Today is the first morning of the new pricing grid for Freddie Mac and Fannie Mae. Fortunately, our rates are on the downward slide which will take up the slack on this new increase. It’s always something, isn’t it?

THINK ABOUT THIS!!!
You feel stuck with your debt if you can’t budge it.

MORTGAGE TIP OF THE DAY:
The First Time Homebuyer Bond Money program has begun to get popular again since the rate is more attractive. One thing to remember is that there is ALWAYS a 1% origination fee and there is an extra $150 transfer fee that doesn’t happen on a FHA or Conventional loan.

THOUGHT OF THE DAY: (This is the serious part)
It is never too late to be what you might have been.
George Elliott

TODAY’S FUN FACT:
Our Sun evolves around the Milky Way once every 225,000,000 years.

Rates: Monday, January 3, 2011, 11:30am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.875% (same) 4.966% $529.21 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 5.000% (same) 5.092% $536.82 Interest and Principal
• Cash out refinance***

15 Year Fixed 4.250% (same) 4.405% $752.28 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 4.375% (same) 4.531% $758.62 Interest and Principal
• Cash out refinance***

Bond Money 4.250% (same) 5.453% $555.77 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 4.750% (same) 5.363% $576.61 Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 5.625% (same) 5.721% $2,406.26 Interest and Principal
• 30 Year Purchase and Refinance over $417,000

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.

LIFE’S LITTLE INSTRUCTIONS:
Smile a lot. It costs nothing and is beyond price.

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

How do you qualify?

1.  Properties must meet sales price limits which can vary by county.

2.  Applicants must meet OHFA income limits.

3.  Ask your local lender!

Note there are Targeted Areas and Nontargeted Areas that affect the credit value in addition to the status of the property.

Here is an example of the MCC in action, compliments of Gary Erler of Priority Mortgage: 

“Imagine a loan amount of $155,000 on your home purchase at an interest rate of 5.5%, your interest the first year will be $8,525. If that home is in a non-targeted area, you can claim 20% of the interest. You now have $1705 as a tax credit thanks to the MCC to help make your loan payment.”

 If you’re a first time buyer, this is your year! The Columbus Team is ready to help you traverse the rocky terrain of home ownership. Do you qualify for the Mortgage Credit Certificate Program?