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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Jan. 8, 2016)
January 2016 — Real Estate & Home Builders Guide — Page 23W + RPH%X\HUV * ORVVDU\ Adjustable-rate Mortgage (ARM) - A mortgage for which the interest rate and the payments change during the life of the loan. Agreement of Sale - The contract in which the seller agrees to sell and buyer agrees to buy, with conditions and terms spelled out and signed by both parities. Amortization - A plan for gradually repaying, in periodic payments, money borrowed. Balloon Mortgage - A mortgage that has a large amount of the principle due at the time of maturity. Bridge Loan - A loan that finances a mortgage at the end of one loan and the start of a new one. Closing Costs - Expenses and fees that are added to the price of the property, paid by the buyer and the seller at the closing. The Agreement of Sale states who pays which costs. Commercial Bank - A financial institution authorized to provide a variety of financial services, including consumer and business loans (generally short-term), checking services, credit cards and savings accounts. 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. Loan-to-value Ratio - The relationship between the amount of a home loan and the total value of the property. Lenders may limit their maximum loan to 80-95 percent of value. Lock-in Rat e - A rate commitment made by 3 5 23(57,(6 / ,67(' : ,7+ ) 2 5',&( 5 ( $/ ( 6 7$7( 6 ( 59,&(6 , 1 & 0 $< 2 5 0 $< 1 27 % ( 2 ))(5(' ) 25 6 $/( 7 +528*+ 0XOWLSOH/LVWLQJ6HUYLFH 3 (5 6 (//(5 · 6 5 (48(67 Market Value - The highest price the buyer is willing to pay for a property and the lowest price the seller will accept. by a buyer to a lender as security for money borrowed. that obtains mortgages for others by finding lending institutions, insurance companies, or private lenders to lend money. FRONTAGE PROPERTY ON HIGHWAY 395 N. - Two 3600 sq. ft. metal buildings on 2.22 Acres m/l. Presently rented - Priced at $325,000 - Call Clint for details. monthly payment on an ARM loan can increase at the time of adjustment. at by dividing the borrower's fixed monthly obligations by the borrower's monthly income. Points - One percent of the amount of the mortgage loan. Due-on-sale Clause - A mortgage stipulation demanding payment of the entire loan balance upon sale or other transfer of the real estate securing the loan. Prepayment - Payment of a mortgage loan, or portion of the loan, before the due date. government agency within the Department of Housing and Urban Development that administers many programs involving housing loans made from private funds, including mortgage insurance for lenders and rent or interest assistance for low-income tenants and mortgagors. “7 +(.(<72<2855($/(67$7(1(('6µ “Serving the Hermiston area in Real Estate since 1973” 80574 Hwy. 395 N. Hermiston, OR 97838 lenders when making a mortgage loan to commit to or "lock in" that rate pending loan approval. Lock-in commitment periods vary. Payment Cap - Limits the amount that a Federal Housing Administration (FHA ) - A 3 ULQFLSDO%URNHU some adjustable loans. It limits the total upward adjustment that may occur during the life of the loan. Also known as an overall cap. 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. F ederal 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. 99321 – SPRAY - 3 bedrm, 1 bath, manufactured home w/add on., 950 sq.ft., wood & oil heat, metal roof, city water & sewer, addtl cabin 1/1, 400 sq. ft., outbldgs, on 1.57 ac. $59,000 & HOO Life-of-loan Cap - A consumer protection on Mortgage Broker - An individual or company Escrow - Funds left in trust with a third party, to be paid to a designated recipient at a designated time. 99292 – SPRAY - 1600 sq.ft., 2/1.5, view of John Day River, city water & sewer, large living room, carpet, nice shop 24’ x 60’, on 3.39 ac. + /-. $155,000 , can purchase shop separately Clinton J. Fordice Intermediate-term Loan - A home loan of less than 30 years. Conventional Loan - A loan not guaranteed by the VA or insured by the FHA. property after payment of all liens or other charges on the property. 3 KRQH Fax 468-3115 www.realestateoutback.com 99317 – SPRAY - 2-story 2900 sq. ft., 3/2.5, open flr plan, large kitchen, stamped patio, decks, attached 2 car garage, 37’x72’ shop with 2 car garage, ofc space, bath & storage, all on 6.55 ac., with views of the John Day River. $429,842 99319 – SPRAY - Manufactured home 3/2, covered deck, lots of storage, river views, handicapped access, electric heat, city water & sewer. $85,000 set interest rate. Installment Debts - A buyer's long-term debts; they usually extend for periods longer than nine months. Mortgage - A lien or claim on property given Equity - The ownership interest remaining in Cheryl Jenison ABR, BROKER, GRI, SRES 205 Pine Street Spray, OR 97874 99283 – MONUMENT - PRICE REDUCED - Ranch style custom home, 2500 sq. ft., on 28 +/- ac., irrigation rights, oak, tile & carpet flrs, granite counter tops & hickor y cabinets, 3/3, wood & electric heat. Must see! $369,500 Fixed-Rate Mortgage - A loan that has one Condominium - The buyer owns title to a residential unit, shares common areas with other unit owners and pays maintenance fees to the condominium association for property upkeep. Debt-to-income Ratio - A percentage arrived ¶<RXUUXUDOSURSHUW\VSHFLDOLVW· 99318 - MONUMENT RANCH - Riverfront property, irrigated 85.63 ac.,remodeled 2/2, 2181 sq.ft., daylight basement, shop, barn, machine shed, hay cover and other outbldgs, underground mainlines & wheel lines. MUST SEE! $575,000 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. HERMISTON – HIGHWAY 395 FRONTAGE, almost 4 acres with approximately 12,700 sq. ft. building. Real Estate only – not business. Exclusive listing. Call Clint Fordice for details. $800,000 . 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. 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. Veterans Administration (VA) - A government agency that helps veterans of the armed forces obtain housing. Eastern Oregon R eal E s tate & H om ebu ilders G u ide APPROXIMATELY 3200 SQ. FT. BUILDING on 3.18 fenced acres. Presently being used for a trucking business. Priced at $265,000 – Call Clint for details. LARGE SHOP WITH LOTS OF FENCED OUTSIDE STORAGE . Also approximately 766 foot well with estimated 200 gallon per minute in 12-30-1994. Large shop with small office and storage room. Presently being used by well drilling business $385,000 NOW $375,000 MLS# 11502172 Prime Development Property. 5.15 Acres next to golf course. Possible terms. Only $199,950. 2.22 Acres with Frontage on HWY 395 N. $166,500 C-3 Property - .63 acres, 240x113 m/l lot. $62,800 . RMLS #15335356 C-3 Property - 1.75 acres. $53,800 . RMLS # 15662553
