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Real Estate ^
' Eileen M. Day realtor " ”
REFINANCE
BREAK-EVEN POINT
Lower payments are what most people seek when they refinance their mortgages. It also can be a nice way to tap your home equity for other financial needs. However, you should figure your costs carefully before deciding.
To tell if you might benefit, start with the two-by-two rule: Your present loan rate should be two or more percentage points higher than today’s rates; you bought the house at least two years ago; and you plan to stay put for at least another two years.
Any refinancing will have new closing costs: points (each equal to one percent of the loan), appraisal fees, title search and insurance. These can total as much as 5% or more of the new loan. How long it will take to work off these new closing costs before you begin to realize savings on your monthly payments? Divide your closing costs by the difference between your old and new payments to get the answer in months. It will probably be around two years.
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: 675-3033. We’re here to help.
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