Mortgage Market & Rates

Columbus Mortgage Market: Little 8-)…..It's the right direction, at least!!!!

Friends:

Rates drifted down slightly this morning but all the announcements today would make me think they should go up. Manufacturing output was up, crude oil is up, those usually mean higher mortgage rates.

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

Thanks!!! Steve

MORTGAGE TIP OF THE DAY:
Today is the first day of the new Good Faith Estimate we are required to give to customers. We think we have the numbers all in the right places and ready for action at The Arlington Bank (TAB).

THOUGHT OF THE DAY:
It’s good to have money and the things money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things money can’t buy.

TODAY’S FUN FACT:
Two days a year there are no major professional team sporting events. The day before and the day after major league baseball’s All-Star game.

FACT OR CRAP?:
Lisa Marie Presley was married to actor Nicholas Cage for 3 months.

Rates: Monday, 01/04/2010, 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** 4.375% (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 4.625% (-.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% (same) 5.887% $607.70 Int. & Princ. & Mtg. Ins.
• Purchase or refinance
Jumbo Fixed 6.250% (-.125) 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
This was Lisa Marie’s third trip down the aisle, which followed her 21 month marriage to Michael Jackson.

ON THIS DATE IN HISTORY:
On this date in 1493 Columbus began his journey back to Spain to report his discovery.

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