Mortgage Market & Rates

Columbus Mortgage Rates: Things are a little calmer today!!!

Folks
The market yesterday afternoon went against us but this morning it is back in our favor. This Federal Government with the housing bailout of $700,000,000,000 has the markets in a spin (again). Who would have guessed 6 or 7 years ago with all these Sub-prime loans being made to folks with “not so good” credit would have caused a chain reaction of disaster that is affecting the entire country and even the world? As many of you know, for decades and decades, a customer had to have GOOD credit before you could buy a house. Folks with poor credit rented forever or bought on Land Contract.

Today’s Rate:
6.000% 30 year fixed

5.750% 15 year fixed

5.750% 10/1 ARM

6.000%+ 1% Origination fee, First Time Homebuyer Bond Money

6.000% FHA

6.375% VA

30 days, escrow, $100K thru $417K loan amount, owner occupied, 740+ credit score (FHA, VA and Bond Money totally different perimeters), 0% point, 0% origination fee.

Mortgage Tip of the Day:
Conventional loans need a credit score of 740 or better in order to get the best rate available, FHA only needs a credit score of 620 before they starting increasing the rate. For conventional, with credit scores between 720 and 739 the rate is increased by .125%, 700 to 719 another .125% in rate, 680 to 699 another .125%, and so on an so forth down to 620. The rate can get VERY high with lower credit scores. Often times we recommend going FHA if a customer’s credit scores are in the middle 600’s. The rate is usually substantially better with FHA even with MIP insurance.

Thought of the Day:
When you are getting kicked from the rear, it means you are out in front.

Today’s Fun Fact:
Colonel Sanders of the Kentucky Fried Chicken fame was born in Indiana.

Legal Stuff:
These rates are effective as of Wed., Sept. 24, 2008 11:30am. These rates change without notice.

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Fixes Rates and 10/1 ARM Rates @80% LTV $100,000 loan amount

Bond Money Rates @ 97% LTV $100,000 loan amount

FHA Rates @ 97% LTV $100,000 loan amount

VA Rates @ 100% LTV $100,000 loan amount

30 Year Fixed APR 6.083% $599.55 Interest and Principal

15 Year Fixed APR 5.888% $830.41 Interest and Principal

10/1 ARM APR 5.512% $583.57 Interest and Principal, rate may change after consumption

Bond Money APR 6.665% $648.72 Interest, Principal, and Mortgage Insurance

FHA APR 6.929% $655.87 Interest, Principal, and Mortgage Insurance

VA APR 6.674% $613.94 Interest and Principal

Thanks for reading!!!!

Steve Wagner
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-486-4078