Mortgage Market & Rates

Columbus Mortgage Market: Yawn!!..but it’s a happy yawn!

The market again is going in our favor this morning. Not enough to make mortgage rates go down. It has to do with economic indicators with China. It’s a bizarre world out there.

Go out there and sell something today.

MORTGAGE TIP OF THE DAY:
Fannie Mae/Freddie Mac along with PMI companies are requiring a borrower be on their job for at least one month before closing a mortgage loan. Proof of that is to be provided by a month’s pay stub. Even though the borrower has a contract showing they are starting on the job, that pay stub is still required.

THOUGHT OF THE DAY:
There is no such thing on earth as an uninteresting subject; the only thing that can exist is an uninteresting person.

TODAY’S FUN FACT:
Two-thirds of mankind is right-handed.

Rates: Tuesday, June 29, 2010, 10:45am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.500% (same) 4.589% $506.69 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.625% (same) 4.715% $514.14 Interest and Principal
• Cash out refinance***

15 Year Fixed 4.000% (same) 4.154% $739.69 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 4.125% (same) 4.280% $745.97 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 4.500% (same) 5.101% $561.38 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) 4.529% $470.24 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $510.60 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) 4.568% $491.94 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $511.20 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 1981 Prince Charles and Lady Di were wed.

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