Indianapolis Recorder, Indianapolis, Marion County, 2 January 2004 — Page 26

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THE INDIANAPOLIS RECORDER

FRIDAY, JANUARY 2, 2004

BUSINESS ► Continued from Page 1 residents who underwent medical injuries from a toxic chemical called polychlorinated biphenyls. In 2003 a new TV network. TVOne. announced that it would challenge longtime network BET, claiming that BET failed to cater to the 25-54 crowd. The network said that it would be up and running at the turn of the New Year and will be carried by Comcast Cable channel. But BET can gloat about their recent accomplishment of the highest ratings in the history of their programming. During the 2003 BET awards, the Black geared station witness 5.5 million viewers for the program. In February rap artist Ludacris and Pepsi reached an agreement after Pepsi dropped the rap artist. Pepsi agreed to help distribute millions of dollars in charitable contributions through the Ludacris Foundation. VanguardeMediarecentlyshut its doors, putting over 75 hill time employees out of work and shutting down three Black magazines including Savoy. The company recently filed for bankruptcy. With all of the gloating for many companies the country is still faced with a jobless market, but the stock market is still up. Like other states around the country Indiana witnessed many layoffs in the city. United Airlines laid off 1,500 workers after being forced to close the Indianapolis maintenance center to filing for a Chapter 11. Let us not forget earlier this yearlongtime optometrist Gloria Jennings retired after serving as an entrepreneurfor 22-years. She decided to pursue her current goals of receiving a higher education.

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Rap artist Ludacris, (above) reached a mutual agreement with Pepsi last year. The Ludacris Foundation and Pepsi joined together to donate money to various charities. Savoy, Honey and Heart & Soul magazines were all forced to shut down after the parent company, Vanguarde Media closed its doors in early December.

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Consider options when choosing a mortgage

By LT. BOV. KATHY DAVIS Ifyou’re shopping for a mortgage, you know that there are several different options available. Each of these options has its advantages and disadvantages. A mortgage is often the biggest financial commitment in a person’s life. It is important that homebuyers determine which mortgage best fits their situation. There are several factors to consider when shopping for a mortgage including: the type, interest rate, repayment time, and whether there are points or fees to be paid. The types of loans available today generally fall into three categories: fixed-rate, adjustable rate and balloon mortgages. The following information describes the three categories for loans. Fixed-Rate Mortgage: A mortgage with an interest rate and monthly payment that do not change over the term of the loan. A fixed rate may be best if interest rates are low or you need predictable monthly payments. Adjustable-Rate Mortgage (ARM): Also known as a vari-able-rate loan, the interest rate on these loans can go up or down depending on how national interest rates move. ARMs usually offer a lower ini-

tial rate than fixed-rate loans. But, the rate is only good for a certain period of time and there’s a risk that your rate could go up. You should budget for the higher monthly payment in case interest rates rise. ARMs may be a good choice when interest rates are high. People who opt for ARMs often plan to sell or refinance their home before the end of the initial rate period. Balloon Mortgage: You can get a relatively low rate and low monthly payments by agreeing to repay most of your loan in one large balloon payment after a specified period of time, usually five or seven years. Mortgage interest rates vary frequently and a lower rate can result in considerable savings over the life of the loan. While low interest rates are certainly a factor in selecting a mortgage, it’s important to consider the other costs associated with the loan. These costs can include such factors as origination fees, and discount and origination points. Some lenders might offer a low introductory rate for the first few months of your loan. While an introductory interest rate can save you money, make sure that you know exactly how much your interest rate will increase and what your monthly payment will be once the introductory rate period ends. Most importantly, plan your budget around what your payment will be once the introductory rate expires. You can also get a lower rate by agreeing to pay the

lender a prepayment penalty if you pay off the loan early. Before you agree to loan conditions, make sure that you completely understand them and are comfortable with what you’re doing. You should fully understand what is being quoted and ask for the annual percentage rate (APR), which includes the interest rate and fees. One of the most useful tools in comparing mortgages is a mortgage calculator. This will allow you to see the long-term effect of different rates and mortgage types. Mortgage calculators can be found on most real estate and lender Web sites. A credit counselor can also help you to sift through the options. If you are in the market for a mortgage, the Indiana Housing Finance Authority (IHFA) has mortgage programs that are targeted to lowland moderate-in-come first-time homebuyers. These mortgages offer a 30-year fixed interest rate that is generally one-half to 1 percent below the market rate. The current rate is 5.5 percent. Fixed rate mortgages can be beneficial for lowand moderate-income buyers because as their income rises, their mortgage payment stays the same and they can keep more of their income. For information on the IHFA and its programs, visit our Web site at www.indianahousing.org or call toll-free in Indiana, 800-872-0371.

African-American jobless rale fhe nafion's highesf Electronic Urban Report • ’ 1 • African Americans have suffered another month of doubledigit unemployment. According to a government report released by the Bureau of Labor Statistics, 10.2 percent of African Americans were unemployed in November compared with 11.5 percent the month before. The national unemployment rate in November was 5.9 percent. “For those Americans without jobs, the term ‘jobless recovery’ is a cruel joke, Congressional Black Caucus (CBC) Chair Elijah E. Cummings, DMd., said. The new data also showed that job loss continued during the month of November in the manufacturing sector. According to current data, in November, the economy lost an additional 17,000 manufacturing jobs. The country has lost manufacturing jobs ever)' month for the last three years, for a total loss of 2.6 million manufacturing jobs since President Bush took office.

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Seven business leaders join housing nonprofit board of directors Special to The Recorder is the Indiana regional president at Huntington National Bank. Seven new members have Thiems is an executive vice presijoined the Indianapolis Neigh- dent at Union Planters Bank, borhood Housing Partnership “The broad representation of (INHP) board of directors, our board will bring diverse perMayor Bart Peterson has ap- spectives to the table, allowing us pointed Ibrahim Alghani, Bill to build better communities McCarthy, Larry Pribble and through homeownership,” INHP Kimberly Wize. Bruce Balmas, President Moira Carlstedt said. Cindy Keitch and Scott Thiems “Were very excited about the poalso join the board. tential it has for the city of IndiaAlghani is a special assistant napolis and its residents." to the president at the Health & The INHP board consists of 24 Hospital Corp. McCarthy is the members, who serve three-year president of Pepper Construe- terms. The new board members’ tion. Pribble is an attorney with terms will expire on March 30, Baker & Daniels. Wize is the 2006. executive director of the Indiana Housing Finance Author- INHP is a nonprofit organizaity. Carolyn M. Coleman,deputy tion established in 1988 to immayor for neighborhoods, is re- prove the availability of safe, deappointed to the board and will cent and affordable housing opserve another three-year term, portunities for residents oflndiaBalmas is a senior vice presi- napolis, particularly low- to moddent at Fifth Third Bank. Keitch erate-income residents.

COLLEGE ► Continued from Page 1 lars too - $27,190 in average tuition. Over to the West Coast is Stanford University at the No. 7 spot. Another pocket clincher at $27,204 per year tuition. The No. 6 spot is back down South, Florida A&M University in Tallahassee. This school has 10,853 students with 90 percent African American. This Historically Black College and University jumped down three spots from 2001. We have reached the top five. Up a spot this survey is No. 5 Xavier University in New Orleans. The small setting school will cost parents $10,100. Howard University in the heart of our nation’s capital at the No. 4 mark, usually making the top five, this school is known for excellent dentistry and law programs. Spelman College dropped down one spot to No. 3. The all women college in Atlanta has the smallest population with only 2,138 females.

Spelman College President Beverly Daniel Tatum said, “because we know that we are doing good work, and it is great to be recognized for it. Many of the oftier schools in the top 100 have resources that exceed our own. We are proud of the accomplishments that we have made in spite of limited resources.” Known for its beautiful lake view and h istorical dormitories. Hampton University in Hampton, Va., took the No. 2 spot from Spelman. The No. 1 university for African American students is once again Morehouse College, another Atlanta school. The all men’s school averages $11,332 annually, but spending the dollars at this school seems to work since Morehouse continues to return to the No. 1 spot. This is the school where legendary Dr. Martin Luther King Jr. attended and longtime filmmaker Spike Lee. Findings were compiled by Black Business Enterprise magazine.