Mortgage Market & Rates

Columbus Mortgage Rates: :-)…Yes siree!!!

Folks,
The market is reacting in our favor to the talk of the Fed’s buying back “toxic” loans thus creating more funds for mortgage lending. Treasury Secretary Timothy Geithner is speaking right now about his plan for pumping money into mortgage funding. It appears the bailout will include this and will improve mortgage rates.

These are exciting times you young guys will be talking about 25 years from now. (Like I have been talking about the severe recession of 1979, 80, & 81 for 30 years).

Today’s Rates: 5.250% 30 year fixed (down .125%)
4.875%% 15 year fixed (down .25%)
5.875% + 1% Origination fee, First Time Homebuyer Bond Money (same)
5.500% FHA (same)
6.000% VA (same)
7.500% Jumbo 30 year fixed (same)

30 days, escrow, $110K thru $417K loan amount, owner occupied, 740+ credit score (FHA, VA and Bond Money totally different parameters), 0% points, 0% origination fee.

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.

Mortgage Tip of the Day:
The PMI companies came out yesterday with new, stricter PMI guidelines. One is that Central Ohio is now in a declining market area therefore maximum financing is not allowed. That means no 97% conventional financing and no 95% financing on condos. 95% is still available on houses, though. This is in affect March 8, 2009.

Thought of the Day:
“PUSH “ will get a person almost everywhere- except through a door marked “PULL “ .

Today’s Fun Fact:
When you breathe, the speed of your exhaled air is about 15 miles per hour.

You know you’re from Columbus when… …you drive 3 hours to see Red, White & Boom for 30 minutes, 4 hours back but you live 10 minutes away.

Legal Stuff
These rates are effective as of Tues., Feb. 10, 2009 at 11:30am. These rates can change without notice.
This is an Advertisement.

Fixed Rates and 10/1, 7/1 ARM rates @80% LTV, $100,000 loan amount
Bond Money Rates @ 97% LTV, $100,000 loan amount
FHA Rates @ 96.5% LTV, $100,000 loan amount
VA Rates @ 100% LTV, $100,000 loan amount
Jumbo Rates @ 80% LTV, $418,000 loan amount

30 Year Fixed APR 5.204% $544.49 Interest and Principal
15 Year Fixed APR 5.010% $784.30 Interest and Principal
Bond Money APR 6.536% $640.71 Interest, Principal, and Mortgage insurance
FHA APR 6.437% $623.56 Interest, Principal, Mortgage insurance
VA APR 6.293% $613.94 Interest and Principal
Jumbo 30 Year APR 7.591% $2,921.82 Interest and Principal

Thanks for reading!!!!

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