8M // Real Estate & Home Builders Guide // August 2017
Glossary
Two Convenient Locations on Highway 82
309 S. River St., Ste D • Enterprise, OR 97828
203 N. Main St., #5 • Joseph, OR 97846
541-426-3026
541-432-7653 • 800-597-7169
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
payments, money borrowed.
Intermediate-term Loan - A home loan of less than 30
years.
Balloon Mortgage - A mortgage that has a large amount of
VERY WELL KEPT 3 BEDROOM 1 BATH HOME in nice residential
are of Joseph. Covered entry/patio area. Separate laundry room.
Metal roof and no need for painting with vinyl siding. Attached
garage with door opener. Nice storage building. Easy gated access
to EXTRA lot for RV or toy storage. RMLS#17042254 - $204,500
ENJOY OUTSTANDING MOUNTAIN VIEWS from this daylight
ranch home with large deck. 3 bedrooms, with possible 4th. 2 Baths
and potential for 2nd basement area kitchen. Newer windows &
new refrigerator plus other upgrades. Large back yard and 3 car
carport for vehicles or storage! RMLS#17052879 - $215,000
BEAUTIFUL
HOME
AT
WALLOWA Lake! 1750 sq.ft.
built in 2007 w/ three bedrooms
and two baths. Great room w/
bamboo fl oors, log railings,
fi replace. Gorgeous kitchen
w/cherry cabinets, granite
counters,
stainless
steel
appliances and breakfast bar.
Large master suite w/private
deck, spa tub, separate shower
with travertine tiles. Laundry/
mud room. Wood siding, metal
roof, Trex deck. 8x10 storage
shed. Year around use. Never
been rented. Lots of parking.
MLS# 17054764 - $469,000
BRING YOUR BUSINESS,
HORSES OR JUST RELAX!
Unique property on 2.5 acres
shows pride of ownership.
Main home w/four bedrooms
and three baths. Living/
dining room and master suite
on the main level with vaulted
ceilings and exposed beams.
Lovely sun room. Separate
guest house w/bedroom
and bath sold furnished.
Two car garage w/carport.
Huge heated & insulated
shop w/offi ce. Two more
shops and barn. Lots to see!
RMLS# 17649205 - $575,000
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.
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.
ENJOY QUALITY CENTURY
- OLD craftsmanship in this
CHARMING HOME NEAR THE ENTERPRISE CITY PARK!
Stream across front yard to water yard from. Beautiful large
trees and a private back yard. Newly remodeled in many
areas of the home. All 3 bedrooms on upper level along with
a full tub/shower bathroom. Living room and family room on
main level plus pantry/laundry room and a 1/2 bath. Beautiful
pellet stove with a rock work fi replace hearth and a romantic
fi replace in largest bedroom. RMLS#17050771 - $192,000
5 Bedroom, 2 Bath home.
Historically and currently
used as a residence, the
lot is zoned commercial. A
beauty shop operated out
of the rear of the home
for years. Plenty of room
for living, conducting
business and enjoying life
in downtown Enterprise.
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.
RMLS#17440694- $155,000
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
CORNER LOT LOCATION WITH OPPORTUNITY! This
house may need some cosmetic work but should be well
worth the effort. Good foundation, roof, & windows. Corner
lot location and close to school, medical offi ce, and downtown.
Investment worthy. RMLS# 17161682 - $72,900
COUNTRY LIVING JUST OUTSIDE OF TOWN in this 2BD, 1BA home
including an upstairs bonus room. A small irrigation ditch running through
the front yard adds to the charm. Enjoy great views of the mountains
from inside & outside. There are two lots included in this price. Pasture
your horses on the undeveloped lot, build on it for yourself, or sell it
to someone else. Heated work shop with lots of storage & a barn are
featured on the property. RMLS#17130924 - $232,000
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.
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.
THIS VERY WELL KEPT HOME capitalizes on the surrounding
beauty and features a new, cozy guest house. Painstaking effort
has been put into newly remodeled bathrooms and fresh laminate
fl ooring. The kitchen features tasteful granite counter tops, a double
oven, a breakfast bar, and a proper dining room. The covered deck
ensures that the breathtaking views of the Wallowa Mountains can
be enjoyed year-round. RMLS#17308091 - $299,900
Eastern Oregon
GREAT OFFICE COMPLEX in the center of
commerce in Enterprise. Nearly 4,000 square feet
of offi ce and meeting spaces. Ready to serve your
business! RMLS#17518964 - $349,000
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