Mortgage Market & Rates

Columbus Mortgage Rates: :-O….yawn!!!

Friends

The market is NOT going in our favor this morning however it hasn’t reflected in today’s rates yet. We may be in for an increase later on today. We’ll see what happens.

The reason we were told is the consumer confidence fell for June however, in my opinion, that should make rates go down. This is all strange to me.

Mortgage Tip of the Day: Remember, on the current stimulus package of $8,000 the maximum income per borrower is $75,000. If you file joint, the total is $150,000 together.

Thought of the Day: Life is like a game of soccer; you need goals.

Today’s Fun Fact: In 1902 Theodore Roosevelt became the first president to ride in an automobile.

You know you’re From Columbus when… …you love the Maize Maize and have tried to cheat using aerial photographs in the Dispatch.

Fact or Crap? Ronald Reagan is the only 20th Century U.S. President never to have had an audience with the Pope.

Legal Stuff

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

Rates: 06/30/09

5.250% 30 year fixed (same) purchase or rate and term refinance

5.375% 30 year fixed (same) cash out refinance***

4.750% 15 year fixed (same) purchase or refinance

4.875% 15 year fixed (same) cash out refinance***

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

5.500% FHA Fixed (up .125%)

6.250% Jumbo 30 year fixed (down 1.000%)

***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 5.330% $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 6.335% $2,574.88 Interest and Principal

Answer: CRAP: But, Pope John Paul II and Ronald Reagan may be remembered as the Pope and the President who defeated Communism.

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