Image provided by: University of Oregon Libraries; Eugene, OR
About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (April 7, 2017)
2E // Real Estate & Home Builders Guide // April 2017 - 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 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. Mortgage - A lien or claim on property given 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. Payment Cap - Limits the amount that a monthly payment on an ARM loan can increase at the time of adjustment. at by dividing the borrower's fixed monthly obligations by the borrower's monthly income. Points - One percent of the amount of the mortgage loan. Due-on-sale Clause - A mortgage stipulation Prepayment - Payment of a mortgage loan, 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 time. 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. EAST ZONE Federal National Mortgage Association (FNMA or Fannie Mae) - A privately owned 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. TABLE OF CONTENTS Home Buyers Glossery ........................ 2E Pendleton Landlord/Rental list .......... 12E Distribution ........................................ 14E Umatilla County: EO Media Group • 211 SE Byers • Pendleton, OR 97801 (ARM) Jeanne Jewett • Audra Workman • Dayle Stinson Terri Briggs • Danni Halladay Mortgage & H om ebu ilders G u ide Advertising Sales Adjustable-rate R eal E state To Advertise in the Eastern Oregon Real Estate & Homebuilders Guide Contact 541-278-2670 • 1-800-987-7511 • realestate@eastoregonian.com Home Buyer's Glossary Eastern Oregon Roff Real Estate ................................. 15E Clark Jennings ................................... 11E Coldwell Banker First Realtors ............. 7E Coldwell Banker Whitney and Associates .........................7E, 8E-9E, 10E Garton & Associates ............................ 6E Pendleton Southgate Realty ......... 13,15E Seaquist Real Estate ............................ 5E The Whitney Land Co ................ 15E, 16E Web Property ...................................... 4E Wheeler County: Real Estate Outback .................................... 7E Grant County: Mossy Oak Properties ................................. 7E Affiliates: State Farm Insurance ........................... 4E Banner Bank ........................................ 7E Stearns Lending, LLC .......................... 1E W Principal - The basic loan amount, separate from interest, insurance, and taxes. M 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. E 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 W= WEST: Umatilla, Morrow, Gilliam & Wheeler Counties E = EAST: Umatilla, Morrow, Gilliam & Wheeler Counties M = MOUNTAIN: Union, Wallowa, Baker, Grant, Malheur & Harney Counties April 2017, Volume 32, Number 4 Eastern Oregon Real Estate & Home Builders Guide is published monthly by the East Oregonian Publishing Company, 211 SE Byers, Pendleton, Oregon 97801. Subscription rates are $16 for 12 issues. Third-class postage paid at Pendleton, Oregon. For subscription service questions, call (541) 278-2670 or 1-800-987-7511 or write Eastern Oregon Real Estate & Home Builders Guide, 211 SE Byers, Pendleton, Oregon 97801. All real estate advertising in this paper is subject to the Federal Fair Housing Act of 1968 which makes it illegal to advertise “any preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status or national origin, or an intention to make any such preference, limitation or discrimination.” This paper will not knowingly accept any advertising for real estate which is in violation of the law. Our readers are hereby informed that all dwellings advertised in this paper are available on an equal opportunity basis. The information in this paper is deemed to be correct but not guaranteed. All properties or information contained in this paper are subject to prior change, modification, sale, or withdrawal from the market. Copyright© 2016 EO Media Group. All rights reserved. www.eastoregonrealestate.com
