Columbus Mortgage Rates: 8-0….yawn!!!!

Friends:

The market went in our favor dramatically yesterday afternoon but fell back against us this morning. Things are the same as yesterday.

Thanks!!! Steve

Mortgage Tip of the Day:
The Arlington Bank does not charge a fee for a preapproval. Our preapproval is good until something negative happens to their credit situation; lose a job, buy a new car, screw up your credit. As long as things are the same or better, the preapproval stands.

Thought of the Day:
Faith is the bird that feels the light when the dawn is still dark.

Today’s Fun Fact:
The words “loosen” and “unloosen” mean the same thing.

Fact or Crap?:
Before becoming James Bond, Sean Connery spent time as a milkman.

Rates: Tuesday, 11/17/2009, 11:30am

Loan Program Rate: APR*: Payment Estimates:
5/1 ARM** 4.250% (same) 4.421% $2,056.31 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $2,056.21 in 5 years (4.250% interest rate) if the rate were to adjust based on the current index rate
30 Year Fixed 4.875% (same) 5.966% $529.21 Interest and Principal
• Purchase or rate and term refinance
30 Year Fixed 5.000% (same) 5.092% $536.82 Interest and Principal
• Cash out refinance***
15 Year Fixed 4.375% (same) 4.531% $758.62 Interest and Principal
• Purchase or rate and term refinance
15 Year Fixed 4.500% (same) 4.656% $764.99 Interest and Principal
• Cash out refinance***
Bond Money 5.500% (same) 6.150% $616.94 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee
FHA Fixed 4.875% (same) 5.495% $584.30 Int. & Princ. & Mtg. Ins.
• Purchase or refinance
Jumbo Fixed 6.125% (same) 6.233% $2,539.81 Interest and Principal
• 30 Year Purchase and Refinance over $417,000

LEGAL STUFF

• *APR – Annual Percentage Rate
• **ARM – Adjustable Rate Mortgage (rate may increase after consummation of the loan
• ***Cash out refinance – Refinance means pulling out at least $2,000 or more or paying off a non-purchase second mortgage

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

Annual Percentage Rates and Payment Estimates quoted are based on a $100,000 loan amount except the 5/1 ARM, 7/1 ARM and Jumbo fixed loan amount is $418,000 and 20% down payment with the exception to the FHA and OHFA quotes which are based on a 3.5% down payment.

Qualifying Assumptions (unless otherwise noted): 45 day rate lock, $100K-$417K loan amount, credit scores 740+, Owner-occupied Purchase or rate/term refinance. Cash-out refinances (including paying off a non-purchase 2nd mortgage) could result in a slightly higher interest rate. The interest rate quoted are to serve as a guide only and may be different based on specific loan features. Please call for a specific quote.

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.

Answer: FACT
He also worked as a lorry driver, a labourer, an artist’s model, a coffin polisher and a lifeguard.

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