Mortgage Market & Rates
The market is going is our direction this morning. For some reason, Jumbo rates took a huge jump up. Not sure what is up with that. The market over reacted to yesterdays economic news.
MORTGAGE TIP OF THE DAY:
Prior to closing we are now required to do a nationwide search to see if the borrower?s name pops up associated to any Real Estate in the nation. If it does pop up, we are required to see if there is an obligation in any way to that property. It is a way the Fed?s are stopping undisclosed obligations that don?t show up on the credit report.
THOUGHT OF THE DAY: (This is the serious part)
?Money is a stupid measure of achievement, but unfortunately it is the only universal measure we have.?
Charles Steinmetz (1865-1923)
American electrical engineer
FUN FACTS:
In an average lifetime (whatever average is) an American drinks about 11,000 gallons of water.
Friday, March 2, 2012, 10:50am
Loan Program Rate: APR*: Payment Estimates:
30 Year Fixed 4.000% (same) 4.072% $954.85 Interest and Principal
? Purchase or rate and term refinance
30 Year Fixed 4.125% (same) 4.198% $954.85 Interest and Principal
? Cash out refinance***
15 Year Fixed 3.375% (same) 3.498% $1,417.52 Interest and Principal
? Purchase or rate and term refinance
15 Year Fixed 3.500% (same) 3.624% $1429.76 Interest and Principal
? Cash out refinance***
Bond Money 3.875% (same) 4.862% $1132.15 Int. & Princ. & Mtg Ins.
? First Time Homebuyer Bond Money + 1% origination fee
FHA Fixed 3.750% (same) 4.723% $1117.78Int. & Princ. & Mtg. Ins.
? Purchase or refinance
Jumbo Fixed 5.250% (+.375) 5.357% $2,308.20 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.
? *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 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.
THINGS MY MOM WOULD HAVE SAID:
Don?t let anyone see you drunk.
Rates and APRs Established By:
STEVE WAGNER Mortgage Consultant
614-445-6667?stevewagner@stevewagnermortgage.com
The Martin, Traxler & Wagner Team of Priority Mortgage Corp.
888.332.5301 Toll Free
614.474.8050 Fax
www.prioritymortgage.com
Source: http://www.thecolumbusteam.com/2012/03/columbus-mortgage-rate-update-120/
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