Did this coupon
work for you?
work for you?
Forum Thread
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/
in
Finance
(11)
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
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
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.
...
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.
703 Comments
Your comment cannot be blank.
Sign up for a Slickdeals account to remove this ad.
Most mortgage companies entice you with their current rate, but will not lock it until after your house has been appraised. Who know what could happen to the rate by then!
I actually just applied, looking to refi my current 3.75% 30 years with their 3.375% for 30 year loan. Looks like I will be paying around $1,600 in fees - so after about 15 months, I will break even and start saving money
Here are my estimated costs: ($2,800 of it is for escrow - taxes and insurance)
I have a 15 year fixed now but am considering swapping for 30, as the 30 year rates now are lower than when I did my refi for the 15 yr about six months ago.
Even for the loan I have now, we pay almost double the required amount every month as we have no interest in stretching out the debt burden of a mortgage.
When/If I swap it for the 30, the amount I pay on a monthly basis won't change and the overall impact to the length of time I'm going to have to pay will be minimal relative to my current loan.
What the 30 year term would provide is increased flexibility to acquire another property and turn the current one into a rental - So, a 30 year loan can make a lot of sense - it just depends on your situation.
Sign up for a Slickdeals account to remove this ad.
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.
Most mortgage companies entice you with their current rate, but will not lock it until after your house has been appraised. Who know what could happen to the rate by then!
I actually just applied, looking to refi my current 3.75% 30 years with their 3.375% for 30 year loan. Looks like I will be paying around $1,600 in fees - so after about 15 months, I will break even and start saving money
You will probably NEVER be able to borrow money again this cheaply! (although I said that 2 years ago when I got my 3.75% rate, lol)
I can't imagine taking out a 5 year loan, not being able to sell 5 years from now and having to walk away....
On a separate note about PenFed, we've done 2 auto loans through them and have had great experience with their customer service and loan process.
Sign up for a Slickdeals account to remove this ad.