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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Jan. 5, 2018)
2E // Real Estate & Home Builders Guide // January 2018 Federal National Mortgage Association (FNMA or which the interest rate and the payments change during the life of the loan. 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. 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. & H om ebu ilders G u ide EAST ZONE 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 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. 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. 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. 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. Payment Cap - Limits the amount that a monthly payment on an ARM loan can increase at the time of adjustment. Debt-to-income Ratio - A percentage arrived at by divid- ing the borrower's fi xed monthly obligations by the borrower's monthly income. 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. Advertising Sales Closing Costs - Expenses and fees that are added to the Jeanne Jewett • Audra Workman Angela Treadwell • Kimberly Macias one loan and the start of a new one. TABLE OF CONTENTS Home Buyers Glossery ........................ 2E Pendleton Landlord ............................. 3E Circulation ......................................... 14E Umatilla County: EO Media Group • 211 SE Byers • Pendleton, OR 97801 Adjustable-rate Mortgage (ARM) - A mortgage for R eal E state To Advertise in the Eastern Oregon Real Estate & Homebuilders Guide Contact 541-278-2670 • 1-800-987-7511 • realestate@eastoregonian.com Glossary Eastern Oregon Roff Real Estate ................................... 5E Clark Jennings ................................... 12E Coldwell Banker Whitney and Associates .........................7E, 8E-9E, 10E Garton & Associates ............................ 4E Seaquist Real Estate .......................... 13E The Whitney Land Co ................ 15E, 16E Web Property Resources ..................... 5E Pendleton South Gate Realty ........ 5E, 6E Agriland ............................................... 5E Affiliates: Pioneer Title ........................................ 5E State Farm Insurance ......................... 15E Stearns Lending, LLC .......................... 1E Guild Mortgage ................................. 11E W 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. M E 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 W= WEST: Umatilla, Morrow, Gilliam & Wheeler Counties E = EAST: Umatilla, Morrow, Gilliam & Wheeler Counties M = MOUNTAIN: Union, Wallowa, Baker, Grant, Malheur & Harney Counties January 2018, Volume 33, Number 1 Eastern Oregon Real Estate & Home Builders Guide is published monthly by the East Oregonian Publishing Company, 211 SE Byers, Pendleton, Oregon 97801. Subscription rates are $16 for 12 issues. Third-class postage paid at Pendleton, Oregon. For subscription service questions, call (541) 278-2670 or 1-800-987-7511 or write Eastern Oregon Real Estate & Home Builders Guide, 211 SE Byers, Pendleton, Oregon 97801. All real estate advertising in this paper is subject to the Federal Fair Housing Act of 1968 which makes it illegal to advertise “any preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status or national origin, or an intention to make any such preference, limitation or discrimination.” This paper will not knowingly accept any advertising for real estate which is in violation of the law. Our readers are hereby informed that all dwellings advertised in this paper are available on an equal opportunity basis. The information in this paper is deemed to be correct but not guaranteed. All properties or information contained in this paper are subject to prior change, modification, sale, or withdrawal from the market. Copyright© 2016 EO Media Group. All rights reserved. www.eastoregonrealestate.com
