Mortgage Market & Rates

Columbus Mortgage Rates: Nice to be back from vacation!

I am back from vacation, rested and ready to go. The highlight of the trip, other than seeing 80 Edsels, was visiting “The American Pickers” shop from the History Channel in LeClaire, Iowa. Very, very fun.

Go out there and sell something today.

MORTGAGE TIP OF THE DAY:
As you are probably aware, the Federal Government is making us disclose to the borrower the owners title insurance charge however in Central Ohio, the seller pays it. We show that as a charge then turn around and credit the borrower from the seller the same amount. It is very confusing to the buyer.

THOUGHT OF THE DAY:
It is much less expensive to prevent errors than to rework, scrap, or service them.
Phillip B. Cosby

TODAY’S FUN FACT:
Statistics show that Saturday is the most dangerous day to drive an automobile.

Rates: Monday, July 26, 2010, 10:30am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.375% (same) 4.464% $499.59 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.500% (same) 4.589% $506.69 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.875% (same) 4.029% $733.44 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 4.000% (same) 4.154% $739.69 Interest and Principal
• Cash out refinance***

Bond Money 4.750% (same) 5.380% $570.77 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 4.250% (same) 4.338% $491.94 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 1947 the Department of Defense, the National Security Council and the CIA were 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