Mortgage Market & Rates

Columbus Mortgage Rates: :–O…yawn!!! Eveything is holding this morning!!!

Friends

The market is holding this morning after last Friday’s infusion of Fed’s buying mortgage backed securities. Crude Oil is up this morning along with the stock market up a little.

Mortgage Tip of the Day: We just got notification from OHFA that non-targeted money has been used up totally for the MCC program. Targeted Money and Bank Owned Property Money is still available.

Thought of the Day: Swing hard, in case they throw the ball where you’re swinging.

Today’s Fun Fact: It takes about a yard of sugar cane to make one sugar cube.

You know you’re From Columbus when… …homeless people keep warm with campus area fires on game day.

Fact or Crap? Michael Jordan was once cut from his high school basketball team.

Legal Stuff

These rates are effective as of Mon., June 29, 2009 at 11:30am. These rates can change without notice.

Rates: 06/29/09

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)

5.375% FHA Fixed (down .125%)

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.

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 6.315% $615.60 Interest, Principal, Mortgage insurance

Jumbo 30 Year APR 7.340% $2,851.52 Interest and Principal

Answer: FACT: Often dubbed the “greatest player of all time”, Jordan was instrumental in popularizing the NBA around the world in the 1980’s and 1990’s.

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