Mortgage Market & Rates

Columbus Mortgage Market: Another nice week.

Retail sales came out this morning and it was down. This made mortgage rates drift in our direction by not enough to affect our quoted rates.

Go out there and sell something today.

I found a list of the top 10 countries where millionaires live. Here they are:
1. Singapore, 11.4% of households
2. Hong Kong, 8.8% of households
3. Switzerland, 8.4% of households
4. Kuwait, 8.2% of households
5. Qatar, 7.4% of households
6. United Arab Emirates, 6.2% of households
7. United States, 4.1% of households
8. Belgium, 3.5% of households
9. Israel, 3.3% of households
10. Taiwain, 3.0% of households
This was by Nikhil Hutheesing

MORTGAGE TIP OF THE DAY:
Central Ohio is a very unusual place when it comes to title insurance. In Franklin County and the counties directly around us the seller/listing Realtor gets to pick the title company in a Real Estate transaction. Most other parts of the state and nation are the exact opposite i.e. the buyer, lender or selling Real Estate Agent gets to pick. The theory is that since the seller is paying for the title insurance, they should have the right to pick the company they wish. The exception to this rule is when the buyer puts in the contract the title company they wish to use and the seller agrees to it.

THOUGHT OF THE DAY:
“My problem lies in reconciling my gross habits with my net income.” Errol Flynn

TODAY’S FUN FACT:
Starfish don’t have brains.

Rates: Friday, June 11, 2010, 11:00am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.750% (same) 4.841% $521.65 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.875% (same) 4.966% $529.21 Interest and Principal
• Cash out refinance***

15 Year Fixed 4.250% (same) 4.405% $752.28 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 4.375% (same) 4.531% $758.62 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% (same) 5.363% $576.61 Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 5.750% (same) 5.846% $2,439.32 Interest and Principal
• 30 Year Purchase and Refinance over $417,000

3/1 ARM** 3.875% (same) 4.624% $470.24 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $503.75 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) 4.647% $491.94 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $517.71 in 5 years (4.250% interest rate) if the rate were to adjust based on the current index rate

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 rates 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 1770 explorer Captain Cook discovered the Great Barrier Reef off the coast of Australia—by crashing into it.

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