Image provided by: University of Oregon Libraries; Eugene, OR
About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (July 22, 2016)
10M // Real Estate & Home Builders Guide // July 2016 www.MalheurRealty.com MALHEUR REALTY 1461 S.W. 4th Avenue • Ontario, Oregon 97914 Licensed in Idaho & Oregon Independently Owned and Operated. 541-889-5800 • 888-292-5877 Toll Free Larry Wilson, Principal Broker/Owner 208-739-8383 Donna Murdock, Broker 208-880-4938 Travis Currey, Broker 541-212-1871 Chad Currey, Broker 541-212-3880 Richard Teramura, Broker 541-212-6886 Jim Maret, Broker 541-709-8239 Home Buyer's 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. $219,000 Home in the Country- 3 bdrm, 2 bath 1636 sq ft on 6+ acres, 5 acres of water rights. Large living room with decorative ceiling, dining room with a view. Spacious kitchen with skylights. Master bdrm with 2 walk-in closets and soaker tub. Fully fenced with year round running creek, 7 stall horse barn, 24x24 garage, garden space, outdoor sheds,RV parking. Enclosed back porch with heat and AC. Large covered front deck with railing. New roof. Newly painted inside and out. Close to the river and boat ramp. MLS#98628005 1942-16 Call Chad 570,000.00 - Raise your Family Here! - This Ontario home has all the room you need for toys and family. It has 40.37 acres in hay and pasture with Owyhee water right. Home has 6 bedrooms, 3 baths & a remodeled kitchen. It offers a central vacuum. Overlook a greenhouse and a pond. Yard has mature pine trees, shade tree’s fruit trees. Way too much to list here. MLS 98612855/98612866 1916-16 Call Chad 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. $155,000 Country home - Nice home on .75 of an acre. Large heated shop for all of your toys. Sun room with great view of the surrounding area. Large deck for those summertime BBQs with friends and family. Come take a look and make it your own. MLS#98627203 1938-16 Call Jim 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 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. Conventional Loan - A loan not guaranteed by the VA or insured by the FHA. 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. Debt-to-income Ratio - A percentage arrived 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. 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 $575,000 –Beautiful home on 40 acres North of Ontario–Built in 2003. 2913 sq ft on one level. Appliances included. Granite countertops in kitchen. 6 burner gas Jenn-Aire range/oven & knotty pine cupboards. Island. Fireplace in great room. Formal dining. Central vac. 30’x60’ shop finished inside. 16’x30’ storage lean-to E side and 24’x32’covered storage on N side of shop. Barn. 6 big gun sprinklers for pasture with solid set hookups. 500 gal propane tank for water heater and kitchen stove. 100 gal water heater. MLS 98619733/98619738 1930-16 Call Larry Fixed-Rate Mortgage - A loan that has one Mortgage - A lien or claim on property given Escrow - Funds left in trust with a third party, to be paid to a designated recipient at a designated time. $519,000 Farm Home with Acreage- Great country view from this 35 acre farm. Enjoy this roomy newer home, large deck for those summertime evenings. A 30x40 shop for your projects, barn, hay, or equipment shed. Greenhouse, small heated shop,2 car detached garage. This is a great place for animals. Lots of fenced areas, large garden space. MLS 98616130/98616134 1922-16 Call Jim 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 $189,900– One of a Kind View! – 6 miles SW of Nyssa. 3 bdrms, 2.5 baths home, yard, and shop are all in excellent shape. Oak kitchen, master bdrm has 12’x10’ sitting room w/sliding door to deck. 2 new (March 16) heat pumps. 12’x22’ covered patio. Auto sprinklers for yard. 40’x45’ shop has a single car garage w/opener, RV bay, shop has wood stove and ½’5f bath with reloading/hobby room. Huge overhead storage and dog run on the north side. MLS#98619515. 1929-16 Call Larry. 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