Mortgage Market & Rates

Columbus Mortgage Rates: Little 8-)…..Yeah!!!!

Friends:

The market is pretty much flat this morning. FHA did improve a bit this morning from yesterday’s activity.

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:
We are now forced to verify a borrowers tax returns or W-2 information PRIOR to closing to make sure the information we have agrees with the information given to the IRS. If it doesn’t verify, we don’t close the loan.

Thought of the Day:
The reason why worry kills more people is that more people worry than work.

Today’s Fun Fact:
On this date 110 years ago in 1899 a patent was issued to George F. Grant for the golf tee.

Fact or Crap?:
The Doppler Effect occurs when a person suffers from head spins as the result of excessive alcohol consumption.

Rates: Friday, 12/18/2009, 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 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 4.750% (-.125) 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: CRAP
In short, the Doppler Effect is the change in frequency and wavelength of a wave.

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