The Columbus Team | Real Estate » Mortgage Lender

Columbus Mortgage Rate Update

admin — Tue, 27 Dec 2011 21:55:13 +0000

MORTGAGE TIP OF THE DAY:
No Cost Refinance: This is a refinance where we as a lender increase the interest rate which creates more profit, enough to pay the borrowers closing costs. It’s the reverse of paying points to get a lowering rate.

THOUGHT OF THE DAY: (This is the serious part)

“People react to fear, not love. They don’t teach that in Sunday school, but it’s true.”

Richard Nixon

FUN FACT:
When a gorilla is angry, it sticks its tongue out.

THE GOLDEN BOOK by Dale Carnegie
Break the Worry Habit Before It Breaks You: Decide just how much anxiety a thing may be worth and refuse to give it more.

THINGS MY MOM WOULD HAVE SAID:
Have a firm handshake.

Mortgage Rates for Tuesday, December 27, 2011, 11:05 am

30 Year Fixed

4.125% (+.125%)

4.261%

$969.30 Interest and Principal

· Purchase or rate and term refinance

30 Year Fixed

4.250% (+.125%)

4.324%

$983.88 Interest and Principal

· Cash out refinance***

15 Year Fixed

3.375% (same)

3.605%

$1417.52 Interest and Principal

· Purchase or rate and term refinance

15 Year Fixed

3.500% (same)

3.731%

$1429.76 Interest and Principal

· Cash out refinance***

Bond Money

3.750% (same)

4.751%

$1117.91 Int. & Princ. & Mtg Ins.

· First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed

4.000% (+.125%)

4.782%

$1146.52Int. & Princ. & Mtg. Ins.

· Purchase or refinance

Jumbo Fixed

5.125% (same)

5.174%

$2,275.97 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.
This is an advertisement.
*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 recommend calling during business hours to make sure we have all the markets open and available.

Rates and APRs Established By:
ROB MARTIN Mortgage Consultant

STEVE WAGNER Marketing Assistant
614-445-666
stevewagner@stevewagnermortgage.com

The Martin, Traxler & Wagner Team of Priority Mortgage Corp.
888.332.5301 Toll Free
www.prioritymortgage.com

Columbus Mortgage Rates Update

Steve Wagner — Thu, 31 Mar 2011 15:14:38 +0000

Rates are going in our favor this morning but it isn’t clear to me why. It is one of those days where we are scratching our heads. Someone a lot smarter than me probably has this figured out.

MORTGAGE TIP OF THE DAY:
There is a Federal law that states a mortgage lender cannot close a loan faster than 8 calendar days.

THOUGHT OF THE DAY: (This is the serious part)
No one should retire from life at any age.

TODAY’S FUN FACT:
A humpback whale can travel up to 4,000 miles in a year.

Rates: Thursday, March 31, 2011, 10:45am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.875% (same) 4.976% $529.21 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 5.000% (same) 5.102% $536.82 Interest and Principal
• Cash out refinance***

15 Year Fixed 4.125% (-.125) 4.302% $745.97 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 4.250% (-.125) 4.428% $752.28 Interest and Principal
• Cash out refinance***

Bond Money 4.500% (same) 5.220% $567.01 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, 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.

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 LESSONS: (These are things my Mom would have said)
Remember that a successful marriage depends on two things: (1) finding the right person and (2) being the right person.

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 Big Will Your Tax Credit Be?

Jeanne O'Keefe — Tue, 10 Mar 2009 18:59:55 +0000

If you are a first time home buyer, this is your year! While you may have already heard about the $8,000 Federal Tax Credit for firs time buyers, did you also know about the Mortgage Credit Certificate (MCC) Program? This is an amazing advantage for 1^st time buyers who qualify, to reduce their tax burden for the life of their mortgage loan! Seriously!! Fortunately, a qualified buyer can take advantage of the federal tax stimulus in addition to the MCC program making 2009 one of the best times in history to purchase Real Estate. Conceivably, one could realize up to $10,000 in tax credits by taking advantage of these programs.

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?