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- PLAINDEALER - FRIDAY, APRH, 3, lttl YOU JUST RAN OUT OF EXCUSES! ; - . ' ' > S * ' > % 1 Low, Below Market Interest Rates On Home Loans At McHENRY SAVINGS & LOAN ASSOCIATION . r Read on ...... Special below-market rate mortgage loans are now available through McHENRY SAVINGS AND LOAN! This is the news thousands of potential mortgage customers have been waiting for. Whether they've wanted to relocate, move to a new job, build, move to a larger or smaller home, they've been prevented until now from doing so by today's high interest rates. For most buyers, those rates are prohibitive, and in fixed rate form offer no hope of improvement in the future. We in­ tend to change that right now! considerably below the current market level! Until July 31, 1981, we will allow purchasers of homes presently secured by McHENRY SAVINGS AND LOAN mortgages to assume the present out­ standing loan balance at a rate only 2% to 3% above its current rate. Any additional financing will then be provided at today's rates. While this may sound complicated, it really isn't. Here's and example of how it works: Assume a house selling for $60,000, with an existing mortgage balance of $30,000 at a 7 Vi % rate. A 20% down payment of $12,000 reduces the buyer's new lodn need to $48,000. We will refinance the outstanding $30,000 balance at 9Va%, and the final $18,000 of the new loan at 14'/a %. The buyer then is going to finance his home purchase at an effective total rate of only 11.4%. The net result is home financing at a rate Best news of all, this new loan will be in the form of a Renogotiable Rate Mortgage (RRM) which, judging from today's political and economic climate, will result in still lower rates in the future. Obviously, with little lending activity at today's high rates, future rates will have to come down. The Reagan administration is dedicated to an improvement in the economy and the eventual lowering of interest rates. When that happens, those with RRM's will benefit as their interest rates can go down at a rate of '/a % per year. As an example, if rates fall to 10% in three years, those with today's 14'/a% RRM's will have their rate lowered to 13%. In our example above, the mortgagor's rate would be reduced to 10% . It would be a good deal for anyone having a Renegotiable Rate Mortgage, and an outstanding deal for those who take advantage of our present creative financing on existing mortgages. Shown here are just some of the homes presently being listed by local Realtors which offer McHENRY SAVINGS AND LOAN's creative finan­ cing plans. Look for the orange seal on FOR SALE signs throughout the area. When you see our seal you will find the least expensive home financing In this community. McHENRY S A V I N G S & L O A M A S S O C I A T I O N McHENRY S A V I N G S t 10*1 ASSOCIATION McHenry Savings V ANO LOAN ASSOCIATION^^ 1209 North Green Street, McHenry 815/305*3000 10520 Main Strfeet, Richmond 678-2061 10402 North Vine Street (Huntley Center on Route 47) Huntley, 312/669-3333 SAVERS HOURS: 9:00 a.m. to 4:S0 p.m.. Monday. Tuesday and Thursdoy; 9:00 a.m. to 1:00 p.m. Friday; 9:00 0.111. to 3:00 p.m. Saturday. McHonry Office Drive-in windows opon Wodnosday 9:00 a.m. to 2:00 p.m. Closod Wed- nosday in Richmond and Hwntloy. Deposits insured $ 100 000 by tho Fodorol Savings I Loan Insuranca Corp. ffcliewt̂ ople, fkpina tftfainj$oplel f Raised ranch with 3 bedrooms, fireplace, air conditioning and family room. . .$66,900.00. Byrnes Bros., Inc. 815/385-6900 TV* story aluminum-siding, 2 bedrooms, basement, garage, wooded lot $43,900.00. Carpet 385-2340 m In town 2 baths, Franklin fireplace, oluminum siding and garage. $57,100.00 lakeland/Hometrend 815/459-4810 Three bedrooms, garage, private lake, tennis courts. . .$49,900.00. Esse* & Costello 3fc-> /OOC Brick ranch with 2 bedrooms, full basement, cen­ tral air and garage. $52,500.00. Bym«s Bros Inc. 815/385-6900. Ranch Condo 2 bedrooms, 1 '/» baths, 1000 sq. ft., wooded area, fenced in patio, garage. '* .$54,900.00. R»d Carpet 385-2340 In town location, 2 bedroom ranch with 2 cor garage. . .$44,900.00. Byrnes Bros., Inc. 815/385 6900 ( I