THE UKRAINIAN NATIONAL ASSOCIATION FORUM (09/23/01)

THE UKRAINIAN NATIONAL ASSOCIATION FORUM

Weekly bids farewell to summer interns

PARSIPPANY, N.J. - The Ukrainian Weekly this summer was fortunate to have two student interns on its staff - Peter Steciuk (left), a "returnee" who joined our crew late last summer, and Andrew Olesnycky, a new addition who originally came on board to help out while Mr. Steciuk was away for three weeks running things as "bunchuzhnyi" at Plast camp. Both interns stayed on in August as The Weekly prepared its special issues dedicated to the 10th anniversary of Ukraine's independence. Mr. Steciuk, 20, of Convent Station, N.J., is a junior majoring in government at Harvard University, while Mr. Olesnycky, 19, of Maplewood, N.J., is a sophomore majoring in journalism/science writing at Lehigh University.

Plummeting interest rates mean it's a good time to shop for mortgages

by Stephan Welhasch

This is a great time to shop for a mortgage loan. Interest rates are lower now than they have been in the past 25 years. As the U.S. economy continues to sputter, in most parts of the country 30-year fixed-rate mortgages are hovering around 7 percent.

Financial experts know that fixed-rate mortgages are definitely the way to go in today's market, since the short-term benefits of an adjustable-rate mortgage pale in comparison to the longer term risk of higher rates.

Whether you're buying a new home or considering refinancing your existing mortgage, now is a great time to do it. If you are paying one or more percent above the current rate of interest and you're not planning to move in the near future, you should not hesitate to consider refinancing your home.

Once upon a time, shopping for a mortgage was relatively simple. You stopped in at a couple of banks or savings and loan associations and asked what their current rates were. You picked the lowest one and usually signed up for a fixed-rate loan. Shopping for a mortgage loan today is a little more complicated. You will find not only many new types of mortgages, but also new types of mortgage lenders as well. Just check your newspaper or cruise the Internet and you will see many lenders with various rates and products. It can be a confusing process, but it doesn't have to be if you do your research correctly.

It is true that when shopping for a mortgage loan one should compare "apples to apples." Take for example a $150,000 UNA 15 year fixed-rate mortgage with "0" points and compare it with what some lenders charge for their 15-year fixed-rate mortgages with "0" points. When you comparison shop this way you will not be confused by the various products and rates being advertised. As a rule, you should not try to compare adjustable rates to fixed rates unless you know how.

When comparison-shopping, it is advisable also to look at the difference between the interest rate (i.e. 6.75%) being advertised and the APR (which might be as high as 7.25%). The APR includes all other finance charges above the 6.75% rate advertised, up-front "points" or "loan origination fees," legal fees, etc. If there is a significant difference between the two, then find out what all the extra closing costs are before you sign anything.

To calm your concerns and to have your questions about mortgage loans answered just call your mortgage expert at the Ukrainian National Association, and he or she will take the time to assist you and suggest a financing program that best suites your needs. UNA members can enjoy peace of mind in knowing they're getting value-added service and a great rate. The UNA offers its members financing for owner-occupied one(-), two(-) and three(-) family homes. A jumbo mortgage loan program is also available to Ukrainian churches and organizations.

To find out more about the UNA's First Mortgage Loan Program, its Jumbo Loan Program, or refinancing your home, call the UNA today! You can also find out more about UNA's insurance and financial products, as well as the many fraternal benefits the UNA offers its members. Call 1 (800) 253-9862, ext. 3036, and ask for Stephan Welhasch.

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