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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Oct. 6, 2017)
October 2017 // Real Estate & Home Builders Guide // 13E VICKIE ROFF RAY HALL Principal Broker/Owner (509)520-8715 Broker (509)386-6293 REAL ESTATE, INC . Glossary Adjustable-rate Mortgage (ARM) - A mortgage for which the interest rate and the payments change during the life of the loan. NOT A DRIVE-BY This 3 bedroom 1.5 bath single level home is situated on a large corner lot perfect for the gardener. Detached garage, covered patio plus cellar storage. Call for details. $125,000 RMLS#16035887 MOUNTAIN RETREAT Enjoy winter and summer activities in “The Blues”. 1 bedroom A-Frame with loft and guest quarters. Situated on 1.48 Acre (2 lots) $87,000 RMLS#17004041 RENTAL INVESTMENT plus room to add units on large lot. Two duplexes consist of 2 bedrooms each and individually metered. Owner pays water. Reduced to $169,000 RMLS#15315413 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 REDUCED 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. CHARM OF YESTER YEAR is evident in this 3 bedroom home offering an office, second living room or formal dining room. Corner lot, fenced yard and outside storage. Call today! $180,000 RMLS#17567676 DELIGHTFUL COUNTRY LOCATION with a beautiful mountain view. 4 bedroom 1.5 bath home has tons of storage and original woodwork throughout. Water rights to the full 9+ acres. Machine shed, detached garage, and a lovely fire pit is great for family gatherings. A must see at $395,000 RMLS#16541281 LOVE TO DECORATE? Here’s a home ready for your decorating skills. Spacious 2 bedroom 2 bath home includes an office, formal dining area and basement. Two city lots just waiting for your gardening skills. Call for private viewing. $214,000 RMLS#17465509 Condominium - The buyer owns title to a residential unit, 541-938-6655 www.roffrealestate.com www.rmls.com 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. 195 S. Main Milton-Freewater, OR 97862 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. SEAQUIST OND Alderson Property Management ELGIN WES 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 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. Off ering full service property management. Serving the Eastern Oregon areas. Call today for a personal consultation! A 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 Valerie Alderson Broker/Owner Offi ce: (541) 938-3331 Email: valerie@wtechlink.us ATHE N Market Value - The highest price the buyer is willing to pay for a property and the lowest price the seller will accept. Due-on-sale Clause - A mortgage stipulation demanding 725 S. Main Street, Milton-Freewater, OR 97862 BEAUTIFUL 3 BEDROOM, 2 BATH ON THE DESCHUTES RIVER. 2-2 car garages, shop, and sit on 3.5 Acres. $829,000 RMLS#201706086 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. loan, before the due date. REAL ESTATE REDM 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. TURN OF THE CENTURY STYLE 2 bedroom, 1 bath with lots of potential! $69,900 RMLS # 17334114 MILT ON؏F REEW ATER TON 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. Title - Proof of ownership. Federal Housing Administration (FHA) - A govern- ED UC RED CHARMING 3 BEDROOM, 1 BATHROOM HOME, with original built-ins and on a quiet street. $135,000 RMLS #17531723 SECLUDED 3 BEDROOM, 2 BATHROOM HOME on a large lot. $50,784 RMLS #17076285 ED UC RED VERY CUTE 2 BEDROOM 1 BATH with detached single car garage. $119,900 RMLS #17251035 e-mail: paul@seaquist-realestate.com e-mail: valerie@seaquist-realestate.com e-mail: maria@seaquist-realestate.com. www.eohomes.com www.tourmf.com 725 S. Main Street, Milton-Freewater, OR 97862 Paul R. Seaquist Valerie Alderson Principal Broker 509-520-3331 licensed in OR & WA Principal Broker/ Owner 541-969-9964 licensed in OR & WA Maria Soto Broker 509-200-8291. licensed in WA. (541) 938-3331 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
