The Columbus Team | Real Estate » economy

Columbus Mortgage Rate Update

Steve Wagner — Mon, 30 Jan 2012 20:42:37 +0000

Rates are again on the downward slide, almost to the point of another quarter percent rate drop. It’s the only familiar problem, Greece and the Europe Union in trouble. That is the biggest situation now affecting mortgage rates and other markets worldwide.

MORTGAGE TIP OF THE DAY:
I haven’t done this for a while, let’s compare the differences between FHA and Conventional loans. That’s always useful:
1. FHA tends to have a lower rate than conventional. Usually by .125% or more.
2. FHA only requires 3.5% down while conventional requires 5.0% down.
3. FHA loans are assumable where conventional loans are not.
4. Late charge on FHA is 4% of the monthly interest and principal payment, conventional is 5%.
5. MIP and PMI are quite different between the two. FHA has a 1% MIP upfront with a 1.15% in the payment. Conventional has NO upfront PMI with a smaller amount in the payment. That can run from .78% to .32% depending on the down payment.
6. Maximum loan amount for FHA in this county is $341,250 while the maximum loan for Freddie and Fannie is $417,000. Jumbo loans have no maximum. Just over $417,000.
7. FHA allows us to escrow for repairs at closing but conventional will not allow us. The repairs to escrow for FHA cannot be a health or safety hazard.
8. To get the best rate for an FHA loan, the minimum credit score is 680, for conventional, it is 740.
9. FHA offers a 203K where updates can be worked into the loan where conventional does not offer this.
10. FHA will not drop MIP sooner than 5 years. Conventional will let it drop as short as 2 years assuming the loan to value is 78% or better.
11. FHA allows the entire down payment to be a gift, conventional requires at least 5% down to be the borrowers own money.
12. FHA does NOT require the borrower have reserves after the transaction, conventional requires they have money left over depending on what they are buying (rental vs. owner occupied vs. vacation home).
13. MIP/PMI can be dropped no sooner than 2 years for conventional, 5 years for FHA.

THOUGHT OF THE DAY: (This is the serious part)
“Blesed are the young, for they shall inherit the national debt.”
Herbert Hoover
(1874-1964)
31st President of the United States

FUN FACT:
Babies are born without knee caps. They don’t appear until the child reaches 2 to 6 years of age.

Monday, January 30, 2012, 11:20am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 3.875% (same) 3.947% $940.48 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.000% (same) 4.072% $954.85 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (same) 3.498% $1,405.34 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (same) 3.605% $1417.52 Interest and Principal
• Cash out refinance***

Bond Money 3.875% (same) 4.862% $1132.15 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (same) 4.723% $1117.78Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 4.750% (same) 4.854% $2,180.49 Interest and Principal
• 30 Year Purchase and Refinance over $418,000

5/1 ARM 3.000% (same) 3.285% $872.72 Interest and Principal

30 Year Purchase and no cash out refinance

LEGAL STUFF

Provided for informational purposes only.

• *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 $200,000 loan amount 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): 30 day rate lock, $200K-$417K loan amount, credit scores 740+, Owner-occupied Purchase or rate/term refinance, 75% loan to value. Cash-out refinances (including paying off a non-purchase 2ndmortgage) 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.

THINGS MY MOM WOULD HAVE SAID:
Leave the toilet seat in the down position.

Rates and APRs Established By:

STEVE WAGNER Mortgage Consultant
614-445-6667…stevewagner@stevewagnermortgage.com

The Martin, Traxler & Wagner Team of Priority Mortgage Corp.

888.332.5301 Toll Free
614.474.8050 Fax
www.prioritymortgage.com

Columbus Mortgage Market Update

Steve Wagner — Fri, 30 Sep 2011 18:55:15 +0000

More bad news about our economy came out this morning that helped mortgage rates. Crude Oil is also down this morning.

MORTGAGE TIP OF THE DAY:
When pulling funds for a down payment on a house, we need to prove that the borrower really did pull the funds from that account and not just show up at closing with a check we assumed came from there. It is part of the government’s way of making sure no mortgage fraud exits.

THOUGHT OF THE DAY: (This is the serious part)
We are what we repeatedly do. Excellence, therefore, is not an act but a habit.
Aristotle

TODAY’S FUN FACT:
Donald Duck’s nephews, Huey, Dewey, and Louie have no father.

Rates: Friday, September 30, 2011, 11:10 am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 3.875% (-.125) 3.974% $470.24 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.000% (-.125) 4.099% $477.42 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (-.125) 3.426% $702.67 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (-.125) 3.551% $708.73 Interest and Principal
• Cash out refinance***

Bond Money 4.000% (same) 5.001% $572.42 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (same) 4.814% $565.16 Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 5.500% (same) 5.608% $2,373.37 Interest and Principal
• 30 Year Purchase and Refinance over $417,000

LEGAL STUFF

Provided for informational purposes only.

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, 75% loan to value. 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.

LIFE’S LITTLE LESSONS: (things my Mom would have said)
When someone is relating an important event that’s happened to them, don’t try to top them with a story of your own. Let them have the stage.

Stephen Wagner
Mortgage Lender since 1974
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-643-2850

Columbus Mortgage Market Update

Steve Wagner — Thu, 22 Sep 2011 18:50:36 +0000

The Federal Reserve yesterday decided to buy more mortgage backed securities in order to drive down interest rates and help the economy. Even though warnings were given that that would cause sever inflation one day, it was done anyway. That is the reason for mortgage rates dropping this morning.

We just passed our 60+ year low on mortgage rates. My charts don’t go down any earlier than 1950.

MORTGAGE TIP OF THE DAY:
The Arlington Bank is not this huge massive mortgage lender, we are just a little ole bank with three branches and 13 loan officers. All of our mortgage operations are in one physical location, i.e. loan officer, processors, underwriters, funders. The place runs very efficient.

THOUGHT OF THE DAY: (This is the serious part)
Giving money and power to government is like giving whiskey and car keys to teenage boys.
P.J. O’Rourke, Civil Libertarian

TODAY’S FUN FACT:
62 years ago today my Mother gave birth to her favorite son…..8-)

Rates: Thursday, September 22, 2011, 10:50 am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 3.875% (-.125) 4.974% $470.24 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.000% (-.125) 4.099% $477.42 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (same) 3.426% $702.67 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (same) 3.551% $708.73 Interest and Principal
• Cash out refinance***

Bond Money 4.000% (same) 5.001% $572.42 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (same) 4.814% $565.16 Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 5.500% (same) 5.608% $2,373.37 Interest and Principal
• 30 Year Purchase and Refinance over $417,000

LEGAL STUFF

Provided for informational purposes only.

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

LIFE’S LITTLE LESSONS: (things my Mom would have said)
Just for fun, attend a small town Fourth of July celebration.

Stephen Wagner
Mortgage Lender since 1974
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-643-2850

Columbus Mortgage Rate Update

Steve Wagner — Wed, 21 Sep 2011 15:50:59 +0000

The feds are meeting today at 2:15 pm to decide if they should lower rates to help stimulate the economy.

Anyone notice other than me that gasoline prices are going down but Crude Oil prices are staying the same, somewhere between $85 and $90 a barrel. What’s up with that?

MORTGAGE TIP OF THE DAY:
We are required to identify and prove every deposit that shows up on the customers bank statement that they provide whether we need those funds to close or not.

THOUGHT OF THE DAY: (This is the serious part)
A government which robs Peter to pay Paul can always depend on the support of Paul.
George Bernard Shaw

TODAY’S FUN FACT:
A 25 pound turkey has approximately 4,000 feathers.

Rates: Wednesday, September 21, 2011, 10:45 am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.000% (same) 4.099% $477.42 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.125% (same) 4.225% $484.65 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (same) 3.426% $702.67 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (same) 3.551% $708.73 Interest and Principal
• Cash out refinance***

Bond Money 4.000% (same) 5.001% $572.42 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (same) 4.814% $565.16 Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 5.500% (same) 5.608% $2,373.37 Interest and Principal
• 30 Year Purchase and Refinance over $417,000

LEGAL STUFF

Provided for informational purposes only.

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

LIFE’S LITTLE LESSONS: (things my Mom would have said)
Be courteous to everyone.

Stephen Wagner
Mortgage Lender since 1974
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-643-2850

Columbus Mortgage Market Update

Steve Wagner — Tue, 20 Sep 2011 17:32:59 +0000

This European debt situation is quite scary. PIIGS, (Portugal, Ireland, Italy, Greece and Spain) have a total debt of (only) $3.8 trillion dollars. Greece has the probability of default of 99.9%, according to CNN this morning. Even though Greece and the PIIGS seems like a long way away, it is having a dramatic affect on the US markets and economy.

No movement either direction on rates this morning.

MORTGAGE TIP OF THE DAY:
On October 1, 2011, the maximum FHA loan limit will change for Franklin County and the counties around us from $341,250 to $310, 500.

THOUGHT OF THE DAY: (This is the serious part)
I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to life himself up by the handle.
Winston Churchill

TODAY’S FUN FACT:
There are no penguins at the North Pole. All varieties of penguins are found below the equator, mainly in Antarctica.

Rates: Tuesday, September 20, 2011, 10:45 am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.000% (same) 4.099% $477.42 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.125% (same) 4.225% $484.65 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (same) 3.426% $702.67 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (same) 3.551% $708.73 Interest and Principal
• Cash out refinance***

Bond Money 4.000% (same) 5.001% $572.42 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (same) 4.814% $565.16 Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 5.500% (same) 5.608% $2,373.37 Interest and Principal
• 30 Year Purchase and Refinance over $417,000

LEGAL STUFF

Provided for informational purposes only.

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

LIFE’S LITTLE LESSONS: (things my Mom would have said)
Keep overhead low.

Stephen Wagner
Mortgage Lender since 1974
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-643-2850

Columbus Mortgage Rate Update

Steve Wagner — Wed, 14 Sep 2011 01:31:13 +0000

Not much movement today in the markets. OPEC did cut their oil production because of decrease demand worldwide in order to keep the price of oil and gasoline up. I guess you call that blackmail.

MORTGAGE TIP OF THE DAY:
The Arlington Bank will finance a CO-OP’s in Franklin County. We need at least 25% down and the loan will be an ARM from our portfolio. We are only aware of one CO-OP project in Franklin County and that is French Quarter in Marble Cliff.

THOUGHT OF THE DAY: (This is the serious part)
Good judgment comes from bad experience….and most of that comes from bad judgment.

TODAY’S FUN FACT:
Crows can live 80 years.

Rates: Tuesday, September 13, 2011, 10:45 am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.000% (same) 4.099% $477.42 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.125% (same) 4.225% $484.65 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (same) 3.426% $702.67 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (same) 3.551% $708.73 Interest and Principal
• Cash out refinance***

Bond Money 4.000% (same) 5.001% $572.42 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (same) 4.814% $565.16 Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 5.500% (same) 5.608% $2,373.37 Interest and Principal
• 30 Year Purchase and Refinance over $417,000

LEGAL STUFF

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

LIFE’S LITTLE LESSONS: (things my Mom would have said)
If you think nobody cares whether you’re alive or dead, try missing a couple of payments.

Stephen Wagner
Mortgage Lender since 1974
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-643-2850

Columbus Mortgage Rate Update

Steve Wagner — Tue, 06 Sep 2011 20:31:51 +0000

The market is still going in our favor this morning. Rates are down again. We have just equaled the 60 year low from 1950. We got slightly lower than that the day before the election in 2010. Will we beat that 60 year soon? More good news, Crude Oil went down this morning $2.00 a barrel. The bad economic news this morning related to the global economy doing poor.

MORTGAGE TIP OF THE DAY:
The question comes up a lot as to what are my options if I want to or need to move and I owe more than my house is worth. I’ve come up with 5 options we will go over during the next 5 days. Here is what I’ve come up with.

1. Bring cash to closing.
2. File bankruptcy. The short term and long term ramifications of this is huge. You won’t be able to buy or get financing for many years on most things.

THOUGHT OF THE DAY: (This is the serious part)
“People are wrong when they say that opera is not what it used to be. It IS what is used to be. That is what’s wrong with it.”
Noel Coward

TODAY’S FUN FACT:
While on his honeymoon in 1879, Robert Louis Stevenson wrote “Travels With a Donkey”. Naturally, his wife wasn’t flattered.

Rates: Tuesday, September 6, 2011, 11:20 am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.000% (-.125) 4.099% $477.42 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.125% (-.125) 4.225% $484.65 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (same) 3.426% $702.67 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (same) 3.551% $708.73 Interest and Principal
• Cash out refinance***

Bond Money 4.250% (same) 5.274% $586.94 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (same) 4.814% $565.16 Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 5.500% (same) 5.608% $2,373.37 Interest and Principal
• 30 Year Purchase and Refinance over $417,000

LEGAL STUFF

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

LIFE’S LITTLE LESSONS: (things my Mom would have said)
Tape record your parents laughter and voice.

Stephen Wagner
Mortgage Lender since 1974
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-643-2850

Columbus Mortgage Rates Update

Steve Wagner — Wed, 24 Aug 2011 15:49:48 +0000

Generally, the markets are all rebounding from last week’s bad economic news where the S&P lowered the U.S.’s credit rating. That sent rates down to a historic level. The general mood is everyone is recovering from that news and rates are slowly drifting back up. The Bond Money decrease is a slow reaction to the economic news and a while back.

MORTGAGE TIP OF THE DAY:
MIP and PMI are the same thing. MIP is the term for mortgage insurance for FHA. PMI is the term for conventional. They both do the same thing, cover’s the LENDER against loss through foreclosure. Conventional has PMI in the payment only, FHA has an upfront fee AND a fee in the payment. The upfront fee on FHA (1%) can be financed into the loan. It can also be paid out of the buyers pocket or by the seller. MIP for FHA is much more expensive than on conventional.

THOUGHT OF THE DAY: (This is the serious part)
Don’t be afraid to ask for help. Most people enjoy helping another or sharing knowledge.

TODAY’S FUN FACT:
Christopher Columbus had freckles.

Rates: Wednesday, August 24, 2011, 10:30 am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.250% (+.125) 4.351% $491.94 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.375% (+.125) 4.476% $499.59 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.375% (same) 3.551% $708.73 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.500% (same) 3.676% $714.88 Interest and Principal
• Cash out refinance***

Bond Money 4.250% (-.250) 5.274% $586.94 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.875% (same) 4.814% $565.16 Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 5.500% (same) 5.608% $2,373.37 Interest and Principal
• 30 Year Purchase and Refinance over $417,000

LEGAL STUFF

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

LIFE’S LITTLE LESSONS: (things my Mom would have said)
Never give up on anybody. Miracles happen every day.

Stephen Wagner
Mortgage Lender since 1974
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-643-2850

Columbus Mortgage Rate Update

Steve Wagner — Thu, 18 Aug 2011 16:46:51 +0000

This is just too bizarre. Stock Market is way down again, Crude Oil is down almost $4.00 a barrel. World economic news is bad forcing mortgage rates down.

MORTGAGE TIP OF THE DAY:
If you are trying to determine if a condo complex is FHA approved, go to www.HUD.gov and search approved condos. A screen will pop up and they are listed by zip code. You need to know the exact name of the complex.

THOUGHT OF THE DAY: (This is the serious part)
When your head swells up, your brain stops working.

TODAY’S FUN FACT:
Employees at Disney World are not allowed to wear mustaches.

Rates: Thursday, August 18, 2011, 10:40 am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.000% (-.125) 4.099% $477.42 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.125% (-.125) 4.225% $484.65 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (-.125) 3.551% $708.73 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (-.125) 3.551% $708.73 Interest and Principal
• Cash out refinance***

Bond Money 4.500% (same) 5.546% $601.69 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.875% (-.125) 4.814% $565.16 Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 5.500% (same) 5.608% $2,373.37 Interest and Principal
• 30 Year Purchase and Refinance over $417,000

LEGAL STUFF

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

LIFE’S LITTLE LESSONS: (things my Mom would have said)
Take an overnight train trip and sleep in a Pullman.

Stephen Wagner
Mortgage Lender since 1974
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-643-2850

Columbus Mortgage Market Update

Steve Wagner — Fri, 05 Aug 2011 18:30:35 +0000

Finally got some good news out this morning, unemployment went down from 9.2 to 9.1% which is positive economic. The markets started out against us this morning because of this news but quickly moved the other direction. Crude Oil took a huge dive yesterday afternoon and still going down this morning. Down to $85 a barrel this morning. Down from $100 a week or so ago.

MORTGAGE TIP OF THE DAY:
What are the options available to the borrower when the property does not appraise for enough? We will go through the various options in the next several days.
1. The borrower has to option of walking away from the transaction, they get their earnest deposit back, the deal doesn’t go.
2. The listing and or selling Realtor can provide comparables to the appraising showing them that there is justification for the higher price. This usually doesn’t work but it’s an option.
3. The seller can lower to price of the house to match the appraised value. (This is usually how it is resolved)
4. The buyer can make a larger down payment to cover the shortage on the appraisal.

THOUGHT OF THE DAY: (This is the serious part)
To improve is to change, to succeed is to change often.

TODAY’S FUN FACT:
If you take a penny and double it, and then keep doubling it every day for thirty days, you will end up with over five million dollars.

Rates: Friday, August 5, 2011, 10:45 am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.250% (same) 4.351% $491.94 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.375% (same) 4.476% $499.59 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.500% (same) 3.676% $714.88 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.625% (same) 3.801% $721.04 Interest and Principal
• Cash out refinance***

Bond Money 4.500% (same) 5.546% $601.69 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 4.250% (same) 5.225% $586.82 Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 5.500% (same) 5.608% $2,373.37 Interest and Principal
• 30 Year Purchase and Refinance over $417,000

LEGAL STUFF

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

LIFE’S LITTLE LESSONS: (things my Mom would have said)
When starting out, don’t worry about not having enough money. Limited funds are a blessing, not a curse. Nothing encourages creative thinking in quite the same way.

Stephen Wagner
Mortgage Lender since 1974
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-643-2850