THE UKRAINIAN NATIONAL ASSOCIATION FORUM

The UNA and you
Sales of homes still growing

by Stephan Welhasch

Over all, the housing economy is far better than most economic forecasters expected, with 3.4 million new home owners in the past three years. According to a recent annual report, released by Harvard University's Joint Center for Housing Studies, the national home ownership rate has moved to a near-peak level of 65.4 percent of households. This translates to over 60 million Americans living in their own homes.

As the nation's housing market continues to grow under a strong economy, mortgage interest rates continue to fall along with unemployment rates. As baby-boomers have reached middle age, their income and savings have increased to a level never before achieved. Many are refinancing their existing mortgages, making needed home improvements, putting their kids through college and investing their reserves in a booming stock market. You may ask yourself: where will it all end?

Consumer confidence remains quite strong. Mortgage rates are hovering around 7.50 percent and no one really knows which way rates will move. Most would agree chances are that rates will probably remain the same or drop slightly in the near future. Of course, when rates shot up by more than 3 percent in less than nine months back in 1994, most market experts were quite surprised.

Timing is everything when applying for a mortgage. If you were looking for a mortgage a few years ago when rates were over 9 percent, an adjustable rate mortgage might have been your best bet. This fall the fixed-rate mortgage is the way to go. This is especially true for buyers who expect to stay in the home for 15 years or more.

If you are now paying 2 percent or more above the current rate of interest and you're not planning on moving in the near future, then now is an ideal time to seriously consider refinancing your existing loan. Many first-time home buyers and veteran home owners are now taking advantage of today's low interest rates. What about you?

Financing your home, in fact, is probably the biggest and most important investment decision you will ever make. Paying off that debt typically takes 25 to 30 years, and in the early years it will eat up close to one-third of your family's income. That's why it is so imperative that you find the right lender to help you with your financing needs.

If you are looking for a first mortgage loan or if you need to refinance your existing mortgage loan, just call the Ukrainian National Association and our representative will help you decide which financing program best suits your needs. The UNA also provides a Jumbo Mortgage Loan Program to Ukrainian churches and organizations. Over the years the UNA has helped thousands of members and their organizations.

To find out more about the UNA's First Mortgage Loan Program or about becoming a member and sharing the many benefits the UNA has to offer you and your family, please call (800) 253 -9862.

New England Fraternal Congress announces scholarship contest

JERSEY CITY, N.J. - The New England Fraternal Congress will hold a scholarship contest, the winners of which will be announced at the congress' annual convention in November.

This contest is open to UNA members, or their children, who are residents of any of the New England states and who are full-time undergraduate students in their second, third or fourth year of college or full-time graduate students.

Two scholarships in the amount of $500 will be awarded and will be presented to the winners at the convention.

Applicants must have a minimum grade point average of 2.0 and must forward a transcript from their spring semester of 1997.

Those interested must fill out an application form, which may be obtained from any UNA branch secretary of a New England state, or from the UNA Home Office, Attn: Andre J. Worobec, Fraternal Activities Coordinator, 2200 Route 10, P.O. Box 280, Parsippany, NJ 07054. The deadline for receipt of applications is October 15.

Young UNA'ers

Nicholas Hawrylciw, son of Sean and Jennifer Hawrylciw, is a new member of UNA Branch 253 in Ludlow, Mass. He was enrolled by his grandparents Mr. and Mrs. Chester Hawrylciw.

Nicholas Andrew Bohatiuk, son of Dr. Alexander and Christine Bohatiuk, is a new member of UNA Branch 39 of Syracuse, N.Y. "Mykolka" was enrolled by his grandparents Prof. Nicholas and Prof. Motria Bohatiuk.

Jillian Auletto (center), Victor Cannuscio (left) and Joseph Auletto III, children of Joseph and Regina Auletto, are new members of UNA Branch 368 in Miami. All the children were enrolled by their grandparents Bill and Helen Drabyk.

Copyright © The Ukrainian Weekly, October 5, 1997, No. 40, Vol. LXV

| Home Page |