Mortgage Market & Rates

Columbus Mortgage Market: :-(…..I was really getting into boring!!!

Friends

Friday afternoon was an awful time with rates jumping every hour. It appears things have stabilized this morning even going slightly in our favor. I sure hope the party isn’t over with rates in the 4%’s but it isn’t looking good. Inflation or the threat of inflation appears to be rearing its ugly head. Remember, INFLATION IS NOT OUR FRIEND.

Mortgage Tip of the Day: Effective earlier this year, when financing a condo, we must verify there is INTERIOR insurance on the unit. Usually the condo association provides for the exterior insurance. We don’t escrow for that interior insurance, we just need to verify that it is in place at the time of closing. Prior to this time, we let the owner decide if they wanted to buy insurance or not.

Thought of the Day: Life will not give you what you want or deserve, but will give you what you decide.

Today’s Fun Fact: Coca Cola was banned from India in 1977 for refusing to disclose its secret formula.

You know you’re From Columbus when… …you’re never more than two blocks from a Wendy’s.

Fact or Crap?: The five performing Marx Brothers had 11 marriages between them.

Legal Stuff

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

Rates: 6/8/09 5.625% 30 year fixed (up .125) purchase or rate and term refinance

5.750% 30 year fixed (up .125) cash out refinance***

5.125% 15 year fixed (same) purchase or refinance

5.250% 15 year fixed (same) cash out refinance***

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

5.750% FHA Fixed (up .250)

5.875% VA Fixed (up .125)

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 5.707% $575.66 Interest and Principal

30 Year Fixed Cash Out APR 5.832% $583.57 Interest and Principal

15 Year Fixed APR 5.261% $797.32 Interest and Principal

15 Year Fixed Cash Out APR 5.386% $803.88 Interest and Principal

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

FHA APR 6.683% $639.62 Interest, Principal, Mortgage insurance

VA APR 6.165% $605.73 Interest and Principal

Jumbo 30 Year APR 7.591% $2,921.82 Interest and Principal

Answer: CRAP: And so were their stage names. Chico, Harpo, Groucho, Gummo and Zeppo were actually Leonard, Arthur, Julius, Milton and Herbert, respectively.

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