Mortgage Market & Rates

Columbus Mortgage Market: 8-/…..scarey bored!!!!!

Friends:

Retails sales for November came out this morning and it was stronger than expected. We are very, very close to pushing our fixed rates up by .125% in rate. These reports of the economy getting better, as you know, does not help mortgage rates.

By the way, “Fact or Crap” will be going away in early January 2010. (I’m running out of them) I hope you have enjoyed them.

If you have any ideas on what I can do to replace this, let me know. We are always looking for fun, fresh ideas.

Thanks!!! Steve

Mortgage Tip of the Day:
Effective January 1, 2010 we will be forced to use the new Good Faith Estimate. We will be going over these changes as they become clearer to us. One of the amounts we must quote the borrower is the transfer fee. (Franklin County is $2 per thousand). Even though the borrower does not pay this fee we must quote it to them and we are bound to have this fee correct or we must give these funds back to them. We as a lender must determine the county of the property and quote the transfer fee accurately.

Thought of the Day:
Kind words can be short and easy to speak, but their echoes are truly endless.

Today’s Fun Fact:
On December 12, 1925 the world’s first motel, the Motel Inn in San Luis Obispo, California opened for business. It was designed by Arthur Heinman who also coined the term “motel” (motor hotel).

Fact or Crap?:
There is actually no baseline on a basketball court.

Rates: Friday, 12/11/2009, 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** 4.375% (new) 3.724% $499.29 Interest and Principal
* Up to $417,000 purchase or rate and term refinance.

30 Year Fixed 4.875% (same) 4.966% $529.21 Interest and Principal
• Purchase or rate and term refinance
30 Year Fixed 5.000% (same) 5.092% $536.82 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 4.875% (same) 5.495% $584.30 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
The baseline is the edge along the width of the court.

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