Indianapolis Times, Indianapolis, Marion County, 13 September 1952 — Page 24

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By Mortgage Financing

By FERMOR 8. CANNON Railroadmen's Potea™ vings & Loan loan itself. One of the biggest factors in| Finances Comfort today's soaring home ownership] Another attractive facet of ~—the greatest in history—is the.today’s mortgage, it often fiexceptionally favorable mortgage Dances the purchase of items that

finance system ‘which helps fam, | 200 Mote 10 enjoyment of vine ilies buy their homes.

| time were considered chattels— This system— ui... {property not actually a part of, . built around low ; {the real estate itself. down payments,’ Today, the purchase price of modest monthl {many homes includes refrigerapayments a n d {tors, ranges, Venetian blinds, wiping out of the } washing machines, dish-washers entire mortgage 3 and other appliances. ‘ within its stated If these items ‘were bought period — gives | {separately in addition to the purchasers today | (house, the load of monthly payvast advantages : | ments would be too heavy for over home buy- 5 | {many families. : ing a generation or two ago. Mr. Cannon Purchaser of today may owe al A four.hedroom modern rancho It has made it greater amount on his home than ., ete with pleture window. all possible for the lower and middle his father did before him, but he , . $13.100 is what builder Joe income groups to become home doesn't have to worry about the G 14 is turn t for Inowners in easy stages. “debt” nearly so much. JCal supith > ping om i or A generation or two ago, pur-| Monthly payments are low apap Ie I opps bie to chasing a home was a major enough so chance of default is| *'c eStma es : 2 operation for the average family./far less. He has a much longer COTPlete another. 20 such homes Down payments ranged from 33 time to repay his loan—and before cold weather sets in, but to 40 per cent, Families had tofigures the financial strain will Will swing into full stride next save years to accummulate lessen as time goes on because SPYing on a 243-home project on enough cash to meet the payment. his income will probably increase, (the .city’s suburban Northeast Two mortgages, a “first”, a “sec- rove vmmt— Side. ond”—sometimes even a third— Right-of-Way The Meadowview Addition will had to be met simultaneously. | Cultivating a path along 23 feature asphalt streets and atMortgages ran from three $0} miles of power line in Louisiana tractive wooded homesites. All 10 years; when they expired, they}. yh utilities and landowners homes are approved for both had to be renewed with a sub- happy. Grasses keep soil from FHA and GI financing. Average

stantial renewal charge being eroding around the poles, so the lot sizes will be about 80 by 187 made by the lender. |utility company is satisfied. Anl- feet. 5% to 1% Interest

mals grazing on the strip fatten| A typical model of these homes ' ir owners are pleased, will be displayed during the Interest nts were from 5 UP 80 the w play 4 to 7 per Se ayments usually 2nd in return for their food, the parade of Homes this week at applied only gan interest so CAltle serve as four-legged mow-i5950 E. 42d St. Its four bedrooms additional funds had to be accum- 8 Machines. An added advan-irange in size from a 7 by 10 foot| ulated to pay off the principal, !88¢ Is that a strip of closely chiig’s room to a 10 by 14 mas- : equipment, such as the 8TaZéd Erowing grass serves as/ter phedroom. kitchen stove, refrigerator or 20 effective fire break for both| It also includes a bath and a washing machine had to be pur- Woodland and range. chased in addition to the house tl th f {foot storage room, laundry room, | itself, with consequent additional One-Fift More Pre abs {Thermopane windows, cabineted Paymenis. .| Manufacturers of prefabricated kitchen with double sink, perimgeneral, it was a long, tough houses expect to supply 8 per cent eter heating and automatic hot pull to buy a home of your ewn. |of the new homes to be built this water. Now, it is a vastly different story.\year in the U. 8. Engineering| Construction is of cedar shakes. Under the system existing to- News-Record reports. Their goal frame siding, and an optional / day, down payments range from is 60,000 units, one-fifth more prick front. 10 to 20 per cent for medium- than last year’s production. priced houses. The period in which mortgages must be paid off usu-| Antique Finish

| bigger sum each month on the

| | | | |

Matching Colors ally is 15, 20 or 25 years, depend-

Here is a way to “antique”| Plastic wall switch plates and hon HM Nie of mortgage wad, oy pine: Prepare new wood other wiring devices are now being Payments are withiv roach with | vith two applications of commer- produced in colors to match or out undue strain, and at the end ">. bleach. Apply one coat of harmonize with the paint and of the mortgage period, everythin g Bray glaze stain. i Sh saamshings thiol 2 bouts home. Se has been paid—interest, principal o the loan, insurance and taxes neurred during the time the mortgage was in effect. This is VISIT THE the “package mortgage.” i This feature, common In today’s, mortgages, was little used a generation ago. : ! & Todays Mortgage + Payments on loans then were usually made quarterly, semiannually, or annually. Most loans called for no principal payments! before maturity. Much was left to the initiative of the borrower in accumulating cash for his payment, and he! often found himself with a sub-| stantial paymerit due on the final maturity date. Today’s home buyer, on the other hand, repays his loan in equal monthly payments which constantly whittle away at the! principal. Interest is included in| the payment ahd decreases in ratio to the balance outstanding on the principal. f Each month he owes less, so he pays interest on a smaller amount. His payment remains | the same for the sake of convenience, but he pays a slightly’ i

PARADE NEXT WEEK!

Nancy Warren's

New Wallpaper Line

For 1953

Now in Stock Use Our Spacious Parking Lot

BETHARD Wallpaper & Paint Center

801 N. New Jersey

A sim SE

HOW TOP BUILDERS PROTECT THEIR BUYERS’ WINTER SECURITY

Quality heating today Is the bullder's biggest home dollar

_—.

Heating Is truly the Heart of the modern home, regardless of

Hs size. value.

THESE BUILDERS PROTECTED THEIR BUYERS WITH QUALITY HEATING BY

nitrol

««.ongineered by the makers of the famous furnaces thet | boot treat most of the products of big name industry.

® HOME BUILDING COMPANY

Mr. Henry F. Ostrom of 729 E. 53rd St, tried Jon E. Blake, Builder, has installed the oilout. the Janitrol Winter: Air Conditioner in.a fired Janitrol Triple Service Boiler System in © Save-Way System in his own home before he < his home in 417 West 44th St, to take maxispecified Janitrol for his 17-home project in mum advantage of radiant hot water panels the 3700 block of Audubon Rd. Typical home installed in the floors, for clean and incon-

. 7 below. spicuous comfort, /

® BLAKE BUILDERS, INC.

Provides warm floors and eliminates unsightly streaked

walls

Jhe Janitrol Save-Way System uses 4-inch, round, Hundreds of these hot water radiant prefabricatéd ducts with perimeter (outside wall) heating systems have been installed by pir distribution to assure warm, droftless floors H. C. Gammon over a period of ‘years always. for Indianapolis builders.

FOR PROTECTED COMFORT . .. SEE OUR EXPERT CRAFTSMEN

H.C.CAMMON CO. Inc.

421 W. 11TH ST. PL-1431

Arm

Eas vy ees

AKI

i A : 3 naces better, more efficient, more eco-

FOUR BEDROOMS—Builder Joe Goldsmith plans another 20 homes like this one at 5950 E. 42d All in all, the young home St., which will be held open this week. The brick front model costs $13,250.

ME INDIANAPOLIS TIMES

= ™ \

Buying o furnace is like buying @ house— You expect to live with it a good many years. You expect it to heat your home and save you money for a good many winters. That's why you should “check up” eon Peerless Heating Equipment. Regardless of the fuel you burn or the type furnace you buy you'll discover that nothing has been omitted that would make PEERLESS fur-

nomical to operate. Made in Indianapolis, PEERLESS assures the finest installation ond

offered by Wirsching Realty and Construction Co. It has a front

half, six roomy closets, a 5 by 7 living room, combination kitchen and dinette, full basement, auto-

matic gas heat and water heater. There are’ 720 sq. ft. on the first floor. [t sells for $10,800.

South Side Home OpenNo

service. Call your neighborhood Peerless dealer or contact the factory direct for free Heating Survey and estimate.

| THE PEERLESS FURNACE & FOUNDRY CO. (| 1853 LUDLOW AVE. - PH. IM 3431 INDIANAPOLIS 7, INDIANA

GAS

| p 9

Coal Gravity Coal Forced Air Stokers Gas Gravity Gas Forced Alr 2 Gas Conversion Burners Oil Gravity Oil Forced Air Oil Conversion Burners

FRAME BEAUTY—A# 2342 S. Calhoun St. is this frame house

rch, 2 bedrooms with room for another in the unfinished attic, |

IT'S NEW—IT'S LUXURIOUS!—It's Moderately Priced! Young America Home

Complete with

General Electric All-Electric

LG {4 FEL Laundry

Located: 2220 Douglas St. (6400 North—1 Block West of Keystone) [

—— pn SEE TH BEAUTIFUL HOME / / OPEN Bl Eo 9 Designed — Equipped — Priced / / au'week24s m.

i YOUNG AMERICANS

Robert L. and Joseph S. Dawson, Builders since 1945. Building homes from $12,900 to $26,000 (150 homes completed) in Downbury; $17,000 to $30,000 (50 homes completed) in Kesslerwood. Both projects F.H.A. Approved.

b ¢

The All-Electric @ KITCHEN and LAUNDRY

Start living in a new house with new General Electric Equipment , , . your pride and joy for years te come! Sea how beoutifully the Generel Electric

TRUE LUXURY AT A ry Aes oie Ne 34 Rope. wie MODERATE PRICE

DAWSON CONSTRUCTION CO.

2004 East 62nd Street | - - Phone GL. 0400

SATURDAY, SEPT. 13, 1952

am q i 120 4-Bedroom Homes Are Planned «+ | Home Buyers Aided ! 20 fadraom Homes Arc Bamned 0 [EREEINY PA

Sm i —————— RE a —— —— —_

Central Material and Supply Corp.

1105 East 52nd \

Has Furnished the Following Material for the Dawson Young America Home

No. 2 and Btr. Fir Lumber Insulation Board Hardwood Flooring

Plywood ~~ Rock Lath Hardware Redwood Siding & Trim Boards Yellow Pine Sheeting : All Doors, Birch, Mahog. & White Pine Interior Trim . Wood Sqsh

Phone Us at BR. 5424 for Free Cost Estimate of the Lumber, Millwork and Building Material for Your New Home

SATURI

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EMERSON

W. 1s]

1-9 p.n 6-9 pur

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