The Salt Lake Tribune from Salt Lake City, Utah • 9

in is The Salt Lake Tribune, Tuesday, February 8, 1977 9 New mortgage law zeroes in on home closing By Helen Thackeray Consumer Information Specialist State University Extension Service is probably the single most costly item us will ever purchase. No wonder it is a unnerving experience. The vocabulary alone is unfamiliar to most people. Whatever do they mean when they talk about "points?" Too often the consumer learns the intricacies the hard way. This should not be so today for the consumer who is willing to do a little home work to learn the financial knowhow before getting involved.

A law went into effect in 1975 to help make it easier for the consumer to buy a home and to provide protection for law seemed to do was to make Betrothal Utah A home 1 of somewhat Sally Henderson Mr. and Mrs. Zack Henderson, Provo, announce the engagement and forthcoming marriage of their daughter, Sally Ann Henderson, to Larry M. Marshall. The couple plans a Feb.

21 wedding in Las Vegas, Nev. Miss Henderson has attended Utah Technical College at Provo. The future bridegroom is the son of Mr. and Mrs. Milton Marshall, Rock Springs, and Mr.

and Mrs. James Miller, Miss Thackeray Miss Thackeray the unwary. What the things so difficult for the lender and for the real estate agent that even the consumer got tangled up in the red tape. Now a revised version of that federal law has become effective and hopefully will do what the original failed to accomplish. This law zeros in on costs.

Consumers often do not understand closing costs and may be shattered by those extra dollars, or hundreds of dollars, required at the last moment. Revised Version The revised version of the so-called Real Estate Settlement Procedures Act became effective mid1976. This is about what it requires: 1) Anyone applying for a mortgage must be given a booklet prepared by the Department of Housing and Urban Development (HUD). in it, the buyer's rights are listed. In addition, the lender should be able to give a faith" estimate of expected settlement costs.

The lender can give an overall figure or a breakdown to individual items. 2) If the lender specifies a particular company to perform one or more of the functions, he must name Ann Landers Just keep finger off trigger Dear Ann Landers: Yesterday kitchen window and could have cow across the way, 1 munching houses. I was just about to shout tell him a cow had wandered out go put her back in. I looked out of my sworn I saw an old grass between two to my husband and of the pasture and to Thank heavens I was interrupted by a phone call. A second look out the window and I discovered the "cow" was my mother-in-law wearing saddle pants.

Three weeks ago I was frightened by the sight of a tramp hanging around the machine shed. It was dusk and I quickly locked all the doors. A few minutes later I saw my husband walking toward the tramp. When they embraced I "tramp" was his mother. 17th South 3rd West Bank on Friendship PIONEER BANK Member Federal Deposit Insurance Corporation 1735 South 300 West Salt Lake City, Utah 84125 Telephone 487-4561 Monday and Friday: a.m.

to 6 p.m. Tuesday, Wednesday and Thursday: 9 a.m. to 3 p.m. DRIVE-IN WINDOW Monday through Friday: 8:30 a.m. to 6 p.m.

WANT ADS Dial 521-3535 BLACK RIC VELVETEEN RAC yd. 29 Ac yd. Reg. 5.98 yd. Ann Landers nearly fainted.

The Automobiles STEREO for Sale I'M LOOKING FOR WORK IN SALES 00 AUTO MARKET MOTORCYCLES FOR SALE BUY AND SELL WITH WANT ADS Dial 521-3535 WHITE CRINKLE ELASTIC MUSLIN 5: yd. yd. FAKE INVISIBLE FUR ZIPPERS yd. ea. At All 4 Stores Piece Goods mill fabrics fabric outlets 1940 W.

3500 S. 878 E. 33rd S. 260 N. 500 Brtfl.

353.23rd Ogden To wash wood it, or them, and state whether or not he has any direct business relationship with that company 3) The unnual percentage rate of effective interest on the mortgage must be provided. Kickbacks are prohibited, between or among any of the interested parties. If consumers have complaints against their lenders or others involved in the closing process, and they are unable to settle their disputes, they may sue. The law will be on their side. Basic Closing Costs Some closing costs are basic.

A buyer should be aware of them. Here is a guide to some of them: The loan origination fee is a charge made by the lender to cover the administrative costs. It is usually a specific percentage of the face value of the loan. Loan discount or the so-called "discount points" are a one-time payment to the lender in a situation where the interest rates on the mortgage are less than the going rate for other types of loans. This might happen especially on Veterans Administration (VA) and Federal Housing Administration (FHA) loans where the interest rate is set by federal law.

To put it bluntly, Ann, the woman looks so down at the heels that it makes me sick. She also scares the daylights out of me. My mother-in-law is 74 years old, has plenty of money to spend and is in good health. What can I do about this revolting situation? Fargo, N.D. Dear Fargo: Nothing.

At her age she is not likely to change. So grin and bear it, honey, I just hope your eyesight remains good and thank heavens you aren't trigger happy. Dear Ann Landers: I am a 16-year-old girl whose 15-year-old brother is driving not only Me nuts, but the whole family as well. All he thinks about is his hair. There is only one full bathroom in this house.

We all have to wait to get in because Eric is either shampooing his golden locks or using the blow-dryer. Would you believe he goes through this routine every morning and every evening and on weekends it's three times a Eric helps himself to all my hair spray, rollers, pins, shampoo, conditioner whatever he can lay his hands on. This kid is in front of the mirror about 80 percent of the time. All last summer he wouldn't go swimming because he was afraid of getting his hair wet and there might not be a blow-dryer handy. When it rains he puts on a plastic hood and looks like a dunce.

Any suggestions on how to cure this loon of what appears to be an obsession with his hair? Sis Dear Sis: He's 15? Time is your best ally. In the meantime, the family should insist he blow-dry elsewhere and free up the bathroom. And YOU should make him buy his own beauty supplies, Sis. Dear Ann: Just one question: Why do people who would never dream of asking a fat woman how much she weighs consider it perfectly okay to ask a portioned woman who is 6-foot 1, "'How tall are you?" I'm a fairly good-natured person, but the amazement some nerds express when 1 circumvent the question gets my goat. I might add.

"'The weather is just fine up here, you creeps." Tall Enough, Thanks Dear T.E.T.: you forgot you There is no other In answer to your question, in case asked: They are insensitive oafs. explanation. "Sexual freedom" presents a difficult decision for teenagers and their parents. Ann Landers 1 offers down-toearth advice in her new booklet, "High School Sex and How to Deal With It A Guide for Teens and Their Parents." For each booklet, send 50 cents in coin plus a long, stamped, self-addressed envelope to Ann Landers, in care of The Salt Lake Tribune, Home Service Box 867, Salt Lake City, Utah, 84110. IT'S OUR BIRTHDAY! FOOD STORAGE SALE! TV Special Effective Jan.

13 through Feb. 15, 1977 2630 So. 3270 West Salt Lake City, Utah 84119 CLIP OUT DISCOUNT NOAH'S ARK DELUXE UNIT WITH COUPON Reg. Price $434.78 Special $389.50 COUPON DISCOUNT $19.50 YOU PAY ONLY $37000 FOR OUR DELUXE ONE YEAR OUR STANDARD ONE YEARS Reg. $389.50 Special $294 year excluding wheat sugar) You may redeem this coupon through your local Noah's Ark Foods Distributors Phone (801) 972-5088 for the distributor your area This design an original one-of-a-kind.

Three piece. breathtaking in $280 364.4377 350 East 1st South Each point 1 percent of the total value of the FHA and VA require that someone other than the buyer pay the discount. Title Search The search refers to the investigation to be sure there are no outstanding claims against the property. Even if there are none, the buyer may want and in some states are required by law to buy title insurance just i in case of future disputes. Attorney's fees for handling the closing transactions.

On occasion, there are separate fees to an attorney who prepares the deed and mortgage and to someone who takes care of clerical and adminis trative details. A recording fee may be required by local authorities for recording the deed in its land records. A survey to avoid future disputes may be required by the lender in order to define the precise location. In addition, miscellaneous fees may be charged, for such services as termite inspection, credit checks to make sure the buyer is credit worthy, ete. YAMAHA GRAND PIANOS Available Now! 9 71, 66" 6.

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Dry pieces thoroughly before storing. 30TH BIRTHDAY WILLIAM H. GROW, JR. The family of Willian will honor him on his 90th Brithday. February 8.

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