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

Rokket 4,482 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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#31
Quote :
I realize some would deem this sensitive information and you may not be willing to divulge..but in case you are willing, would you mind pm'ing me the closing costs you paid as well as the amount you refinanced? I'm also looking at the 15 yr fixed.
Would be interested in this too. What range was the out of pocket payments (fees, cc, etc).
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#32
Quote from spooky981 View Post :
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?
One reason may be that the new reality is, that if you bought in the last 5-10 years, if you didn't stay 5 years you would take a bath.... and if you bought exactly 5 years ago, you would owe more than the house was worth.... lots of people have holes dug for them, sucks.
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#33
A bit off topic, but has anyone done a heloc with Penfed? They seem to have a minimum of $10k, so I can't just open one with $0 used and leave it for emergencies. Amy I reading that correctly?
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#34
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
Right now I would just make sure you can put down 20% or so. 100% loans are very hard to come by (I don't think they exist right now) but you might be able to find a 90% - 95% loan with PMI (private mortgage insurance). Only downside is that the PMI will run you an extra $100 - $200 or so per month. Lots of stuff to consider.
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#35
I just called them and got some good quotes on closing costs IMO.

Here's the direct line and extension to their loan officers:
Loan Officers Direct:

800-970-7766 ext 1717
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#36
When I did my original loan I paid a lump sum for PMI so I do not have any monthly PMI payments. Does that mean if I were to refi that I would be out all that upfront money and pay a monthly pm I payment?
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#37
Quote from vidyasri View Post :
so what are the other charges involved? no cost refinance??
See below for my charges if I refinance: 30 yr conventional loan 3.375 rate actual 3.393 APR

Mortgages to be paid with this loan $XXX,000.00
Pentagon Federal Credit Union's origination charge $65.00
Your charge for this interest rate $0.00
Required services we select $379.36
Appraisal Fee $300.00
Credit Report $13.36
Flood Certification Fee $7.00
Tax Service Fee $59.00
Title services and lender's title insurance $1,385.50
Government recording charges $165.00
Transfer taxes $1,457.50
Initial escrow deposit $2,041.67
Your new loan amount ($XXX,000.00)
Estimated Cash Required at Closing $5,494.03

Need to confirm that there's no origination fee Penfed usually charged in the past.
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#38
Quote from Moocher View Post :
See below for my charges if I refinance: 30 yr conventional loan 3.375 rate actual 3.393 APR

Mortgages to be paid with this loan $XXX,000.00
Pentagon Federal Credit Union's origination charge $65.00
Your charge for this interest rate $0.00
Required services we select $379.36
Appraisal Fee $300.00
Credit Report $13.36
Flood Certification Fee $7.00
Tax Service Fee $59.00
Title services and lender's title insurance $1,385.50
Government recording charges $165.00
Transfer taxes $1,457.50
Initial escrow deposit $2,041.67
Your new loan amount ($XXX,000.00)
Estimated Cash Required at Closing $5,494.03

Need to confirm that there's no origination fee Penfed usually charged in the past.
Looks good. Most of the required cash is escrow & taxes (outside of Penfed's control). My last 2 30yr refis with Penfed each estimated title insurance of approx $1300, but I was only charged $800 at closing. Currently using Penfed 5/5 ARM and couldn't have been happier with the process.
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#39
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Last edited by ubuntu_guru September 18, 2012 at 10:22 PM
#40
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.
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#41
Gonna have to look into this. Are the rates gonna drop lower in the next few months!?
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#42
Quote from flydeep View Post :
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.

My quotes on closing costs came in substantially lower than yours.

About $5700 for 15 yr and $2700 for 30 yr fixed for a 280K loan. I have 30% equity in my home.
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#43
Is it worth refinancing with a 330K loan @ 3.99% with a new 30 year @ 3.375%?
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#44
Quote from lololololololol View Post :
Is it worth refinancing with a 330K loan @ 3.99% with a new 30 year @ 3.375%?
I haven't done the math but I'm pretty sure the answer is "no, not worth it."
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#45
Crap, I am in NY state so Title Insurance is not covered under the closing costs by PenFed. I really hate NY state.

Anyone have any idea how much title insurance would cost? I would be refinancing a little less than $70k. Any recommendations for where I should get some quotes? I don't remember where I got mine when I originally bought the house (or how much it cost).
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