Mortgage Market & Rates

Columbus Mortgage Market: 8-)….Yippeee!!!!

Friends:

It looks like the mortgage market over reacted to rates on Friday. We were scratching our head Friday trying to figure this out. Now we know, they over reacted.

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.

Thanks!!! Steve

Mortgage Tip of the Day:
Remember, if a gift takes place over $12,000 it will become a taxable event in the eyes of the IRS for the donor and the person receiving it.

Thought of the Day:
It’s hard to beat a person who never gives up.

Today’s Fun Fact:
Last Chance Gulch, the 1860’s mining camp, later changed its name to Helena and is now the capital of Montana.

Fact or Crap?:
Golfers’ nervous twitches are called yips.

Rates: Monday, 12/07/2009, 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 4.875% (-.125) 4.966% $529.21 Interest and Principal
• Purchase or rate and term refinance
30 Year Fixed 5.000% (-.125) 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% (-.125) 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
Although a well-known publication has used this word, it was simply a fabrication.

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