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PenFed Lowers Mortgage Rates Again! 5/5 2.75%, 30 Yr 3.375% (Limited Time Offer)
Today I received an email from PenFed (Pentagon Federal Credit Union) touting new lower mortgage rates: "Limited-Time Offer -- PenFed Lowers Mortgage Rates AGAIN!"
The 5/5 adjustable rate mortgage is now just 2.75%, with no origination fees and PenFed paying closing costs up to $10K. (There's also the 5 year HEL with a 1.99% rate; the HEL rate is not new.)
https://www.penfed.org/55-Adjusta...-Mortgage/
https://www.penfed.org/Home-Equit...-Overview/
The 30-year fixed rate mortgage is now just 3.375%, with no origination fees (per fine print on the application page).
https://www.penfed.org/30-Year-Fixed-Mortgage/
PenFed used to charge a 1% origination fee on all fixed rate mortgages, but right now the 30-year fixed rate mortgage seems to be exempt!
There are many ways to join PenFed; for example, you can make a donation to the National Military Family Association. The PenFed website has further details: https://www.penfed.org/
The 5/5 adjustable rate mortgage is now just 2.75%, with no origination fees and PenFed paying closing costs up to $10K. (There's also the 5 year HEL with a 1.99% rate; the HEL rate is not new.)
https://www.penfed.org/55-Adjusta...-Mortgage/
https://www.penfed.org/Home-Equit...-Overview/
The 30-year fixed rate mortgage is now just 3.375%, with no origination fees (per fine print on the application page).
https://www.penfed.org/30-Year-Fixed-Mortgage/
PenFed used to charge a 1% origination fee on all fixed rate mortgages, but right now the 30-year fixed rate mortgage seems to be exempt!
There are many ways to join PenFed; for example, you can make a donation to the National Military Family Association. The PenFed website has further details: https://www.penfed.org/
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Community Wiki
Last Edited by rdmustang1
May 1, 2013
at
08:12 AM
EVEN BETTER! PenFed 5/5 down to 2.5% with 0 points
...
A good site to follow daily rate movements and lender intraday price movements: http://www.mortgagenew
...
PenFed Calculator
https://penfed.mortgage
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...
A good site to follow daily rate movements and lender intraday price movements: http://www.mortgagenew
...
PenFed Calculator
https://penfed.mortgage
This post can be edited by most users to provide up-to-date information about developments of this thread based on user responses, and user findings. Feel free to add, change or remove information shown here as it becomes available. This includes new coupons, rebates, ideas, thread summary, and similar items.
Once a Thread Wiki is added to a thread, "Create Wiki" button will disappear. If you would like to learn more about Thread Wiki feature, click here.
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Yes, most definitely you should if this loan has no/minimal fees. Assuming you have $150K in loans at 30 years, you're easily saving $38K+ in interest as well as shave a little over $100 in monthly payments, therefore recouping your fees within probably 4 to 7 months depending on fees.
Mortgage attributes Loan 1 Loan 2
Loan duration 30.00 years 30.00 years
Principal due $.00 $.00
Principal paid $150,000.00 $150,000.00
Total interest expense $127,635.02 $88,730.37
Down payment $.00 $.00
Points $.00 $.00
Other loan costs $.00 $.00
Private mortgage insurance (PMI) NA* NA*
Total mortgage cost $277,635.02 $238,730.37
Savings . . . $38,904.65
Well not if your place has 20% worth of equity.
When you refinance you still have that equity.
Just be warned that if your home has lost substantial value since your initial purchase (like most people nowadays) then it makes the refinance process a little trickier. I'd love a refinance right now but my home wouldn't appraise for anything close to what I would need it to.
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I might have to look in to it a little more.
Also, the customer service agents are pretty great; feel free to call them with any questions. I've had a PenFed mortgage and highly recommend them.
I might have to look in to it a little more.
Long story short, I am not sure how hard of a time I will have selling my house this close to after the flood even though my house wasn't as bad as others and is actually much nicer now since I did a lot of the work myself with the insurance money so I could get nicer things.
Depending on what the closing costs are for the 5/5 ARM, I think it is probably ideal for me though because both my wife and I want out as soon as possible really. My mortgage is on $69k right now too and it is at 6%.
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A true slickdealer would .... Shop around and keep em honest.