2E // Real Estate & Home Builders Guide // July 2017
Federal National Mortgage Association (FNMA or
which the interest rate and the payments change during the
life of the loan.
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.
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.
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EAST ZONE
Amortization - A plan for gradually repaying, in periodic
Intermediate-term Loan - A home loan of less than 30
years.
Balloon Mortgage - A mortgage that has a large amount of
the principle due at the time of maturity.
Life-of-loan Cap - A consumer protection on some adjust-
Bridge Loan - A loan that fi nances a mortgage at the end of
able loans. It limits the total upward adjustment that may occur
during the life of the loan. Also known as an overall cap.
one loan and the start of a new one.
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 fi nancial institution authorized to
provide a variety of fi nancial services, including consumer and
business loans (generally short-term), checking services, cred-
it cards and savings accounts.
Condominium - The buyer owns title to a residential unit,
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 Rate - 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.
shares common areas with other unit owners and pays main-
tenance fees to the condominium association for property
upkeep.
Mortgage - A lien or claim on property given by a buyer to a
Conventional Loan - A loan not guaranteed by the VA or
Mortgage Broker - An individual or company that obtains
insured by the FHA.
mortgages for others by fi nding lending institutions, insurance
companies, or private lenders to lend money.
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 at by divid-
ing the borrower's fi xed monthly obligations by the borrower's
monthly income.
lender as security for money borrowed.
Payment Cap - Limits the amount that a monthly payment
on an ARM loan can increase at the time of adjustment.
Points - One percent of the amount of the mortgage loan.
Prepayment - Payment of a mortgage loan, or portion of the
loan, before the due date.
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.
Equity - The ownership interest remaining in property after
Prime Rate - The interest rate that banks charge to their
preferred customers. Changes in prime rate are used as index-
es in some adjustable rate mortgages, especially home equity
lines of credit.
payment of all liens or other charges on the property.
Principal - The basic loan amount, separate from interest,
Escrow - Funds left in trust with a third party, to be paid to a
Advertising Sales
Closing Costs - Expenses and fees that are added to the
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payments, money borrowed.
TABLE OF CONTENTS
Home Buyers Glossery ........................ 2E
Distribution .......................................... 3E
Umatilla County:
EO Media Group • 211 SE Byers • Pendleton, OR 97801
Adjustable-rate Mortgage (ARM) - A mortgage for
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
Glossary
Eastern Oregon
Roff Real Estate ................................. 15A
Clark Jennings ................................... 12E
Coldwell Banker First Realtors ............. 3E
Coldwell Banker Whitney and
Associates .................7E, 8E-9E, 10E, 11E
Garton & Associates ............................ 6E
Pendleton Southgate Realty ...... 13E, 14E
Seaquist Real Estate ...................... 4E, 5E
The Whitney Land Co ................ 15E, 16E
Web Property Resources ..................... 4E
Wheeler County:
Real Estate Outback .................................. 11E
Wallow County:
Wallow County Brokers .............................15A
Affiliates:
State Farm Insurance ........................... 4E
Banner Bank ...................................... 14E
Stearns Lending, LLC .......................... 1E
W
insurance, and taxes.
designated recipient at a designated time.
Private Mortgage Insurance (PMI) - The insurance
Federal 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.
coverage offered by a private company that protects a lender
against loss on a default mortgage loan. Its use is usually lim-
ited to loans with high loan-to-value ratios. The borrower pays
the premiums.
M
E
Title - Proof of ownership.
Federal Housing Administration (FHA) - A govern-
ment agency within the Department of Housing and Urban De-
velopment that administers many programs involving housing
loans made from private funds, including mortgage insurance
for lenders and rent or interest assistance for low-income ten-
ants and mortgagors.
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 state
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W= WEST: Umatilla, Morrow, Gilliam & Wheeler Counties
E = EAST: Umatilla, Morrow, Gilliam & Wheeler Counties
M = MOUNTAIN: Union, Wallowa, Baker, Grant, Malheur
& Harney Counties
July 2017, Volume 32, Number 7 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.
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