Mortgage Market & Rates

Columbus Mortgage Market: :-O…yawn!!! Nothing happening today, folks!!!!

Friends

Looks like all the markets are closed today so we are using yesterday’s rates. Hope you all have a happy Fourth of July. If you are watching the Upper Arlington Parade look for me and the Arlington Bank with 5 of my antique cars in the parade. Thanks for reading and thanks for the business.

Mortgage Tip of the Day: Another of the qualifications for obtaining the $8,000 first time buyer’s stimulus money is that a single buyer must make $75,000 or less and a two person family (two owners, two borrowers) must make under $150,000 a year. With the two person household, there isn’t a maximum or minimum income for one or the other. One can make $140,000 while the other can make $10,000.

Thought of the Day: You are what you think about all day long.

Today’s Fun Fact: Natural gas has no odor. That distinctive aroma is added so people can detect leaks.

You know you’re From Columbus when… …you actually live in Westerville, Bexley, Reynoldsburg, Worthington, Powell, Dublin, etc. but say you’re from Columbus because you don’t feel like explaining to out of staters where Westerville is, etc though you often have to explain where Columbus is anyway.

Fact or Crap? All members of Scottish clans are blood relatives.

Legal Stuff

These rates are effective as of Fri., July 3, 2009 at 11:30am. These rates can change without notice.

Rates: 07/03/09

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 (same)

6.250% 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 5.343% $552.20 Interest and Principal

30 Year Fixed Cash Out APR 5.469% $559.97 Interest and Principal

15 Year Fixed APR 4.908% $777.83 Interest and Principal

15 Year Fixed Cash Out APR 5.033% $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: A clan is a group of people all owing allegiance to the patriarchal clan chief.

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