Good Mortgage Deals?

Quote from MeAPhool : Don't be scared of Penfed. As long as you are salaried and your LTV matches, you shouldn't have an issue. The biggest item is to start the process early as they usually take 30-45 days. It is a smaller credit union and underwriting is strict, but after it is done, you can be happy you have a no-cost 5/5 ARM at a reasonably low rate. Currently it's 3.625%. Plus the adjustment caps are 2/2/5 instead of 5/2/5 with normal 5/1 ARMs. I just completed my 5/5 refi -- took 35 days from start (applying online) to finish (closing)

I had fairly bad expeirence - very very long process. Then inspector found some cracks on outside wall, and said to do an structural report. I asked if they can recommend someone - they could not. I found some licensed company paid about $200, did a report, and then the apprasiar said it didn't answer what he asked for. The apprisar called the structural inspector had some word changed claiming cracks are not normal ... i need to do further soil inspection. I just gave up - as each of these so called apprasiar just wants to collect $$ and pass the buck to soemone else - saying, my report is contingent on another this type of inspection. The process was so long - just can't think it is feasible to buy a new house with them (mine was refi).

Then i discovered - almost all banks would let you take some $$ out for closing cost, in exchange for slightly higher interest rate. So, some of other banks can do very similar deal like penfed.

Only good thing about penfed is they have 5/5 ARMS, most other plaes do 5/1. So, basically if you get in say at 3.5% with penfed, at most it can go up to 2% more or 5.5% and that rate will stay for next 5 years.