June 2016 // Real Estate & Home Builders Guide // 5W
Home Buyer's
541-667-2000
EQUAL HOUSING
OPPORTUNITY
LAND & COMMERCIAL PROPERTY
$775,000 - 29.5 ACRES
ZONED R-2 & INDUSTRIAL
ON
DIAGONAL
RD .,
Hermiston includes 13,750 sq. ft.
metal building. Call Virginia @
541-667-2000 MLS #7717963
$650,000
-
Commercial
building with over 13,000 sq. ft.
built in 1978 on approximately
2 fenced acres zoned M-1 in
Hermiston. Call 541-667-2000.
RMLS# 16404457
$174,240 - Acreage zoned
M-1 located on E. Elm Street
in
Hermiston.
Adjacent
property also available. Call
541-667-2000.
RMLS#
16582015
$147,500 - INDUSTRIAL SITE
LOCATED ON HWY 395 2.69
ACRES close to airport Road.
620 feet of frontage. Zone M-1
owner financing available.
$147,500 MLS # 9090379 for
info Call Virginia 541-667-2000
$129,000 - COMMERICIAL 9.04
ACRES IN CITY LIMITS -
utilities available-zoned general
commercial flat land between paved
streets. Lots of Potential. By golf
course. MLS# 15556151 Call
Virginia 541-667-2000
REDUCED TO $99,800 -
BUILD YOUR NEW HOME
ON 3.19 ACRES . One of a
kind view lot overlooks the
Columbia river. Ideal for two
story home. Paved road,
power, phone, DEQ site
Evaluation Report on file. For
more information call Colleen
541-667-2000
RMLS
#12478995
$75,000 - LARGE LOT WITH
RV PAD. Fenced yard. Has
Shop with unfinished Studio
apartment. You can finish it or
put mobile on lot. Or build a
new house on lot. Call Vicky
and come take a look. 541-
667-2000, RMLS# 15126978
$65,000 - CHECK OUT THIS
POTENTIAL HOME SITE!
3.94 acres at the end of a lane.
Call
Linda
for
more
information @ 541-667-2000
RMLS# 15425339
$39,000 - 1.5 LEVEL ACRE
COMMERICAL PROPERTY
located in the southern part of
Hermiston. Well and septic will
need to be installed. MLS
$75,000 - LOOKING FOR A #12632057 Call Cindy 541-667-
NICE SIZE SHOP? All 2000
metal, office space inside,
large carport attach to shop. $385,000 ZONED R-3 VACANT
Fenced on three sides, power. LAND IN HERMISTON. 2.43
All on 2.31 acres Great place acres with easy access and well suited
to put your home. Call Vicky for multi-family development. Call
at 541-667-2000. RMLS# 541-667-2000 RMLS # 16266715
13377487
398 E Ridgeway • Hermiston, OR 97838 • 1-877-668-6541 • www.hermistonhomes.net
Glossary
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.
C ORNERSTONE
541-289-5454
Fax: 541-289-5456
www.hermistoncornerstone.com
541-701-1376
NEW
LIST
ING
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
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.
Equity - The ownership interest remaining in
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
ENJOY A PRIVATE SETTING with this 5 bed 2
bath home on .35 of an acre with Stanfield water
rights. Beautiful open kitchen, large floor plan,
storage area, deck, garden area. Large family room
(POD) that leads to your deck. Home is at the end
of a dead end road so No traffic!! MLS# 16698464
$196,000
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.
Debt-to-income Ratio - A percentage arrived
Heidi Carver
Broker
Fixed-Rate Mortgage - A loan that has one
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.
Hermiston, OR 97838
Phone:
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
1055 S. Hwy 395
Suite 313
Federal National Mortgage Association
(FNMA or Fannie Mae) - A privately owned
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.
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
