Image provided by: University of Oregon Libraries; Eugene, OR
About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (March 3, 2017)
16W // Real Estate & Home Builders Guide // March 2017 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. 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. Debt-to-income Ratio - A percentage arrived Federal National Mortgage Association (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. Fixed-Rate Mortgage - A loan that has one 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. designated recipient at a 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. TWO FOR THE PRICE OF ONE! Both lot are buildable but think about how incredible it would be to have a custom built home. It would afford you some privacy and you would have fantastic views of Umatilla and the Columbia River. Call DONN today 541-571-2121. $35,000 RMLS#16046316. LOCATION, LOCATION, LOCATION - HUGE PRICE REDUCTION! 13.25 acres with great exposure to i-84 west bound traffi c located on east side of freeway and south of exit 302. ideal for truck stop, convenient store, fast food, motel, strip mall. two tax lots ready for your development. $699,950. Call DONN 541-571-2121. RMLS# 15501890 LOOKING FOR A GREAT HOMESITE WITH WATER RIGHTS and also private. umatilla school district and hermis- ton address. look no further for a home site and irrigated land. 6 acres of water rights from hid. seller would consider a short term contract with $25,000 down...get the property and then build your home or pick out a beautiful manufactured home...$147,500. Call DONN 641-571-2121. RMLS# 15050659 ENTRANCE FROM PUNKIN CENTER AND HWY 395. Cyclone fence on south property line adjacent to United Rental and Directly east of Hermiston Realty. No improvements. $128,990 RMLS# 13139824 Call DONN 541-571-2121 LOCATION COULD BE DEVELOPED INTO A BUSINESS CENTER by combining neighboring properties with this into profi table venture. shopping mall, box stores, restaurants, service stores, etc. Call DONN 541-571-2121. $400,000 RMLS # 16422175 WOW...7 acreage zoned R-4 with water rights and located edge of Hermiston ripe to incorporate and develop. East side of Hermiston. Buyer to annex into city at time of purchase or time to develop. Seller is partitioning four acres from 11 acres and retaining the improved east side of the acreage. Call DONN 541-571-2121. $750,000 RMLS # 16654781 LOCATED ACROSS FROM RIVER VIEW SUBDIVISION ON POWERLINE AND PINE TREE LANE. Water, sewer, power available. 2.33 acreage with possible owner carry contract. Overhead power lines makes part of the property NO buildings. RMLS# 17638629 call DONN 541-571-2121 THIS PROPERTY IS FOR DEVELOPERS, INVESTORS, CONSIDER PROVIDING NEEDED INVENTORY. This property comes with views of The Columbia River, rolling hills, storm watching & Oregon/Washington bridge. It’s a hwy 730 commute, a crossroads to Hwy 82. This 9.54 acres of Umatilla’s South Hill will develop with return with the surrounding industrious growing communities. PowerlineRd(SouthHill)takeMadison-W-McFarland-Right-Roosevelt-left-fi eld RMLS# 16473491 Call Donn 541-571-2121 COUNTRY LIVING Payment Cap - Limits the amount that a monthly payment on an ARM loan can increase at the time of adjustment. Prepayment - Payment of a mortgage loan, be paid to a designated time. PROPERTY HAS APPROX. 55 PENS that are an acre each in size, some with concrete feeders. Has a great shop, 5 grain bins, fenced, almost 160 acres in OPEN LAND Seller will consider a contract with a substantial down.$899,000 Call Donn 541-571-2121 RMLS#16321063 Mortgage Broker - An individual or company that obtains mortgages for others by finding lending institutions, insurance companies, or private lenders to lend money. 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. Escrow - Funds left in trust with a third party, to 2372 N. 1st (Hwy 395) Hermiston, OR 97838 WWW.HERMISTONREALTYNOW.COM by a buyer to a lender as security for money borrowed. Points - One percent of the amount of the mortgage loan. property after payment of all liens or other charges on the property. 888-319-2121 or 541-567-2121 Mortgage - A lien or claim on property given at by dividing the borrower's fixed monthly obligations by the borrower's monthly income. Equity - The ownership interest remaining in HERMISTON REALTY 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 $139,000 1.83 Acres 1392 Sq Ft Home Possibilities Plus RMLS#16126980 398 E Ridgeway, Hermiston, OR 97838 541-667-2000 • 541-571-2767 Cell www.hermistonhomes.net & H om ebu ilders G u ide EQUAL HOUSING OPPORTUNITY Linda Andreason Principal Broker, GRI
