Mortgage Market & Rates

Columbus Mortgage Rates: Yeppers!!

US Home sales came out this morning worse than expected. That forced mortgage rates back down.

Go out there and sell something today.

MORTGAGE TIP OF THE DAY:
FHA allows co-signers on the loans as long as the co-signer is a relative. They add up the total indebtedness of the borrowers and make sure the total debt can be handled by ALL the borrowers.

THOUGHT OF THE DAY:
Learn to laugh at your troubles and you’ll never run out of things to laugh at.

TODAY’S FUN FACT:
John Lennon’s first girlfriend was named Thelma Pickles.

Rates: Tuesday, June 22, 2010, 12:45pm

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.625% (-.125) 4.715% $514.14 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.750% (-.125) 4.841% $521.65 Interest and Principal
• Cash out refinance***

15 Year Fixed 4.125% (-.125) 4.280% $745.97 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 4.250% (-.125) 4.405% $752.28 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% (-.250) 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 1938 Joe Louis got his revenge on Max Schmeling, the only boxer who had ever beaten him. It took exactly 124 seconds for Louis to drop Schmeling.

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