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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (July 21, 2017)
4M // Real Estate & Home Builders Guide // July 2017 C OUNTRY P REFERRED , R EALTORS 331 W. MAIN ST. • JOHN DAY, OR 97845 (541) 575-2710 • 1-800-575-2710 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 offi ce and brokers are licensed in Oregon Formerly Coldwell Banker Preferred Group Large 3Bd 2+ Bth home with great views, daylight sement,decks,patio,deer fenced landsaping. 2 bay shop garage, animal shelter small pasture. Large parking area, gaited entry.Open fl oor plan with view windows. Family room on lower fl oor. $342,500 RMLS#17216940 Fantastic Views from this Beautiful 4Bd/2Bth custom home. Open fl oor plan with views from kitchen and living. Walk on to the expansive private deck to the hot tube. Hickory cabinets, granite counters, travertine and wood fl ooring. Easy care landscaping with underground sprinklers. Plenty of room for a shop. Private and Quite! $325,000 RMLS#16190115 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. 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. Amortization - A plan for gradually repaying, in periodic Duke Warner Realty MEMBERS OF RMLS & MLS www.rmls.com and www.centraloregonrealtors.com Licensed In Th e State Of Oregon payments, money borrowed. Dayville John Day Valley Lori Hickerson, Principal Broker, GRI, P.C. • Sally Knowles , Broker, GRI Babette Larson , Broker, GRI, Offi ce Manager 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 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. 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. 85 ACRE RIVER RANCH! Near Monument, Oregon, equipment shop, hay cover, barn, home, garage. $535,000 RMLS #17501846 CEDAR SIDED HOME ON 7.80 ACRES! Mt Views, custom gated entryway, pool, hot tub, pond w/water fall, garage w/living qtrs., barn w/stalls. $355,000 RMLS #15289183 FIRESIDE LODGE! Potential – Diversity! 54 timbered ac, borders NF, bar, restaurant, cabins, private living quarters. $450,000 RMLS #17632371 "Your Professional Real Estate Choice in Grant County." Please give us a call for additional listing information. Intermediate-term Loan - A home loan of less than 30 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, shares common areas with other unit owners and pays main- tenance 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 at by divid- ing the borrower's fi xed monthly obligations by the borrower's monthly income. 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. 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 fi nding 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. 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 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. This institution is an equal opportunity provider and employer. Title - Proof of ownership. Get out of town. We understand the unique loan requirements for country home and acreages. Our programs are designed to meet the needs of country home and property owners. · Country Home & Lot Loans · All-in-One Construction Loans 800.743.2125 | northwestfcs.com 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 & H om ebu ilders G u ide
