paint or stain. Build any or all of the three in any combination or quantity. The smallest deer is 16 inches tall by 14 inches long by 7 inches wide;


Page 10


der by credit card, or to request a free catalog, call 1-800-828-2453. Visit U-Bild on the web at u-bild.com.


Friday, June 30, 2017 Mortgage glossary


Appraisal: a document that gives an estimate of a property’s fair market value; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property.


Closing: also known as settlement, this is the time at which the property is for- mally sold and transferred from the seller to the buyer; it is at this time that the borrower takes on the loan obligation, pays all closing costs, and receives title from the seller.


Debt-to-income ratio: a comparison of gross income to housing and non-hous- ing expenses; With the FHA, the monthly mortgage payment should be no more


than 29% of monthly gross income (before taxes) and the mortgage payment combined with non-housing debts should not exceed 41% of income.


Deed: the document that transfers ownership of a property.


Earnest money: money put down by a potential buyer to show that he or she is serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal.


Escrow account: a separate account into which the lender puts a portion of each monthly


mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgage insurance, etc.


Principal: the amount borrowed from a lender; doesn’t include interest or additional fees.


Survey: a property diagram that indicates legal boundaries, easements, en- croachments, rights of way, improvement locations, etc.


Truth-in-Lending: a federal law obligating a lender to give fuII written disclosure of aII fees, terms, and conditions associated with the loan initial period and then adjusts to another rate that lasts for the term of the loan.


Information from the U.S. Department of Housing and Urban Development REALTORS®


HAVE ALL THE RIGHT PROPERTIES


Residential • Commercial • Industrial • Farm and Land Property Management • Syndication & Securities Appraisal • Counseling


REALTORS® are members of a local board of REALTORS® and the


NATIONAL ASSOCIATION OF REALTORS® and work to protect property values and property rights.


Many REALTORS are members of the National Association’s Affiliated Institutes, Societies, and Councils. These members have specialty designations and participate in programs that develop the necessary skills and knowledge required to meet the highest standards or professional excellence.


ANEASIER HOMELOAN


When you have a specialized real estate need, see a specialist who’s a REALTOR.


Nobodyworks harder to make home loanseasier than DebbieReaves!


We canhelpyou findthe perfectterm, styleofloanand interest rate that fitsyou perfectly—just like yournew home! Call 870-425-1861,email dreaves@goifb.comor stop in and visitour mortgage department today. It’s agreat first step for findingahappierhomeloan!


www.goifb.com MountainHome


(870)425-1861 • 502South Hickory BB-0000128767 MEMBER FDIC


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