Image provided by: University of Oregon Libraries; Eugene, OR
About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (June 16, 2017)
June 2017 // Real Estate & Home Builders Guide // 5M Refinancing loan generally ‘resets’ clock By Ilyce Glink and Samuel J. Tamkin, Tribune Content Agency : Did I make a mistake by refinancing my home loan three times over the past 20 years? My loan balance is at $100,000 from $130,000 after 20 years. I realize I lowered my rate a few times and my mortgage broker told me it was prudent if the rate dropped more than one percent, but I did not realize that my amortization schedule got reset each time. Am I now only paying off principal or am I still paying interest for the life of the loan? I’m confused and I am thinking I made mistakes because I am not seeing my loan amount reduced that much after 20 years. : Yes, each time you refinanced your property you “reset” the clock in terms of the term length -- unless you opted to refinance the lower rate for a shorter term length. When you choose a shorter term length, the payment tends to rise (unless the reduction in the interest rate overcomes that) because you’re paying off the loan in a shorter period of time. But when you cut back on the term length, you are also paying more toward the loan balance each month. That is why Q A a monthly mortgage payment on a 15-year fixed rate loan is so much higher than the monthly mortgage payment on a 30-year fixed rate loan. And, paying that higher amount is a sure way to add to the equity in the property. The one thing you could have done to benefit from refinancing so many times is to have paid the same amount you previously paid your lender. That is to say, if your old payment for principal and interest on your loan was $1,000 and your new payment was $800, you could have continued to pay $1,000. Your overpayment would have cut years off the term of your loan. By paying that extra amount, you’d essentially prepay your mortgage balance monthly, as all of that extra cash is applied to the outstanding principal balance. That’s another way to dramatically increase the equity in your home. As it stands now, you’re still paying principal and interest each month on your loan. When you reset the term, you went back to paying mostly interest and very little principal. As the months go on, you pay more principal and less interest, but in a 30-year loan you wouldn’t pay equal amounts of principal and interest until around year 14 or so. #3157RR REDUCED! COUNTRY LIVING CLOSE TO TOWN. Well- maintained 1634+/- SF 3BD/1BA on 3.26+/- acrs. Updated FEATURED roof, vinyl siding, pump & pressure tank on spring-fed HOME! water sys. Same owner for 50+ yrs. NOW $140,000 RMLS#16357273 #3233RR NICE FAMILY HOME W/MANY UPGRADES & BEAUTIFUL MTN VIEWS. 1752 +/- SF 3BD/2BA, offi ce. Granite kitchen counters, coff ered ceilings, solarium, hot tub, beautiful master suite, Lg yard, UG sprinklers. Lg shop w/concrete 160 E. MAIN • fl oor. $198,000 RMLS#17637480 JOHN DAY, OR 97845 #3231R STARTER, RENTAL OR RETIREMENT HOME. Solid 2BD/1BA 5415752121 / 8885752121 w/detached garage on small residential lot. Has been Jerry Franklin, GRI (ABR)/SRES investment rental for many yrs. Good foundation, fairly Principal Broker/Owner, new roof, nice location. Poss owner fi nancing. $79,500 #3236R 541-820-3721 RMLS#17067705 BEAUTIFUL CUSTOM 4BD/2BA W/ #3229R A LITTLE PAINT WILL GO A LONG WAY. 1977 2BD/1BA MH MTN VIEWS. Liv & fam rms, stamped Wendy Hull, GRI w/450 +/- SF addition in 2003. Addition on concrete fndn Principal Broker, 541-620-4239 incl nice liv rm w/woodstove, 3rdBD/2ndBA. New metal concrete patio, water feature. Nice roof, decks, fenced yard, outbldgs. OWC w/good down. fi nishes inside, Corian kitchen Michal Madden $49,500 RMLS#17268325 counters. Manicured landscaping, Broker, 541-620-4408 #3224R COZY 950 +/- SF 2 BD/1BA near Canyon Creek. Walk to sprinklers, drip system. 2-car gar downtown. Orig hardwood fl oors in liv rm & bdrms. Tile in Traci Frazier BA. Galley kit w/newer vinyl fl ooring, utility, attic storage. & RV gar plus hookups. $310,000 Broker, 541-620-0925 Toyo stove. Carport. 4070 +/- SF lot w/fenced backyard. RMLS#17532109 $79,900 RMLS#17010012 Lindsey Madden Broker, 541-792-0031 See our listings at: www.easternoregonrealty.net • www.eastoregonrealestate.com • www.farmseller.com • www.rmls.com OFFICE C OUNTRY P REFERRED , R EALTORS Formerly Coldwell Banker Preferred Group Duke Warner Realty MEMBERS OF RMLS & MLS www.rmls.com and www.centraloregonrealtors.com Licensed In Th e State Of Oregon FAMILY HOME ON 36 ACRES! Daylight basement, ATV sheds, small barn, deer fenced courtyard makes a great summer retreat area. $425,000 RMLS #16452348 215 South Fork Road • Dayville, OR 97825 (541) 575-2617 • (541) 932-4493 • (541) 987-2363 To view all of our properties go to: www.eastoregonrealestate.com 5 ACRES ON THE JOHN DAY RIVER! Mt views, MF home, shop, fenced, 2 pas- tures. $160,000 RMLS #16157119 40 ACRES IN HARNEY COUNTY! Large home, att dble garage, 2 story metal shop w/bathroom, apartment & wood shop area. $320,000 RMLS #14484773 3480 PLACE • BAKER CITY, OR 97814 “16th Street - between Auburn and Place” CELL: 541-518-2800 Licensed in Oregon HUNT MTN. LANE. 78 acres m/l on the western edge of Baker Valley, with panoramic views of the valley and mountains. Private road. Custom built 4 bedroom home with open fl oor plan in living, kitchen and dining areas. Wood burning fi replace. Spacious bonus room with a propane fi replace and a built in Murphy bed for guests. Heat pump and central a/c. Two water heaters provide ample water for both fl oors. Master bedroom windows frame the view of the Elkhorn Mtns. Covered deck on three sides of the home for outside living and enjoying the fabulous views in all directions. Yard has sprinkler system and fenced garden area with young peach, pear, apple and walnut trees. Detached double garage with attached carport. Enclosed metal sided pole barn (48’x30’) with 48’x24’ open bays on each side. Working corrals, level outdoor riding area, second well for livestock water. Fenced and cross fenced. Approx. 68 acres are irrigated. $925,000 ING NEW LIST MOUNTAIN AND VALLEY VIEWS. Five acre rural building parcel on Running Iron Rd. Ready to build on. Phone and power are available at property line. Protective CC&Rs are in place. $78,900 Celebrating Our 20th Anniversary 541-894-0116 Fax 541-894-0119 110 S. Mill Street - PO Box 370, Sumpter Oregon 97877 WWW.RUSTICREALTYPROPERTIES.COM RUSTIC REALTY WOULD LIKE TO WELCOME SCOTT CRAIG TO OUR TEAM! For more than 20 years Scott Craig and his wife Sue have made Eastern Oregon home aft er owning, operat- ing and selling a successful restaurant in Seattle's Pike Place market. Leaving the crowds and traffi c behind they feel extremely fortunate to live, work and play where beauty, serenity, and friendly folks are a way of life. Amy Denman Owner/ Broker ........................................................ 503-577-7029 Al Denman Broker .......................................................................... 503-709-0425 Fred Winegar GRI Broker ............................................................. 541-620-1560 Sharon Busch Broker .....................................................................541-620-1011 CHECK US OUT ONLINE AT www.country-preferred-realtors.com Our office and brokers are licensed in Oregon One of a kind gorgeous tudor- styled home located on 161 acres in the Strawberry Mountains. This castle like 7164 sq ft home has 6 bedrooms and 4.5 baths. Features a family/theater room, formal dining rm, great room and library. Large open kitchen featuring Italian granite. The master suite has a fire place and expansive views from bay windows. Too many amenities to list. Call for more details and set up a showing. $594,900. RMLS #17217065 Lori Hickerson, Principal Broker, GRI, P.C. • Sally Knowles , Broker, GRI Babette Larson , Broker, GRI, Offi ce Manager "Your Professional Real Estate Choice in Grant County." Please give us a call for additional listing information. 331 W. MAIN ST. • JOHN DAY, OR 97845 (541) 575-2710 • 1-800-575-2710 Huge Price Reduction! Lindell Cedar Home nestled in the Pines. Spacious 4bdrm 3bth home with vaulted ceilings, kitchen open to great room. Mountain views, 18 acres of water rights for pasture. Trex deck overlooking a pond with water fall. 1800 sq ft shop/barn. Water from Little Pine Creek runs through ditch on property. $425,000. RMLS # 13458441 Dayville John Day Valley Scott Craig • Broker Cell 541-519-9939 Scott@rusticrealtyproperties.com Scott's entrepreneurial experience in multiple business- es provides his clients ,vith valuable knowledge, insight and professionalism needed to make each transaction as smooth as possible. Scott's goal is to exceed his cli- ent's expectations; he believes that his success begins when his clients are completely satisfi ed. 'Whether you are in the matket to buy or sell your home, ranch or business, put Scott to work for you! THIS IS OUR 20TH ANNIVERSARY IN BUSINESS We are now off ering notary, copy, fax, full real estate and property management. We invite you to come in and enter to win a Premier Sitka Outfi tter package. Provided By York’s Covered Wagon at 1549 Campbell St. Baker City, OR. Only Sitka Dealer in Our Area.
