Independent from Long Beach, California • 60

-r Mortgages often oyerlooked for as aresult of inflation. rising red estate values, and a maturing home market in which more fan 64 per cent of fami- As anexample, Hobson explained, if a market vtiu is and the tot mortgage balance is $13,000, the NEW YORK (UPD For the homeowner geek- fag finanring tpr arirtittVwg or Improvements -his; home, borrowing on his existing equity is upossi-. bility sometimes overlook-, ed. ing to fe leading consumer 1 and business loan company, is emerging as a ihajor new took in financ the difference between the market, vatye Muse and the balance Sage. HOBSON said for.

such joans'has than.doubled in the past lO years -to-a current valuer, of over billun. Major factors in theYrend are increased credit needs first mort- ing home improvements, and whose Jncome has Be warned, however, risen over the years, mak-such loans are not file an ing mortgage payments a swer in every situation. smaller percentage of the William R. Hbbsonvice monthly budget' "PmtidentrilAO" Finance --A- growing number ed says the second families, he said, are find or homeowner ing they can obtain lar loan as it often is er loan through a second is feasible for the finely mortgage on their present that has occupied a home home than from other for. several yearsJias sources.

Sue of the loan is substantial equity oflit, based oh indi vidualequity Jo have little difficulty, obtaining a second mortgage loanof about 17,500 if pther credit' factors were favorable hesaid. IN THE past, Hobson said, "home equity normally was an asset that remained ldlp until Iy fo06t house- was sold. Now financial plafinifig for famiifan am realizing it future. im can be nut to work in Because cl' 1 mounting their ftimdal planning demand, homeown toward a better life loans are being offered by kid, such loans are becoming a recognized method of using a Apartments at apartment, confab son advises. In edadder ing a second mortgage, hq says, it is important to deal with an: established-firm and to know til costs aid conditions involved.

"aImJRROWER should be particularly' fieri for-any lwint charges for-granting th loan, prepayment penalties, or provisions for a final balloon payment of major proportions, be said. The Truth-ih-Lending legislation makes it easier for consumers to reahsti-calljr compare rotes among lenders, he said, since interest charges, points" (a percentage of the loan as one time payment) and other charges must be stated as an annual percentage rate and the same method of calculating this rate must be used by all lenders. This legislation, he says, also provides a three-day period following the signing of a homeowner loan in which the consumer may study all conditions and rescind the loan agreement if he. so desires. Used with care, and fat the right circumstances, the second mortgage can have a place in consumer financing particular situation.

family should evaluate all possibilities before deciding what is best in their use part of the loan to pay eft other, debts while financing a new undertaking at thesame time. -In todays economy, he fami-' an increasing number of mortgage firms, consumer finance companies and some banks, Hobson said. Many commercial banks and savings and loan associations, however, do not deal in second mort- Loans on home equity, he explained require a appraisal along title search. Borrowers should determine they or the lend- family, should investigate til financing to evaluate which needs best, Hob panting may not be sufficient foraniajor heme improvement -projeti, the hqjneowner loan may, be. the answer.

FIRST day seminars included such subject matter as The Future of Apartment Syndication for Condominium, Four- plexes, "Advertising New and Old Apartments and "The Future of Tax Incentives for Real Estate. Speakers on these subjects included Leonard Levy, managing partner of Kenneth Leventhal Los Angeles; Jackson McDaniel, vice president Southwest KtithSorenson, Orange County electronics has purchased the Bellshire Apartments in Bell for approximately $460,000. The complex consists of .10 four-unit, two-story on Loma Vita Place near Gage Avenue. Soenson is president and chairman of the board of KSon Corpora- style.1 Annual interest rates on a second mortgage are higher than on a. Conventional first mortgage.

Hobson waidr they compare favorably with those for personal loans and they are alto' are tax deductible. VfJ Also hr-said, a i mortgage loan for a short- with a er pmiod sometimes cost less than rewriting a first mortgage for a longer period of time. Of course, this depends on individual circumstances! Hobson said. A property whether A sources fits its in Bell tion, an electronic research, development, sales and organization in PlaCbntia, specializing in closed circuit television systems. Financing, for the Bellshire Apartments was provided by National First Mortgage Corporation.

Anaheim. and Colonial Mortgage Service, Philadelphia. Broker was Investor's Realty, Diamond Bar. Escrow was handled by Crown Escrow Corporation. Los Angeles.

The building complex will be managed for Mr. Sorenson by Creative Realty Col, Beverly Hills. er A-: 'ufm- mmi APPOINTED Max Okum, Beveriy Hills, has been appointed senior vice president-product development for Multiple Family Housing Division tiThalarwin. Group, What realty boards are doing RLC the Rancho Los Cerri-tos Board of Realtors is cO-sponsoring an educational Seminar Tuesday with the California Red Estate Assotiatknupn the subject IistingRed Estate, was announced by Scott L. Murdoch, president of the board.

The seminar will be held, at the Rancho Los Cerritos Board of Realtors office, 10140 E. Mon-dr Bellflower. The all day session is open to but will earn a unit of credit for board, and GREA members toward the Graduate, Realtors' Institute (GRD certificate and designation. According to Art Godi Of Stockton, chairman of the CREA Realtors Institute Division, earning the certificate requires IS units' of credit, equaling 108 horns of study of spe- tialized real estate subjects, and three yean as a member of a board of Realtors and CREA. Scott L.

Murdoch, president of the local board announced there will be two -speakers Silvio Di Loreto will be the speaker for the morning session (85 a.m.-to-Il:45 a.ma&f? Harold Tolar will speak from 1p.m. until 4 pjxu Hacienda Hill-sales- to The National Apartment Association said 26 Southern Californians were selected from among the na- attorneys and tax experts to speak at the associations 1972 convention in San Francisco last week The convention heard multifamily specialists offer their expertise on every aspect of gftntfaHifaimwf and townbouses. Discussions included financing, designing, building mid managing multifamily housing, to Be IB A North Shores masterpieces, make great and deeply spadous, and extends the entire on the in the color tforth in IBMMIBAg ANDDTT JBTOPdDNMIBNTr MdDMIB s- $08,000 3. 4 5 BEDROOMS CONVERTIBLE DENS A Full List of Decorator-Selected Top-of-the-Line Features From this day, and in this lakeshore place, your family will experience the total home. Home in North Shores is larger than your house, larger than your tot, and Urger than the broad scope of your lakeshore view.

Thats because North Shores is in Lake Forest, a world of water and woods and sunshine and jush landscaping (much by man, more by nature) and dean, dear air and quiet nights and blue-sky days and gently rolling land and social centers and swimming pools and ten- nis courts and winding avenues and green, open spaces and on and on. The North Shores Home in Lake Forest its the total home. The Total Home, These are architectural perfectly attuned (o their lakeside setting They use of shingles, glass, massive rough-sawn beams, textured surfaces. The multi-level floorplans are theres design excitement at every turn. The planning from the heart of the home out to the lot lines property is living space.

Nearly every room is directly, lakefront If you've thought the really dramatic homes really beautiful settings were to be' found only in the picture pages of the national magazfnes, come to Shores. The surprise will last for; decades. FROM $49,600 to Affiliated Properties, of Los Angeles has named Walker Lee, exclusive sales agent for Hacienda Hill, a 29-home view development in Hacienda Heights, Daniel Greene, Affiliated Properties vice president for sales, announced. Hacienda Hill offers homes that satisfy the needs and tastes of executives and their families, Greene said. The homes are built on pool-size lots with panoramic views of the majestic Sierra Madre Mountains.

They haye many custom features found only in, the most luxurious developments. Hacienda Hill homes have up to five bedrooms and three baths, plus siich features as open-beam family rooms, step-down living rooms, two sunken wet bars, conversation pits, master suites with adjoining sun-deck-and sunken tubs. Also included are complete all-electric kitchens, wall-to-wall carpeting, double-door entry dramatic foyers, wood paneling' in the family room and cathedral ceilings. Prices range from' $47,500 Dave Rams is Walker Lee senior account man-' agerfor Hacienda H2L- KNQDERm SEH3QDEKEEES The Lak6 Life Place LAKE FORESf From the San Diego Freeway, take El Toro Road north 1 mile to Jeronimo, then left (west) to Canada. Co right on Canada to the furnished t9 Ntwport models on the lake.

Bmc lilisA, Open Daily.10:00 A.M. to dusk. Tel: (714) 586-7184 Monday til aMpim. Another development by K. C.

Jewett, Inc..