Evening star., 1923-09-22

part in local government. Above all.
the love of home is one of the finest
instincts and the greatest of inspira-
tions of our people"
The guide book offers a wide range
OIL information useful to the prospee-
tive homeseeker. 1t is explained that
IL certain family pays a sixth of its
income for rent 1t may be able to de-
vote one-fourth or more to buying
ana maintaining house, for the
amount thus used may include both
rent and savings. Rent, or payments
on home, may require anywhere
from one-eighth to one-third of the
famiiy income, depending on the spe-
clal circumstances in each case"
Home Owning Encouraged.
Home owning is encouraged in this
vein by the compilers~of the guide
book: Most men and women who buy
mouse have never done Ii before,
and, are usually unskilled, as people
generally are in the things they do
but once or twice in a lifetime. But
lack OF experience should deter no
one"
uses his common sense in considering
the real needs of his family and the
ability to pay, and who checks his
own judgment by consulting expert
enced persons, may go ahead with
frightened by the mistakes of heed
less persons who have been carried
| away by some novel feature and
coaxed into a bad bargain. or who
have tried to buy beyond their means.
While some risks are involved, as is
usually the case in obtaining any
thing worth while. the danger of fail
ure is relatively small when weighed
against the advantages of an owned
home
1t is explained that the amount that
can be paid for house depends part
ly on what interest rates are charged
! for the money borrowed to make the
purchase and the rate at which the
principal is to be paid Off
borrowing No Disgrace.
Treating the financial aspect of the
home-buying proposition, the booklet
declares that borrowing money to
| buy a home is no disgrace. on the
contrary. it is normal and in many
ways desirable Many families in
meeting payments on a loan have
learned the habit of saving and have
continued it as step toward finan-
clal independence.
| "A first mortgage up to so or so
per cent of the value of a house
and lot is considered one of the
safest possible investments, and it
should be easy to obtain such a loan
from a building and loan association,
savings bank, insurance company,
trust company or from some indi-
vidual-perhaps the seller of the
| house.
Building and loan associations
will, in many cases, prove the best
means of financing a home. for they
are often able to loan as much as 20 to
so per cent of the real value of a home,
which is generally above the limit al
! lowed by law for savings banks and in
surance companies. Such a loan,
therefore, may avoid the added COM
pfications, disadvantages and ex-
penses that may be involved in case
both first and second mortgage
are required. Building and loan as
sociations are often especially help
/ full in providing means of financing
during the construction of a new
home: They are usually organized
with the chief aim of assisting home
buyers and home builders. Their
system of selling shares on which
payments must be made weekly or
monthly has proved an invaluable
aid to hundreds of thousands of .fu-
ture home buyers in accommodating
savings and@furnishes sound and
helpful scheme for paying off the
principal of loans"
General property considerations are