Mortgage Market & Rates

Columbus Mortgage Rates: :-)….Yawn!!!

Friends

This morning, nothing is happening in the market. Yesterday was a big day with bad news forcing rates down. Everything is holding this morning.

Mortgage Tip of the Day: When financing Condos FHA or VA, they both have an approved list of projects. They are not the same list. FHA will allow a spot approval if the project is not approved but VA will not allow a spot approval.

Thought of the Day: The first responsibility of a leader is to define reality.

Today’s Fun Fact: “Yankee Doodle” was composed in England as an anti-American tune.

You know you’re From Columbus when… …every occasion calls for illegal fireworks.

Fact or Crap?: Nelly Furtado shot a film clip featuring George W. Bush in a dress, but it was never used.

Legal Stuff

These rates are effective as of Thurs., May 14, 2009 at 11:30am. These rates can change without notice.
Rates: 5/14/09 4.750% 30 year fixed (same) purchase or rate and term refinance

4.875% 30 year fixed (same) cash out refinance***

4.500% 15 year fixed (same) purchase or refinance

4.625% 15 year fixed (same) cash out refinance***

5.500% + 1% Origination fee, First Time Homebuyer Bond Money (same)

4.875% FHA (same)

5.000% 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 4.827% $521.65 Interest and Principal

30 Year Fixed Cash Out APR 4.953% $529.21 Interest and Principal

15 Year Fixed APR 4.634% $764.99 Interest and Principal

15 Year Fixed Cash Out APR 4.759% $771.40 Interest and Principal

Bond Money APR 6.150% $616.94 Interest, Principal, and Mortgage insurance

FHA APR 5.826% $584.30 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: Nelly did reveal that she once turned down $500,000 to pose unclothed in Playboy.

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