Town Higher on List for Sewer Funds
Total Page：16
File Type：pdf, Size：1020Kb
20 — MANCHESTER HERALD, Thursday, May 23. 1985 MANCHESTFR FOCUS SPORTS WEATHER Business Is it time to refinance your mortgage? Democrats hit GOP Don’t want to mow? Fairfield Prep ends Clear skies tonight; If you are among the huge numbers who financed a amortisation schedule and a calculator. ____ In Brief house when mortgage rates were much higher than • Bay you have a $100,800 mortgage at 18 pnnWLi.* on Love Lane stand these excuses help East tourney hopes some sun Saturday today, should you now refinance and seise the chance ■Your monthly payments total $1,384.76. You MylM It bank chairman to save thousands of dollars over the life of your loan? Y o u r refinance. Your bank informs you that you must pay a , ... page 8 ... page 13 ... page 2 Whether you have a fixed rate or a<Uustable rate loan, prepayment penalty of six months IntepM* tn^; ... page 9 HARTFORD — Jack C. Myles of Coventry has the temptation is strong. Many homeowners already M o n e y 's prindpal), ^us another three points to cover all t’WiWir been elected chainnan of Mechanics Savings have refinanced. Should you grab the lure or let it pass of originating a new mortgage. ^ L Bank, effective July by? W o r t h 1 . • On a $100,000 loan at 16 percent, Mortgage rates peaked in 1961-82, with the FHA Sylvia Porter interest eQuals $6,000. Add that with the WJI06 for*; He will be suc mortgage rate reaching a record of 17V4 percent in ceeded as president three points, and your total cost '*'‘'5;,* September 1981. Rates on FHA loans today are set by this lender will be $11,000, says Michael L. Wilson, oi and chief executive lenders at an average of around 13 percent. the U.S. League of Savings Institutions. :l officer by Edgard C. And if you have an adjustable rate mortgage, there • If you expect you will be living in your house for at Gerwig of West are probably no limits on rate increases or other vital • Refinancing generally is expensive. You may Hartford. consumer protection features. Your temptation here want to raise the amount of the loan in order to cover least five years, you can attempt to recover the costa Myles joined Me may be to refinance with a fixed-rate loan to achieve the costs. in that period. That means you want a mortgage on.* chanics Savings the security of knowing your months payments. • Reread all your loan documents as a first step. which monthly payments are $163.33 less than Bank in 1973 as current payments. j! Mmlh Earlier this year, 22 percent of all loan originations Find out whether you will have to pay a prepayment Manchester, Conn. — A City of Village Charm Friday, May 24,1985 — Single copy: 254 executive vice pres were refinancings, reports the Mortgage Bankers penalty. If so, be sure you include that penalty as a • You arrive at that figure by dividing the $11,0001; ident. In 1975, he Association (MBA). The FHA, however, estimates m ajor statistic in your calculations. cost of refinancing by 60 months (five years). j: became president that only about 12 percent of its originations are • Start your shopping for refinancing at the • Subtract $183.33 from your current monthly;;; and chief executive refinancings — but it adds the reason for its smaller institution that holds your current loan, although you payment. The result of $1,161.43 is the monthly officer. He joined percentage is that many homeowners stuck with certainly don’t have to refinance at that institution. payment you need to recover your financing costs In., the bank at a time expensive mortgages had already refinanced the old While some institutions may be reluctant to refinance five years. !■ Seatbelt when deregulation ones. (high interest loans translate into bigger profits), at Your lender can consult a chart and easily find the.; was beginning to The industry rule of thumb will offer you — the other institutions you may be able to reduce— or even rate that will return that monthly payment. In the,, Town higher affect the savings homeowner still wondering whether or not to avoid — costs such as a new credit check, title search above case, with an interest rate of 13.7 percent or;! bank industry, and, refinance — some guidance. and appraisal. less, you will recover the refinancing costs In •lve«| law gets he steered Mechan “ If you plan to stay where you are for at least three • When you have added all the costs associated with years, reports the U.S. League’s Wilson. .. ics through the diffi years and you can get a reduction of at least two points refinancing, you will be able to calculate at what point This example does not factor in the tax implications;; cult period, a bank Jack C. Myles on the interest rate, consider refinancing,’’ says the refinancing makes sense. For this, you will n e ^ to of refinancing. Those implications, based on your tax.^ news release said. bracket, also will be critical to your decision. 4/ 2 MBA. Other guides: enlist your banker’s help, or at least obtain an approval on list for During Myles' 10 years as president, assets of the bank doubled to $522 milion and five branches were added, the news release said. By Mark A. Dupult Myles graduated from Union College in 1949 United Press international and received his master’s and Ph.D. degrees ITC moves to safeguard from Princeton University. Before joining ' HARTFORD — The itate Ho u m , sewer funds Mechanics, he was executive secretary of the after a lengthy debate that ran into Savings Banks’ Association of Connecticut for the early morning houri, Friday five years and dean of the School of Business and shoe firms against imports approved a blU that would require Bv Alex GIralll confirmation. A meeting Thursday between Public Administration at the University of molt motoriati and their pae- Herald Reporter 4 town officials and officials of the Hartford. kengera to wear M at belto. He is president of the Old State House WASHINGTON (UPI) — The footwear industry is being — an action that led Congress to Manchester voters may get DEP apparently satisfied town Association, chairman of the Connecticut Joint International Trade Commission trampled by imported shoes,” said amend the Federal Trade Act so Ending a debate that laat Juit another chance in the November officials of the town’s new position. Ho u m Council on Economic Education, a trustee of the has reversed a decision of one year Sen. William Cohen, R-Mcine, factors such as plant closings, more then two houri, the If the directors do call for a voted shortly before 1 a.m. to election to say whether they want Connecticut State University, a director of the ago and found imports have chairman of the Senate footwear layoffs and production declines to make extensive changes to thq referendum in November, it will YMCA of Metropolitan Hartford, a director of the sufficiently hurt the shoe industry caucus. Maine is the nation’s would be given greater weight. approve the bill on a $2-58 vote and have to be with no guarantee that Mnd it on to the Senate for action. town’s M wage disposal plant. Mutual Investment Fund of Connecticut, and a to recommend protectionist largest shoe producing state. Congress then reQuested the com- That possibility arose with the the grant funds will still be Rep. Elinor F. Wilber, R- director of Northeast Datacom. measures. During a hearing last month, misison to reopen the shoe Industry discovery Thursday that the available. Presumably the town Fairfield, co«hairman of the Myles lives with his family in Coventry, where The five member ITC voted shoe Industry officials lobbied the investigation. town's priority ranking with the would not go forward if the grant Traneportation Committee, M id he was chairman of the Town Council for five unanimously Wednesday to send ITC to accept a five-year plan that state among sewage projects' does not come through. In the year following the ITC’s eatlmatea show that 88 to 100 Uv m years. by June 9 recommendations to would cap global imports at 45 under consideration has climbed Manchester voters rejected con 1964 decision, nationwide more could be M ved annuaUy in the President Reagan that would send percent of the domestic market. than 100 shoe plants closed and from ninth to third. Only Groton struction of the sewer plant in Edgar joins radio station a lifeline to the industry — which That, industry leaders said, atato by reQuiring the u m of November 1983. more than 13,000 shoe workers Ma|belto. and Winsted are ahead of it. since 1981 has been wracked by would provide enough time for In the election campaign that BOSTON — Lorraine Edgar has joined radio were laid off, according to the Town officials are eager to move plant closings and mass layoffs. American manufacturers to retool "W o could make an enormoua preceded the vote, neitter the station WEEI, 590 AM, as senior accountant, the Footwear Industries of America forward before the state puts into “ Last year we found the industry and become more competitive difference," H id Wilber, who Republican Party nor the Demo station announced. Inc., the shoe industry’s chief effect a program under which it was affected but surviving,” said with foreign producers. supported the biU while denounc crats threw stong support behind Edgar, a native of Manchester, Conn., holds a lobbying arm. would loan money — instead of commissioner Paula Stem.