January 2016 — Real Estate & Home Builders Guide — Page 23W
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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
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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.
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“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
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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
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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