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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
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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
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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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ETA: looks like external refinancing is eligible
FYI, you must have at least 30% equity if you have a condo. Unfortunately, my duplex is classified as a condo and I still owe 80% on it.
I got that too. The fine print still says they will cover closing costs.
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In order for her to be allowed to go into repayment, we have to withdrawal her from all of her Fall courses, wait for the school to to notify the US Department of Education (1 month? 2 months?) that the loans are no longer "in school". Consolidate (which takes ~30 days) and apply for the repayment plan (10-15 days). The Fall semester may arrive by the time we have a chance to complete all of these tasks. And interest rates are rising. It would be nice if they let me lock in the rate right now and postpone processing the loan application until we do... however, I can't get the lady on the phone or responding to e-mails.
In order for her to be allowed to go into repayment, we have to withdrawal her from all of her Fall courses, wait for the school to to notify the US Department of Education (1 month? 2 months?) that the loans are no longer "in school". Consolidate (which takes ~30 days) and apply for the repayment plan (10-15 days). The Fall semester may arrive by the time we have a chance to complete all of these tasks. And interest rates are rising. It would be nice if they let me lock in the rate right now and postpone processing the loan application until we do... however, I can't get the lady on the phone or responding to e-mails.
Also, since she is still going to be going to school, she's going to be adding to that loan for the forseeable future, so of course they aren't going to take into account what the payments would be on it's current balance, since that's not the final balance.
In order for her to be allowed to go into repayment, we have to withdrawal her from all of her Fall courses, wait for the school to to notify the US Department of Education (1 month? 2 months?) that the loans are no longer "in school". Consolidate (which takes ~30 days) and apply for the repayment plan (10-15 days). The Fall semester may arrive by the time we have a chance to complete all of these tasks. And interest rates are rising. It would be nice if they let me lock in the rate right now and postpone processing the loan application until we do... however, I can't get the lady on the phone or responding to e-mails.
Also, since she is still going to be going to school, she's going to be adding to that loan for the forseeable future, so of course they aren't going to take into account what the payments would be on it's current balance, since that's not the final balance.
It is the final balance. The next round of school is paid for for her. And regardless, the payment would be the same under the income-based repayment plans, no matter what the loan balance.
She is the only person on our existing mortgage and the only person on this refinance. Her income is sufficient.
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The only deal I can find is getting all closing costs waived, but that's only if you get a PenFed mortgage AND use a penfed Realtor. We are using a local realtor, so this wouldn't apply for me.