Mortgage Market & Rates

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

Friends:

Today is the last day for the “Fact or Crap”. I hope you have enjoyed them. I think they were fun.

The market is not in our favor this morning but rates did drift down from Friday. As you may or may not have been aware, you did NOT receive an email from me Friday. My computer was down the entire day and did not come back up until 5pm. I believe that was my first miss in the past two years. Thanks for bearing with me.

Thanks!!! Steve

MORTGAGE TIP OF THE DAY:
First Time Homebuyer Bond Money went down in rate on Friday to 5.000% with a 1% origination fee. This program is more competitive with the FHA loan but still lagging behind.

THOUGHT OF THE DAY:
Bacteria are sometimes the only culture some people have.

TODAY’S FUN FACT:
In 1980, Edith Bunker died of a stroke on the TV show, “All in the Family”. “Newsweek” ran a half page abituary.

FACT OR CRAP?:
The Arlington Bank is this huge, slick, multistate Bank with hundreds of branches, thousands of loan officers and processing and underwriting in far off places.

Rates: Monday, 01-25-2010, 11:00am (11 more months till Christmas)

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 4.375% (-.125) 4.531% $758.62 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 4.500% (-.125) 4.656% $764.99 Interest and Principal
• Cash out refinance***

Bond Money 5.000% (-.500) 5.636% $585.99 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 6.250% (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: CRAP
The Arlington Bank is a small, Community Bank with three branches, 13 loan officers with mortgage processing, underwriting and funding in one central location.

ON THIS DATE IN HISTORY:
On this date in 1940 the first Social Security checks went out in the mail.

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