PenFed Lowers Mortgage Rates Again! 5/5 2.75%, 30 Yr 3.375% (Limited Time Offer)

Anyone know of any places to get a mortgage with 10-15% down rather than 20%?

Quote from randabear7 : Anyone know of any places to get a mortgage with 10-15% down rather than 20%?

Or 0% would be great, too. Any suggestions?

Quote from digThisXL : Or 0% would be great, too. Any suggestions?

Try Trident Mortgage company (Part of Prudential Fox and Roach)

One of the GREAT things about PenFed is they will lock the rate on the day that you apply if you want

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)

Quote from randabear7 : Anyone know of any places to get a mortgage with 10-15% down rather than 20%?

FHA loans requires only 5% downpay

Quote from spooky981 : I have so many idiot friends who will never consider anything other than a 30 year fixed. The reality is that your first 1-3 homes won't last you more than five years. So why pay an additional $150 per month for 25 years of unnecessary security?

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.

Quote from flydeep : I just talked to an officer, you defenitely need to have at least 20% equity on the home (they will finance up to 80% of the home value). For a 280K loan, 15yr fixed will cost about $9.1K in closing costs while a 30yr will be $7K in closing costs. In my opinion, the only good deal is the 5/5 ARM where they cover the closing costs completely.

I have the feeling you are including pre-paids in that. No way real closings costs at 9.1k on that loan.

Quote from spooky981 : Negative. When you put the 20% down on the original purchase, you don't actually "lose" that money. It just becomes equity in your home rather than cash in your pocket. 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.

I'm in the same boat as you. We haven't lost tons of value, but about $15k. Kinda sucks because we'd love to move but can't.

Quote from NotReal : One of the GREAT things about PenFed is they will lock the rate on the day that you apply if you want 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

Hmm I'm in a similar situation, I have a 3.75%. Are you under the 80% loan to value ratio yet?

Quote from fbvolpb89 : Hmm I'm in a similar situation, I have a 3.75%. Are you under the 80% loan to value ratio yet?

We are pretty conservative... Although our home has lost probably 35% of it's value (money that we actually have in it) we still have above 20% equity even in todays market

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....

can i join?

Quote from randabear7 : Anyone know of any places to get a mortgage with 10-15% down rather than 20%?

We just refinanced about a month ago through Provident Lending. 15yr, 2.875%, -.625 points (closing credit), 91 LTV. Got it all done in less than 45 days from application to signing. I had to stay on top of them with a few things though, but they were quick to reply when I sent emails.


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.

Thanks .. just refinanced my car...saved $40/month

Is this good for a refi on a mortgage that you already have with penfed? We did a refi a few years ago switching from another lender to penfed, but our rate is 4.75 currently and it'd be nice to drop that lower.