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GARY
H. DITTO
Bethesda-Gateway
Office
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1984 SUMMER Jennifer and Bill Davis glow when asked about their mortgage – 15-year term – that will be half paid up in year 11. How are they doing this? Would a 13 or perhaps a 17-year term mortgage be more to your liking? In the state of Maryland there is no pre-payment penalty for first trust loans on an owner occupied residence. Generally, this is construed as being no extra charge from the lender for early payment of the loan. It also means that any amount paid in excess of your regular 9or normal) principle and interest payment goes toward the reduction of the principle. Lending institutions often have specific guidelines concerning loan pre-payments. It is recommended that you consult your lender for their guidelines. Two examples explaining the specifics of loan pre-payment are as follows: LOAN PRE-PAYMENT EXAMPLE #1 $100,000 loan 12 ½% interest 30-year term Principle &interest payment of $1,067 monthly
Question: What additional payment per month will fully amortize (pay-off) this loan in 15 years? Answer: $166 per month! Thus, in this example, a 30-year mortgage was converted, at the borrower’s opinion, into a 15-year mortgage. With other variations in the monthly payment the loan term could have been expanded or contracted – depending on the borrower’s needs. LOAN PRE-PAYMENT EXAMPLE #2 The Daniels family purchased a vacation home with a $50,000, 12% loan with monthly payments of $514. When the mortgage balloons, they will still owe $39,627. However, by increasing the monthly payment by $300 they could eliminate the debt by year 10! If you would like more information about this, please call Gary Ditto on 652- 4570. If you care to write, include your original loan amount, rate of interest, date of loan, and time period in which you want your loan reduced or paid off. The Town of Kensington is proud to have at its center a very special building, designated as a Historical Site by the Maryland- National Capital Park and Planning Commission –The Noyes Library. This library was built in 1983 by local residents: J.W. Townsend; Crosby Noyes, the outstanding editor and publisher of the Washington Star; and Brainard Warner, the developer of Kensington. It was Mr. Warner who built the library building, choosing as its locale the triangular lot situated at Carroll Place and Montgomery Avenue. Washington, D.C. did not even have a public library at the time Noyes was built. Initially, the library was funded through membership dues and fund raising activities. It wasn’t until 1951 that the library stopped being locally supported and became a part of the Montgomery County, Maryland library system. The small building was then closed and the Noyes book collection was merged with Garrett Park and Rocking Horse Branch. The ultimate decision regarding the re-opening of the Noyes Library Branch should be explained. The great protests over the subject of closing the library, the ensuing civic effort, and appeals for help form Congressman Gilbert Gude resulted in the re-opening of Noyes, but as a very unusual library – a children’s library. The Kensington Historical Society and The Noyes Library have additional history about the Town and Noyes Library. The early social life and operations are particularly interesting, including old record books listing much of the Town’s history. Make it a point to drop by and talk to the librarian! |
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