Mortgage Market & Rates

Columbus Mortgage Market: :–(….I will never whine about boring again!!!

Friends

The big question among all the finance guys in the country is why doesn’t the Fed use the large stash of cash earmarked for pumping money into mortgage backed securities forcing mortgage rates back down? This past week has been a huge shock to a country fixated on below 5% interest rates.

Mortgage Tip of the Day: As you may or may not be aware, OHFA (Ohio Housing Finance Agency) who controls first time homebuyer Bond Money and the MCC having specific benefits for homes located in a “targeted area”. We have just discovered a very detailed map as to where these targeted areas are located. Many of them are as you had expected, several are shocking. All of downtown, all of Victorian Village, all of Harrison West, all of Italian Village, all of campus and the Preston Rd. area near Bexley, the location of some of the largest mansions in the county. For a detail map, go to www.ohiohome.org/home/buyer/targetmaps.aspx. You’ll spend hours there.

Thought of the Day: Life is a gift. Are you going to unwrap it or leave it in the box?

Today’s Fun Fact: On June 9, 1869 Philadelphia drugstore owner, Charles Hires sold the first root beer, i.e. Hires Root Beer

You know you’re From Columbus when… …you worship the Ohio State football coach when he’s winning but want him fired when he loses.

Fact or Crap?: Despite a long run, there was never a definitive final episode of Married With Children.

Legal Stuff

These rates are effective as of Tues., June 9, 2009 at 11:30am. These rates can change without notice.

Rates: 6/9/09 5.750% 30 year fixed (up .125) purchase or rate and term refinance

5.875% 30 year fixed (up .125) cash out refinance***

5.250% 15 year fixed (up .125) purchase or refinance

5.375% 15 year fixed (up .125) cash out refinance***

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

5.750% FHA Fixed (same)

5.875% VA Fixed (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

7/1 ARM and 30 due in 10 yrs. More than $417,000 require auto. payment

30 Year Fixed APR 5.832% $583.57 Interest and Principal

30 Year Fixed Cash Out APR 5.958% $591.54 Interest and Principal

15 Year Fixed APR 5.386% $803.88 Interest and Principal

15 Year Fixed Cash Out APR 5.512% $810.47 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: FACT: Married With Children lasted 11 seasons over 10 years, and was the first-ever prime time television series to air on the FOX network.

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