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Real Estate f=>
Eileen M. Day realtor ssr.^
15 VS 30 YR.
MORTGAGE
Among the diverse home financing options, is the 15-year mortgage. It has been very popular depending on the difference in interest rates between the 15 and 30year mortgages. If the spread is small, there is not that much difference between the two.
Perhaps the most attractive features of the 15-year mortgage are a lower interest rate, more rapid equity buildup and lower total interest payments over the life of the loan. However, the 15-year loan also some drawbacks.
While home buyers might save more in interest, their monthly payments would be greater. Also, the 15-year mortgage might not be the best instrument for borrowers who move before their loans reach maturity. Because most people do not live in their homes for the duration of their mortgge loans, it might make sense to examine interest savings over THAT time frame. Since monthly payments are higher, homeowners might want to explore whether the extra money could be better invested.
If there is anything we can do to help you in the field of real estate, please drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, Va. 22747. Phone: 6753400. We’re here to help.
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