Mortgage Market & Rates

Columbus Mortgage Rates: :-)….back into the 4's%

Friends

It is so difficult these days trying to figure out why anything is happening any day. Again, this sounds like a broken record but we can’t see any reason why rates drifted down this morning. Too many economics factors happening every day causing rates to shift both directions. It’s like opening a handwritten card with no return address, it’s a surprise everyday.

Mortgage Tip of the Day:
When we use a gift for the down payment, the gift must be from a relative, we must have a gift letter, we must prove the donor has the funds, we must get a copy of the gift check and we need proof the funds were deposited in the borrowers account. The Fed’s have turned this into a long process for a gift. The theory is they don’t want this loan to be a source of laundering illegal money into the system.

Thought of the Day: Many of life’s failures are people who did not realize how close they were to success when they gave up.

Today’s Fun Fact: Germany offered England at the end of World War II as part of their reparations the Volkswagen business but those savvy English politicians turned it down figuring that no one would ever want a car with such high gas mileage and an engine in the rear.

You know you’re
From Columbus when… …you go to the Memorial Tournament at Muirfield just to see and be seen, and you’ve been rained on there at least once.

Fact or Crap?: The film My Left Foot, is based on the true life story of Christy Brown.

Legal Stuff

These rates are effective as of Tues. May 5, 2009 at 11:30am. These rates can change without notice.

Rates: 5/5/09 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 (down .125%) purchase or refinance
4.750% 15 year fixed (down .125%) cash out refinance***
5.500% + 1% Origination fee, First Time Homebuyer Bond Money (same)
5.000% FHA (same)
5.250% 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.

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 6.150% $616.94 Interest, Principal, and Mortgage insurance
FHA APR 5.949% $592.05 Interest, Principal, Mortgage insurance
VA APR 5.293% $549.71 Interest and Principal
Jumbo 30 Year APR 7.591% $2,921.82 Interest and Principal

Answer: FACT: Daniel Day-Lewis played the lead role and won the Best Actor Oscar for his efforts.

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
: 614-486-4078