Mortgage Market & Rates

Columbus Mortgage Rates: :-)….yesss!!

Folks,
Rates came down this morning and it appears the money came from folk selling their stocks and putting them into safer federal mortgage backed securities. This is the only thing I can see to make this happen. Whatever the case, we like being in the 4%’s.

Today’s Rates: 4.875%% 30 year fixed (down .125%) purchase or rate and term refinance
5.000%% 30 year fixed (down .125%) cash out refinance***
4.625% 15 year fixed (same) purchase or refinance
4.750% 15 year fixed (same) cash out refinance***
5.625% + 1% Origination fee, First Time Homebuyer Bond Money (same)
5.375% FHA (same)
5.375% 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, single family house, non condo, 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:
Remember, in order to refinance an owner occupied property, there needs to be at least 10% equity. Hopefully soon, the government will come out with a program for those folks who lost much of their equity so they can refinance.

Thought of the Day:
None of us suddenly becomes something overnight. The preparations have been in the making for a lifetime.

Today’s Fun Fact:
Asia is four times the size of Europe.

Fact or Crap?:
A moa is the less popular relative of the fashion accessory the boa.

Legal Stuff
These rates are effective as of Tues. April 7, 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 4.953% $529.21 Interest and Principal
30 Year Fixed Cash Out APR 5.079% $536.82 Interest and Principal
15 Year Fixed APR 4.759% $771.40 Interest and Principal
15 Year Fixed Cash Out APR 4.885% $777.83 Interest and Principal
Bond Money APR 6.279% $624.33 Interest, Principal, and Mortgage insurance
FHA APR 6.315% $615.60 Interest, Principal, Mortgage insurance
VA APR 5.675% $573.41 Interest and Principal
Jumbo 30 Year APR 7.591% $2,921.82 Interest and Principal

Answer:
CRAP: The moa is a now-extinct flightless bird of New Zealand, which looked a little like a emu,

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

This message (including any attachments) contains confidential information intended for a specific individual and purpose, and is protected by law. If you are not the intended recipient, you should delete this message, and any disclosure, copying, or distribution of this message, or the taking of any action based on it, is strictly prohibited.