Mortgage Market & Rates

Columbus Mortgage Rates: 8-(….well, that didn't last long.

Friends:

Well, that didn’t last long. It appears some more bank earnings came out this morning and many others did better than expected. The roller coaster continues.

Thanks!!! Steve

Mortgage Tip of the Day:
If a condo complex has more than 20% of it’s square footage is commercial, the complex is not conforming for Fannie Mae financing. Yukon Lofts downtown and The Battleship Building downtown are two examples of this.

Thought of the Day:
Half an orange tastes as sweet as a whole one.

Today’s Fun Fact:
Which word is mispelled—parallel, embarrass, assassin? You didn’t fall for this, did you? “Mispelled” was misspelled.

Fact or Crap?
Zebras of the same family group have identical markings.

Rates: 10/21/2009, 11:30am

Loan Program Rate: APR*: Payment Estimates:
5/1 ARM** 4.250% (same) 4.421% $2,056.31 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $2,056.21 in 5 years (4.250% interest rate) if the rate were to adjust based on the current index rate
7/1 ARM** 4.500% (same) 4.656% $2,117.96 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $2,117.96 in 7 years (4.500% interest rate) if the rate were to adjust based on the current index rate

30 Year Fixed 5.125% (+.125) 5.218% $544.49 Interest and Principal
• Purchase or rate and term refinance
30 Year Fixed 5.250% (+.125) 5.343% $552.20 Interest and Principal
• Cash out refinance***
15 Year Fixed 4.500% (+.125) 4.656% $764.99 Interest and Principal
• Purchase or rate and term refinance
15 Year Fixed 4.625% (+.125) 4.782% $771.40 Interest and Principal
• Cash out refinance***
Bond Money 5.500% (same) 6.150% $616.94 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee
FHA Fixed 5.000% (same) 5.625% $592.05 Int. & Princ. & Mtg. Ins.
• Purchase or refinance
Jumbo Fixed 6.125% (same) 6.233% $2,539.81 Interest and Principal
• 30 Year Purchase and Refinance over $417,000

LEGAL STUFF

• *APR – Annual Percentage Rate
• **ARM – Adjustable Rate Mortgage (rate may increase after consummation of the loan
• ***Cash out refinance – Refinance means pulling out at least $2,000 or more or paying off a non-purchase second mortgage

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

Annual Percentage Rates and Payment Estimates quoted are based on a $100,000 loan amount except the 5/1 ARM, 7/1 ARM and Jumbo fixed loan amount is $418,000 and 20% down payment with the exception to the FHA and OHFA quotes which are based on a 3.5% down payment.

Qualifying Assumptions (unless otherwise noted): 45 day rate lock, $100K-$417K loan amount, credit scores 740+, Owner-occupied Purchase or rate/term refinance. Cash-out refinances (including paying off a non-purchase 2nd mortgage) could result in a slightly higher interest rate. The interest rate quoted are to serve as a guide only and may be different based on specific loan features. Please call for a specific quote.

We CANNOT lock in an interest rate on a loan with a voicemail or email. The customer MUST talk to the loan officer over the phone or in person before it can be confirmed. The market changes too frequently.
We recommend calling during business hours to make sure we have all the markets open and available.

Answer: CRAP
Like our fingerprints, the pattern of a zebra’s stripes are unique.

Stephen Wagner
Mortgage Lender since 1974
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-486-4078