| Show Zbe5att akt or rt It - hassified Ads: i k t 237-200- unt EAL ESTATZ I) Oh 'Lr-rib- CLASSIFIEDS El CROSSWORD GI SUNDAY October 3 1993 0 - Gliity - I ol tgages Enjoy 1A 1-5"Yeal L t 65 adjustable-ratmortgage on his home and took out a 15- year mortgage at 7570 Since Murray refinanced rates By John D McClain THZ ASSOCIATED 1 — Likc mil- WASHINGTON f lions of other Americans Larry urray recently refinanced the Tnortgage on his home But instead of reducing his monthly payment Murray now pays 1150 ore a months though he cut the ength of his loan in half mortHe traded in his note gage for a Just seven years after they fixed-rat- e were introduced now are the mortgages for I5-ye- r' second-m- loans that ost-popular 15-ye- mortgages have ar dropped to about 641 as of last week and he's thinking of refinancing again Fifteen-yea- r mortgages now represent more than a third of the overall home loan market as seek to reduce interest payments build home equity faster and pay off their debts before incurring new ones fixed-rat- e Callejon said the most is still the mortgage popular type of home loan a little more than half of the market The balance includes 5- - and loans and various other combinations including adjustable-rate- s Not only are people are taking out mortgages to buy their homes many are using them to refinance current mortgages In a refLiancing the homeowner pays off an old mortgage by bor 30-ye- I rowing a new mortgage But not all will find themselves with higher monthly payments like Murray did Some with higher mortgage rates than the 65 that Murray had before refinancing will find themselves with similar or even smaller payments "If a borrower had a mortgage at 10 and went to refinance today they could get a 15- year loan at 65 and keep their payment about the same" Calleion explained "Obviously that would cut the interest expense e PRESS 30-ye- tremendously" In fact she said that moving from a 10 mortgage to a loan with a 65 rate would save $140000 over the life of a $100000 mortgage since the total interest payment would drop from about $200000 to juzt $60000 James W Christian director of the Real Estate Center at Texas 30-ye- ar Americans use to buy homes or refinance their mortgages "A lot of people choose them so they can plan on retirement for the time their kids begin college pr for other expenses they expect to see in that time frame as op iyosed to 30 years" said Donna pallejon senior vice president for y marketing at the rederal National Mortgage Assopiation Murray paid off the 30-ye- ar 15-ye- ar 10-ye- ar 15-ye- ar single-famil- 30-ye- ar people would give up some tax deduction because of the lower in if ) Es a I ' 0111111EP 0 THE WASHINGTON o"'4 11s 1 l'' ' c177 N ALI Mr Clark -- : Ms Clark ' - fito ' :'41t- - 4 ' ' Aer I Mr Jackson ern Europe and the Middle East In Slovakia an American builder will erect 1200 small units (384 square feet each) to house some of the 7000 workers at a food plant scheduled to open soon A private contractor in Saudi Arabia has ordered 250 larger units to erect an experimental urban village Each of these 800- units has three bedsquare-foo- t rooms and two baths The houses at a cost ranging from $5000 for the smallest shell to twice that for the larger units with interior walls come from Herbert G Yates 70 creator of the "quickie" homes who manufactures them out of Quebec The inventor says the houses could potentially be used a lifetime Made from recycled paper products treated with a hard ft k-- ' :voe) i - t:: -1! Ms Jackson - 1 k :'”- I : 1 '''' LIF- ' 1 i ' 11:'' 'H '' '' ft ' a Aft-n- iMs Anderson e Ms Lai Ms Stauffer Ms Farrington mortgage Because of changes in federal tax law in 1986 only interest on home mortgages can be deducted from a homeowner's income tax bill Not all people feel at ease with higher payments over a shorter length of time Stephen Powell an accountant in Fairfax Station Va said he refinanced his mortgage last month term but retained the "I didn't want to get locked into a higher payment" he explained So when should a homeowner consider refinancing a mortgage? "The rule of thumb is that your current mortgage needs to be about 2 percentage points above the current interest rate" Christian said Also lenders say homeowners should consider how long they plan to stay in their house and how long it will take to recoup the settlement and other costs associated with refinancing Question: You recently told a reader who was trying to sell his house that he should tell potential buyers about his basement's tendency to flood in the winter even though it is currently dry My home has some other problems that I don't want buyers to know about because I'm afraid it Will lower my selling price What other types of problems must be disclosed to buyers? 30-ye- ar REAL ESTATE me 1 I DAVID MYERS Answer: Disclosure laws vary from one state to the next Most states require sellers to tell prospective buyers about any structural problems such as a cracked foundation or a defective plumbing or electrical system Buyers in most states also have the right to know about any environmental hazards including the presence of paint or contaminated soil Additions or repairs that don't meet current building codes or were done without necessary permits must also usually be disclosed So must any lawsuits that affect the property as well as any noise problems caused by nearby ers competitive when it comes to financing houses or are we better off dealing directly with a bank or savings and loan? finish the basic paper house measures 16 by 24 feet It has four windows and a door and comes as a kit of flat panels that can be assembled by two men in less than a dar according to the manufacturer The house is held together with f me and no nails or special tools are required Designed originally for use in emergency relief where people have lost their homes to hurricanes or wars the paper house is a cousin of Yates' other invention a shelter intended to house feed and tend disaster victims The structure complete hangar-lik- e with doors windows and skylights is even more mobile it can be set up on any type of surface in minutes with Velcro closures It sells for less than $400 roadways packages because they're big enough to obtain a "bulk commitment" from a lender In a typical arrangement the build- er might get a bank or S&I to offer interest rates to all buyers in the development The lender assumes that the lower profit it will re- - i alize by charging each buyer a 4 slightly lower rate will be offset by the sheer number of loans that it will write In an ideal situation the builder also benefits by selling the homes quickly and you save money by getting unusually good terms on your mortgage Still financing your purchase through the builder isn't an ironclad guarantee that you will get the best mortgage deal If the developer got its commitment from the lender several months ago and rates have since plunged you might be able to get a better deal by using a different lender Protect yourself by checking with a few other lenders and mortgage brokers below-mark- train airports tracks and the like Local sales agents or a good real estate attorney can help you determine what you must tell prospective buyers and what you can keep to yourself Or you can follow this basic rule: If you don't want buyers to know about a particular defect the law probably requires that you tell them about it DOD Question: We have been looking at homes in nPu tracts Many of the buildholt-sin- g ers we have visited offer spe- cial financing programs Yates said representatives which would save us the trouble of going out and finding a lender by ourselves Are build from the United Nations met with him to discuss the possible use of the shelters in various locations throughout the world often Answer: Developers offer attractive financing lead-base- d stucco-lik- e A paper house designed for use in emergency relief will soon become long-terhousing in East- 11 Ab4 ' POST m -: Affords Protection to Buyer Seller' 15-ye- 'Quickie' Homes Are Made of Paper VI OV'Slri3 N I- University said most A&M terest payments of a of Home's Shortcomings Disclosure Readers can send their letters directly to David Myers PO Box 2960 Culver City CA 90231-296- 0 I at Proactive kNew associatesLake Salt City are Jeff Jerry And Michelle Clark tnd Tammara Jackson- - Sharon ERA-Carls- - - real-estat- ERA-Carlso- joined the St George office of Mansell & Associates Mortgage interest rates have fallen for the third staight week and adjustable-rat- e mortgages e low accordhave hit an ing to the Federal Home Loan Mortgage Crop's weeldey market survey For the week ending Friday the fixed-rat- e national average mortgage interest was 689 down from 695 the pre- vious week A year ago the 30- all-tim- 30-ye- ar 793 The rate for year-rat- e n one-ye- Treasury-indexe- d ar h : r --- 0 down from 429 434 a week earlier The previe low for ARM rates ous was 433 on Sept 10 Freddie el-tim- - lorm m 40-33- OPEN 1465 EAST CALLA (1016561 NEW WITHOUT Incredible 2story 4 nit bedrooms 3 baths cherrywood kitchen and extas galore Great deighborhood family room off WAITI kitchen did and ill vaulted collinGs 3 months Immaculate! $189900 RO- - TERRY OPEN LANDA AYE GUNDERSON LANE (4070 HOLLADAY OHARMERI Wonderful Holladay white bungalow with coved ceiling IC living room Nice family room S) 2 bedrooms 1 bath Fireplace thermowindows newer carpel it appliances Very nice yard $139500 JIM LUND 2867234 IWNERAGENT 9250 SO071134321 Beautiful home OPEN 200-40- 0 WEST NEW USTINOI excellent condition Inside and oull 4 bedrooms 3 baths huge kitchen and family rocm large fenced private yard' $106000KRIN JiNSEN 14FIN 2669W 200-40- 0 DEBORAH DRm (93354 896150 Beautiful West ky01 ciro amble h 3biedroorns2 baths large kitchen new Carpel Nice yard with patio garage KEVIN JENSEN 286- - cit 900447444 fills:PI:ENS:I 0: VII AVENUES (119'07N 1' 4H1 elli NEW ON MARKIT 3 thIrjceAterr 1400 EAST NEW Sugarhouse area Comfortable older bungalow hardwood UPdated6her Clilinfs a SOUTH LISTING! Upper auto E and sroriniterbas195 BILL 9k'5r -0 626628841m VIEWS IN SANDY' Views of Mountains volley and Great Salt Lake Vaulted ceilings tile Roots OGDEN Wonderful hi- location Very well deck 5 bedrooms 2 bbithrooms decorative yard libhting & morel $285000 VICKI TONY In viable Lot Only $ec ena coil MURKHERJEELIONETIE FERRAN cut FRANDeiss 'es today sot O'KEEFE 266411"9"13C ' 9260 SOUTH lir al WEST NEW LI S INO I Be auti lu home in owoliont ponai01 inside and cull 4 bedrooms 3 bolts huge kitchen f enced room la We W !MOON KE'Ver JENSEN DRIVE (9315 S) 19541IL Beautiful rambler in area West Jordan areal 3 bedrooms 2 baths large kitchen new carpel nice yard with polio ganger Home located on quiet street street KEVIN JENSEN WW"' 8I 000 JEFF 900 EAST NEW ON THE MARKETI Great splitentry in central location 3 bedrooms 3 boths secluded yard and a nice patio Call to see LOREN ATIWOOD 487- 5859 S 640 N CENTER (160 WI STORY VICTORIAN Charm throughout Fresh Interior new carpet & paint 3 bedrooms 2 baths Lovely new landscaping 2- - Includes small rental or guest cottage back In $59 ' 950 GLEN SON 0664 S EAT MAJESTIC ROAD (2915 B) WILLOW CREEK $136000 Beautiful 4 bedroom 3 bath residence near golf course huge kitchen valley and mountorn views garage large Ovate word KEVIN JENSLN 2a9300434-741- itt FIXER SIMONDI (390 UPPER $66000 House wpotential 2 bedrooms 2 baths being W remodeled fenced yard KEVIN partially 90S390 JENSEN 286- - 14 9600481-74- 3031 SOUTH 2515 WEST LOVELY WELLMAINTAINED HOME With mny upgrades lots of storage root 3 yews old nicety decorated nice por tioin remodeled kitchen nice large yard with sports court pool and RV bedrooms 2 baths 179903 MID UPMAN ond parking 2529 t FOREVER d 3 WILLOW HILLS DRIVE VIEWS! Sandy location of mountains valley and Great Sall Lake Vaulted ceilings deck 5 tile floors bedrooms 2 baths GALE FRANDSEN Views 7414 SOLID c S BOUNTIFUL 364 EVERLASTING VIEWSHICustorn-buit- BLVD t home with beautiful hardwood European kitchen spacious floor plan wonderful master suite are just the beginning of what you'll find for only $245000 Easy city commute Cali to private showing PAT WATERS adjustable-rat- e Average rates for mortgages mortgages with 20 30-ye- ar down payment Mac began tracking ARM rates in 1984 A year ago the ARM rate was 501 The rate for fixed rate morgages Friday was 641 down from 647 the previous rate week A year ago the 15-ye- ar 0000001 5 15-ye- ar was 737 i0 "The Federal Reserve indicated last week that it would not raise rates and this caused the " drop in imlerest rates for said Robert Van Order chief econoraistr for Freddie Mac "With continued low inflation levels and healthy but disappoining home sales we can expect the 30- year rate to remain around 7 through the end of the year" iN iD IM 11 1992 home-buyers- pn a mortgage Fees and points 689 15 Adjustable-rat- e 429 405 15 16 e mortgage Fees and points NE SE 679 697 14 696 13 688 691 14 14 438 14 453 13 444 423 15 14 17 Cent SW N SOURCE: Federal Home Loan Mortgage Corp sr I 1 i IS IA 11 West Knight-Ridd- II rt NI 61 31 al 2660 I EVERGREEN CONE S) D I S 0NIRS RA L'' 4 SM 4 4 AVINUE C TO RE pao A N D 0RIAI I OPPOTUNITY' Fabulous Milicreek property with 2 creeks 5 gazebos 8 decks pool with droning rooms 4 bedrooms plus office new kitchen large lioierjzrwoom large "41110P witn Dont miss procrty LipmAtot4 5920 SOUTH HUMMEL (4555 W) GREAT FAMILY HOME Open light vaulted coiling professional'' finished down Largo wood yard Great neighborhood close to snooping tromoottAoh oto too bedroom down could be woo room ceramic 'mod both moo sot ANN wADUNGION 627 I PARKWAY AVE (2400 S) HIGHLAND PARK 6129000 Wonderful Cope Cod home in great condition' 3 bedrooms 2 - baths formal dining hardwood floors French doors Beautifully landscaped KtVIN JENSEN 286- 96°3484-7t1- "155 VIEW DEVI (610 S) HURT OF SANDY Centrally to oyonehinot000lly located BRIGHTON don remodeled custom oak kitchen large fa mily room 5 bedrooms 2 baths Has II alli KAREN REED 571 do 4" " ARIA Stucco $15""' UNIVERSITY cottage Spacious 3 bedrooms 2 lull baths recently updated with new nonace water heater plumbing wiring cerlingsi (Horchvood floors still need Fenced side lord' refinishing) TAM CHARMING COTTONWOODS ufils rerl 11472 HIGH MESA (2160 14 lit stowed wow oAo or IN kol000d MO beressister td lad LOCATION YOU'VE DREAMED OM 12 acre in Sandy surrounded by rnountainsand unbelievableviews Closet° HicidenVolley GoitCourse Wen lot hones 5 bearoams 3 baths formai dining garoot Updated and wonderful There's so much to offer Don miss this onet Owneragent KAREN IA laid h coo Omer REED 2926 OAK or ad dowlist 'ob DRIVE (1150 3) HILLS Valley and mountain views from this beautiful brick rambler 4 bedrooms 5 baths Formot dialog lomItYloom Me tool pdvate yarci$249000111fiti JENSEN 4 6153 6422 S CORAL A LOT OF HOME DRIVE w ctorwinflom WONDERFUL L II (3850 beautital YordwfibtfultbUrOnd9raP Close to schools and shopping Outsionding area or newer homes 4 bedrooms and 2 full baths Must soot Only 866600 46191566htw3111 ood LOREN Great -8- 00-882-9880 W) (1400 FOR THE MONEY Loge family home with spacious rooms Full brick construction and mature landscaping Additioinal for 14 acre lot is available $30000 Acquisition ot this lot will enable owner to have horses $125000 GALE FRANDSEN 943- - LONDNDERRY BRICK DI (1515 St New construction at its best Superb ast9thhothoatt olowl b 100011- - 3 bedroomo 2 baths workshop in 90foOr redwood as& Ntitrt Y(41 chance at a OM home at a great (1940 S) CHARMING SUGARHOUSI BUNGALOW Clean & ready to move intoCover Id front porLh and backyard del( overlooking nice yard 174960 Osnetowl GLEN 2 GUSTAFSON VIEWS! Secure floor unit 2 bedrooms 2 baths dec k ove r oo k s po oI HOilltellOeCtil fee includes ail Register 1 bedroom2 being remodeled Will notice to show $125r utilities but phone MARCUSEN e maintenance manager $110000 KAZIMIR AUCIA 11751 S I) STONEVALLEY WAY IN SANDY custom features ooen with vaulted cellir office good storage (1023 OP AFFORDABLE CONTFMPORARY 1 N Many floor "(lin plan hoof garage nice bleached oak cabinets basemen' 2 years old Impeccable inside and outi GUTH GALE FRANDSEN átoNDosrlonsALE LOVELY 3 A T II 2 CONDOMINIUM Large deck with view of Capitol Hill Root garden with barbecues hot tub sauna ' 1 D R 00 CONDO Gorgeous Viese Or pork & volley wdecks oll g3 bedrooms 2 master livin- and baths formal dining secure s'11dIng 1190r09 Cli $122500 TERRY LANDA IllEtrill Hard to come by views w teat access to Univsrsnvondowntown Few steps pail ottroctive indoor atrium lakes you horn secured garage to your ovmoar TERRY (AMA CONDO Spacious 2 bedroom unit new appliances Hond countertops and Ill J floors in kitchen new double pone windows Great second-leve- l TERRY YLANDA - Phtl $54 ' 900 Up Little Cottonwood Canyon 19 acre water one Great shore including recreational property L7 S35000 LOT IN WASATCH 2270 EAST 4500 SOUTH 11 NOLLiDA I CONDO Super location Easy freewoy access 2 bedrooms 2 carports fireplace and central air Nice second-levcorner unit Great buy at only 147 ooa VIRGINIA GOODIN TURID LIPMAN BusiNtsropponuNny Superb east side location Well established with clients Great terms A excallent r don't miss this real BEAUTY SALON INOOMEIPROPERTY me WEST ILENNAN THIS MONEY Aug PLANT 16°2r:h TREEI Reap monthly duplex on one More merit two bedrooms n the Other Laundry hook-up- s fireplace Private fenced bockyards carports extra storage live in one unii Buy wilow down financing $66970 profits this irco 1 borOporono Ilitirellormmmernmemeinermes M'ad 65 00 showing 1284 KEVIN JENSEN 27612 scidn9"011 VIRGINIA CENTER contact KEVIN JENSEN 258- - 50 EAST ANGELO 1 DEVELOPING SOUTH SALT LAKE' COMMERCIAL AREA 10000 sq R lot on South Salt Lake area Ripe tor wvoulted skylights sauna cod roof always rented 3600 SOUTH RECEPTION 9E00 contemporary diorlolSioharolde $T Located on 40 beautiful acres One property with amazing possibilities' $599000 For private 359 EAST 1100 EAST OPPORTUNITY PLUS Walking distance to the University duplex 2-bedroom units Side one Is 5072 L THREE FOUNTAINE DWI (620 E) THREE FOUNTAINS CONDO Beautiful secluded location Backs park and golf COSMIC One of tho large 3 bedroom units wilargo private courtyard $779000 VIRGINIA GOODIN 276- - 1 A RESTAURANT LINDA ITAMI ceilings TIMID LIPMAN 364-- oppommity Imistmwt17: hon7ledeveconirerrveristillorgice GOODIN the 64 $4 ot bra to 2LL bow emetttoll KA FORT UNION 'WIC! BUILDING Prime CeSil MI valley location Pried for Owner occuPont wI3003 sq it available tor lease $650000 1E9000 310 I DowwitatoN mw Ego ids Lion to town and University Erick side- e Excellent inside and out 35-- 00 TERRY JANDA i i 71 i ( p0 111111 Uri AILALA—oda mikULALALA-A- 171 LOIVIOR Priced at only VIRGINIA GOODIN I ' "Ir LINDA INVESTMENT Duplex wGREAT i'"1)"em- 3 wconvenient location large lot meters zones RN wise Oil r I exercise area Secured building and parking Sin9oo Hurry this wont las" UNDA MARCSEN Cali N'114-4- (76"P-C-w- unfinished $165000 bedroom fart OPPORTUNITY GRAYSTONE $94000 130 ANTASTIC F 288 7242 corner location NORTH IN MARMALADE DUPLEX WEST) DISTRICT On Heritage Foundation fifth AITWOOD RAMBLER price' KAREN M REED II16 E RAMONA AVE CONDOVALLEY 110a EAST 2 733 UNBEATABLE 11108 424426 QUINCE (4th 175 SOUTH DONNER WAY 503 (2 9 6 5 14 CANYON CREST 9150 141 2ND AVENUE OAKHURST GUALITY DISCOVER TIIE PRUDENTIAL Adtlantage -- mid Opplood 5807054 422 NORTH I STREET FABULOUS CRAFT S M A N I U N GAL 0 W Wonderful Avenues home with all the charm you could wont Maple hoofs large nom Doren formai dining weal windows new kitchen and bath 4 bedrooms and a yard to die for! $135000 TURID UPI N JUST CALL PAULINE Idol LANDA TERRY BIESINGER FOR YOUR FRcE PACKET OUR TOLL-FRE- E NUMBER IS erodoowor nor A Roselans original wone level living Totally redone Fantastic family home on parklike acre amlost million $ estates $424000 OUR SPECIALP( IS PERSONALIZED RELOCATION SERVICE AND WE ARE COMMITTED TO MAKING RELOCATION PAINLESS FOR RELOCATION AND FINANCING INFORMATION no gTfAcut A r ji 10 1993 - US Fixed-rat- IM IA Regional rates (percent) PR RE IF 5712961 CNI Hurry byl CAMPSELL 5819307 134 MADISON 6 144 — EAST COATSVILLE AVE (1790 3 bedrooms 2 WON'T 1a) quiet 19CH"L GUST HARVEY 9TP So RUSKIN CIRCLE (3315E) GREAT CONTEMPORARY HOME Barely lived in Seciuded setting with beautiful mountain views Vaulted ceilings large master tulle with latt Shows like a designer mooroi home iiiiiEr LIPMAN 364- - 202 lust off Creek Road Builder will work with you to make this your homer JEFF CMAPBEll STREET 195 rufkliard' IOU S PROCTOR FARM CIRCLE (1915 1) READY BY MARCH! New 6 bedroom2 both be built 9566 INEINIUSTINGS11 td'16r nit $10600 0 NICIPlueNbel2111801:1425orultm' 3150 SCOIT CHRISTENSON TREMINDOLMVALUEll bkrdrooms 2 12 baths formal dining lesion'' leulurts custom kitchen Plan tation O utten Pfivoll yard Must see' LENGE 2461 KENSINGTON (WI S) OAKHRIS O169900 4 bedrooms 2bothscharrningrambied Plantation shutters 2 fireplaces La il OPEN 1803 0 TERRA LINDA 040030NOWS Lin AMODEU Hoilartay white brick rambler Shows like a modell Extra large newer oak kitchen lace curtains 3 bedrooms 2 baths new neutral carpet double parte windows mature trees timed yarcl dog Min full auto sprinklers Reflects aloe of ownership $115000 JIM LUND DR WAY LILY 2114 OPEN12:00-2:0- and Nupppr Roe IIMMIFICKISES1 mort- adjustable-rat- e was gages I D Fixed- - According to Freddie Mac's Survey $15132 toward ERA Real Estate Network's $12 million pledge to the Muscular Dystrophy industry Julie Stauffer has I Rates Fall for Third Straight Week Realtors have contributed real-estat- new-com- er Salt pro-dati- Anderson Melinda Farrington and Gary Clark The Clarks have been in the e a Salt Lake market for seven years and were affiliated with Miller & Company as were the Jackson& Ms Anderson a registered appraiser will soon graduate with a marketing degree Mr Kennard has been in the telemarketing business and will assist agents in marketing properties Miss Farrington fomer marketing director for Elegant Homes is marketing Soverign Homes' new subdivision e A to the City-are- Realtors on Lake City has named Carolyn Lai as the company's most associate for July Fran Fleisher president of the Salt Lake City chapter of the Woznen's Council of Realtors and a Gump & Ayers associate recently represented Utah at the national WCR meeting in Washington DC and earlier this year she participated in similar sessions in New Orleans Lynn Abbott an agent for Century 21 Harmon Realty has finalized the sale of a $14 milion fruit ranch near Goshen Craig Wood a Cowchilla Calif almond farmer purchased the ranch from Scott Ltmceford Employees of p |
