cio 1984 HOUSING GUIDE. THON

Mortgage suggestions

Signing the bottom line of a mortgage contract is of us take — and f

secant

re used in the document, ask the lender or your lawyer to explain it to you Some lenders are now using mortgage contracts written in plain English; it might be in your best interests to deal with such a com;

Remember that the lawyer at whose office you ‘sign the documents is usually not acting for you but for the mortgage company.

or she may explain things to you bat

e important fa: lcheding the werignge amount ate oto tion period. Be sure you understand all your rights under the reement — particularly your right to pay off the E mortgage before it comes doe, oF to renegotiate « Flower interest rate if ratea tl h

Also check whether the mortgage can be assumed without penalty by a future of your home, if not, be sure you know how much the penalty is

If your mortgage makes no reference at all 10 Prepayment options, that probably means you can't fet out of the del except on terme dicated by the mean com

canis an expensive problem if interest ratéd\ drop conadersy lower than the rato you're paying, or if you want to pay ofthe loan inthe event you sl your home,

‘Insist on having your prepayment or renegoth ation rights (or the “lock-in” provisions) clearly stated in writing in the mortgage or renewal documents. Refuse to sign if this is not done.

‘¢ Explore the pros and cons of different types of contracts, such as “open” mortga, make extra payments reducing the prineipal amount that you ewe or pay off the satire amount without penaity.

"This right tan “open” mactgage may coats Ue ‘more in the percentage rate of interest, but may save ‘you money if you sell the house or are able to prepay in full oF in past,

Another type of mortgage is described as “vari able” — meaning that the interest rate varies accord ing to current conditions.

ato is usually established oa tho basis of the prime lending rate of the day plus oom, two or more percentage points.

© Finally, never sign a mortgage agreement

without first discussing it with your lawyer,

5 USEFUL

WORK-SAVING ATTACHMENTS!

Hl ls cd ALL ONE MACHINE!

QUESTION

WHY? Should you buy ang ‘maintan a separate power source

1ocubte foot Dumping Marapor

double adjustable fixtures mounted on the ceiling waing reactor belbe - 0 provide general area ig er ‘ter Tighighing pictures. Tn longer areas

table lampa. Bedside te ting may be improv mounting lights on the wel or headboard.

MAINLINE RR, T3028, 1 Ph. 365-7191 Costlegor: 8.C_VIN3H7

the Energy-Eilficient Home Program (8

tion of an average new tome “oo the Canadian housing market. Not only

and basement and oven in the doors,

‘The R-2000 home also makes use of airtight con

might be created by open doors, 2000 homes also must

gram. Fluorescent lighting is used wherever

possible — -particularly in kitchen, work areas

laundry and because it uses up t060 per than

1984 HOUSING GUIDE

Manufactured homes stay put.

ts reaching to depiet the origin of manctactared bing in the American covered

enthusiasts have, Its more accurate to indiate that the first automobile trailer, fllowing quickly after the first automobile, was the

ime. “Mobile home” may ha denoted a prefab that was lowed from one construc lon site to anot

And when the term is still used, it conjures up the image of a temporary. uncertain lifestyle, which runs counter to the industry and the market it serves

Of the 73,000 manufactured homes standing in B.C. today, says Don MacTavish, executive director of the Manufactured Housing Association of B.C., less than four per cent will ever be moved from their initial location. Almost all manufactured housing is “mobile” only twice — from the factory to the dealer, and from the dealer to the housing pad. Some travel only once, direct from manufacturer to site

Perhaps “mobile home” as a term should be

representing the Boosters’ Club of Sioux City, or simply bored octogenarians.

In the early 70s, the preponderance of manu factured houses were built in the U.S. and imported, with little concern for extreme Canadian weather conditions or Canadian building standards. As a result, the industry acquired a s0-s0 reputation for the quality

1 visible set-back in public acceptance

the Canadian Standards Association in areas such as wiring, insulation and construction,

All B.C, manufacturers conform to CSA 2240-21, standard established in 1973 as a basic building re Qulrement to provide safely and efficiency. twas upgraded in 1979, in order to match CMHC standards bd those of the National Balding Cade

But much earlier, in the "50s, your basic mobile home was a 24 metec by B11 melze box, cost about $4,000 and was used by construction workers and other wanderers. Mobile homes as immobile housing hardly existed.

Th 1955, manufacturers began to build units three metres wide. The year ‘metre widths and full assembly-tine construction. The latter was much more significant for the industry, be- cause it not only reduced construction costs, but it made quality control much more attainable.

The industry's growth and maturity in the ‘60s,

was heavily weighted in western Canadan, naturally

developing as a function of large project sites.

American manufacturers still dominated the industry

with better-looking housing, but inferior quality for Canadian climate. The only standard

was a $900 million manufacturing sector. Branching out, manufacturers began to “double-wides,” which were bolted together on-site like the two halves of a pup tent.

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