Mortgage Market & Rates

Columbus Mortgage Rates: 8-(….Merry Christmas, I guess.

Friends:

I would love to give some great explanation on why rates went up this morning but we just can’t see why. One of those mornings. Merry Christmas, talk to you next week.

Something new!!! Starting the first of the year I will be adding a new segment to my daily email. It will be called, “On this date in History”. We will be noting interesting and weird things that have happened on that date for the year. I think you will find it fun and worth reading.

Unfortunately, “Fact or Crap” will be going away in the middle of January.

Thanks!!! Steve

Mortgage Tip of the Day:
Thank You for using The Arlington Bank and me this year. My business literally doubled from 2008 and that was my best year since 2003. Thank You, Thank You, Thank You.

Thought of the Day:
Optimism is essential to achievement and it is also the foundation of courage and true progress.

Today’s Fun Fact:
An Oklahoma City journalist named Carl Magee invented the parking meter. The first one was installed at the intersection of First Street and Robinson in July 1935.

Fact or Crap?:
Wild Truffles are only found in France.

Rates: Thursday, 12/24/2009, 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
7/1 ARM** 4.375% (same) 3.724% $499.29 Interest and Principal
* Up to $417,000 purchase or rate and term refinance.

30 Year Fixed 5.125% (same) 5.218% $544.49 Interest and Principal
• Purchase or rate and term refinance
30 Year Fixed 5.250% (same) 5.343% $552.20 Interest and Principal
• Cash out refinance***
15 Year Fixed 4.625% (+.125) 4.782% $771.40 Interest and Principal
• Purchase or rate and term refinance
15 Year Fixed 4.750% (+.125) 4.908% $777.83 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 5.250% (+.125) 5.887% $607.70 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 France is home to the expensive black truffle, other truffles grow wildly throughout Europe.

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