The Columbus Team | Real Estate » Government Securities

Columbus Mortgage Market: Oh my!

Steve Wagner — Wed, 13 Oct 2010 17:58:18 +0000

The Fed’s recent announcement that they will be pumping more cash into government securities created optimism in the market causing mortgage rates to go up. Also, a couple major companies, including our own Chase Bank announced higher profits than expected indicting a better economy. The expected result of pouring more money back into the economy would create lower interest rate thus sparking more home sales. We’ll see where this all goes in the next few weeks.

Go out there and sell something today.

INTERESTING LIFE OBSERVATIONS:
I disagree with Kay Jewelers. I would bet on any given Friday or Saturday night more kisses begin with Miller Lite than Kay.

MORTGAGE TIP OF THE DAY:
It is possible to finance an owner occupied 4 family thru FHA however it must pass the “Self Sufficient” test meaning the tenant income must be able to handle the mortgage payment if the borrower walks.

THOUGHT OF THE DAY: (This is the serious part)
If opportunity doesn’t knock, build a door.
Milton Berle

TODAY’S FUN FACT:
The banana is considered the most ancient fruit on the earth.

Rates: Wednesday, October 13, 2010, 1:00pm

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.250% (+.125) 4.338% $491.94 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.375% (+.125) 4.464% $499.59 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.500% (same) 3.652% $714.88 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.625% (same) 3.778% $721.04 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 4.250% (+.250) 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) 4.327% $470.24 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $490.20 in 3 years (4.250% interest rate) if the rate were to adjust based on the current index rate

5/1 ARM** 4.250% (same) 4.496% $491.94 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $498.32 in 5 years (4.375% 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 1792 the cornerstone of the White House was laid. (Which was exactly 300 years and 1 day from when Columbus discovered America)

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

Columbus Mortgage Rates: 8-)….been a while for that smile!!!!

Steve Wagner — Tue, 09 Mar 2010 23:40:18 +0000

Friends:

Rates drifted down this morning. According to the experts, money is flowing from the stock market to a safer place in Government Securities.

Thanks!!! Steve

MORTGAGE TIP OF THE DAY:
In using gift funds for a down payment, we must do 4 steps to make it work: 1, get a gift letter from the donor; 2, get a copy of the gift check; 3, copy of the gift check; 4, prove the donor has the funds in the bank. The Feds really want to verify that it is truly a gift.

THOUGHT OF THE DAY:
Success: keeping your head up and your overhead down.

TODAY’S FUN FACT:
In February 1865 is the only month in recorded history not to have a full moon.

Rates: Tuesday, 03/09/2010, 10:30am

Loan Program Rate: APR*: Payment Estimates:

3/1 ARM** 3.875% (same) 4.423% $470.24 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $496.95 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) 4.410% $491.94 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $491.94 in 5 years (4.250% interest rate) if the rate were to adjust based on the current index rate
7/1 ARM** 4.500% (same) 3.875% $506.69 Interest and Principal
• Up to $417,000 purchase or refinance. Payment would adjust to $435.69 in 7 years (3.000% interest rate) if the rate were to adjust based on the current index rate.

30 Year Fixed 4.875% (-.125) 4.966% $529.21 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 5.000% (-.125) 5.092% $536.82 Interest and Principal
• Cash out refinance***

15 Year Fixed 4.375% (same) 4.531% $758.62 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 4.500% (same) 4.656% $764.99 Interest and Principal
• Cash out refinance***

Bond Money 5.000% (same) 5.636% $585.99 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 4.750% (-.125) 5.363% $576.61 Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 6.250% (same) 6.349% $2,6573.71 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.

ON THIS DATE IN HISTORY:
On this date in 1822 the first U.S. patent for artificial teeth was issued to Charles Graham of New York City.

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