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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Jan. 22, 2016)
Page 8M — Real Estate & Home Builders Guide — January 2016 + RPH%X\HUV 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. 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. Intermediate-term Loan - A home loan of Lock-in Rat e - 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. 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. monthly payment on an ARM loan can increase at the time of adjustment. Prepayment - Payment of a mortgage loan, 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. 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. ONE ACRE PARK LIKE SETTING With year-round stream and pond. Add your own personal touch to the 3 bedroom home and you’ll have years of enjoyment. $182,500 RMLS# 15591368 LOW MAINTANENCE 4 bedroom home in well established neighborhood. Close to schools, shopping, city park and pool. Great starter home. Call today! $114,900 RMLS# 15026321 Z ZZURIIUHDOHVWDWHFRP Z ZZUPOVFRP 60DLQ0LOWRQ)UHHZDWHU25 Payment Cap - Limits the amount that a Due-on-sale Clause - A mortgage stipulation Escrow - Funds left in trust with a third party, to be paid to a designated recipient at a designated time. LITTLE PIECE OF COUNTRY Comfortable 3 bedroom, 2 bath Ranch style home with oversized double garage. Close to town and room for a garden. $199,000 RMLS# 15363421 that obtains mortgages for others by finding lending institutions, insurance companies, or private lenders to lend money. mortgage loan. property after payment of all liens or other charges on the property. RENTAL INVESTMENT Four-Plex One level 2 bedroom units close to shopping and restaurants. Low vacancy rate. $225,000 RMLS# 15340238 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. at by dividing the borrower's fixed monthly obligations by the borrower's monthly income. Equity - The ownership interest remaining in THREE PARCELS Totaling 15 acres currently in apple orchard. Wind machines, equipment shed and irrigation well. 3 bedroom, 2 bath manufactured home with carport. $350,000 RMLS# 15470725 some adjustable loans. It limits the total upward adjustment that may occur during the life of the loan. Also known as an overall cap. Mortgage Broker - An individual or company demanding payment of the entire loan balance upon sale or other transfer of the real estate securing the loan. VINTNERS Invest in the Milton Freewater AVA District. 50+ AC of grape ground, excellent water rights and warehouse/production facility. Great location for winery. $2,700,000 RMLS# 15451856 Life-of-loan Cap - A consumer protection on Conventional Loan - A loan not guaranteed by the VA or insured by the FHA. Debt-to-income Ratio - A percentage arrived REAL ESTATE, INC. less than 30 years. Mortgage - A lien or claim on property given co-op unity, the buyer owns shares in the co-op corporation (made up of co-op residents), rather than owning real property. (509)386-6293 Federal National Mortgage Association (FNMA or Fannie Mae) - A privately owned 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. Co-op - In exchange for the right to occupy a RAY HALL Broker (509)520-8715 * ORVVDU\ Adjustable-rate VICKIE ROFF Principal Broker/ Owner Points - One percent of the amount of the or portion of the loan, before the due date. 1195 N. 1st Place • Hermiston, OR www.hermistonrentals.com www.hermistonhome.com Randy Randall Principal Broker Licensed in OR 541-561-4710 cell Lezlee Gunsolley Principal Broker Licensed in OR 541-561-5507 cell 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. $169,000 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 LOVE TO ENTERTAIN? YOU’LL LOVE THIS HOUSE! 3 bed, 2 bath nicely updated home. Carpet, interior paint, exterior trim, and HVAC new this year. Detached Rec-room with a bar/kitchen & half bath! Carport and garage, HUGE fenced yard, Covered Patio. RMLS# 15459292 / $169,000 Call Randy (541)561-4710
