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