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

Rokket 4,480 12,745 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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#451
Wow - I feel the need to rant

My old loan was funded with provident and I refinanced with FFSi in November. I recently received a year end statement from Provident regarding my escrow account that I had with them. The statement showed a "surplus disbursement" that was about $1,100 higher than the amount I actually received.

I made some phone calls and to make a long story short - Provident claims to have mailed me this $1,100 check in Jan 2012 as a surplus from the year before. I had no record of receiving it and when I called to inquire about it - I found out the CHECK WAS NEVER CASHED! So a year goes by after they "mail" me this $1,100 check and they never ask me what happened to it or send me another one - That is just wrong!

They are sending me out a new check, but Provident Stinks in my book
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#452
Pen Fed sucks in MHO. I applied in summer and they still can not close my loan.

What a terrible CU. No return emails or calls. They took the appraisal and credit pull.
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#453
I would agree that Penfed is slow to respond, but once I had been assigned to a loan officer I emailed her weekly and got results. I applied on October 7th and closed on Dec. 27th with little issue. They were just slow...
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#454
Quote from fireiko View Post :
I would agree that Penfed is slow to respond, but once I had been assigned to a loan officer I emailed her weekly and got results. I applied on October 7th and closed on Dec. 27th with little issue. They were just slow...
Obviously a big lie. Penfed LO responded to your emails? In your dream! Whenever they (the LO) need something from you, they'll email you. Otherwise, you'll hear cricket chippings from them.

The required loan documents they required from me were promptly emailed back to them ONE business day after their initial request. They did NOT open the documents til 5 DAYS before the "supposed" closing date! How did I know?

Penfed is so stupid that they didn't even update their winzip software to the latest version and they couldn't open my encrypted file for this reason. They blamed me for the fault and demanded me to send them the "confidential" documents via email UNPROTECTED (unencrypted) so it would be easier for them to read the file. They would care less about the confidentiality of your private info.
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Last edited by DQue January 16, 2013 at 10:03 AM
#455
Quote from DQue View Post :
Obviously a big lie. Penfed LO responded to your emails? In your dream! Whenever they (the LO) need something from you, they'll email you. Otherwise, you'll hear cricket chippings from them.
Obviously you are a dumb ass. A quick perusal of your postings would suggest the same.

I simply shared my experience, which may not have been the same as yours.
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#456
Quote from DQue View Post :
Obviously a big lie. Penfed LO responded to your emails? In your dream! Whenever they (the LO) need something from you, they'll email you. Otherwise, you'll hear cricket chippings from them.

The required loan documents they required from me were promptly emailed back to them ONE business day after their initial request. They did NOT open the documents til 5 DAYS before the "supposed" closing date! How did I know?

Penfed is so stupid that they didn't even update their winzip software to the latest version and they couldn't open my encrypted file for this reason. They blamed me for the fault and demanded me to send them the "confidential" documents via email UNPROTECTED (unencrypted) so it would be easier for them to read the file. They would care less about the confidentiality of your private info.

Yeah because everyone's experience should be the same as yours I guess. And anyone who had a different must be lying...
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#457
Quote from NotReal View Post :
Wow - I feel the need to rant

My old loan was funded with provident and I refinanced with FFSi in November. I recently received a year end statement from Provident regarding my escrow account that I had with them. The statement showed a "surplus disbursement" that was about $1,100 higher than the amount I actually received.

I made some phone calls and to make a long story short - Provident claims to have mailed me this $1,100 check in Jan 2012 as a surplus from the year before. I had no record of receiving it and when I called to inquire about it - I found out the CHECK WAS NEVER CASHED! So a year goes by after they "mail" me this $1,100 check and they never ask me what happened to it or send me another one - That is just wrong!

They are sending me out a new check, but Provident Stinks in my book
Huh? How is that Provident's fault? They are supposed to make sure every check they send out gets cashed? I'm sure you tossed it by accident thinking it was junk mail.
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#458
penfed just lowered their rate to 2.625% for 5/5 arms. lowest ive ever seen!
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#459
Wife and I got an FHA loan 15 months ago. 4.25% interest fixed, but we're stuck with a PMI of $81/month. We bought our house at $91k, it was appraised at $98k at the time of the purchase, and was recently appraised at $115k due to market conditions and upgrades we made. They refuse to remove the PMI until we pay it for 5 years minimum... frustrating.
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#460
Does anyone know if PenFed offers FHA streamline refinancing?
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#461
Quote from OhioState- View Post :
Wife and I got an FHA loan 15 months ago. 4.25% interest fixed, but we're stuck with a PMI of $81/month. We bought our house at $91k, it was appraised at $98k at the time of the purchase, and was recently appraised at $115k due to market conditions and upgrades we made. They refuse to remove the PMI until we pay it for 5 years minimum... frustrating.
I hear you. I also have an FHA loan with PMI. Part of the stipulation with FHA loans is that you cannot attempt to remove PMI until after your 5th year. Everyone needs some sort of hustle to make more money.
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#462
Quote from wrufai View Post :
I hear you. I also have an FHA loan with PMI. Part of the stipulation with FHA loans is that you cannot attempt to remove PMI until after your 5th year. Everyone needs some sort of hustle to make more money.

I think we are going to refinance. We can lower our interest rate by ~0.75% and eliminate the PMI, which will cost $4000 alone over the next 4 years.
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#463
Quote from OhioState- View Post :
I think we are going to refinance. We can lower our interest rate by ~0.75% and eliminate the PMI, which will cost $4000 alone over the next 4 years.

You can eliminate your PMI? Wow. That would be awesome. Who are you refinancing with?
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#464
Quote from hung8582 View Post :
penfed just lowered their rate to 2.625% for 5/5 arms. lowest ive ever seen!
They have also gotten very competitive on 15 year fixed Jumbos.

Right now they quote 2.75 + 0pt + 1 orig, 2.625 + .125pt + 1 orig.

Though not shown, I locked with them a few days ago at 3 + 0pt + 0 orig. Not no-cost, but close enough (around 2K in settlement costs and I'm done). If you're stuck with a boat anchor of a jumbo, you'd be hard-pressed to beat them.
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#465
I can put down ~20% on a house, I have disability coming from the VA and I started a new job 7 months ago. My monthly income vs. my current rent payment would be marginally higher than what I'm currently paying. I'm just worried about A) my work history being <1 year, and b) VA disability not being considered income. Anyone in a similar situation and had success? I also have 750+ credit score, and 0 debt.
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Last edited by calisoldier83 January 30, 2013 at 11:32 PM
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