Mortgage Market & Rates

Columbus Mortgage Rates: Yippy Skippy!!

The market is in our favor this morning. More poor economic news.

Go out there and sell something today.

MORTGAGE TIP OF THE DAY:
First time home buyer bond money has an option where the State will GIVE a buyer 2.5% of the 3.5% down required by FHA. They do, however, jack up the rate by .50%. Have the seller pay the buyers closing costs, close near the end of the month, because of the tax proration credit wiping out the escrows and into the down payment, the buyer can come to closing with little money. It is ideal for those folks who just don’t have much money and have no one to gift them money.

THOUGHT OF THE DAY:
“Celibacy is not hereditary.” Guy Golden

TODAY’S FUN FACT:
The word “karate” means empty hand.

Rates: Thursday, July 15, 2010, 10:30am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.375% (-.125) 4.464% $499.59 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.500% (-.125) 4.589% $506.69 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 4.750% (same) 5.380% $570.77 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 4.375% (same) 4.968% $553.85 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 1933 Wiley Post took off from New York in a Lockheed Vegas thus beginning the first around-the-world flight.

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