Mortgage Market & Rates

Columbus Mortgage Market: :-)…yawn, again!!!

Folks,

The market is going in our favor this morning but not enough to trip rates down another .125% (1/8). We are waiting for the big money to come rolling in from the big investors to market the stock go up and the mortgage rates go down. We are trying to be patient about it.

Today’s Rates: 5.125% 30 year fixed (same) purchase or rate and term refinance
5.250% 30 year fixed (same) cash out refinance***
4.750% 15 year fixed (same) purchase or refinance
4.875%% 15 year fixed (same) cash out refinance***
5.625% + 1% Origination fee, First Time Homebuyer Bond Money (same)
5.500% FHA (same)
5.500% VA (same)
7.500% Jumbo 30 year fixed (same)
***Cash out refinance means pulling out at least $2,000 or more or paying off a non-purchase second mortgage.

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:
We are allowed to use part time income on a loan however we must have it in place for at least two years. We want to make sure it really exits and will continue.

Thought of the Day:
When you’ve got something to prove, there’s nothing greater than a challenge.

Today’s Fun Fact:
Cabbage is 91% water.

Fact or Crap?:
Gene Simmons of Kiss helped create a cartoon called My Dad the Rockstar. (see answer below)

Legal Stuff
These rates are effective as of Wed., March 18, 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
30 Year Fixed Cash Out APR 5.330% $552.20 Interest and Principal
15 Year Fixed APR 4.885% $777.83 Interest and Principal
15 Year Fixed Cash Out APR 5.010% $784.30 Interest and Principal
Bond Money APR 6.279% $624.33 Interest, Principal, and Mortgage insurance
FHA APR 6.437% $623.56 Interest, Principal, Mortgage insurance
VA APR 5.802% $581.42 Interest and Principal
Jumbo 30 Year APR 7.591% $2,921.82 Interest and Principal

Answer: FACT…Gene was actually born is Israel and migrated to New York City at the age of 8 with his mother.

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