The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-31
Pay Cash If You CAN
Same as Rent" Pay.
mentS Sometimes At
tractive-Building and
Loan Has Many IN
usual Advantages.

under the supervision OF the stat.
banking Departments and must con-
form 10 laws which regulate their ac-
tNlties. They are cooperative enter
priseS with tho object of providing
means or investment for the savings
or members and by those savings IA
accumulate fund for the purpos- a.
making loans 10 Stockholders. whereby
they may be enabled to build or NV
Vide for themselves dwelling houses or
10 purchase building lots or other roa,
property"
The system Of the building and Dan
seems at first sight rather complicated
In order TO do business with IL YOU
must join the association ana take out
one or more shares of stock. Payment
on stock Is made monthly and there are
hnes for failure to pay. Stock may b.
held for minors by their guardians
Many persons 20 into the association
as a. sort OF savings bank. which Yield.
more than savings bank returns In IN.
form of dividends. As to loans. ON.
particular associations rules provto.
that whenever a stated sum OF money
has accumulated In the treasury II
shall he loaned out at an open meeting
ot stockholders AT auction to the high
est bidder. and at a premium OF mt
less than or moro than 10 per cont.
loan IL secured by bond and mort
gage on the borrowers propertv also
he deposit Of hrc insurance police,
ana the stockholders shares OF stock
up 10 a certain amount. Only first
mortgages on property are taken. IN
'"rosl at 6 per cent. a year is payabIa
~ monthly mstalmcnts. Against this
usual rate OF interest and the premium
paid for the loan should be offset trn
borrowers dividcnds on his stock. which
generuEy bring the net cost OF his
money below The market rate. The as
soc.otion, ike the life insurance COM
panles. makes It's profit IN large par ~
the hn'ng anu dropping out OF NOM
bers and tho extension Of its business
one Of tho best features OF the build.
ing and loan is the supervision which
II has over a property bought or built
IN behalf Of ;hc owner as well as Itself
The association will not lend Won n sun,
" money outright which you may
Squander In your ineXperlence upon a
building. That might mean their lose
as wei as your own. 4 committee ur
Inc association passes upon your plans
and specifications. and watches the
work Of the contractor so that it con.
forms TO the plans and specifications
sually the contractors bills are paid
~ the association treasurers check M
various stages OF completion. and II the
contractor fails to do what he should
re gets no money. When there is any
rouble the owner can bissfully stand
aside and let the contractor fight II on.
with the association. The last and
argest payment Is usually held up untv
he house is completed and the ownc-
md the association committee are salts
ied with the result
by this arrangement the owner OF
'ery modest dwelling gets for nothlnc
supervision which would he rather
ostly II given by an architect. The
'enetit OF the same supervision by tho
association committee is had when you
btain loan TO buy ready built house
The committee may not be infaIlibie.
Ior always expert, nor in every case
rec from n touch az personal Interest
mt the Judgment Of local men with
ome real estate experience Is bound 70
ave value.
II you plan TO buy a house or piece
Z ground independently. the first thing
a. make a contract with the owner
Stationery dealer sells contract forms
lr New York New Jersey ar Connectl-
Mt for about I'VE cents apiece. The
0ntract calls for so much cash down, z
ay 500, and the balance payable IN
,hole or part on stated date some
-eeks ahead when the deed TO the
roperty II TO be given. II mortgage
Continued M PoRrrh Pogs