Columbus Mortgage Rates: 8-0….Yawn!!! Another boring day in mortgage loan land.

Friends:

The market is going in our favor this morning. Not enough to make rates change down. Stock market is down, bond market in our favor, crude oil down, dollar up. All the indicators which should force our rates down.

Thanks!!! Steve

Mortgage Tip of the Day:
Fannie Mae will make a loan on a two unit condo complex as long as both sides are owner occupied. The official rule says that no more than 49% of the complex can be Non-owner occupied. In Central Ohio, 10% down is the minimum for this transaction.

Thought of the Day:
The greatest pleasure of a dog is that you make a fool of yourself with him, and not only will he not scold you, but he will make a fool of himself, too.

Today’s Fun Fact:
Wall Street got its name in 1654 when residents of New York built a wooden blockade across that area of lower Manhattan to protect against a possible attack by Indians.

Fact or Crap?:
Pepper-box, harquebus and caliver are early forms of the handgun.

Rates: Thursday, 11/19/2009, 11:30am

Loan Program Rate: APR*: Payment Estimates:
5/1 ARM** 4.250% (same) 4.421% $2,056.31 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $2,056.21 in 5 years (4.250% interest rate) if the rate were to adjust based on the current index rate

30 Year Fixed 4.875% (same) 5.966% $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 4.375% (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 5.500% (same) 6.150% $616.94 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee
FHA Fixed 4.875% (same) 5.495% $584.30 Int. & Princ. & Mtg. Ins.
• Purchase or refinance
Jumbo Fixed 6.125% (same) 6.233% $2,539.81 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, 7/1 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.

Answer: FACT
The pepper-box was popular in North America around the civil war, but was used by civilians rather than soliders.

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