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PenFed Mortgage 2.875% for 15 yr 0.00 (ZERO) points for Refinance

Phasers 3,371 961 February 11, 2016 at 07:27 PM in Services (3)
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Last Edited by BeAuMaN February 11, 2016 at 08:05 PM
This deal is back (and slightly better) than last summer's deal. I actually refinanced my mortgage through Penfed last time with this. Rates are currently 2.625% with 0 points or 2.500% with 0.525 points and 1% origination fee.

However, if you add .25% percent to your rate, then the 1% origination fee is waived, so the end result is:
  • 2.875% with 0 points.
  • 2.75% with 0.625 points.
https://www.penfed.org/15-Year-Fi...-Mortgage/

The only lender fees besides the are:
Appraisal Fee: $350-$450 (required regardless of equity)
Tax Service Fee: $65
Credit Report: $16.50
Flood Certification Fee: $7

You can close at any title company you want, so I called around and found a local title company willing do everything for only $300 when I closed on mine.

Fees such as lender title insurance and government recording fees are passed through at whatever they cost.

All in, I paid less than $1900 total in fees and points to refinance when I took advantage of this. This is a good deal for those interested. The only reason mine was so high is because title insurance is ridiculous in Texas. In California for example, my same loan would only have $1350 in total fees/points to close. Well worth it.

Anyways, just thought I should share for those interested in doing a re-fi. This is a great rate, much lower than anything else I have found, especially here in Texas.

Please note: This is good for conventional loans up to $417k.
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Last Edited by hmrambling February 24, 2016 at 09:59 AM
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367 Comments

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#3
Anyone know any tricks to get to a conventional loan from an FHA loan when I'm 6 years past a foreclosure? Pretty sure I just have to wait until next year but thought I'd check
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#4
I saw a number of deals today with 2.75% with no points/fees for a 15-year mortgage, and 3.5% with no points/fees for a 30-year mortgage.

Of course, a lot depends on location, your credit score, the amount you are refinancing, amount down, and other variables. I was pricing a re-fi in TX with 25% down and a $300K loan.
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#5
i am currently on 4th year on my 7/1 ARM at 2.625%. You think I should get this now given the feds would hike rates again?
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#6
honestly these penfed deals aren't great. check out the Zillow mortgage marketplace and go with a lender who has a lot of reviews. no reason to spend more than you have to when borrowing money.
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#7
Quote from ToadKilla View Post :
i am currently on 4th year on my 7/1 ARM at 2.625%. You think I should get this now given the feds would hike rates again?
no, you should wait until fixed rates are low.
(that was a joke).
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#8
Quote from mrmofo View Post :
honestly these penfed deals aren't great. check out the Zillow mortgage marketplace and go with a lender who has a lot of reviews. no reason to spend more than you have to when borrowing money.
+1. I did same and saved lot of money
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#9
PenFed offers a competitive rate, but it is by no means the best you will find.

PenFed quotes their standard rates with a 1% origination fee which makes them appear on the surface better than they really are.

I am a long-time loan originator who works for one of the country's largest private mortgage companies and our rates are better than those found at PenFed.
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#10
Yea, title insurance fees are ridiculous in Texas. Pretty dumb when all they gotta do is print some paperwork!

Bub
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#11
Quote from MortgageRockstar View Post :
PenFed offers a competitive rate, but it is by no means the best you will find.

PenFed quotes their standard rates with a 1% origination fee which makes them appear on the surface better than they really are.

I am a long-time loan originator who works for one of the country's largest private mortgage companies and our rates are better than those found at PenFed.
Help me as a novice here. Let's assume 800 scores across the board, clean file with 0 debt and long history - great AAoA, no new credit in years, revolving use but no balances. $55k income. Looking to buy a $170,000 home with 20-30% down. What kind of ballpark rate would I be looking for?

I know there are a lot of ins and outs. It's not actually for me - I've got a family member looking to buy and I'd normally pass along a deal like this. What would a better deal than this look like?
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#12
I can't wait when the fed raises rates. Lets hope they raise a lot!
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#13
$9k in fees if I refinance my 180k loan balance. Meh..
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#14
Rates have been looking quite nice this past week or so. Great time to refinance for sure. There are many competitive lenders so I always recommend shopping around.
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#15
I'm guessing this isn't for investment properties
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