Newspapers / The Charlotte Post (Charlotte, … / Oct. 1, 1981, edition 1 / Page 20
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Real Estate Viewpoints Kugene Pettis j WiseHo me Buying There are a number of ways to finance the purchase of a home. One, of course, is payment of the whole price in cash; but most people purchase by making a downpayment to the broker or seller, followed by required month ly mortgage payments of princi pal. interest, taxes and property insurance. Also, you may assume and agree to pay the remaining mortgage debt on an existing house! This method has several advantages. The closing cost will be consider ably lower, the interest reate on the old mortgage may be lower than the current rate for a new mortgage, and the transaction can be closed faster. When placing a contract on a home, the buyer is usually re quired to make a deposit of 5 to 10 percent of the price as earnest money. The house is then taken off the selling market until approve financing can be arranged. This deposit is forfeited to the seller if the purchaser defaults in carrying out the contract. When a home purchase is financed through a mortgage loan, the title is passed to the buyer upon closing the sale, but is subject to payments on the mortgage. Fail ure to make mortgage payments when due may result in the lender taking title to the property through legal means, such as foreclosure of the mortgage. You may ask, “How and where do I obtain a mortgage loan?” Mortgage loans are obtained from savings banks, commercial banks, savings and loan associations, mortgage bankers, insurance com panies - even from your wealthy uncle. Shop arOUfld, compare and find where you can secure a mortgage loan on the best terms for your financial condition, or ask your broker to assist you in this regard. You will find the banking and savings and loan institutions ready to work with you. This is their business. Local mortgage brokers and insurance companies are also possibilities. But., if you contact that rich uncle, be sure to keep the deal on a firm business basis. It is„import ant that you leave nothing to verbal agreement. The fine print is just as important in dealing with a relative or friend as in dealing with a stranger or a large, impersonal firm. Each of the mortgage sources mentioned niAy pruvlili! a luimen* tional mortgage loan, or one insured by HUD-FHA, or guaran teed by the Veterans Administra tion, if you are an eligible veteran. - In some instances a conven tional mortgage may be best for Second in a series you. inis may be true if you are able to make a fairly sizeable down payment. On the other hand, FHA insured financing generally en ables the borrower to make a smaller down payment and, fre quently, to make lower monthly payments. -Hr-aftec consideration, you de cide to apply for a mortgage loan insured by the Federal Housing Administration, there are certain things you should know about HUD-FHA and its method of doing business. FHA is an element of the U.S. Department of Housing and Urban Development which supports fi nancing for home building, pur chase and improvement. Under the FHA system, a home buyer makes a designated down payment and obtains a mortgage loan for the balance of the pur chase price. The mortgage loan is made by a bank, savings and loan association, insura nee com pa ny or other FHA-approved-lender and is insured by FHA. It is important to note that FHA do^s not lend money PF build homes/"It does insure • mortgages. r HA mortgage insurance is a contractual arrangement between the mortgage lender and FHA which provides that, should the lender convey the property or as sign the mortgage to FHA in ac cordance with specific require ments, FHA will honor the lend er's claim for insurance bene fits. FHA mortgage insurance will not pay off a loan on behalf of a borrower in the event of his death. The mortgage contract stipu lates repayment in monthly in stallments over a term of years. In addition to the usual payments of principal, interest, taxes and in surance. there is a fee of one-half of one percent per year on the unpaid principal balance for mort gage insurance The monthly in stallments of this "insurance pre mium" are included in the regular payments to the lender. a borrower must have an ac ceptable credit record, the cash needed at the closing of the mort gage agreement and enough * income to make the monthly pay ments without difficulty, in addi tion to the income required for --rarnrrinff hills «nH qther family needs. Existing properties must meet the general acceptability criteria and objectives of FHA minimum property standards These stand ards can be checked at your local FHA office Primetime Season ForXZBS ...“• Entertainment Begins Monday CBS Entertainment will official ly begin the 1981-82 primetime season on Monday, October 5, with premiere dates scheduled for all series on the CBS Television Net work and WBTV, Channel 3. Fourteen of the 25 series will have had their season premiere by —OctoberLOl, the end of the first week, with two more premiering October 12. Eight others will have first broadcasts of the season between October 26 and Novem ber 24, and the last December 4. Following are premire dates for CBS Entertainment series: M O N I) A Y "Private Benjamin" begins its second season on October 12, 8-8:30 p.m. "The Two of Us" also begins its second season October 12, 8:30-9 1 pm 1 -, _ "MASH,” in its 10th season, premiers October 26 with a special one-hour broadcast, 9-10 p.m., and returns to its regular time periods 9-9:30 on November 2. "House Calls," in its third sea son, premieres November 2, 9:30 10 p.m. "Lou Grant," in its fifth season, premieres November 1, 10-11 p.m. TUESDAY New Series “Simon & Simon” premieres November 24, 8-9 p.m. 'The CBS Tuesday Night Movies” has its season premiere October 6 with the "Return of the Beverly Hillbillies, 9-11 p.m. WEDNESDAY New Series "Mr Merlin" pre mieres October 7. 8-8:30 p.m. "W'KRP in Cincinnati" begins its fourth season October 7 with a two-part episode, to be concluded October 14, 8:30-9 p.m. “Nurse" begins its second sea son November 11. 9-10 p m. ^ l Revelation p/ A Ground Floor Opportunity Is Available To You Now Through Revelation Cosmetic Co. .;^e are a brand new multi-level marketing organization with a 5£ cTe'1^** ^ Care Pr0ducte *"< especUl7y oVr h»I^Se S“perior Products are scientifically designed for you based on the unique needs of your skin-Aloe Vera, Panthenol Jojoba and Collagen. The finest ingredients available have teen combined in exact formulations to help solve black skin nrohlems Our program is .ho „,.«r,[ answer io'blnichy sWn aZn eLw, and knees dead skin build-up and similar problems. Ah* v£7a roducts, designed with the black woman in mind will leave your skin refreshings clean and beautifully alive. If you’re tired of working hard, never getting ahead and would like to get in on a p.u^,rrf„x.”ppor,"n“y w,tb Give Cs A Call Today Or Send In The Coupon Below. Revelation Cosmetics Co. P.O. Box 26977 Charlotte, NC 28213 Name- ssssEBasgsa—<v^ Address—____ City_____ ZI p---—Phone A'ew Senes ' Shannon” pre mieres November 11,10-11 p.m. THURSDAY “Magnum, P.I." begins its se cond season October 8, 8-9 p.m. "Knots Landing," in its third season, premieres November 12, 9-10 p.m. .New Series "Jessica Novak” —oremiejfts Nnvpmher 5. 10-11 p.m. FRIDAY ..Interim Series "The Incredible Hulk" will return October 2 for seven weeks with new first-run episodes 8-9 p.m. "The Dukes of Hazzard" will have its fourth-season premiere October 9 in its old time period, 9-10 p.m.. and will occupy its new time period 8-9 p.m. December 4. “Dallas," in its fourth season, will also premiere in its old time period October 9, 10-11 p.m. and will move to its new time period ^TOpJfvT""' ~ New Series "Falcon Crest" will premiere December 4, 10-11 p.m. SATURDAY New Series "Walt Disney" will premiere September 26, 8-11 p.m.. BALLARD’S BARBER SHOP 1806 RozzeD’s Ferry Road Charlotte, NC. 28208 “IFe Appreciate YouFFatrbndge ” Phone: 374-9036 with a two-part presentation of “The Love Bug,” to be concluded October 3. "The CBS Saturday Night ‘Movies” premieres October to. 9- 11 p.m. SUNDAY "60 Minutes” will premiere on October 4. This is the 14th season of the CBS News television magazine “T-Hp "l - - “Archie Bunker's Place,” enter ing its 12th season (nine as "AH in the Family”), premieres October 4 with a special one-hour broadcast. 8-9 p.m.. and returns to its regular time period 8-8:30 p.m. on Oc tober 11. "One Day at a Time," in its seventh season, premieres October 11, 8-8:30 p.m. “Alice," in its sixth season, premieres October 4, 9-9:30 p ij^ "The Jeffersons” begins^ eighthyear Octqber 4 with pain one of a two-part episode. 9730-10 pTiT to be concluded October 11 "Trapper John, M D ." in its third season, premieres October 4. 10- 11 p.m.
The Charlotte Post (Charlotte, N.C.)
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Oct. 1, 1981, edition 1
20
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