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Mortgages Now Regarded As Form Of Investment In keeping with our changing times is the new attitude of the Canadian family in respect to large purchases. At one time the word mortgage, for example, struck foar into the heart of the family provider and play- writers found 'a mortgage on the homestead' to be a ready formula for family tragedy. But, modern families no'long- er flinch at the word and there is no reason why they should. A mortgage need not be fright- ening or mysterious. It is just another way of saying 'loan' -- and most people look on it more in the light of an investment or forced savings. To the millions of families, who have one, their mortgage represents the only way they could have bought their homes. How else could many of these families have raised the equivalent of three or four years of paycheques in just a matter of weeks. In simple terms, a mortgage is a document containing a written promise from the bor- rower to repay to the lender the amount of the loan on a house, together with a specific amount of interest. The property serves as security for the loan, an can be foreclosed by the lender if the payment of principal and interest are not made in ac- cordance with the terms of the mortgage. Payments on interest of regular monthly payments. As the payments are made, the interest, which initially repre- sents the biggest share of the|house and land. Equity may be| Laboratory tests have shown decreases|in the form of cash, or a com-|that book paper made 50. years monthly payment, and the payment on the princi- pal increases by the same amount. The monthly payments result in a gradual reduction of the loan balance until the debt is paid, There are two types of mort- gages which pu.-hasers_ will find being used in connection PENNY THEFT COSTS $1,000 STOCKHOLM (AP)-A Swe- dish army conscript who took an extra pat of butter in his regiment's mess hall was found guilty Tuesday of ne- glect of duty and was ordered to forfeit two days' pay. with homes for sale in Canada. These are: NHA Insured Mortgages -- These loans are made under the terms of the National Housing Act, 1954, for new home con- struction and are generally ob- tained from approved lenders such as banks, life insurance, trust and loan companies, In order that the lending facilities of the NHA are avail- able to all, Section 40 of the Act, authorizes the crown com- pany, Central Mortgage and Housing Corporation, to make loans, to home owner applicants when they cannot be obtained from approved lenders, However, 'before applying for ja loan from CMHC, the pros- pective purchaser must first have applied and been refused a loan from an approved lender. The borrower must produce |written evidence that his appli- cation has been turned down by jtwo lenders, including the bank or insurance company with which he normally does busi- ness, In smaller centres, where lending facilities may be limit- ed, written evidence from one lender is all that is required. | To be eligible for an NHA jloan, applicants must have: (a) Sufficient equity. The ap- plicant must be able to provide) the difference between the and/amount of the loan and the total financing and make the neces- principal of the loan are nor-|cost of the house. CMHC re-|sary arrangements to assist you mally scheduled through a planjquires evidence that the bor-|in becoming a home owner. lrower is supplying, out of his) jown resources, at least 5 per icent of the total value of the lbination of cash, land and) jlabor. lk kk | REALLY EN NEW HOME | (b) Sufficient income. The annual mortgage charges for principal and interest plus muni- cipal taxes should not exceed 27 per cent of the applicant's gross income for a single-family dwelling and 39 per. cent for a home-owner duplex and home- owner semi-detached . house where one loan covers both units, plicant must have a satisfactory credit record and must be finan- cially capable of meeting the}, payments under the mortgage| ; and his other financial obliga- tions. The new maximum NHA loan for detached houses is $18,000 and is repayable over a period of 25 years at 6% per cent in- terest per annum. Conventional Mortgages This is any type of mortgage, which is not insured or guaran- teed by the Federal Govern- ment. The terms of the loan are agreed upon between the lend- er and borrower. Conventional first mortgages by law cannot exceed 75 per cent of the cost of a home. Some private lend- ers now offer a combined mort- gage plan which can finance as high as 90 per cent of the cost of a house. A house builder or his agent normally can suggest sources of (c) Credit-worthiness. The ap- ' CHICAGO "+\ this world" fashion show. y to Astronaut' Wives Steal Limelight At Fashion Show By MARGARET SCHERF (AP)--The_ earth- \bound wives of 17 astronauts '|teamed up for a feminine-type '|blast of their own--an "out of The women came from Hous- attend the Presbyterian-St. Luke's fashion THE OSHAWA. TIMES, Friday, September 24, 1965 15SA_. show--Chicago's most glamor- ovs--and it left them-as-much in the clouds as their nusbands ever were. The group, which included Mrs. John W. Young, Mrs. James A. McDivitt, Mrs, Wal- ter M. Schirra, Mrs. Alan B. Shepard and Mrs. Virgil I. Gris- som, stole the show from such competition as a handpainted snakeskin-trimmed blue fox fur. "The clothes were out of this world," said Mrs. Young. Then Péiiiaps, overlooking the snake- fox creation, she added, "but not too fay out."' JOIN 4,000 WOMEN A doorman in a space suit greeted the group and led them down an astral blue carpet into the sputnik-ceilinged Temple where they joined 4,000 other women to watch 115 mod- els parade a collection of clothes, furs and jewels. Medinah 'Ths models sted througs. such settings as the Planet Ub. tima, a space - age city sus-. pended in a midnight-blue cos- mos; Lunar Bay, a glittery branch shop in the heavens; and Ballroom overhung roid a Meridian with nine silvery moons, Fashions ranged from a lame gown and jacket em) ered in crystal pendants to $30 slacks-and-blouse outfit. A REAL COOK'S TOUR and Lenora Tardiff, Sydney, Australia, Three girl crew members pose in the bow of the New Endeavor before leaving En- gland on a five-month cruisé ;------ to Australia retracing Cap- tain Cook's 1768 voyage. There are also 19 men in the crew. All except the cap- --CP Photo TELEVISE FIGHT TORONTO (CP)--The World| Boxing Association heavyweight) tain are amateur sailors. |title fight here Nov. 1 between| The girls, all teachers, are |Ernie Terrell and George Chu-| (from left): Sybil Burns, |valo will be carried on closed-| Melbourne, Australia; Jean lcireuit television, it was an-| Dixon, Lincoln, England; (nounced Wednesday. Swoosh ! CALL FOLEY PLUMBING ; ee PAPER DECAYS FAST ago now retains only four per cent of its original strength. xk * JOY YOUR WITH .. . COLOUR TELEVISION for 1966 by... A Stockholm magistrate's | court, however, rejected the prosecutor's demand for a heavy fine. The butter pat was worth about a penny. The 20 - year - old soldier, Sven-Erik Thalinson, admitted | he took the extra pat of but- | other | conscripts also had done so | ter, but said several without . being penalized for | their petty crimes. | Swedish privates earn four | kronor (80 cents) a day during | the first 10 months of their national service. Swedish newspapers have estimated the costs for investigation and trial of the case at 2,000-5,000 kronor (between $400 and $1,000). "wre MASTERS WorDE" BEFORE YOU BUY -- GIVE STARR A TRY! STARR 723-3343 OPEN FRIDAY TO 9 P.M. kak KKK FURNITURE AND APPLIANCES 491 Ritson S. 254 CEDAR VALLEY JAMES O'MALLEY CONST. LID. Progressing with the growth and expansion in the City of Oshewe Another Example of Renovation By JAMES O'MALLEY CONSTRUCTION ° NEW HOMES '© REMODELLING HOMES - STORES and OFFICES CALL... James O'MALLEY Construction Lid. PHONE 723-7122 MULTIPLE LISTING SERVICE HELP YOU? The Oshawa and District Real Estate Boord exists to improve stan- dards among Real Estate people and you the buying public. The Multiple Listing is a service provided by your Reol Estate Board whereby members interlist with one onother properties for sale. This is the basis for a successful real estate operation and fost, efficient service to you, the public, Each property listed under this method is photographed and circulated to each member of the Reol Estate Boord, along with pertinent information regarding the property. When you deal through Multiple Listing this assures that you ore not operating with "Fly-By-Nighters" ond "Dabblers", but full time conscientious sales people. "Seeing that People Get the Right Home is Our Business"' WHY SHOULD YOU ... AS A VENDOR - OR - PURCHASER, WANT TO DEAL WITH MULTIPLE LISTING SERVICE? We have seen many instances where people, as purchasers, have paid too much for their properties and found that they must take a loss upon re-selling. Knowledge of the market conditions is the buyer's safest guide to the purchase of the right property at the right price. From the Vendor's point of view, he will waste his time and adver- tising dollars by trying to sell his property himself unless he is properly advised on a reasonable asking price and other tips that make his home saleable. After all, organized real estate, (Multiple Listing Service) is the showcase for properties and the largest number of buyers prefer to deal through Multiple Listing Service. A point to remember is that by listing M.L.S. you are reaching all the poten- tial purchasers of every real estate office in the board -- therefore, you are being assured of the highest possible price for your property. BUY and SELL through M.L.S.... . it doesn't COST ... IT PAYS!! OSHAWA and DISTRICT REAL ESTATE - BOARD