Show 1 HOW HOME IS FINANCED Department of Commerce Tells Where To Get Loans Prepared by the Division of o Build Building ing log and non Department of Commerce In purchasing a home a step mix may be unfortunate so get the best ad adIce Ice you can and natch every step First Arai of ot all what you buy Is the site and the Improvements on onit It it It If a building and loan association association tion llon or bank loans iou OU money on the tho property It has hu a direct finan financial cl cial 1 interest In helping Sou ou guard yourself on certain points such IlI as milking making sure uro that there are no old mortgages mortgage no unpaid back tales or bills for tor building materials or other claims ag the property Be certain Sour our title Is clear or hll halo 0 It Insured or guaranteed Learn of any easements such as the right of a telephone company to place Its poles upon your lot It If you lou ou make a purchase offer with H It cash deposit de Include a statement as to whether hether window shades stoves stove and other movable able property are re Included Risk from les loss b by fire tiro or elements should be assumed by the 0 owner ncr until the he title 1 passes to you Your otter offer should be bo dependent on your our obtaining a Q satisfactory lon loan to finance tho the proposition and the ability of the owners to furnish papers to show a good marketable title free flee from liens or encumbrances encumbrances brances In other words do not bind yourself to the purchase until ou are sure aura of what you are pay for tor and that you ou can finance You must be bo prepared to pay taxes on your property and special cial assessments for tor Ins Installation of water ator sewerage electric light ga gas or other public utilities or street paving and sidewalks Note what improvements are already made and what additional ones you may have to pay for tor now HOW TO PAY Y FOR OUR HOME In buying a a house and lot you must borrow what y ou cannot pay In payIn cash Remember that the more risks you assume the fewer the lender will have to charge you for Your promise to pay back baek what you borrow will be secured by a mortgage mortgage or trust on the property A flat first mortgage loan on not over OYer halt one half or two thirds of the value alue of a piece of ot property Is a very vel safe 10 Investment estment and the rates of Interest should bs be b low The Tho lender on a mortgages mortgagee takes more mor I risk and rats rates of ot Interest and nd dis discounts counts are aro higher It If you agree to buy a home without the th Urla Uti a om- om U Ing log g to you vou OU at once the seller takes tahe les less risk Ilsk and you ou may Sll save savo vo money There are aro building and loan as- as assocIations associations as associations throughout the country countr usually or organized to sen serve ser e the needs of o the tha people like yourself v who ho wish Ish to finance a home Their plan of ot weekly or monthly pay pay- payments pay payments ments meats both on principal and for Interest has proved sound from the experience of millions of people M as an aid to systematic saIng sa Loans ma mart mav often be he obtained from savings banks trust companies state slate banks Individuals and trustees trust trust- eed ees for tor estates Obtaining money on a 0 second mortgage Is usually not so easy euy that when hn the owner ot of II a o house takes a second mort mort- mortgage mort- mort mortgage mortgage gage In payment he may plan to sell It for tor four fifths or less of ot Its face value and that ho he probably charges chartres you ou accordingly Above all when you start to save savo for a home do not throw your money Into glittering schemes that promise big bill dh dividends and the tho chance to borrow money at 3 per percent percent p cent or less The concerns behind such schemes cannot be bo trusted |