Mortgage Market & Rates

Columbus Mortgage Rates: Little 8-(……..and the winners of the "gas card drawing" are….

Friends:

…and the winners of yesterday’s “who’s reading the email” gas card contest are:

Mike O’Connor, Well Fargo Mortgage (first to respond back, 1 minute later)
Nora Huber, Coldwell Banker KT
Terri Dickey, Vutech & Ruff, HER
John Berlin, Appraiser
Bill Mason, Board of Directors, The Arlington Bank
Sandy Corvo, MGIC
Lisa Berger, AmeriTitle DT
Brian Mieczmicowski, Green Realty
Andy Schiffman, Coldwell Banker KT
Eve Holland, Real Living HER
Karen Shaltry, Real Living HER
Mary Kay Calhoun, Coldwell Banker KT
Deb Woodward, Real Living HER
Edie Blough, Title First UA

Congrats to those winners.

I was bored yesterday and feeling good so I decided to do a “gas card” give-away. It’s always fun to do.

The market is against us this morning not causing much in the way of change in rates.

Unfortunately, “Fact or Crap” will be going away in the latter part of January. (3 more to go)

Thanks!!! Steve

MORTGAGE TIP OF THE DAY:
When we use 401K money or retirement money as assets, we don’t use the amount on the statement but 70% of that amount due to the fact there are penalties and taxability issues.

THOUGHT OF THE DAY:
It’s faith in something and enthusiasm for something that makes life worth living.

TODAY’S FUN FACT:
Composer Johann Sebastian Bach had 20 children.

FACT OR CRAP?:
A pomander is a perfumed ball.

Rates: Tuesday, 01/19/2010, 10:15am

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% (+.125) 4.656% $764.99 Interest and Principal
• Purchase or rate and term refinance
15 Year Fixed 4.625% (+.125) 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
The word “perfume” comes from the latin ‘per fume” meaning ‘through smoke’.

ON THIS DATE IN HISTORY:
On this date in 1977 President Ford pardoned Toyko Rose. She had been convicted of treason for her broadcasts during World War 2.

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