Folks
If just keeps getting worse. Consumer confidence came out this morning and it is at its lowest rate since they have been keeping track in 1967. The stock market at least isn’t in the tank. There seems to be a world wide recovery on the stock markets. Crude Oil is up a hair and the dollar vs. the Euro is down a hair. Money just isn’t flowing into mortgage backed securities. It appears many foreign countries purchase large chucks on those sub prime loans which has caused them to have terrible financial repercussions. There is a story out there that a small country used all of their funds and bought those sub prime loans. They virtually went broke investing in strong, sensible, stable America. Even though now Fannie Mae and Freddie Mac are divisions of the Federal Government very similar to Treasury Bills, the world isn’t feeling the security enough yet to invest here.
Today’s Rate: 6.375% 30 year fixed (up .125%)
6.250% 15 year fixed (up .250%)
6.000% 10/1 ARM (up .125)
7.250%+ 1% Origination fee, First Time Homebuyer Bond Money (same)
6.875% FHA (up .375%)
7.000% VA (up .375%)
7.375% Jumbo 30 year fixed (up .125%)
30 days, escrow, $110K thru $417K loan amount, owner occupied, 740+ credit score (FHA, VA and Bond Money totally different parameters), 0% point, 0% origination fee.
Mortgage Tip of the Day:
When a customer is using a gift of funds for the down payment on the purchase of a house, there is a 4 step procedure to verify this. 1. a gift letter from the donor, 2. proof the gift funds were deposited into the customers account (copy of deposit ticket), 3. Copy of the gift check that the donor gave to the borrower and 4. proof the donor has the funds to give (copy of bank statement). CASH DOES NOT WORK. The Fed’s are trying to stop the laundering of illegal drug money into a Real Estate transaction.
Thought of the Day:
Failure is not fatal, but failure to change might be.
Today’s Fun Fact:
In the Kentucky Derby of 1933 a horse named Broker’s Tip won it’s only race in its entire career.
Legal Stuff
These rates are effective as of Tues., Oct. 28, 2008 11:30 am. These rates change without notice.
This is an Advertisement.
Fixes Rates and 10/1 ARM Rates @80% LTV $100,000 loan amount
Bond Money Rates @ 97% LTV $100,000 loan amount
FHA Rates @ 97% LTV $100,000 loan amount
VA Rates @ 100% LTV $100,000 loan amount
Jumbo Rates @ 80% LTV $418,000 loan amount
30 Year Fixed APR 6.460% $623.87 Interest and Principal
15 Year Fixed APR 6.390% $857.42 Interest and Principal
10/1 ARM APR 5.679% $599.55 Interest and Principal, rate may change after consumption
Bond Money APR 7.951% $731.25 Interest, Principal, and Mortgage Insurance
FHA APR 7.520% $714.25 Interest, Principal, and Mortgage Insurance
VA APR 7.311% $681.27 Interest and Principal
Jumbo 30 Yr. APR 7.466% $2,888.38 Interest and Principal
Thanks for reading!!!!
Steve Wagner
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-486-4078
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