Mortgage Market & Rates

Columbus Mortgage Rates: :-)….Nice way to end the week!!!!

Friends
Yesterday afternoon, the Fed’s decided to buy more mortgage backed securities which creates less supply, more demand driving rates down. That is the reason for today’s drop. We got this one figured out.

This weekend is Special Olympics Summer Games at OSU where I coach volleyball. It is “have your hands full” for 2.5 days. I relate it to a Realtor with out of town buyers who are difficult, from the East Coast who demand your total time from 8am to 10pm for two days but in the end they buy a house, so it was all worthwhile.

Thanks!! Steve

Mortgage Tip of the Day:
When we do a pre-approval on Condo purchases we tend NOT to pre-approve for a certain loan amount, we approve for a certain total payment. Between taxes and condo fees being all over the board it is extremely difficult to determine a loan amount. Many condo complexes have tax abatements which make the taxes extremely low while others have extremely high condo fees due to their age, amities or utilities included.

Thought of the Day:
It’s not how hard you work but how hard you try that makes the difference.

Today’s Fun Fact:
Reindeer are superb swimmers.

You know you’re from Columbus when…
….you have football, fast food and freezing rain.

Fact or Crap?
There are five movements in Stravinsky’s Symphony in Three Movements.

Rates: 06/26/09
5.250% 30 year fixed (down .125) purchase or rate and term refinance
5.375% 30 year fixed (down .125) cash out refinance***
4.750% 15 year fixed (down .125) purchase or refinance
4.875% 15 year fixed (down .125) 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.

Legal Stuff
These rates are effective as of Fri., June 26, 2009 at 11:30am. These rates can change without notice.
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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 5.330% $552.20 Interest and Principal
30 Year Fixed Cash Out APR 5.455% $559.97 Interest and Principal
15 Year Fixed APR 4.885% $777.83 Interest and Principal
15 Year Fixed Cash Out APR 5.010% $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:
CRAP: Stravinsky referred to it as his War Symphony as it was written during 1942-1945, and it was first performed in 1946 by the New York Philharmonic, directed by the composer himself.

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