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OCT-NOV 2015 - REAL ESTATE & HOME BUILDERS GUIDE - PAGE 11 37 SE Dorlon Pendleton, OR 97801 541-276-0021 Fax 541-276-6749 WHITNEY AND ASSOCIATES BANK6R Each Office Is Independently Owned And Operated www.coldwellbankerwhitney.com • cb@coldwellbankerwhitney.com Mortgage (ARM) - A mortgage for which the interest rate and the payments change during the life of the loan. Adjustable-rate Agreement of Sale - The contract in which the seller agrees to sell and buyer agrees to buy, with conditions and terms spelled out ana signed by both parities. Amortization - A plan for gradually repaying, in periodic payments, money borrowed. Federal National Mortgage Association (FNMA or Fannie Mae) - A privately owned and managed corporation that purchases mortgage loans originated by other lenders. Fannie Mae issues stocks and securities to obtain funds for its purchases. Fixed-Rate Mortgage - A loan that has one set interest rate. Installment Debts - A buyer's long-term debts; they usually extend for periods longer than nine months. .Balloon Mortgage - A mortgage that has a Intermediate-term Loan - A home loan of large amount of the principle due at the time of maturity. less than 30 years. Bridge Loan - A loan that finances a mortgage at the end of one loan and the start of a new one. Life-of-loan Cap - A consumer protection on some adjustable loans. It limits the total upward adjustment that may occur.during tne life of tne loan. Also known as an overall cap. Closing Costs - Expenses and fees that are added to the price of the property, paid by the buyer ana the seller at the closing. The Agreement of Sale states who pays which costs. Commercial Bank - A financial institution Loan-to-value Ratio - The relationship between the amount of a home loan and the total value of the properly. Lenders may limit their maximum loan to 80-95 percent of value. authorized to proviae a variety of financial services, including consumer and business loans (generally short-term), checking services, credit cards and savings accounts. Lock-in Rate - A rate commitment made by lenders when making a mortgage loan to commit to or "lock in" that rate pending loan approval. Lock-in commitment periods vary. Condominium - The buyer owns title to a Market Value - The highest price the buyer is willing to pay for a property and the lowest price the seller will accept. residential unit, shares common areas with other unit owners and pays maintenance fees to the condominium association for property upkeep. Conventional Loan - A loan not guaranteed by the VA or insured by the FHA. WELL MAINTAINED 3 bedroom 2 bath home on large lot. Detached garage shop, brick and metal siding, newer comp roof. Covered private patio in back, and huge yard. An exceptional bargain priced to sell quickly! Call DEBI BYRNES 541-276-0021 for more information. #15401575 WWW.COLDWELLBANKERWHITNEY.COM Mortgage - A lien or claim on property given by a buyer to a lender as security for money borrowed. Mortgage Broker - An individual or company .Co-op - In. exchange for the right to occupy a co-op unity, the buyer owns shares in the co-op corporation (made up of co-op residents), rather than owning real property. A percentage arrived at by dividing the borrower's fixed monthly obligations by the borrower's monthly income. Debt-to-income Ratio - Due-on-sale Clause - A mortgage stipulation demanding payment of the entire loan balance upon sale or other transfer of the real estate securing the loan. Equity - The ownership interest remaining in property after payment of all liens or other charges on the property. Escrow - Funds left in trust with a third party, to be paid to a designated recipient at a designated time. Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) - A quasi- governmental secondary market agency that purchases whole mortgage loans. Freddie Mac sells interest in pools of mortgage loans to obtain funds for mortgage loan purchases. Federal Housing Administration (FHA) - A government agency within the Department of Housing and Urban Development that administers, many programs involving housing loans made from private funds, including mortgage insurance for lenders and rent or interest assistance for low- income tenants and mortgagors. that obtains mortgages for others by finding lending institutions, insurance companies, or private lenders to lend money. Payment Cap - Limits the amount that a monthly payment on an ARM loan can increase at the time of adjustment. Points - One percent of the amount of the mortgage loan. Prepayment - Payment of a mortgage loan, or portion of the loan, before the aue date. 4.9 ACRES OF HORSE property galore! 3 bedroom, 2 bath, outbuildings & fenced pasture. $205,000 RMLS# 14086445 WONDERFUL 824 SQ. FT. STORE FRONT with separate 3 bedroom, 1.5 bath home. $179,000 MLS #113810 LOTS OF POSSIBILITIES for this wonderful. brick building on Main Street. $175,000 RMLS# 15687234 Prime Rate - the interest rate that banks charge to their preferred customers. Changes in prime rate are used as indexes in some adjustable rate mortgages, especially home equity lines of credit. Principal - The basic loan amount, separate from interest, insurance, and taxes. Private Mortgage Insurance (PMI) - The insurance coverage offered by a private company that protects a lender against loss on a default mortgage loan. Its use is usually limited to loans with high loan-to-value ratios. The borrower pays the premiums. SPACIOUS 3 BEDROOM, 2 BATH HOME with covered porch in the charming town of Adams. $159,900 RMLS# 14207806 Title - Proof of ownership. Title Search - A check of title records to assure that the buyer is purchasing property with no liens, encumbrances, or other claims which might adversely affect the title's value or marketability. A government agency that helps veterans of the armed forces obtain housing. Veterans Administration (VA) - INVESTMENT POTENTIAL with this 2 bedroom, 1 bathroom bungalow. $64,900 RMLS# 15310946 F TR B lwiF. manufactured home with 960 square foot shop. $44,000 RMLS# 15516386 VACANT LOT for your business opportunities: $25,000 RMLS #15468276 IASTÏRN OREGON Call us for information on bank owned properties R eal E state & HQMEHEUKB GOUK Fauì R. Seaqmsi Valerie Alderson fc * Jt - 725 S. OR Oi».' (54 1 ) • f'AX (541 ) 938-4265
