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.