Image provided by: University of Oregon Libraries; Eugene, OR
About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Nov. 17, 2017)
November 2017 // Real Estate & Home Builders Guide // 3M 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. Kirk Makin, Principal Broker ~ Russ Ruonavaara, Broker ~ Kent Sands, Broker 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. 404 N. Main St. ~ P. O. Box 638 Joseph, Oregon 97846 541-432-3131 ~ 866-997-3131 Fax: 541-432-5780 Email: wcb@frontier.com Intermediate-term Loan - A home loan of less than 30 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. Big unobstructed views from this 1.94 AC creek front lot. There is a 50 gallon/minute domestic well in place and a standard septic ap- proved. This property is buildable & is on a cul-de-sac, ready for a dream home. #17664760 $129,000 Terrific 997 AC cattle & hunting ranch on the breaks of Grande Ronde River. 2 BR, 2 BA ranch house & outbuildings. 300 AC tillable farm ground. Attached 500+ AC BLM permit extends to the river. #17100579 $1,250,000 Excellent 606 AC of non-irrigated crop land in a beautiful setting. There is 435 tillable AC with seasonal creeks. Also patches of timbered areas for excellent deer, elk, turkey and grouse hunting. #16330570 $599,000 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. 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. Buildable 20+ AC w/ gentle slopes & level ground for build- ing. Great Wallowa Mountain & valley views. Power available. Very productive tillable farm ground plus gravity sprinkler irrigation. #16079142 $235,000 Bungalow w/ 3 BR, 1 BA home on Buildable 5 AC view parcel. Irriga- tion water rights. Tillable land a corner lot. Not far from Wallowa currently raising hay. Parcel is Lake & Iwetemlaykin State Park located not far from downtown w/ hiking trails. Would make a Joseph. Nice level ground to nice rental, first time buyer or build. Possible Owner Terms! vacation home. Seller is related to #15523076 $160,000 listing agent. #17354075 $139,000 Buildable 180 AC w/ huge views of the mountains & valley. Great pasture land. Some non-irrigated crop land. The property can be accessed from Lewiston Hwy or Golf Course Road. Power is available. #16432578 $189,000 Excellent Wallowa Mountain, Wallowa Valley & 7-Devil Moun- tain views. 36+ irrigated AC w/ gravity sprinklers. Custom 4 BR, 3 BA home w/ many amenities. A 2-car finished garage & large shop. #17267438 $780,000 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. 160 AC w/ approx. 1/4 mile of Wallowa River frontage. Historic barn & building site with river views. This property has many potential uses & is just outside of Lostine. The property is 1/4 mile off Hwy. 82. #15522012 $425,000 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. Eastern Oregon R eal E state & H om ebu ilders G u ide Gorgeous 7+ AC at south end of Buildable 125 AC parcel w/ big Maybe the best view lot at the Wallowa Lake. Borders National panoramic views, great pasture south end of Wallowa Lake. Pri- land w/ some tillable farm ground Forest. Nice location for summer vate locked gate access from home. Underground power, sewer recently in CRP. Several great Umatilla Rd. or Hwy. 82. Power, & water will be to the property. spots ideal for a home site w/ water & sewer to property. Owner Great access & very private. paved country road access. is related to listing broker. Owner #11646196 $119,000 #13127730 $249,000 terms poss. #14358782 $99,000