Mortgage Market & Rates

Columbus Mortgage Market: …Dang!

Several of the markets are turning back around making mortgage rates go back up. The dollar is still getting stronger, though. Crude Oil has been going up lately and as you probably noticed, gasoline took a jump up yesterday.

Go out there and sell something today.

MORTGAGE TIP OF THE DAY:
MIP and PMI are the same thing. MIP is mortgage insurance for FHA and VA loans. PMI is mortgage insurance for conventional loans. They both do the same thing, covers the lender against loss through foreclosure.

THOUGHT OF THE DAY:
There is one thing alone that stands the brunt of life throughout its course: a quiet conscience.

TODAY’S FUN FACT:
Many years ago in England, pub frequenters had a whistle baked into the rim, or handle of their ceramic cups. When they needed a refill, they used the whistle to get more service. ‘Wet your whistle’ is the phrase inspired by this practice.

Rates: Thursday, June 3, 2010, 11:30am

Loan Program Rate: APR*: Payment Estimates:

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 4.250% (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 1974 I started my first mortgage job at First Federal Savings and Loan at Reed and Henderson in Upper Arlington. That was 36 years ago (for those of you who were asleep in 4th grade).

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