Image provided by: University of Oregon Libraries; Eugene, OR
About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Aug. 5, 2016)
8E // Real Estate & Home Builders Guide // August 2016 Discover why over 17 million homeowners trust State Farm . Free Estimates 1803 Emigrant Ave., Pendleton, OR 97801 (541) 276-1957 FAX (541) 276-2714 MARGE LAPP www.eastoregonrealestate.com skoqm4@gmail.com Principal Broker, GRI 541-276-1957 ® 23 ACRES With your new home comes new responsibilities – like protecting your new investment with the right amount of homeowners insurance. That’s where we can help. Like a good neighbor, State Farm is there. ® CONTACT AN AGENT TODAY. • New W ells • Dow nhole • Dom estic Cam era Service • Irrigation • Quality W ork • Repairs at Com petitive Prices P endleton - 541-276-3681 H erm iston - 541-567-3088 M ilton Freew ater - 541-938-5135 Dan Ceniga, Agent 1704 SW Frazer Ave Pendleton, OR 97801 Bus: 541-276-3182 dan.ceniga.b739@statefarm.com Stan Henderer, Agent 33 SE Dorion Avenue Pendleton, OR 97801 Bus: 541-278-0880 stan.henderer.lo18@statefarm.com Lo cally Own ed Servin g all o f Eastern Orego n Sin ce 1972 1-800-953-3681 OR LIC. 1881 UM A RES LIC. 07-01 W A LIC. #3213 statefarm.com ® 0907508.1 MOTIVATED HOME ON THE RANGE! Located on 23 ac.(m/l)!! Water rights. Buried lines. Great for horses, cattle etc. Fenced, outbuildings. Awesome view of the Blue Mts. from deck. Well-maintained 3 bedroom home with huge master. Open floor plan. 2 fireplaces. Cozy family room. Oversize double garage with shop & large equipment storage area with overhead door. Minutes from town, hospital & Interpath Lab. Near McKay Dam for boating, fishing & wildlife!! Brand new roof! ASK FOR MARGE LAPP. RMLS# 16029884 $359,900 NOW $339,900 State Farm Fire and Casualty Company, State Farm General Insurance Company, Bloomington, IL H om e B uyer 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. 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. 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. Conventional Loan - A loan not guaranteed by the VA or insured by the FHA. 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. Federal National Mortgage Association Payment Cap - Limits the amount that a monthly payment on an ARM loan can increase at the time of adjustment. (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. Points - One percent of the amount of the mortgage loan. arrived at by dividing the borrower's fixed monthly obligations by the borrower's monthly income. Fixed-Rate Mortgage - A loan that has one Prepayment - Payment of a 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. Intermediate-term Loan - A home loan of Debt-to-income Ratio - A percentage 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 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. set interest rate. Installment Debts - A buyer's long-term debts; they usually extend for periods longer than nine months. 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. 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 willing to pay for a property and the lowest price the seller will accept. assure that the buyer is purchasing property with no liens, encumbrances, or other claims which might adversely affect the title's value or marketability. Mortgage - A lien or claim on property given Veterans Market Value - The highest price the buyer is by a buyer to a lender as security for money borrowed. Mortgage Broker - An individual or company that obtains mortgages for others by finding lending institutions, insurance companies, or private lenders to lend money. Administration (VA) - A government agency that helps veterans of the armed forces obtain housing.
