Mortgage Market & Rates

Columbus Mortgage Market

Go out there and sell something today.

MORTGAGE TIP OF THE DAY:
FHA and conventional allows income from disability, workman’s compensation and child support and must be documented that it will last at least 3 more years.

THOUGHT OF THE DAY:
At the end of every day, ask yourself how you did on a scale of one to ten.

TODAY’S FUN FACT:
Irving Berlin was the only person in history of the Academy Award of Motion Picture Arts and Sciences ever to present the Oscar to himself.

Rates: Friday, September 3, 2010, 11:00am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.250% (same) 4.338% $491.94 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.375% (same) 4.464% $499.59 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.750% (same) 3.903% $727.22 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.875% (same) 4.029% $733.44 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) 4.839% $546.39 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 1930 the first electric train, one of Thomas Edison’s last inventions, began service between Hoboken and Montclair in New Jersey.

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