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

Rokket 4,248 12,245 September 6, 2012 at 09:37 PM in Home & Home Improvement (11)
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Last Edited by widgit September 7, 2012 at 03:17 AM
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/
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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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#376
Quote from daw4888 View Post :
Email and ask for it. I got my appraisal the 27th, and I emailed on the 1st and they sent me my report the next day.
Yes. I did email them on Oct 1st asking for the appraisal and received an email back on Oct 2nd saying that they haven't received the appraisal yet and once they receive it will be forwarded to me. Till now nothing.
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#377
Quote from Greg007 View Post :
My credit score is around 780, How much loan you are taking and how much you are paying as down payment....I can't cancel appraisal without having another rate locked in hand....Is Amerisave good?
Most of the bad reviews are about not getting good appraisal or due to some issues with their documents. In my opinion appraisal is about luck (appraiser) and timing (comparables). If yours is straightforward go with amerisave otherwise use lenders on Zillow with good rating who are more responsive.
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#378
I called Penfed yesterday and they said that they WILL include the NY mortgage tax in the $10000 towards closing costs. I called the title insurance company that did the title for my current loan with Wells Fargo and got a quote for $965 (lower than usual because I would be sticking with the same company). My loan balance is $232000.

Perhaps you can give Penfed a call and ask about NY mortgage tax too (which would be ~$2k for us) and we can see if they agree.




Quote from xceebeex View Post :
No, I am not sure because I didn't actually apply at all yet. In talking with the mortgage people on the phone they said the title insurance was all that they didn't cover for NY state, but maybe they forgot about the mortgage tax.
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#379
I was rejected.. the reason was "Too many inquiries in the past 12 months"... Yes, you are correct nut heads.. i was shopping for Car Loan this week and had 4 inquiries on my SSN..

All inquiries for auto/home loan within a 2 week period are supposed to be treated as one inquiry.

Needless to say.. I am pissed..

On the bright side, my bank gave me for 2.5% APR.. didn't need to use it cos I got approved for a 0.9% APR from the dealership after much haggling ;-)
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#380
I noticed Wells Fargo drops down the 3.125% when I put 40% down. But when I put 20% down it goes up to 3.350%. And 3.5% if less than 20% down. Is this how mortgage rates really vary, by the percentage you put down?
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#381
Yes. My mortgage guy told me that our rate could get lower if our house appraises higher so same thing as putting more down ... We have 100k in equity on the low side, not sure how high the appraisal has to be to get us to 2.75 but really hoping it will drop from the 2.85 we r locked in at. We are going w/ a 15yr to get into the 2s
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#382
I applied on Sep 12th and since then I have 3 hard inquiry on my credit from CREDSTAR. First on Sep 12th, 2nd on Oct 5 and 3rd on Oct 8th. Is this normal? I applied only once to Penfed on Sep 12th.
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#383
Quote from rangav View Post :
I applied on Sep 12th and since then I have 3 hard inquiry on my credit from CREDSTAR. First on Sep 12th, 2nd on Oct 5 and 3rd on Oct 8th. Is this normal? I applied only once to Penfed on Sep 12th.
Mine too. I thought it was because I was checking rate every day before submitting the application.
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#384
In NJ I used Cardinal Financial, who were great, and got me a 3.375% 30 yr fixed. Process took about 60 days, though they locked me into my rate for 90 days (which started out as 3.5% with a $695 fee, and ended up being 3.375% with no fee). They've since gone down to 3.25% for a 30 yr fixed. If anyone wants contact info, feel free to PM me.
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#385
Penfed lowered the rate to 3.25%
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#386
Quote from vickiv View Post :
I called Penfed yesterday and they said that they WILL include the NY mortgage tax in the $10000 towards closing costs. I called the title insurance company that did the title for my current loan with Wells Fargo and got a quote for $965 (lower than usual because I would be sticking with the same company). My loan balance is $232000.

Perhaps you can give Penfed a call and ask about NY mortgage tax too (which would be ~$2k for us) and we can see if they agree.
So this is actually a really good deal even if you live in NY. Mortgage tax is huge if I'm not mistaken. In NY that is.
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#387
Is there a way to get an estimate of Penfed closing costs in TX?

I've started the refi process with someone I found on zillow and I got this estimate:

loan $165k
house value $240k
interest rate 3.4%
Nothing rolled into the loan and I only have to pay the appraisal, credit check, and a small sum at closing, probably under $50.

Is it worth it to get the higher interest rate in return for no closing costs? I'd very much like to payoff the loan in 15 years or less so the lower interest rate isnt quite as important to me.
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#388
Quote from cardboardbox View Post :
Is there a way to get an estimate of Penfed closing costs in TX?

I've started the refi process with someone I found on zillow and I got this estimate:

loan $165k
house value $240k
interest rate 3.4%
Nothing rolled into the loan and I only have to pay the appraisal, credit check, and a small sum at closing, probably under $50.

Is it worth it to get the higher interest rate in return for no closing costs? I'd very much like to payoff the loan in 15 years or less so the lower interest rate isnt quite as important to me.
Use this link. Why the lower interest does not matter if you can pay off in 15 years? I know Penfed charges origination fees for 15 yrs but I am asking about using zillow lenders.

https://penfed.mortgagewebcenter....asp?PID=22
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#389
Quote from senmun View Post :
Use this link. Why the lower interest does not matter if you can pay off in 15 years? I know Penfed charges origination fees for 15 yrs but I am asking about using zillow lenders.

https://penfed.mortgagewebcenter....asp?PID=22
thanks for the link.

15 years is the approximate break even point for paying off a loan at 3.25% and $3k closing costs rolled into the loan vs a loan at 3.4% with no closing costs. Both scenarios are 30 year loans that I pay off in 15 years. But the lender (or originator? he's not a bank) is still making me pay appraisal of $400 and credit check of $35 so I seem to still have to pay something.

I'm going to call penfed to see if negative points is an option they offer. When I used your link, I did not see a neg points loan offered.
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#390
This might be obvious to everyone else, but it wasn't to me. You should also review your homeowner's insurance policy - might be a good time to review it as you are refinancing. The prices by carrier are drastically different. I reduced my cost of Homeowner's insurance by $1,400 from $2400 to $1000 with the help of a local insurance agent.
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