Word: payment
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...buyers, land leasing can reduce the down payment on a house and thus make a purchase possible. In the Woodward Co.'s new Park Lane development in Carlsbad, Calif., for example, a two-bedroom house costs $127,990 when sold conventionally. But with land leasing, the house sells for just $82,990, and the down payment falls from 20% to 10%. The catch: the buyer must agree to pay a monthly ground rental of $450. The total monthly house payments would then be about $1,444 for a land lease, compared with $1,294 for a conventional sale...
Today's high cost of borrowing has made the conventional longterm, fixed-rate mortgage as old-fashioned as Willy Loman's Studebaker. Virtually all banks in California stopped making such loans last fall. Hundreds of thousands of would-be buyers now simply cannot afford the big down payment or steep monthly charges involved in those loans. Herman J. Smith, president of the National Association of Home Builders, says that only about 4% of first-time home buyers can qualify for a 15% mortgage on a median-priced house. Therefore, people are turning to so-called creative home financing...
...loans becoming unprofitable. Many financial institutions today still have mortgages on their books at 6% interest, at a time when they are paying 17% or more to depositors. But the variable rate loans are unpopular with borrowers because of the uncertainty over the level of monthly charges. The payment on a $60,000 30-year mortgage at 9% is $483, but that same loan at 15% would...
...Graduated Payment Mortgages. This plan, which is popular among younger couples who believe that they will soon be earning much more than at present, keeps monthly payments low for the first five years or so but increases them sharply after that...
...letter of 1535 in which Pope Paul III hires "our beloved son, Michelangelo" as architect, sculptor and painter for the unfinished church of St. Peter's. As part payment, the Pope grants the young painter all the tolls from a Po River ferry crossing near Piacenza for life...