Springville Herald | 1956-07-05 | Page 4 | How you can Get the Money for Remodeling

How You Can Get the Money For Remodeling Over a million families will be borrowing close to $7,00,000,000 to remodel in 1956, with the average aver-age project costing between $2,500 and $5,000. If you are among -them, you should have little trouble finding a Ipan to fit your needs, HOME MODERNIZING magazine advises. ad-vises. The experience of lenders has proved remodeling loans are good risks. Of the several ways to finance home improvements, few offer as much protection and as many advantages ad-vantages as FHA Title 1 no down payment, low financing cost (usually 5 per cent), as much as 2,500 for single-family homes, terms of three to" five years or more, and no delay in getting the mriey. If you have an open-end mortgage mort-gage on your house, the easiest, way to gat funds may be to use v the open-end provisions. These entitle you to borrow back, at the original rate of interest, any of the principal that has been repaid. re-paid. You'll repay by increasing your monthly payments enough to cover the new loan within the original life of the mortgage. Other sources of money may be one of a large number of plans offered by banks, savings and loan association, mortgage houses, credit unions, small-loan finance companies, insurance companies, real estate agencies. Many construction frms and building materials dealers have excellent loan plans of their own, and you may be able to make complete "package" arrangements arrange-ments with thera.