Mortgage Market & Rates

Columbus Mortgage Rates: 8-0…..Yawn!!!!

Friends:

The market is basically flat this morning, no movement any direction.

Unfortunately, “Fact or Crap” will be going away in the latter part of January. (1 more to go)

Thanks!!! Steve

MORTGAGE TIP OF THE DAY:
Sweeping changes are happening for FHA loans. Larger down payments and higher MIP insurance is coming, so we hear. When we get more details, we will pass them along to you.

THOUGHT OF THE DAY:
The chief danger in life is that you may take too many precautions.

The truth is rarely pure and never simple.

TODAY’S FUN FACT:
For 186 days a year, the sun is not seen at the North Pole.

FACT OR CRAP?:
Spars, Gads and Bugles are all terms associated with roof thatching.

Rates: Thursday, 01/21/2010, 10:45am

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: CRAP
Using thatch for roofing goes back as far as the Bronze Age in Britain.

ON THIS DATE IN HISTORY:
On this date in 1908 New York City passed a regulation making it illegal for women to smoke in public.

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