P age B 9
T he P ortland O bserver • N ovember 9, 1994
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Homeowner’s Rights:
Test Your Title Insurance IQ
The investment in your home
may be the most important invest
ment you’ll ever make. But do you
know ab o u t your rig h ts as a
homeowner? More importantly, do
you know that having title insurance
is one of the best ways of ensuring
your homeowner’s rights?
Uninsured homes present many
cost risks to owners. In contrast, hav
ing title insurance eliminates these
risks and protects your investment.
The following quiz, provided by the
Chicago Title and Trust Family of
Title Insurers, tests your awareness of
your homeownership rights and what
you may lose if your home is not
insured.
1. Lenders protect their interests
when providing to home buyers
by obtaining a loan policy of title
insurance. This policy...
a. ...fu lly co v e rs the h o m e
purchaser’s interest
b. ...covers one-half of the hom e
purchaser’s interest
c. ...covers an amount of the home
purchaser’s interest that is negoti
ated by the lender and purchaser
d. ...doesnotcoveranypartofthe
home purchaser’s interest or eq
uity
2. If a home owner does not have
title insurance protection, what
does he stand to lose financially
3.
4.
5.
6.
and legally?
a. half of his down payment price
b. half of any legal costs that re
sult from defending his property
interests
c. all of the down payment price,
any legal costs that result from
defending his property interests
and the property’s title
d. halfofhisdownpaymentprice,
plus the property’s title
T rue or false: If you lose your
property because someone else
successfully claims rights to it,
you still ow the remaining balance
on your note.
a. True
b. False
T rue or false: Your equity in a
property cannot be affected by
being uninsured.
a. True
b. False
If you buy title insurance, itguar-
antees that...
a. ...no other individuals can
claim any right to your home
b. ...the title insurer will defend
any lawsuit attacking your title as
insured
c. ...the title insurer will clear up
title problems, but not pay the
insured’s losses
d. ...All of the above
O f the following, which is not a
possible reason why a person
can lose title to their home?
a. Mistakes in recording legal
documents
b. Forged deeds, releases or wills
c. Instruments executed under
valid power of attorney
d. Misinterpretation of wills
7. True or false: The property of
current owners may be sold to
satisfy estate taxes that were
owed by previous owners.
a. True
b. False
8. Title insurance coverage costs:
a. One-fourth of the home’s price
b. Up to one-half of the home’s
price
c. Varies from state to state
d. None o f the above
9. Payments for title insurance are
typically made...
a. ...over a 10-to 12-year period
b. ...on a case by case basis
c. ...in one lump sum when the
home is purchased
d. ...in one lump sum after the
mortgage has been fully paid
10 Title insurance coverage lasts...
a. for 5 ,1 0 or 15 years, depend
ing on the type of cover purchased
b. as long as the home is owned
by the same owner
c. throughout the life of the mort
gage
d. for one year, renewable every
year
C orrect answers: 1) d; 2) c; 3)
a; 4 )b ;5 ) b; 6) c; 7 )a ; 8) c ;9 )c ; 10)
b.
Tally your score:
8 to 10 answ ers correct: Con
gratulations! You know your home
owner’s rights, and would be pre
pared if someone challenged your
claims to your property.
7 to 5 answers correct: Not bad!
Though you cold benefit from know
ing a few more home owner facts,
you’ve got a good sense of what your
rights are under the law.
4 to 3 answers correct: Time to
start studying! You’re likely to wind
up on the losing end if someone suc
cessfully fought your ownership
rights.
Less than 3 answ ers correct:
Uh oh! You stand to lose every right
to your home if you don’t learn about
title insurance protection. Get wise
now so that your home investment is
made safe.
K nowing about your ow ner
ship rights puts you one step ahead
o f problem s that may arise when
p u rch asin g and ow ning a home.
S ecuring your hom e, notably with
title in surance, p ro tects your in
vestm ent and allow s you to rest
easy in the long run.
11
New Loan Program
Targets Women- and
Minority-Owned
Businesses
Bank of American has introduced a ne w program in Oregon to enhance
access to credit for minority- and women-owned businesses.
The new Minority- and Women-owned Business Loan Program pro
vides loans up to $50,000 and offers simplified application, processing and
documentation. Flexible underwriting allows for alternative methods of
credit verification, such as utility or rent payments, and a limited operating
history.
“ Minority-owned and women-owned business play a vital role in
Oregon’s economy, and we want to do everything we can to help them
succeed,” said W . Charles Armstrong, chairman and chief executive officer
of Bank of America Oregon.
During an introductory period through Aug. 31, 1994, Bank of
American will waive the traditional loan fee for new and existing customers
who apply for a loan or line of credit under the new program.
To be considered for the special financing program, a business must be
at least 51 percent owned and operated by one or more individuals who are
ethnic minorities or women, and established in business for a minimum of
two years.
The program features a line of credit which can be applied to a
borrower’s working capital needs, receivables financing or cash flow
managem ent A term loan for financing new equipment and business
expansion also is available. In addition, the bank can provide 100 percent
financing for equipment with no collateral requirement.
Minority and women entrepreneurs can borrow from $ 10,000 - $50,000
under the line of credit, with no collateral requirement. They will be able
to easily access funds form the line of credit and make payments through
a toll-free telephone link to the bank.
Customers can borrow from $2,500 - $50,00 under the term loan, which
features repayment terms of one to five years with no prepayment penalty.
Information about the new program is available at any Bank of
American branch in Oregon. In addition, Bank of America serves minority-
and women-owned businesses by offering SBA-guaranteed loans through
its Portland Government Guaranteed Loan Center.
Appraising: The Road To Entrepreneurship
“Real estate appraising is a fasci
nating career, but it is still something
of an enigma to most people,” accord
ing to Lee Hill, MAI, an African
American independentappraiser from
Long Beach, Calif., and a member of
the Appraisal Institute’s Minority
Relations Committee.
“Appraising is a profession that
is often overlooked by minorities,”
Lee said. “When I started my firm in
1983, there were very few African
Americans who were designated ap
praisers. Today, as minorities are
becoming more active players in the
real estate market, interest in apprais
ing as a career is growing.”
Calvin Thomas, Jr., MAI, an
African American appraiser in Balti
more, Md„ and also a member of the
Appraisal Institute’s Minority Rela
tions Committee, agrees. “I became
interested in the profession in 1973
while working as an underwriter/ap-
praiser for an MAI appraiser at a
commercial bank in Baltimore. That
experience had a great influence on
my decision to pursue my MAI designa
tion through the Appraisal Institute.”
What exactly is an appraiser?
They are professionals who estimate
the value of residential, commercial,
industrial, and agricultural real es
tate and its accompanying ownership
rights. Appraisers may also be called
upon to provide consulting services,
give expert testimony in court, and
serve on arbitration panels. As prob
lem solvers, they must have the abil
ity to exercise sound judgment, put
analytical skills into practice, and
communicate effectively with people
from all walks of life.
Appraisers employed by govern
ment agencies or financial institu
tions usually work standard hours,
while independent fee appraisers set
their own schedules. Whether sala
ried or independent, appraisers are
typically well compensated for their
work.
“The' behind the scenes’ research
and analyses that appraisers conduct
makes them less visible than other
real estate professionals,” Thomas
said. “But it should not detour mi
norities form taking a closer look at
this field when weighing their career
options.”
Designated appraisers go beyond
a college degree to master the intrica
cies of their profession through spe
cialized education and most are state
licensed or certified. Both Hill and
Thomas have received their educa
tion through the Appraisal Institute, a
leading national organization of real
estate appraisers. “The truly profes
sional appraiser is ethical, compe
tent, and performs appraisals in ac
cordance with strict standards,” Hill
said. “To reach the peak of profes
sional development, I believe you have
to strive to be your best When I
became designated by the institute I
achieved that goal.”
Toleam more about its programs
and designations, write Appraisal
Institute, 875 N. Michigan Ave., Suite
2400, Chicago, IL 60611-1980, or
call (312) 335-4100.
he
New Loan Helps Consumers Become Home Owners
W ashington M utual, the No.
home lender in the Northwest, has
introduced a new mortgage product
that requires a down payment of only
3 percent and can be combined with
an option that eliminates practically
all of the traditional closing costs.
“W ith the risin g co st o f h o u s
ing, i t ’s g ettin g m ore and m ore
d ifficu lt for people to com e up
with a down p aym ent, especially
first-tim e hom e b u y e rs,” said Jill
Jo n es, W ashington M u tu al’s a f
fo rd ab le housing ad m in istrato r.
“ T he new program should help us
bring m ore consum ers into hom es,
and not ju s t first-tim e hom e b u y
e rs .”
P o tential borrow ers who do
not cu rren tly own a hom e are e li
gible to qualify for the 97% LTV
program . Q ualified borrow ers can
earn up to 115 p ercen t o f the
m edian household incom e of their
More Students
Enroll At PCC
But Take Fewer
Courses
At the end of the fourth week of
fall-term classes at Portland Com
munity College, the Institutional
Research department reports an in
crease in total student enrollment of
2.6 percent college-wide. J here are
865 more students presently attend
ing PCC than at the same time last
year, for a total o f 33,625. I he col
lege is one of five Oregon communi
ty colleges reporting enrol Iment gains
for fall 1994.
Enrollment figures at the end of
the fourth week of classes are report
ed to the state as PCC’s enrollment-
of-record for the term.
The number of full-time stu
dents, however, is down 5.8 percent.
The downward trend in full-time en
rollment holds at most Oregon com
munity colleges. Full-time enrollment
in PCC professional-technical pro
grams was down 2.5 percent. Lower
division transfer full-time enrollment
was down 8.5 percent overall
At the Sylvania Campus, PCC s
largest campus in southwest Port
land. total registration was down 2.3
percent and full-time enrollment de
creased 5.2 percent.
counties or m etropolitan areas —
in C lackam as, M ultnom ah and
W ashington counties, th a t’s about
$46,800 - and can borrow up to
$203,000 for hom es or, on a case-
by-case basis, condom inium s. The
fix ed -in terest rate for the 97%
LTV loan is ju st 0.25 basis points
higher than the cu rren t m arket
rate.
Kelly Temporary Services Opens
District Recruiting Center
Kelly Temporary Services, a
division of Kelly Services, Inc., has
opened a District Recruiting Center
in Milwaukie according to Manager
Jeri Johnson.
“ T he re c ru itin g c e n te r is
staffed by three full-tim e re cru it
ers, Lindy D uranceau, Sherry
T h o rn b e rry an d m e ,” s a id
Johnson. “Together we have more
than 30 years o f recruiting ex p e
rience. We w ill be re cru itin g
e m p lo y e e s from V a n c o u v e r,
W ashington, to the P o rtla n d -
metro area and south to A lbany
and C orvallis, O regon.
“Widening the scope o f our re
cruiting activities and centralizing
the function, greatly enhances Kelly’s
ability to meet both employees and
customers’ needs.
Persons interested in learning
more about Kelly Temporary Ser
vices, can all 1 -800-90-KELLY.
TEACH!
INVEST 10 MONTHS FOR THE CHALLENGE OF A LIFETIME
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teacher certification (elementary grades K-9 or secondary grades 5-12)
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1995-96 PROGRAM: AUGUST 21,1995 - JUNE 13, 1996
Certification available in:
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anniversary
BEGINNING WITH OUR
MARTIN LUTHER KING
ISSUE IN JANUARY 1995
WITNESS THE CROWNING OF
^Jlie
të la c k O r e g o n
S c k e h r ik ip p a f M t
Saturday, November 19th • 1021 NE Grand, Top of the Holiday Inn - Grand Ballroom
7:00 p.m. Doors Open • 7:30 p.m. Showtime
Special Appearance by:
Sean Strong & NW African American Ballet
Tickets On Sale Now!
Ticketmaster Outlets - cash - check - charge by phone
$16.00 Donation
Ticket Centers at G.l. JOE S, BLAZERS ON BROADWAY, MEMORIAL COLISEUM. PIONEER PLACE,
PORTLAND OREGON VISITORS ASSOCIATION, PORTLAND STATE UNIVERSITY, CIVIC STADIUM, PORTLAND CENTER FOR
THE PERFORMING ARTS, U ot O AUTZEN STADIUM, and OSU GILL COLISEUM, or CHARGE-BY-PHONE (503) 2244400
TICKETS SUBJECT TO AGENCY CONVENIENCE CHARGE
For program information
call (503) 370-6303, or FAX (503) 375-5363.
A D V E R T IS E IN
(¿ Ite ^ ì n v t b i n ò
W IL L A M E T T E
U N IV E R S IT Y
---------------- --------- -— ♦
OFFICE OF ADMISSION 9 0 0 STATI STRFI I SAI I M OR 97301
(Ohsevuer
call (503) 288-0033
FINANCIAL SERVICE AND LOAN
$ - FINANCIAL - HELP?
The A.F.M. Co. can arrange financing for most client in need of
home equity, business, personal and also debt consolidation.
1-800-348-5565
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