Stocks rise this morning thus forcing mortgage rates up as a recovery package for the European debt crisis may be near. That could help our economy making that good economic news for the US.

Thanks!!! Steve

MORTGAGE TIP OF THE DAY:
In order to do a FHA loan, the complex must show up with HUB being approved HOWEVER, HUB wants only a 50% saturation in the project and if they are over that point, they will not make a FHA loan. Being FHA approved doesn’t necessarily make it lendable.

THOUGHT OF THE DAY:
Go confidently in the direction of your dreams. Live the life you’ve imagined.

TODAY’S FUN FACT:
Women blink nearly twice as much as men.

Rates: Tuesday, 02-09-2010, 11:45am

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) 4.330% $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 5.000% (+.125) 5.092% $536.82 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 5.125% (+.125) 5.218% $544.49 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 4.875% (+.125) 5.495% $584.30 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

• *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 rate 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 1895 volleyball was invented by W.G. Morgan of Holyoke, Mass.

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

The home was a bank owned, single family ranch listed for $75,000. This was an “absolute auction”, which means the house would be sold to the highest bidder regardless of the price in its AS-IS condition with no buyer contingencies and the buyer had to close within 30 days plus a 10% buyers premium that would be added to the final bid price. Bidders had to show up with a $5,000 deposit in form of a cashier’s check. The auction was to take place at the house at 5PM.

My client and I arrived at the house at 4:30. There were several people going in and out of the house looking around and scoping out the other bidders. (If you are a people watcher, you would love this event) The auctioneer was set up in the house where we went to register to bid. My client gave the auctioneer the $5,000 check with photo ID and we were assigned a number to bid along with the purchase contract that would be used for the highest bidder. We were told the auctioneer would go over the purchase contract line by line right before the bidding began.

Promptly at 5 the auction began. There was about 50 people standing in the house and there were 20 registered bidders. The auctioneer went over the purchase agreement and disclosed a few defects he knew about the house. Then the bidding began. It started at $50,000 and immediately was bid to $60K, then $70, then $80, then $90 where the bidding paused for a moment and the auctioneer was asking for $100. He looked and called a few times, then a shout of $92.5, followed by $95. Then the auctioneer made some comments to lighten the tension and remind people that this price is much lower than the average sales in the area. The a shout came out at $100K. Then $101K. A pause for a few moments and then $102K. The auctioneer called for $103K, but that is where it stopped. “$102,000 going, once, twice, SOLD”. The event was over at 5:23 and another house was Sold in Worthington, Ohio. Does anyone have an auction experience they would like to share? Please contact me if you are interested in learning more about auctions in Central Ohio.