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

Rokket 7,185 September 6, 2012 at 09:37 PM in Home & Home Improvement (11)
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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/

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.mortgagenewsdaily.com/mortgage_rates/
...

PenFed Calculator
https://penfed.mortgagewebcenter....asp?PID=22

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704 Comments

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Joined Oct 2006
L7: Teacher
2,652 Reputation
Pro
#3
I love PenFed. Never any issues with them and they have the best customer service.
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Joined Jun 2011
L7: Teacher
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#4
Quote from franzcatch View Post :
I love PenFed. Never any issues with them and they have the best customer service.
I agree. I used to have a mortgage with PenFed and never had any problems/issues at all.
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Joined Nov 2005
L2: Beginner
18 Reputation
#5
click to join and choose none of the above:

https://netmember3.penfed.org/Net...ility.aspx
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Joined Nov 2011
L6: Expert
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#6
so what are the other charges involved? no cost refinance??
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Joined Aug 2008
L2: Beginner
40 Reputation
#7
We just did a refi on our home two weeks ago with Pedfed...15 year fixed rate VA loan for 2.75%! Excellent service from them...would highly recommend!
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Joined Jun 2009
L1: Learner
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#8
Quote from vidyasri View Post :
so what are the other charges involved? no cost refinance??
That's what I'm wondering. My current loan is through Penfed at 4.675%, and we're going to be in this home for 6-8 more years. Is it worthwhile for me to refinance?
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Joined Jun 2011
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#9
Quote from vidyasri View Post :
so what are the other charges involved? no cost refinance??
The 5/5 adjustable rate mortgage is a no-cost refinance, as far as I can tell. The 30-year fixed rate mortgage does have closing costs, but no origination fees/points. If you click the green "get started" button, you'll see the FAQs which detail closing costs. PenFed does NOT charge any application fees or processing fees. Hope this helps!
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Joined Apr 2007
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#10
How does this compare to Box Home Loans?
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Joined Jul 2005
L4: Apprentice
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#11
I found an article saying that $3k was a realistic estimate for closing costs. Does anyone have a better figure. This would be for a 30 year refi of a $190K mortgage in TX.

If that $3K estimate is correct, the Bankrate refi calculator estimates my payment to drop about $225 and my closing cost break-even point is at just over 13 months with 27+ years left on the loan. That's pretty much a no brainer. Thanks... I'll be starting this process this weekend.
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Joined May 2008
L5: Journeyman
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#12
Quote from franzcatch View Post :
I love PenFed. Never any issues with them and they have the best customer service.
Quote from Rokket View Post :
I agree. I used to have a mortgage with PenFed and never had any problems/issues at all.
I am currently renting, wouldn't want to put anything down, and have a credit score of about 745.

Do you think I would qualify for this Penfed? I know little about it other than seeing it listed on creditboard forums... but Im tired of renting... for the money I spend a month, I WANT SOMETHING TO SHOW FOR IT!

Thanks, Smilie
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Joined Apr 2010
L4: Apprentice
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#13
Quote from LightningDemon View Post :
I am currently renting, wouldn't want to put anything down, and have a credit score of about 745.

Do you think I would qualify for this Penfed? I know little about it other than seeing it listed on creditboard forums... but Im tired of renting... for the money I spend a month, I WANT SOMETHING TO SHOW FOR IT!

Thanks, Smilie
I am in the hunt for a house also. One thing I learned is that lenders are very susceptible to a 20% down payment. So, if you have the money, you have a very good chance of being approved for a loan.
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Joined May 2004
Got a little SD in ya?
222 Reputation
#14
very good deal!
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Joined Dec 2009
L6: Expert
270 Reputation
#15
Quote from LightningDemon View Post :
I am currently renting, wouldn't want to put anything down, and have a credit score of about 745.

Do you think I would qualify for this Penfed? I know little about it other than seeing it listed on creditboard forums... but Im tired of renting... for the money I spend a month, I WANT SOMETHING TO SHOW FOR IT!

Thanks, Smilie
Mortgages has way more to do with your income than credit score. Your debt to income ratio plays a HUGE amount in the decision process. Monthly income vs monthly debt obligations, credit, property taxes, assessment, etc...
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