Go out there and sell something today.

MORTGAGE TIP OF THE DAY:
Effective today, OFHA is lowering their interest rate for the first time homebuyer bond money from 4.75% with 1% origination fee to 4.25% with 1 point. It is getting better.

THOUGHT OF THE DAY:
The only limit to or realization of tomorrow will be our doubts of today.
Franklin D. Roosevelt

TODAY’S FUN FACT:
Of every 100 people in the world, 21 live in China, 5 out of 100 live in the U.S.

Rates: Monday, September 13, 2010, 10:30am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.375% (same) 4.464% $499.59 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.500% (same) 4.589% $506.69 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.750% (-.125) 3.903% $727.22 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.875% (-.125) 4.029% $733.44 Interest and Principal
• Cash out refinance***

Bond Money 4.250% (-.500) 4.448% $555.77 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) 4.423% $496.95 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) 4.496% $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 1971 a 30 year old U.S. Marine captain, Wayne Rollings, stationed in Hawaii, did 17,000 sit-ups in 7 hours, 27 minutes.

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?

Let is snow, let it snow, let it snow! It is *Warm & Cozy* inside this fabulous home.

The Real Estate Market in Columbus is hot, hot, hot! Sue Lusk-Gleich reminds us that affordability, in terms of phenomenal interest rates in combination with home prices, is excellent! Remember that Real Estate is local, so forget the national news reports…it doesn’t apply to our market.  It’s an especially great time for 1st time buyers who aren’t encumbered by selling a property prior to purchasing a new home.  Say bye-bye to your landlord and let’s go look for your new home! Carpe Diem