Mortgage Market & Rates

Columbus Mortgage Rates: :-O…yawn!!!! (But I will never complain about a "yawn" again.)

Friends
Rates did improve some this morning but not enough to get a rate change yet. Yesterday afternoon the Fed’s felt the economy was slightly improving (good news, does not help us out) but they will be buying a trillion plus of mortgage backed securities (which would help us). The market yesterday afternoon starting taking a turn against us but this morning the direction changed to help us. The bottom line here is we don’t know what the heck is going on.

Thanks!! Steve

Mortgage Tip of the Day:
We are still wallowing in our joy of getting our DE, FHA underwriting approval. The Arlington Bank had to submit test cases to HUB in Philadelphia, they had to be reviewed under a microscope and after much gnashing of teeth, we’re in. Feel free to send your FHA’s to us with great certainly approval will be quick and somewhat painless.

Thought of the Day:
We choose our state of mind, just as we choose our behaviors and our paths in life. So choose to do something great today for yourself and others – be positive.

Today’s Fun Fact:
Whoopie Goldberg’s real name is Caryn Johnson.

You know you’re from Columbus when…
…it’s easy to call yourself a big city when you are between Zanesville and Delaware.

Fact or Crap?
Mr. Booth, who invented the vacuum cleaner, also founded the Salvation Army.

Rates: 06/25/09
5.375% 30 year fixed (same) purchase or rate and term refinance
5.500% 30 year fixed (same) cash out refinance***
4.875% 15 year fixed (same) purchase or refinance
5.000% 15 year fixed (same) 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 Thurs., June 25, 2009 at 11:30am. These rates can change without notice.
This is an Advertisement.

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 5.455% $559.97 Interest and Principal
30 Year Fixed Cash Out APR 5.581% $567.79 Interest and Principal
15 Year Fixed APR 5.010% $790.79 Interest and Principal
15 Year Fixed Cash Out APR 5.135% $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: Both shared the surname of Booth, but Hubert invented the vacuum cleaner in 1901, some 36 years after William and Catherine founded the Salvation Army.

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