Mortgage Market & Rates

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

Friends:

The market is slightly against us this morning but the market drifted down Friday afternoon to give us a break in rates today.

Thanks!!! Steve

MORTGAGE TIP OF THE DAY:
There are several reasons why a condo complex would NOT be a conforming complex (a complex where Fannie Mae or Freddie Mac will not make a loan). We will go over those various situations as we go through the next few days.
1. If more than 10% of the units in a condo complex are owned by the same person, including the developer.
2. If the complex has NOT been turned over to the owners association yet.
3. If a complex has more than 49% of its units as rentals.
4. If there are more than 20% of the complex commercial.
5. If the complex is a “Condotel” (Condo Complex that acts like a hotel)
6. If more than 15% of the unit owners are 30 days behind in their condo fees, it is Non Conforming.
7. If the common areas are not complete such as party house and pool the complex would be Non Conforming.

THOUGHT OF THE DAY:
A word to the wise ain’t necessary—it’s the stupid ones that need the advice.

TODAY’S FUN FACT:
Marilyn Monroe had six toes on one foot.

Rates: Monday, 02-08-2010, 11:00am

Loan Program Rate: APR*: Payment Estimates:

3/1 ARM** 3.875% (new) 4.423% $470.24 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $496.95 in 3 years (4.375% interest rate) if the rate were to adjust based on the current index rate
5/1 ARM** 4.250% (same) 4.330% $491.94 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $491.94 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 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 4.875% (-.125) 4.966% $529.21 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 5.000% (-.125) 5.092% $536.82 Interest and Principal
• Cash out refinance***

15 Year Fixed 4.375% (same) 4.531% $758.62 Interest and Principal
• Purchase or rate and term refinance

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

Bond Money 5.000% (same) 5.636% $585.99 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 4.750% (-.125) 5.363% $576.61 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.

ON THIS DATE IN HISTORY:
On this date in 1910 the Boy Scouts of America was founded.

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