Mortgage Market & Rates

Columbus Mortgage Market: :-)….FHA inhouse underwriting…FINALLY!!!……YIPEEE

Friends
The mortgage market improved this morning but again, no clear cut reason why. This afternoon the Federal Reserve is meeting to see if anything will be changing. Everyone is watching and waiting to see what happens there. The Fed has had lots of surprises for us over the past year. 2:15pm this afternoon, anything could happen either direction. Brace yourself.

Thanks!! Steve

Mortgage Tip of the Day:
I have been waiting for this day for a long, long time (no, I’m not retiring). As of yesterday afternoon the Arlington Bank was approved by HUD so that we may now underwrite all FHA loans as a DE underwriter rather than sending them out to the investor. You have no idea who much hassle and craziness would occur when loans were underwritten in some far off, lonely, evil place. We are doing cartwheels this morning.

Thought of the Day:
All men face mountains, but the ones with faith move theirs.

Today’s Fun Fact:
Gerald Ford was the only president to have been an Eagle Scout.

You know you’re from Columbus when… …you know Columbus was the one who had the idea for Nationwide Ins., Kevin Federline commercial. (Rock star turned fast food jockey)

Fact or Crap?
Guttation is the process or plants discharging water through their leaves.

Legal Stuff
These rates are effective as of Wed., June 24, 2009 at 11:30am. These rates can change without notice.
This is an Advertisement.

Rates: 06/24/09
5.375% 30 year fixed (down .125) purchase or rate and term refinance
5.500% 30 year fixed (down .125) cash out refinance***
4.875% 15 year fixed (same) purchase or refinance
5.000% 15 year fixed (same) cash out refinance***
5.500% + 1% Origination fee, First Time Homebuyer Bond Money (same)
5.500% FHA Fixed (same)
7.250% 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.

7/1 and 30 due in 10 require 30% down for Jumbos, 10% down for non-jumbos, 740+ credit scores, owner occupied Fannie Mae loans.

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
7/1 ARM and 30 due in 10 yrs. More than $417,000 require auto. Payment
30 due in 10 years @80% LTV, $100,000 loan amount
7/1 Rate may increase after consummation.

30 Year Fixed APR 5.455% $559.97 Interest and Principal
30 Year Fixed Cash Out APR 5.581% $567.79 Interest and Principal
15 Year Fixed APR 5.010% $790.79 Interest and Principal
15 Year Fixed Cash Out APR 5.135% $784.30 Interest and Principal
Bond Money APR 6.150% $616.94 Interest, Principal, and Mortgage insurance
FHA APR 6.437% $623.56 Interest, Principal, Mortgage insurance
Jumbo 30 Year APR 7.340% $2,851.52 Interest and Principal

Answer:
FACT: Guttation is the appearance of drops of sap on the tips or edges of leaves on some plants and grasses.

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