chair
man Jim Baker signed an official pro
clamation to that effect.
The Madison County Board of
Education has invited all parents,
civic and business leaders, elected of
ficals and members of the public to
visit the public schools during this
week.
Phillips
Receives
Doctorate
Dr. Bruce Phillips, assistant prin
cipal at Madison High School, receiv
ed his doctrate in education ad
ministration from the University of
North Carolina at Greensboro Aug. ?.
Phillips started in the program in
the fall of 19*4.
Phillips is married to Mildred
Payne of Marshall. They live in
Beech Glenn section of Mars Hill.
Phillips completed the degree by
writing a dissertation entitled "Ad
ministrative Revenge." The purpose
of the study was to investigate
revenge feelings, or attitudes of "get
ting even," and the effects these at
titudes have on the operation of an
organization, particularly a public
school organization.
Spring Creek Cloggers
Take Honors
The Spring Creek Cloggers, under
the leadership of Beth Ann Woodrow
Church, recently won second place at
the Clogging Hall of Fame competi
tion at The Stompin' Grounds in Mag
gie Valley.
This competition was open only to
those teams who had won first-,
second- or third-place at sanctioned
clogging competitions throughout the
year.
During the competition, held Oct.
24, the Spring Creek doggers won the
prestigious sportsmanship trophy,
presented to the team which best
represents the true spirit of clogging,
respect, courtesy, cooperation, love
and good will.
TKmu Mud Phillip.
171 Calvin Ednay MM
Mart Hill. N.C WM
October I*. Nov J. 11, If HW
STATS Of MOUTH CAROLINA
COUNTY OF MADISON
IN THI OENERAL COURT OF JUSTICE
SUPERIOR COURT DIVISION
ADMINISTRATOR'S NOTICt TO CREDITORS
Tlw und aolgned having qualified aa AB
mwietratrlx e? eetale at Clyde Maeaey.
doceaaed. Ma a> Madlaon County, thl* la t? notify
that aR panona having claim* agalnat Ma aaM
aetata to praaant them to Ma gndanlgmd an ar
bafora tha Jtth day ol April. IM. or thla notice will
ba plaadad In bar of thalr recovery All panona In
debtod to >aM aatata will ptaaaa maka Immediate
paymant to tho underalgned.
Thla tha Hat day ol October. WW.
Kata Maaaay
c/o Charm E. Maahburn
Attorney at Law
P.O. Bo* ft
Marshall, N.C. 2S7SJ
Octabar If, Nov. S. 12, If. 1W7
STATE OF NORTH CAROLINA
COUNTY OF MADISON
IN THE GENERAL COURT OF JUSTICE
SUPERIOR COURT DIVISION
EXECUTOR'S NOTICE TO CREDITORS
Having qualified as Executrix ol tho ostoto of
Wlloy P. Boona, loto of Madison County, this It to
notify oil persons having claims against tho said
astato of said dacaasad to present them fa tha
undarsignad Rapraaantatlva an or bafora April 22,
Iftl. at tha addrass of tha Raprasantativa as
shown balow, or bo barrad from thalr rocovory.
Dabtors of tho dacadant ara ask to maka Im
madiata paymant.
This tha 12th day af Octobar, ift7.
Ganava Ammons Boone N
P.O. Box tfl
Weevervlile, N.C. 2S7S7
w, a, ir. WW i. n. in?
NOTICE OF ADMINISTRATOR
Having qualified aa Admlnlatrator ot tha Eatata
ot RUBY REESE RAMSEY, lata e? 1SS Ballay
Street. Man Hill, North Carolina, M7S4. tha
undaratgnad daaa haraby notify all peraona. firm*,
and corporation having clalma agalnat tho aatata
of said dacadant to exhibit tham to tha underaign
ad Admlnlatrator at: Poat Off lea Box 140, Mara
Hill, North Carolina 2S7S4, en ar bafora tha 11th
day of May, tats, ar thla notice will ba plaadad In
bar af thalr recovery.
All paraona, tlrma, and corporation* Indebteded
to tha (aid aatata will plaaaa make immadiata pay
niMt* Mia i,n iSaralnna rf
man* to ma unavmgnio.
This, tha 12 day af Novambar. lf?7.
FORREST F. BALL
Administrator of tha Estata of
Ruby Raasa Ramsay
FORREST F. BALL
Attornay at Law
Post Offica Box 140
Mars Hill, N.C. 2C754
Tslaphons: 704/ AS?- 3600
November II. It. U. December 3. IW
TUMI OF SALE: 11 *-ClMk AM.
FLACK OF SALS: ?Ww County
door, ManfteU. NC.
TERMS OF SALE: To the kigkoot bidder for caoh.
M porcont deposit required at How o f late. Title
-n^ t flftrfltlnrt af.>. . Mu la 4 ' In/tliuilam mmu
lien* or two*. Mo will bo kald opon tor ton days
lor upaot bids according to low. II no upoot kid.
^y||| ^0 p^OfDpT *
tlomont or par dietn will be char god.
IMFBOVBMBNTS TO FHOFBBTY Include a
houoo (partially rock exterior) and ? bam.
ORIGINAL MORTGAGORS: Kolcy Farguoon and
wtfa. batty o. Firguoan
PRESENT OWNERS: Kolcy Ferguson
LEGAL DESCRIPTION: Lying and being In
Tommoklp No. 4 on Iko wool ?Mo of U.S. Highway
No. It. South ot tko Yoncay Madison Countloo lino,
akd boundod now or tormorty by Iko lando ot Ar
mor bollard and Harockal Buckner on Iko toulk;
by tko lando at Palmar Biankensklp ond day ton
nott on tko Woot; ky tko lando ot Palmer Blanken
skip. Kyo Rofctnoon ond Honry Modlord on tko
Nortk; by Iko lot ot O.A. Gregory ond U S Hwy No.
? on tko Boot; ond mora particularly doocrlkod
00 tot low* :
BEGINNING at o point In tko contor ot Otd
Highway No If ovor o culvort at Clay Bennett's
,, , .. m m ?^l.i nnlnt h alnn H>a hanlnnlnn nnlnt lab
corner, mho potni DViny nn DCvinnin^ pomi in
dooddatod ItOdokor, 1*74. to Kolcy Forgwoon. of
record In Oood Book I 10. page SM. Madison Coun
ty Registry ond runs Ikonco with ma contor ot
OM Highway No. It. South IT dog. Boot SO foot;
South 14 dog Eoat 90 toot. South 41 dog. Boot SO
foot; South S) dog. Eoot 100 faat; South 40 dag. ?
East JO* fool; South M dog. East SO foot; South SO
dag. East JO faat; South 45 dog. Boot SO foot; South
J7 dog. East SO faat. South SI dog. East SO faat,
South I* dog. East SO faat; South 10 dog Woot 100
faat; and South s dog. Wast 41 .0 faat; thonco laev
Ing said old rood and runs Ikonco North M dog
Eost Ml foot to tka contor of a crook; thanco down
ond with the contor of the croak. South n dog.
East 237 foot ; thonco moving said crook and runs
thonco. North S7 dog. Eoot m foot to a point m tko
West morgin of U.S. Hlghwoy No. W; Ikonco up
and witk said margin of said highway. North 24
dag. Watt 445.J foot. North 21 dog. West 40 feat.
North IS dog. West MO foot; North S dog. Woot 100
foot; and North s dog. woot 100 toot to the South
comer of the O.A. Gregory Gulf Service Station
lot; Ikonco with tko western boundary of said lot.
North St dog. West S40.S teat to ? point in the
center of the old highway, Ikonco witk the contor
of said old highway, Nortk 7* dog. IS* Bast 100
feet; and Nortk S4 dog. IS* Eaot 1J? feet to the
point where said old highway in lef sects with the
present U.S Hlghwey No. It; thonco with the
western margin at said highway. North 11 dog.
Eost 71 foot; ond North 11 dog. Eost 1M foot to the
Madison Yancey Counties lino; Ikonco leaving
said highway and with said county line North 45
dog. West 75 foot to the center of on old roadway,
thence with the center of said old roadway. South
M dog. Wool 1*5 tool; ond South 71 dog. West 415
feet to 0 point whore said old roadway Intersects
with Old Hlghwoy No. It; thence witk the center of
said old Highway No. It. Norm 7t dog. West 100
feet; North 77 dog. JO1 West 70 foot; South (4 dog.
IS' West 4IJ foot. South 74 dog. West 100 foot.
South n dog. West 50 feat; Norm St deg. West 100
?Mti m n ??. ?m ?m? ** mm * <5
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mm If On Urn IN Ml; mm tart* ? *?
tMtWMMMWMlmiMictMiMM
JT M Bl Mt to ttw ytM* 0? BCOINNINO
Thi* doocrlpf loo h drawn ?ram ? wrxi and plot
MM My 17. If7t, 1 nw property o? Kotey
Firw, moot MM pnpind by C.W (mini.
R.L.I. Tklt cwnyanct K mndt ?M>|oct to U S
HlalNMy M If to I* hill Ktal wMtnj to OM
hmhmv M. It I* It* Ml IM wMh. and to
pf p>tU>l OOftOfOOOtl fOC wfiiC^i ^pp?j|f Of
naW ?M t? iHWfy MiM ?t rncfrd.
SCOTT CARTER. TRUSTEE
Of cmmI:
CARTER AND KROPELNICKI. PJL
ntt. MarMI Mnct
A*Mvlll?. N.C. MMI
Tola phono km j? mm
Oct. J?. Mwmlwi s, 13, M7
VACANCY ANNOUNCEMENT
Date: October 13, 1987
Position: Mechanic II
Salary : $14,500 - Benefits Included
Term of Employment: Twelve (12) Months
Qualifications : Completion of grammar school required, high school com
pletion preferred. Four years experience in repair and maintenance of
automotive equipment. Technical training in automotive equipment
preferred.
Nature of work: An employee in this class serves at the journeyman level
in the maintenance and repair of school buses and other automotive
equipment. The employee is expected to know all established procedures
of automotive care and on assignment be required to know completely one
specialized system. Assignments are usually accompanies only by results
expected. Work in this class involves the direction and instruction of lower
level mechanics. The work is performed under the supervision of a Me
chanic Foreman or Supervisor and is seldom checked while in progress
but only as a completed service.
Illustrative examples of work: Identifies and diagnoses complex mal
functions.
Tests repaired and replaced equipment for compliance to standards .
Operates boring bar and other specialized power tools to recondition
complete motor assemblies.
Repairs and replaces brake drums.
Straightens damaged frames, repairs and replaces differentials, drive
shafts, front end and steering mechanisms.
Checks lighting and wiring mechanism to insure proper functioning.
Repairs, adjusts or replaces starters, generators, transmissions and
clutch assemblies.
Performs N.C. Motor Vehicles inspection of buses and other school
vehicles.
Provides instruction to lower level mechanics in repair and main
tenance practices.
Informs supervisor of parts to be needed.
Knowledges, skills and abilities: Considerable knowledge of the operating
principles of internal combustion engines, and all other mechanical com
ponents of school bases service vehicles.
and uses of tools and equipment
knowledge of
lint I
of