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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Jan. 19, 2018)
January 2018 // Real Estate & Home Builders Guide // 9M FOR SUBSCRIPTIONS MAIL TO: Glossary Eastern Oregon R eal E state & H om ebu ilders G u ide 3 ZONES TO SERVE YOU! Adjustable-rate Mortgage (ARM) - A mortgage for which the interest rate and the payments change during the life of the loan. E W 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 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. M 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, E = EAST: Umatilla, Morrow, Gilliam & Wheeler Counties M = MOUNTAIN: Union, Wallowa, Baker, Grant, Malheur & Harney Counties W= WEST: Umatilla, Morrow, Gilliam & Wheeler Counties 211 SE Byers • Pendleton, Oregon 97801 541-278-2670 • 1-800-987-7511 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. I’d like to order a subscription(s) for the following newspaper(s). Debt-to-income Ratio - A percentage arrived at by divid- ing the borrower's fi xed monthly obligations by the borrower's monthly income. E M W (Circle one) I am enclosing $16 for my subscription for 12 issues. 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. 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 Name payment of the entire loan balance upon sale or other transfer of the real estate securing the loan. Address 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. City, State, Zip 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. Phone # Private Mortgage Insurance (PMI) - The insurance Federal Home Loan Mortgage Corporation (FHLMC MC/VISA 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. exp. date For Further information on Eastern Oregon contact these Chambers of Commerce Baker City Boardman Enterprise Hermiston Heppner John Day La Grande Milton-Freewater Pendleton Umatilla 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. 490 Campbell 101 Olson Rd. 107 S.W. First 415 S. Hwy 395 289 N. Main 281 West Main 102 Elm 505 Ward 501 S. Main 1530 Sixth 541-523-5855 541-481-3014 541-426-4622 541-567-6151 541-676-5536 541-575-0547 541-963-8588 541-938-5563 541-276-7411 541-922-4825 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. Look for your next home in one place, The Eastern Oregon Real Estate & Home Builders Guide! UMATILLA, MORROW , GILLIAM & WHEELER COUNTIE S FREE 1036 LISTINGS 156 AGENTS VOL. 32 NO. 10 OCTOBER 2015 SECTION ONE 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. 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