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Page 20M — Real Estate & Home Builders Guide — February 2016 Julie Mansfield Smith 541-934-2946 Office 541-519-6891 Cell Principal Broker/Owne r cuppercreeklandco@gmail.com cuppercreeklandcompany.com 41909 Cupper Creek Rd. Kimberly OR 97848 PRICE REDUCED! 11 ACRES IN DAYVILLE: $60,000 ~ Beautiful views of the surrounding mountains and the South Fork John Day River from this buildable parcel. Borders BLM with private easement and bridge access over river. Secluded setting with sage & juniper. TERMS OAC! MOPLS#22074 GUYON SPRINGS 783 ACRES IN DAYVILLE: $485,000 ~ Recreation for hunting, hiking, riding horses or ATV’s in Ochoco Unit. Spring fed pond & stock tank, mountain views. Borders BLM. 2 tax lots with 4 LOP tags. RV included. Perimeter fenced. Private road behind locked gate. Terms OAC! MOPLS#21971 + RPH%X\HUV * ORVVDU\ 800 ACRES IN FOSSIL: $600,000 ~ Buildable view property w/power, phone & good access. Borders FS. Well watered w/pond, springs & creek. CREP income. Lightly treed, LOP tags, wildlife. 3 parcels so ld together or separate. Can add 240 acres with home below . MOPLS#219968 Adjustable-rate NEW LISTING! CUSTOM 2/2 HOME ON 240 AC. IN FOSSIL: $495,000 ~ Gorgeous views of mtns, timber, valley. Well, garage, trex deck & more. Secluded, lightly timbered grazing land. LOP tags/wi ldlife viewing. Good access close to FS. Can add 800 ac. MOPLS#24150 Agreement of Sale - The contract in which the Mortgage (ARM) - A mortgage for which the interest rate and the payments change during the life of the loan. 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. ¶<RXUUXUDOSURSHUW\VSHFLDOLVW· Cheryl Jenison ABR, BROKER, GRI, SRES 205 Pine Street Spray, OR 97874 3 KRQH Fax 468-3115 www.realestateoutback.com 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 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 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 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 99319 – SPRAY - Manufactured home 3/2, covered deck, lots of storage, river views, handicapped access, electric heat, city water & sewer. $85,000 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 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. BOARDMAN | 2 Marine Dr., Suite #104 | COMMERCIAL Intermediate-term Loan - A home loan of less than 30 years. Life-of-loan Cap - A consumer protection on some adjustable loans. It limits the total upward adjustment that may occur during the life of the loan. Also known as an overall cap. 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 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. Mortgage Broker - An individual or company co-op unity, the buyer owns shares in the co-op corporation (made up of co-op residents), rather than owning real property. at by dividing the borrower's fixed monthly obligations by the borrower's monthly income. 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. 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. 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. $320,500 set interest rate. Installment Debts - A buyer's long-term debts; they usually extend for periods longer than nine months. Conventional Loan - A loan not guaranteed by the VA or insured by the FHA. Equity - The ownership interest remaining in GREAT PROFESSIONAL BUILDING for both you and/OR your tenants. Downtownoffice great location. High Potential. Proforma available. $320,000 Hermiston. RMLS #13257079 Fixed-Rate Mortgage - A loan that has one Mortgage - A lien or claim on property given Debt-to-income Ratio - A percentage arrived 541/481-2888 and managed corporation that purchases mortgage loans originated by other lenders. Fannie Mae issues stocks and securities to obtain funds for its purchases. 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 FIRST-CLASS SERVICE & LOCAL EXPERTISE. Federal National Mortgage Association (FNMA or Fannie Mae) - A privately owned 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. 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 due date. 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. 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
