Mortgage Market & Rates

Columbus Mortgage Rates: :-(…ugh!!!

People

Yesterday afternoon the government released the stress test on the big banks and how they were doing. That news was positive and that made the market move up. Remember, good economic news and inflation makes mortgage rates go up. Crude Oil prices are also going up and that is a sure sign of inflation. We are extremely worried about the long term inflation factor causing crude oil, mortgage rates, prime and many other things going up and out of control.

Mortgage Tip of the Day: Currently, interest and real estate taxes paid on a second home or vacation home is tax deductible. Two homes are maximum, any more after than are not tax deductible.

Thought of the Day: One of the true tests of leadership is the ability to recognize a problem before it becomes an emergency.

Today’s Fun Fact: In sky writing the average letter is nearly two miles high.

You know you’re from Columbus when… …you tell out of state Michigan fans to follow the Outerbelt until it ends (so evil)!

Fact or Crap?: After Seinfield, Michael Richards starred in The Michael Richards Show for three seasons.

Legal Stuff

These rates are effective as of Fri., May 8, 2009 at 11:30am. These rates can change without notice.

Rates: 5/8/09 5.000% 30 year fixed (up .125%) purchase or rate and term refinance

5.125% 30 year fixed (up .125%) cash out refinance***

4.750% 15 year fixed (up .125%) purchase or refinance

4.875% 15 year fixed (up .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 5.079% $536.82 Interest and Principal

30 Year Fixed Cash Out APR 5.204% $544.49 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 6.150% $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: CRAP: After a few weeks of poor ratings and negative reviews, The Michael Richards Show was canceled.

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