10E // Real Estate & Home Builders Guide // November 2017
Rules for home equity line of credit change depending on mortgage, loan
By Ilyce Glink and Samuel J. Tamkin
Tribune Content Agency
Q: My home will be paid off in
February. My bank recommended that I
obtain a home equity loan now and told
me that if I waited until after it was paid
off I’d lose 30 percent of my equity in my
house. I’m only using the cash for debt
consolidation, so I don’t immediately need
the money. Any suggestions? Interest rates
are low now, but seem to be rising.
A: First of all, you won’t lose any
equity in your home if you refinance now
or later. We don’t even understand why
someone would tell you that. Perhaps you
misunderstood the message the lender was
trying to give you.
If your home is worth $250,000 now
and the home is worth $250,000 in six
months, your equity is what your home
is worth less any debt on the home. So,
your equity increases as you pay down the
mortgage you have on your home. Once
your loan is paid off, the entire value of the
home is the equity.
However, rules relating to home equity
line of credit change depending on whether
a home has a mortgage (or not) and on the
type of loan you plan to apply for.
We think that the lender you were
talking to will give you a home equity line
of credit of a certain amount, given the
value of the home when you have a mort-
gage, but will give you a lower amount if
there is no mortgage on the home. We can’t
speak to why lenders make up the rules
this way, but sometimes these rules can
be better for a borrower when they have a
mortgage than when they don’t.
Let’s use an example of a lender and a
home valued at $300,000 with a $50,000
mortgage. That lender may have a rule
where the bank can give a home equity
line of credit of up to 70 percent of the
value of the home less any mortgage. This
particular lender may be willing to give a
homeowner a home equity line of credit
of $160,000. The same lender may have
a rule that states that the lender can only
give a home equity line of credit of up to
50 percent of the value of the home if there
is no mortgage. So, in this second scenario,
the home equity line of credit could be at
most $150,000.
Remember, we’re not using actual rules
but giving you an example of how some
rules can work. Talk to the lender and see
what terms they’re offering you for the
home equity line of credit or home equity
loan now, compare those terms with other
lenders, and see what works for you.
That lender may be right, and today
might be a good time for you to take out
the loan. But if the rules don’t matter
because the loan amount you’d want
would be less than what they could give
you today, or in the future once you are
mortgage-free, it may not matter when
you take out the loan. But what should
matter are the costs and fees in obtaining
whatever loan you choose, and the interest
rate that loan carries.
It sounds to us as though the lender is
trying to get you to sign on the dotted line
as quickly as possible (and maybe he’ll
get a bigger bonus if he makes quota by
month’s end). But what you should do is
shop around and find a lender you can trust
to give you the deal that’s right for your
personal situation.
Full-Service Property Management
17 SW Frazer Ave, Suite 372
541-276-3335
www.webbpropertyresources.com
PROPERTY OWNERS! Ask us how to get 50% OFF
your fi rst month
WHITNEY AND ASSOCIATES
WHITNEY AND ASSOCIATES
37 SE Dorion , Pendleton, OR 97801 • 541-276-0021 • Fax 541-276-6749
37 SE Dorion , Pendleton, OR 97801 • 541-276-0021 • Fax 541-276-6749
COMMERCIAL LISTINGS
$3,800 MO
LEASE
FORMER CUMMINS NORTHWEST TRUCK REPAIR. 3 drive through bays, 1 with 16’
overhead door, 2 with 14’ overhead doors, 1 space with 9’ overhead door. Office, break room,
2 bathrooms, air, storage. Ample parking, room to drive around entire building. Potential for
full service automotive/truck service. Near freeway, motel, food, Walmart. Jef Farley 541-969-
9539cell. #17696772
$1,200 MO
LEASE
COMMERCIAL RETAIL SPACE LOCATED IN THE HEART OF PENDLETON ON MAIN
STREET. Beautifully remodeled exterior blending in perfectly with the historic downtown.
Parking lot near the rear entrance. 750 sf(m/l) mezzanine for office, etc. Basement area
for storage. 2 bathrooms. Nice open space perfect for retail or office. Near many landmark
businesses. Jef Farley 541-969-9539cell. #17250013
restroom w/shower. Warehouse has concrete flooring, truck door for loading, 2 man doors, and
extra storage in loft. Forced air gas heat/cool. Building is metal with a metal roof for easy upkeep.
Nicely landscaped. Cari Volger 541-377-5058cell. #16273028
$410,000
NEW
ONE TAX LOT WITH 2 BUILDINGS, nsale excludes tenants property. 1st building 1800 sf(m/l),
2nd building 1500 sf(m/l). Both buildings are currently leased. Lease information available to
qualified buyer. Marsha Morgan 541-377-5152cell. #17646906
$289,900
COMMERCIAL BUILDING next to River on high traffic street. Great for professional, retail, tourist
oriented business and more. 3548 sf(m/l) on main floor, plus full basement and 2nd story space.
On-site parking. Attractive rock facade. Call Vicki Dick 541-969-9441cell. #17253884
$995,000
THIS WAS THE HOSPITAL MEDICAL OFFICE BUILDING. 25,509+/- sf of office building
on about 1.3 acres (subject to land partition and government approval). 3 floors, lobby with
elevator, modern steel construction, many bathrooms, offices, reception areas. Up to 2.12
additional acres available. A tremendous value at a fraction of the cost to build. Located on
the East entrance to town, high traffic count and visibility. Jef Farley 541-969-9539cell.
#17401904
$199,000
REDUCED
ZONED M-1, COMMERCIAL PROPERTY, APPROX. 5,000 SF. 7 units, sizes and rents vary.
Rental details in file, some offices are vacant. Tenant’s personal property not included in sale of
property. Parking spaces in front of bldg. Newer (2005 approx.) 25 yr. rubberized roof. Tenants
pay their own utilities and are responsible for any glass damage. Marsha Morgan 541-377-
5152cell. #17335668
$630,000
COMMERCIAL RETAIL LOCATION IN DOWNTOWN PENDLETON. Building for sale only,
business will remain under an existing lease. 15000 Sq.Ft main building on 1.47 acres with 3
outbuilding for additional storage or truck parking. This is a prime, long term established, high
traffic building across from the Umatilla County Court House. Perfect for retail, commercial or
storage. Please allow 24 hour notice, qualified buyers only. Kevin Hale @ 541-969-8243.
#17508571
$195,000
NEW/COMMERCIAL
COMMERCIAL 2 STORY BRICK OFFICE BUILDING WITH BASEMENT. 2 separate sides that
can be used as 1 business or 2 separate businesses. Kitchen area plus lots of space for storage.
Gas heat and cool. Building is located close to downtown Pendleton with easy access, paved lot
for off street parking. Cari Volger 541-377-5058cell for more information and to schedule a
showing.#17041466
$595,000
PILOT ROCK
COMMUNITY PRESBYTERIAN CHURCH IN PILOT ROCK, OR. 2 buildings.
Church built in 2010 with 7,488 sf(m/l), zoned R1. School/class rooms built in
1954 with 7,440 sf(m/l), zoned C1. Connected by breezeway. 2 tax lots. This
excellent property could have multiple uses. Check with city for zoning information.
Property is in excellent condition. Seller will consider selling buildings separately.
Jef Farley 541-969-9539cell. #17261025
$135,000
PILOT ROCK
MAJESTIC, HISTORIC BRICK COMMERCIAL BUILDING LOCATED ON MAIN STREET,
PILOT ROCK, OR. Restaurant on main floor, 2 bedroom 2 bath apartment upstairs. Tenants
would like to stay. Potential for additional apartments.t. Marsha Morgan 541-377-5152cell.
#17258860
$132,000
UKIAH
SUPPLY STORE IN UKIAH. Family owned business since 1988. Store w/office, restrooms on
100’x66’ lot. All inventory, excluding liquor & pepsi and coke coolers, are included in sale of
$520,000
business. Purchaser must apply for their own liquor license. Certified woodstove plus electric
ENTIRE CITY BLOCK in core of downtown Pendleton. 3 buildings (3 tax lots), old heat. 2 freezers in store and 1 freezer in back, 8’x20’refrigerated container for wild meat. Business
tri-cinema (10k sf), old D&G Gifts (4k sf), 3rd (1569 sf), 20K+ (2 tax lots) parking income information available to pre-qualified buyer. Marsha Morgan 541-377-5152cell.
lot. Prime downtown location with great visibility. Jef Farley 541-276-0021. #17043912
#16603169
$109,900
PRICE REDUCED
$475,000
MAJOR PRICE REDUCTION
LOCATE YOUR BUSINESS with the greatest concentration of retail and business activity. High
EASY FREEWAY ACCESS. 1.52 acres that can be subdivided, power & water at street for traffic counts and zoned C-1 with many business uses permitted. Corner lot with 100’ frontage
vacant lot. 6,000 sf(/l) commercial building includes 3 offices, kitchen, and handicap accessible off of Emigrant. Kevin Hale 541 969-8243cell. #12422421
LOTS & LAND
PREMIER COMMERCIAL LOTS AVAILABLE. Directly across Hwy 395
from the new hospital. SW 37th Extension is complete and the access road
to the north side of these lots is also completed with SW 32nd Place. All
utilities installed. Lots are ready to develop or build to your needs. Prime
location for commercial and business development, take advantage of the
increased traffic flow and ease of access. Lots available from 6.73 acres @
$7.00 s.f., 1.27 acres @ $8.50 s.f., .75 acres @ $8.50 s.f., .45 acres @ $8.50
s.f. with a total of 9.2 acres available, all can be adjusted to suit your needs.
Kevin Hale 541-969-8243cell. #11336593
$507,650
BARE GROUND ONLY, SITE OF OLD ST. ANTHONY HOSPITAL. Zoned
service commercial which allows multi-family. Great visibility right on SE
Court/Hwy 11 with high traffic count, East Gate to Pendleton. Lot size
is negotiable. Subject to partition and governmental approval. Great
commercial location perfect for apartment building, office, retail, etc.
25,509 sf(m/l) office building adjacent to land for sale. Jef Farley 541-
969-9539cell. #17199145
$350,000
HERMISTON
6.29 ACRES OF GROUND ZONED RSC, (Retail Service Commercial),
between Kik Road and Hwy 395. Includes a 1280 sf(m/l) home, 2 bed, 1
bath. Huge potential for a business location with excellent access. Ideal
for storage units, RV park, retail lot or other commercial business. Owner
willing to carry contract with 35% down and good credit. Jerry Baker
541-969-6378cell. #16251826
$295,000
SOUTHGATE COMMERCIAL LOT. Be located in this premier traffic and
business area. This vacant lot is adjacent to the Pediatric Clinic and offers
full utilities at the curb and a ready to build site. Where else can you have
access to thousands of potential clients who walk and drive by every year?
Please call Kevin Hale 541-969-8243cell to find out if this is the right
location for your business. #16559795
$260,000
NEW/108+ ACRES
BEAUTIFUL 108 ACRE PARCEL on Weston Mountain. Very private cabin
location, with foundation and outbuildings already there! Power, septic
and well already there as well. Buildable with county building permits.
Portions in timber and CRP. Wildhorse Creek runs through the south end of
the property, north end has great views of Pine Creek. Jerry Baker 541-
969-6378cell. #17523680
$200,000
NEW/48+ACRES/WESTON
48.89 ACRE PARCEL OFF HWY 204. Owned by Camp Meadowood.
Buildable acreage, partially timbered with gravel and dirt access roads.
Call Jerry Baker 541-969-6378. #17350558
$199,000
REDUCED
17.1 ACRES ON HWY 395 SOUTH OF PENDLETON. This acreage has 5.7
acres of water rights and can be divided into two parcels. Located just to
the west of the Hwy 395 bridge over McKay Creek, below McKay Dam, this
offering is close to town and has direct access to Hwy 395. Seller will have
some setbacks / building restrictions for the north property line. Kevin
Hale 541-969-8243cell. #15607806
$195,000
245.89 ACRES
STUNNING 246+ ACRE PARCEL. Great building site with unbelievable
views overlooking the Umatilla River with wide open country for miles.
Very private, power/phone near home site. Property is full of wildlife and
far from the hustle and bustle. Upstream from Echo, Or. one of Oregon’s
newest wine towns. About equal distance commute to Hermiston and
Pendleton. Great potential! Jef Farley 541-969-9539cell. #17350502
$136,500
REDUCED/ 3.31 ACRES
LOOKING FOR A LOCATION TO BUILD YOUR DREAM HOME? Look
no further. This 3.31 acre parcel has 2 acres of water rights and an existing
barn on Jerico Lane. Overlooking the McKay Creek/McKay dam valley, this
is an ideal location to enjoy a mini farm or just a little more elbow room.
Kevin Hale 541-969-8243cell. #17064763
$125,000
PENDING/WESTON MTN.
19.06 ACRES NEAR MEADOWOOD along Hwy 204 on Weston Mtn.
Mostly timbered property, very private and beautiful. Can be sub-divided
and is buildable. Jerry Baker 541-969-6378cell. #17350579
$99,900
NEW PRICE
4.2 ACRE PARCEL IN THE RIVERSIDE AREA. Power available as well as
city water/sewer. The entire area is fenced and is on the reservation. The
south half is level, the north half is sloped. Absolutely buildable for a single
family home or sub-dividable to build numerous homes, as well as a prime
opportunity for a contractor to build much needed apartment complexes.
Perfect land extension for homes already bordering the property. Jerry
Baker 541-969-6378cell. #17552695.
$99,900
RARE RESIDENTIAL LOT - 9.71 acres overlooking the Umatilla River,
downtown Pendleton and the Blue Mountains. Conveniently close to town
yet offers country like feel. Access on private road, utilities are nearby. This lot
will make you think about building a new home. Zone R2. Priced to sell. Jef
Farley 541-276-0021. #13112258
$85,000
NEW/ISLAND CITY
.94 acre lot zoned Light/Industrial to build your business. Nice location,
easy access and utilities are available on the property. Currently has
grandfathered rights for single wide type homes on half of the property.
Buyer to do due diligence for conforming I-1 uses. Carolyn Rovier 541-
786-0822cell. #17347319
$69,900
ADAMS
2.42 ACRE LOT, 240 S. Old Highway 11, between Old Highway 11 and
Wildhorse Creek Rd. Approved to build, manufactured home okay. Horses
okay #17631867
$69,900
ADAMS
2.41 ACRE LOT, 220 S. Old Highway 11, between Old Highway 11 and
Wildhorse Creek Rd. Approved to build, manufactured home okay. Horses
okay. #17337155
$60,000
REDUCED/COVE
COVE/LOOKING for a great location to build your new dream home? This
2.51 acre lot has lots of potential with beautiful views of the mountains
and the valley below. Enjoy the amenities of the beautiful town of Cove.
Carolyn Rovier 541-786-0822cell. #16585741
$59,900
NEW/LINCTON MNT.
WESTON MOUNTAIN Abuilding site. Power at road. Abundant
merchantable timber on this secluded mountain property. Year around
access with area plow service and road maintenance. Vicki Dick 541-
969-9441cell. #17189491
$59,900
ADAMS
1.64 ACRE LOT, 140 Old Highway 11, between Old Highway 11 and
Wildhorse Creek. Approved to build, manufactured home okay. Horses
okay. Jerry Baker 541 541-969-6378. #17048860
$54,900
REDUCED/ ACREAGE
BEAUTIFUL MOUNTAIN PROPERTY only minutes away from Pendleton.
7.32 acres along Old Emigrant Road. Great views and very private.
Buildable upon securing a conditional use permit from Tribal Planning.
Zoned G-1. Call Jerry Baker 541-969-6378cell. #16042939
$45,000
GREAT VIEWS/1.49 ACRES ON 2 CITY TAX LOTS. Zoned for stick built or
manufactured home. City sewer and water to property. Call Cari Volger
541-377-5058cell for more information. #13575330
$32,900
PENDLETON CITY LOTS! All one price! Let us place a brand new KIT
double-wide manufactured home for you. Some lots have sold, call for
availability, sizes vary. Call Marsha Morgan to look at floor plans & the
home of your choice & colors at 541-377-5152cell.
$32,000
ROYAL RIDGE LOT. Top quality homes in this area help to maintain the
value of your home. Owner has topo map for the buyer to site their home
on the lot. Unobstructed views of the Blue Mountains. This is a wonderful
lot to build on. Kevin Hale 541-969-8243cell. #16526653
$29,900
REDUCED/PILOT ROCK/1.14 ACRES
GREAT VIEW LOT perched on the hill in a nice location in Pilot Rock on 1.14
acres with the potential of dividing/developing. Sewer is available at the
bottom of lot. Perfect for building your dream home with the potential of
partitioning up to 3 additional lots to offset costs. Property broker owned.
Jef Farley 541-276-0021. #16497070
$29,900
NEW/UKIAH
MOVE TO THE MOUNTAINS and build your dream home. Enjoy
watching the wildlife! 1 stop light small town living in Ukiah. Quiet and
peaceful, great for retirement or vacation home. $1500.00 City costs for
water/sewer hook-up. You will be responsible for line installation to street.
Columbia Power Company will give $2000 towards new service credit
installation. Call Marsha Morgan 541-377-5152cell. #17670035
$29,500
BUILDABLE LOT IN RICE ADDITION. Large oversized lot, graded for a
daylight basement. If you are ready to build, be sure to check this lot out.
Call Kevin Hale 541-969-8243cell. #15120074
$29,000
READY TO BUILD LOT. 6510 sf(m/l) on a quiet cul-de-sac. This flat lot has
all City services and utilities. 3520 NE King Place. Easy access to Highway
11. Kevin Hale 541-969-8243cell. #16391568
$28,000
.52 ACRES, 4 LOTS TO BE SOLD AS 1. Buyers to do their due diligence
for permits to bring power, water and sewer to property. Marsha Morgan
541-377-5152cell. #17696365
$15,500
REDUCED/ATHEN
.14 ACRE/ HIGH STREET/ATHENA. Jerry Baker 541 969-6378
#17285968
$15,000
LARGE CORNER LOT ON A CUL-DE-SAC FEATURING A GORGEOUS
VIEW OF THE TOWN OF PENDLETON - along with magnificent sunsets!
Ready to build with utilities available at the street. Molly Webb 541-969-
4188cell. #17154566
$12,000
REDUCED
MAGNIFICENT VIEWS AND BEAUTIFUL SUNSETS AWAIT! This
vacant lot at the end of a cul-de-sac is ready to build with utilities
available at the street. Molly Webb 541-969-4188cell. #17486227
$5,000
NEW
VACANT LOT on the corner of SW Issac Ave. and SW 10th. Lot is land
locked. Carolyn Rovier 541-786-0822cell. #17249364