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Show Page 10 W-lj- e tlluraa-efrr- As home mortgage rates begin to dip again, more people are considering refinancing their old mortgages. There is more to consider than just a low interest rate, accord- ing to Dr. Leona Hawks, Extension Housing specialist in the Utah State University College of Family Life. The best time to refinance depends on the interest rate difference between your existing mortgage rate and the potential new rate, closing costs, how long you plan to live in the house and your tax bracket. Hawks said, as a rule of thumb you should seriously consider refinancing if you are currently paying two percentage points or more above the lowest rate available for a similar mortgage. Hawks says, for instance, if you are paying 12 percent on a $60,000 mortgage, your 30-ye- ar monthly payment runs about $617. By refinancing the same mortgage at 10 percent, your payment would be about $526 Hawks says you have to be refinancing may put you in a higher tax bracket. This may ready to act quickly when you make shorter term mortgages think interest rates have botsuch as a 15 year mortgage more tomed out, but you should not refinance without looking at all desirable, especially to in the tax bracket of 33 the costs and implications first. year you refinance. They must be spread over the entire term of the mortgage. The 1986 Tax Reform Act may also affect your refinancing decision. Mortgage interest and Another Wave of Refinancing by Dennis Hinkamp Wednesday, February 21, 1996 Nephi, Utah s document preparation and misc. legal fees. This could come to $2,000 or more. With this infor- points remain deductible, but percent or above. mation, you then need to calculate how many months of low- Continued front page 3 ered mortgage payments it will take to recoup your closing costs. associated with refinancing. The If the lending institution is the two percent rule of thumb is de- same one where you have your signed to help recoup the added mortgage, ask if they will reduce costs of refinancing in two to the closing costs something three years of reduced mortgage called streamlining. Hawks says there are also and the permit was lost. He said, censing, the leash law and noise payments. So, if you plan to live I think the town should try to get ordinance were discussed brieflin the house for a longer time, three tax considerations: second foot of water back. ythat lower rate a consider interest Paying refinancing you might Golden Mangelson told the for reductions even smaller than on your mortgage means you will The state engineer is still issutwo percent. Conversely, if you have less interest to deduct at ing culinary water permits in council he was ready to subdivide have a mortgage with prepay- tax time. That in turn increases this valley and with more people his property on the northeast ment penalties you may want to your tax obligation and thus re- coming in, Shepherd feels the comer of town. He is also preparwait for a difference larger than duces the total savings from re- town should ask for the permit ing to build roads to the propertwo percentage points. financing. The lower your tax to be reinstated. Council mem- ty. A few months ago, Mangelson So for your particular situa- bracket, the longer it may take ber LaRee Aagard agreed that had asked the council to annex tion, she says you should first you to recoup the cost of refinanc- some action should be taken. The some property that he thought water department is part of would help keep the roads in line contact the lending institution ing. duties. She asked Shep- with the existing town roads. and find out how much closing Discount points and loan costs will be. It may vary be- origination fees usually are im- herd to give her some direction The annexation was denied. tween lending institutions. This mediately tax deductible. How- and she would go to the state Mangelson said he then sent a usually includes loan origination ever, when refinancing, the IRS engineer. Shepherd agreed to letter to Mayor Dubinsky, requesting to meet with the Board fees, application fee, title insur- does not allow points paid to be help in any way he could. Robert of council deducted all once the at Shepherd, Adjustments. He had not during ance, appraisal, credit report. member, questioned the action heard from them. I understand taken last month concerning the the town is looking at some kind East Juab County Development of plan, where you are going to Committee. Shepherd reported tell people where you want to that Glenn Greenhalgh had told expand this town and where you him the policy with the Econom- want the roads, said Mangelson. ic Development Committee was Id appreciate knowing if you to have two representatives from want the roads someplace else each community. before I build the roads, he said. Some background. During the He noted that the roads in his regular meeting in January, the plan are not in the ideal place, council changed the Levan rep- but he would have to put in the resentatives on the East Juab roads anyway. County Economic Development Mayor Dubinsky replied that Committee. Mayor Dubinsky, they couldnt stop him and that council representative, and Gold- when an annexation was denied en Mangelson, representative at it goes to the court system. large, were released from their Mangelson felt the issue duties. Ralph Wilson, council should go before the board of admember, was appointed to rep- justments not the court. resent the council on the commitCouncil member Shepherd intee. A representative at large was dicated that the procedure was a $91 savings per month. Prop- erty tax rates and insurance cost will remain constant. You might be thinking, Why not refinance even if you could save only $45 per month? Hawks says there are other costs home-owne- Lewie GiHty eews Aa-gar- ds not appointed. rs unclear. Two different authori- month. The time frame will be for 6 months, from April through September. The council discussed whether to fix or sell the town owned scales. The scales and pit are in need of repair. An estimate for repair was given at $5000. The council would like to see the scales stay in town, for the use of the towns people, but realize the cost to repair them is great. The ideal situation would be to have them moved to a better location, one that is level, and near a business, where someone would be available to run them. Sandy Miller, Country Junction Convenience Store, received approval for a building permit to put a canopy over the fuel area. Dwight Angus received approval for a building permit for a log house. Before approval of claims, Council member Robert Shepherd, pointed out that the new board members should receive $100 per month unless they volunteer to reduce the amount. The past council members had voluntarily reduced their monthly pay to $50. Continued from page 8 The other red meat Mayor Dubinsky indicated ties on the subject had given the that Mr. Greenhalgh told her council two different directions. that he didnt know why two peoThe policy on tree removal ers have farmed other crops or ple were representing Levan and was reviewed at the request of animals and are now trying osthere was no reason for two from Council member LaRee Aagard. trich. The Zion View Ostrich Levan to be going to all the meet- Council member Shepherd notRanch, for instance, also has a ings. She said she didnt know ed that the policy has been that large grove of pecan trpps He says there is still a lot of anything about it and would no one can cut a tree down in NEW CLUB OFFICERS THE GFWC 21st Century I Delphic Literary Club held its election of offic- check front of someone elses property, research to be done on adapting on it. ers party on February 15th. Club officers for 1996-9will be: Ann Denece Robinson, center, president; Business owner, Sandy Mill- unless they have permission ostriches to this area of the Renee Peterson, secretary; Lucille Bryan, treasurer; and Sharon Garrett, Marty Senn, discussed her concern with from that land owner. A permit world. In South Africa they often er, historian reporter. issuing a license to people who for removing trees is available in just forage for whatever wild food come into town and sell products the town office. The beautificathey can get on the range. Here off the street. She told the coun- tion committee asks owners who ' they eat alfalfa and specialized : v '.v V'.v; cil she objected to allowing the remove trees to replace them by pellets. Its possible they could man to sell jerky out by the park. planting in a place where the also eat some of the pecan by Amberlee Worwood, business tree will not interfere with pow- products. owner, also commented on the er lines. fact that he is allowed to adverThe town is in need of volunOstrich ranchers are also extise on the street, but she is not. teer fire fighters. Those interest- perimenting with different types The issue was discussed. A ed can contact Jason Worwood, of breeding, Hinton says. One K question on whether or not the acting fire chief. Lee Spring, method is to put them in trios town has to issue a license came while fire chief, did a lot of work of two females and one male. up. It was also determined the to update and organize the de- However, there are other breedman selling jerky is not stationed partment. This has helped with ers in South Africa that raise within the town limits. citizens fire insurance rates. A them in herds of Council member Bryce Chris- functioning department is necesHe says Utah growers have tensen asked to have a full writ- sary to keep the lower rates. formed a cooperative association ten description of a dog when a Bids for upkeep of the Levan and set a slaughter facility in dog tag is purchased. Kennel li Cemetery will be taken next Fillmore. 7 t; - . - 200-30- 0. Filing federal tax returns in Utah will undergo some changes in 1996 Filing federal tax returns electronically in Utah will undergo some changes in 1996, the Internal Revenue Service announced today. g Due to measures, electronic filing will not be offered at the IRS Ogden Service Center or local IRS walk-i- n offices in Salt Lake City, Ogden, Provo, or St. George. Free electronic filing will be available only at certain VITA (Volunteer Income Tax Assistance) sites along the Wasatch . cost-savin- Front. IRS-train- volunteers will ed staff the special VITA sites, which will offer free electronic filing to low income persons, military personnel, the elderly, disabled individuals, and speaking people. In addition to the free electron non-Engli- sh at special VITA sites, IRS says many taxpayers have several alternatives to filing standard paper returns: electronic filing by paid tax practitioners; TeleFile, the IRS program for qualifying single taxpayers; 1040PC, a tax preparation program for home computer users. Many paid tax practitioners offer electronic filing as a special feature to tax preparation, perhaps for an additional fee. Returns filed electronically have proven to be more accurate, easier to process, and allow quicker tax refunds, usually within about three weeks. TeleFile will allow taxpayers receiving special tax booldets to ic filing offered ne their returns by entering tax information using a touch-ton- e file phone. TeleFile is totally paper- - less and will be available 24 hours a day, in English or Spanish. Home computer users may find the 1040PC program a preferred way to file. The 1040PC program is included in various tax preparation software packages, which are available in many software stores. Taxpayers may also phone the IRS for the following help: Forms Assistance requests for federal tax forms; Customer Service tax account help and answers to federal tax questions; TeleTax information on specific tax sub- jects. This Newspaper and all inserts included are recyclable Please Recycle! mnant Rail- v'ta - i i nir.raHaj?,r ' ZHOU1 Mi |