Mortgage Market & Rates

Columbus Mortgage Market: 8-0….yawn!!!! Another boring day.

Friends:

The market is in our favor this morning but not enough to make rates go down. Crude oil is also in our favor today, too (down). You should notice a slight decrease at the pumps soon.

Unfortunately, “Fact or Crap” will be going away in the latter part of January. (2 more to go)

Thanks!!! Steve

MORTGAGE TIP OF THE DAY:
When determining a borrowers credit score, we take the middle credit score provided by the three credit bureaus. If there are two borrowers, we take the lower of the two borrower’s middle credit scores.

THOUGHT OF THE DAY:
One who digs a hole for another may fall in himself.

A friend is someone who has the same enemies you have.

TODAY’S FUN FACT:
Up until 1850, golf balls were made of leather and stuffed with feathers.

FACT OR CRAP?:
Aeronausiphobia is the fear or airsickness.

Rates: Wednesday, 01/20/2010, 11:00am

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** 4.500% (same) 3.875% $506.69 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 5.000% (same) 5.092% $536.82 Interest and Principal
• Purchase or rate and term refinance
30 Year Fixed 5.125% (same) 5.218% $544.49 Interest and Principal
• Cash out refinance***
15 Year Fixed 4.500% (same) 4.656% $764.99 Interest and Principal
• Purchase or rate and term refinance
15 Year Fixed 4.625% (same) 4.782% $771.40 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 5.000% (same) 5.625% $592.05 Int. & Princ. & Mtg. Ins.
• Purchase or refinance
Jumbo Fixed 6.250% (same) 6.349% $2,6573.71 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
Airsickness is basically motion sickness, the result of conflicting messages from the body being sent to the central nervous system, affecting balance and equilibrium.

ON THIS DATE IN HISTORY:
On this date in 1981 Ronald Reagan became president on the same day the Iranian crisis ended with the release of 52 American hostages.

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