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Moving On to Remodeling Loan SIX: Personal Bank Loan. If home improvement projects are small, consider a personal bank loan. With the cost of new homes shooting up like a startled catbird, it is getting tougher and tougher to make the jump from one house to a bigger or better one. Many homeowners are finding that one good answer to this problem is not to move at all, but to improve and expand the homes they , have now. Not only is it apt to be cheaper, but it lets them stay in neighborhoods they've come to like and allows kids to stay in schools that are familiar. Most home improvements can't be financed right out of the pocket, but banks stand ready and willing to lend the necessary cash. According to the American Bankers Association, here is a brief summary of the six main ways to finance home improvement today. ONE: Title I Loan. A homeowner can borrow up to $5,000 with seven years to repay under this short-term loan insured by the Federal Housing Administration. Chimneys Are for Such loans can be used only to finance alterations and repairs that will protect or improve the basic liability or utility of the already existing structure. The loan may not be used for projects which are not "essential" to a home, such as a tennis court or a greenhouse. TWO: Bank Home Improvement Loan. A homeowner can borrow up to $3,500, and in some cases more, and take five years to repay, depending oh the bank's policy. Banks make these loans entirely oh their own, so they are not subject to FHA regulations. Therefore, the money can . be used for improvements considered non-essential under FHA regulations, such as wall-to-wall carpeting and landscaping. THREE: FHA Long-Term Loan. Under Section 203K of the Federal Housing Act, a homeowner may be able to borow up to $10?000 for a onefamily dwelling, $20,000 for two-family, $30,000 for threefamily and $37,500 for fourfamily, for as long as 20 years. If the home is less than 10 years old, the loan must be used for major structural changes, such as adding a new wing or room. FOUR: Open-End Mortgage Loan. Does the home mortgage contain an "openend" provision? If so, it may be possible to obtain money for home improvements by adding the amount borrowed to the original loan. FIVE: Refinancing Present Mortgage. If the mortgage has no open-end clause, it may be possible to retire the existing mortgage, then get a new one in a larger amount to include money for improvements. Some states' statutes do not permit refinancing. SELF-STICKING 3-D wall panels create look of liand-rubbed wood, in French Provincial paltern shown, or in Spanish Classic or Colonial. From Decor- Wall's Town House group. dlHIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIItllHIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIItllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllilllllllllllMIMIIIIIIIIIIIMIIIMIIIIIIIIIIIIMIIIIIIIMIIMIMIIIIIMIIIIHIIIIIIIIIIIIIIIIIIIIIIIII^ Santa Claus Now that Santa Claus has come and gone for another year, nvany families don't know what to do with their chimneys for- the rest of the winter These are the families who live in homes with modern, super-efficient electric heat. Because,, nameless electric heat is practically . 100rc efficient, there are never any waste materials to be vented from the heating unit. No waste means that none of your heating budget is being sent up the chimnev through inefficient combustion processes. No waste means that with flameless electric heat you need no chimney--except for Christmas visitors. When you change the heating system in "your house to electric heat, the great cleanliness and comfort aren't the only changes you notice. You also notice how nice it is to get all your money's worth--for a change. Electric Helpers Put Fun In Parties According to Webster, the word "entertain" means "to amuse . . interest . . divert," as well as "to have as a guest." And entertaining ideas which meet both definitions come easily to the host or hostess living in a Gold Medallion Home. Here they can take full advantage of the many electric appliances which make partygiving interesting and fun for all. A complete party for teenagers can be planned around the electric blender for ice-cream drinks and non-stick electric griddle for hamburgers or grilled sandwiches. Have an electric slicing knife handy too for cutting bread thick or thin, as desired. The blender also stars in the sandwich spread and cocktail-dip department for more sophisticated parties. Another unusual idea is based on the smokeless electric broiler or hibachi. Offer a choice of kabob ingredients: bite-size pieces of meat and seafood, plus cherry tomatoes, mushrooms,1 onions, olives, etc. Let guests assemble their own. Electric skillets and casseroles permit cooking and serving right at the table or buffet. Aided by the electric coffee-maker and bread or roll-warmer, these verjsatile helpers free the hostess to enjoy her own party. \ Hllllllltf? Do you need a new % Bathroom? Kitchen? Recreation Room? I Living Room? or just more | space?? | For your Home Improvement I Financing SEE 1MARENGO federal savings land loan association 200 East Grant Highway 568-7758 -- Marengo, III. minim