Mortgage Market & Rates

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

Friends:

November jobless claims came out and it was a 17 month low, that made mortgage rates go up slightly. As you know, good economic news makes mortgage rates go up.

Well, being the impatient person that I am, I couldn’t wait until Monday to start the “On this date in History” I decided to start it today. I hope you find this interesting and fun. Life should be interesting and fun. If it’s not, do something about it.

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

Thanks!!! Steve

Mortgage Tip of the Day:
When using bank statements to verify the down payment on a loan, Freddie and Fannie require us to identify every deposit on the statement and explain what makes up each deposit.

Thought of the Day:
If at first you don’t succeed, then skydiving definitely isn’t for you.

Today’s Fun Fact:
Attila the Hun dropped dead on his wedding night.

Fact or Crap?:
As a flock of doves is a “flight” so a flock of quails is a “bevy”.

Rates: Wednesday, 12/30/2009, 10:15am

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 $2,056.31 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. Payment would adjust to $435.69 in 7 years (3.000% interest rate) if the rate were to adjust based on the current index rate.

30 Year Fixed 5.250% (same) 5.343% $552.20 Interest and Principal
• Purchase or rate and term refinance
30 Year Fixed 5.375% (same) 5.469% $559.97 Interest and Principal
• Cash out refinance***
15 Year Fixed 4.750% (+.125) 4.908% $777.83 Interest and Principal
• Purchase or rate and term refinance
15 Year Fixed 4.875% (+.125) 5.033% $784.30 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 6.375% (same) 6.475% $2,607.76 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, 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
There’s over 120 species of quails in the world. That’s a big bevy.

On this date in history:
On this date in 1992 a group of 97 people, call the “Time-Tunnellers” saw the New Year in twice by having a party at Shannon, Ireland and leaving at 12:10 on the Concorde for Bermuda, where they arrived at 11:21pm the previous day.

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