Mortgage Market & Rates

Columbus Mortgage Rates: 8-0….Yawn!!!! But it's a nice place to be yawning. Have a Happy Thanksgiving!!!

Friends:

The economy is still in the dumpers. Even though the official numbers showed a plus for the third quarter, it probably just reflected the “cash for junkers” program and the first time homebuyers incentive to buy. Remember, bad economies makes mortgage rates go down. I hope everyone is holding their breath when inflation kicks in and mortgage rates go through the roof. I, unfortunately, lived through 1979, 1980 and 1981 and it was pure Hell. We will pay for this spending someday.

Thanks!!! Steve

Mortgage Tip of the Day:
We can use alimony as income on a borrowers loan application but since it is taxable through the Federal and State Government, we use only that amount. We cannot “gross up” the income as we do on child support.

Thought of the Day:
Success is the ability to go from one failure to another with no loss of enthusiasm.

Today’s Fun Fact:
Comedian Albert Brooks’ real name is Albert Einstein.

Fact or Crap?:
The film Scent Of A Woman is set during Thanksgiving.

Rates: Wednesday, 11/24/2009, 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
30 Year Fixed 4.750% (same) 4.841% $521.65 Interest and Principal
• Purchase or rate and term refinance
30 Year Fixed 4.875% (same) 4.966% $529.21 Interest and Principal
• Cash out refinance***
15 Year Fixed 4.375% (same) 4.531% $758.62 Interest and Principal
• Purchase or rate and term refinance
15 Year Fixed 4.500% (same) 4.656% $764.99 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 4.750% (same) 5.363% $576.61 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: FACT
Al Pacino was the 1993 Best Actor Oscar for his role of blind and suicidal Lieutenant Colonel Frank Slade in Scent Of A Woman.

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