Show HOME OWNING A FAMILY from comans bomin Is homo companion continued from last issue an ali r editorial article presenting tile hie results of an important investigation ti conducted by the companion into the question which will sooner or later lie a vital issue lit in your life ilfe THE HOME WHICH ANOTHER MAN OWNS you ray pay our lent in installments instalments eliy can call you not buy i home on the instalment installment plan when you are offered an unpretentious little cottage at al 2 W iry cry oil oh I 1 havn t 2006 to pay down when ou i ign a lease tor for a more pretentious suburban summer home say tor for five years at 30 a month taking the hive year lease because you do not dot want to lo be moved out through sale of property or to have lour rent raised as the value of the property advances you are v virtually promising to 0 o pay 1800 in ill five years for the privilege of living lit in the house tons e which li smother another man mail owns why can cant t sou au agree to pay the less pretentious souse louse on tile same terms anil and have lave something to show for it nt at the end of the period you ale aie not afraid to assume it a lease but ion are afraid 0 of a mortgage why it if you oil are afraid 0 of be jug foreclosed and ant driven drivell from the house which you start to buy then the 11 you should be equally afraid of not dot being able to meet bour our rent and being evicted you will have nothing to show how for sour rent except a lunch bunch of or perhaps the house tor for which you would pay 2 in five f lve years does not come up to the he standard stan dad you have lave pet iset for a home very verv well then own buy a better one and take a longer period in ili which to pay for it the main thin thing is to get it so that at the end of twenty Y live five years when your family has become self supporting you will own the home in ili which you watched them flient take bleil first steps play their first games study their fust filst lessons a home which echoes and thrills with beautiful child Ille memories morics will which would you vou rather haie bale the home ionic with it its memories or three hundred receipts for rent paid to a landlord who he at any hour can rob you of the house and all its memories yet yes if you can meet your rent you can meet your p payments on a horac at first it you insist u upon 1 0 n making tile the amount you have paid for rent cover not lot only bour 3 our payments and interest but the water tax tak and insurance you cannot liv live e in as pretentious a house as sou can rent at the same figure hu bl t t e ou on can call make t a line il f finer iner home AW Z ay which heretofore has gone tor for purely sel selfish fiall and perhaps alln cess nu of a sr 11 s sort 0 rt i hars tat knapicus 0 o 1 homeland home sand incidentally it if you love agal a gaidon dell so 0 much as you love a home and are willing to work for it your improvements imi movements rove ments will take a form that will ill repay you in reduced provision pio plo vision tills bills and iner increased eased table comforts the oiley money ii which has been given thoughtlessly thong lit lessly to children for candy more than was good for them or for short lived amusements and toys cast aside lit in a few hours tle money which wo we say we can never account for will now lie be accounted for in beautifying tile the home and increasing its value HOW TO RAISE THE THC MONEY having decided that you vou cannot rent any longer tile the question arises how can call I 1 raise the tit c money to buy b uy a home it is generally agreed among I 1 real eal estate dealers representatives of loan and trust companies and men who wl 0 make a practise practice of loaning money to t 0 home builders as well ell WS as men who have gone through the mill of acquiring 1 on the installment plan that a man mail should have at least twenty per rent cent of the cost of his 1113 home in hand it and before lie he starts to lo build or buy that balt Is the holder of the mortgage mort age whether individual or corporation corporal cor hoin doss do s not wish wi ill to t 0 advance more than eighty per cent of tile the value of lie he pi property prop eity flom tills this the amount loaned di drops 0 1 5 by degi degrees acs to fifty per cent or of t the I 1 a value according to 0 o the community and financial conditions presuming that you desi desire re to build a house worth 2000 ail and 1 I you are a man mail cat ding a salary of 25 a wel week k tile the mortgage and loan company would not lot consider consi dir you a good risk it if you had not been able to save float suh such a s salary alary twenty per cent of the home tile price or this may be in ill cash or la ILI lots at upon which sou on wish wih to build and to chich you hold a clear title or if you decide to pui Pu chase a 1 su suburban b home bioni a promotion pio motion co com n I 1 nany which lias has bui built it tile the houses bouses on oil speculation aou ou will be expected to pay down ono one tl tenth nth ot of the pi ice in cash and the rent remainder tinder irk in monthly payments equal to the lent they would charge hot ge for sue such abas a house plus interest on oil tile the mortgage lort gage which they babl you t to 0 pay taxes water ren t and insurance or if you hae joined IL a building and loans association and are pacing on a 1 number of shares after you have lave pa paid id in a cc certain 2 amount aunt jou will be permitted to bonow funds front from the same association so on your stock to build or buy a home in tills this case sou continuo continue to pay sour monthly assessments to the association on oil your stock kor which the file association pays you a small interest say tour four per cent when sour chur shares mature which generally le quires about tc en scars the al amount lount of oc money sou ou have lave paid in liquidates sour mortgage nut but beffie joining a building assoil association khien in investigate vestin to its financial management rigid rigidly ly and make sure that you sou are protected by bs your state banking laws many ot of our hold that the building ind and loan method is the least satisfactory ot of all borrowing boi rowing processes as sometimes even when the shares have matured mature the holder has difficulty in securing the melease of ills his property WHEN YOU ARE READY TO BUY when you on are ready to buy on tile the li plan di or mortgage the lit man a it or corporation that is to loan you tile he funds should be chosen with as much care as sou employ it in selecting ha house ibe there are arc many nily sorts of loan companies as well as many sorts of houses for in instance is the loan cOlu company PallY which charges you a 1 low rate of interest and then runs rung in various extras a high tec fee for tile the appraiser who examines the ho property another exorbitant fee for fol obtaining a clear title and finally what is known as a hollus bonus for having put through 1111 ough the loan or securing tile the nio 1110 ney some individual to whom might just as anell have gono gone in ill the beginning jhc T writer pe corpy ri ff mail inan wit who was wag n albed I 1 boutis bonus for a loan the man mail who is absolutely inexperienced perien perlen ced fit inseal I 1 eal estate estale trades and ini lertg vo limpy f sort biot jre wn esprit iSiTT TT alv ilkiw V stranger in the to town or city where he potes to locate lie he should learn something of its re real I 1 estate values dealers and maglic macket t often members of a commercial ulel caal club or real estate exchange who are interested in ili the advancement of their city will prove of invaluable assistance istance to tile the would be home owner they may know of associations forill formed ed to lid aid salaried men to homes holles strange as it may seem to those who believe tills this to be a generation of grab and gi graft a I 1 I 1 there are in many communities 1 es senti semi philanthropic move movements menis which have lave in connection with their heir various works funds to 0 aid home owners by ad advancing monos moncy at a low late of interest on oil contracts or ol niort mortgages gages which protect the sala salaried fled nan man in n case of severe illness and which sometimes include free plans for the lite cottage to 0 o be built this is not charity charily it is the work of lie file far ral farsighted sighted citizens and bodies or of el leizens who know tle the value of a llone home bwll owner V to the lie business and other interests of a cOmin community unity often these organizations make money for heir gilel r promoters sometimes they ale aie iun on so close close a basis that all tile the benefits go to tile ahe v would be home owner JUST FOR EXAMPLE let us examine well one of tile latter a purely local organization which is mentioned here only as a model by bv which sou 11 may ay judge the s 1 aich similar associations in ill your bour jovn community may offer sou it is is one of many perhaps not tile the best but at least a spec if c example of what whal excellent inducements du ale offered would be ba home owners by organizations tit throughout 1011 hout tile the country deal simply f and all directly with be borrowers rowers thrift is tile he ociela founded by Cli alles pratt in ill 1889 in connection with the he practical educational of pratt institute we quote directly Y flom the associations booklet it is tile the special object of tit tin 11 aft ft to eno entourage urage tile lio purchase of dwelling houses by those who wish to occupy them as homes and all applina lons for loans with ill tills this object in view will be dealt with in the most liberal manner with cecur sty ity the amount that will be loaned la 11 by tile the valuation of tile the propel ly by bs the appl appraisers alers in neatly neaily every c cae ie the thrift can call loan eighty per C tent at of tills valuation the actual cot in connection with the loan such as examining tile the property properly ea ichill records gu guaranteeing vallice ing titles drawing and recording papers etc must be paid by tile the borrower following I 1 is a table showing tile the monthly payments required require ost cost of 0 loans etc for a loan of 1000 for a period of ten 3 years cars interest intel Inte est iest on oil loan at six per ent cent |