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