Mortgage Market & Rates

Columbus Mortgage Market: :–O…something new

Friends

Overall, it is going to be a fairly busy week for the financial markets. I think that Thursday will be the single most important day of the week it’s when The Federal Reserve will release its Beige Book. This data details economic conditions throughout the U.S. by region, but as we saw last week, we don’t need significant news from economic reports for the markets to move heavily and mortgage rates to change

Mortgage Tip of the Day: We had some confusion yesterday getting to the target area maps for OHFA. Let’s do it this way. Go to www.ohiohome.org, click on “homeownership”, click on “target area loan”, then click on “target area maps”. This way seems to work.

Thought of the Day: We MUST always look at life with a bright eye instead of a nasty sigh …. ALWAYS . no matter what

Today’s Fun Fact: A mosquito has 47 teeth.

You know you’re From Columbus when… …there is limo parking at your prom.

Fact or Crap?: Macrophobia is the fear of long waits. (This has nothing to do with loans at the Arlington Bank, either)

Legal Stuff

These rates are effective as of Wed., June 10, 2009 at 11:30am. These rates can change without notice.

Rates: 06/10/09 4.990% 7/1 ARM (new) purchase or rate and term refi to $1,000,000

5.240% 30 due in 10 yrs. (new) purchase or rate and term refi to $1,000,000

5.750% 30 year fixed (same) purchase or rate and term refinance

5.875% 30 year fixed (same) cash out refinance***

5.250% 15 year fixed (same) purchase or refinance

5.375% 15 year fixed cash out refinance***

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

5.750% FHA Fixed (up .125)

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.

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 ARM APR 5.129% $537.00 Interest and Principal

30 due in 10 yrs. APR 5.364% $552.00 Interest and Principal

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 6.798% $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: Wiccaphobia is the fear of witches and witchcraft; Zelophobia, the fear of jealousy; Syngenesophobia, the fear or relatives.

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