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

Rokket 4,242 12,234 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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#691
Quote from spooky981 View Post :
that money could be better used almost anywhere else.
The big question - where will you park your extra money in this economy so that it will give more return than the interest rate?
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#692
Another question. Does this interest rate has to go up after 5 years? what if the rates after 5 years are about the same. Will they still raise the rate by 2%?
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#693
Another question; why isn't this thread in the Finance forum?
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Joined Jun 2011
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#694
Quote from Ashvins View Post :
Another question; why isn't this thread in the Finance forum?
Hi Ashvins - I'm the OP. I thought of this more as a "hot deal" than a financial issue. If this discussion is better suited to the finance forum and not the hot deal forum, I understand and I guess the moderators can move the thread if they desire. I truly think this is a slick deal and I'm pleased to see this thread has garnered some great coversation. Best to you!
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#695
Quote from Rokket View Post :
Hi Ashvins - I'm the OP. I thought of this more as a "hot deal" than a financial issue. If this discussion is better suited to the finance forum and not the hot deal forum, I understand and I guess the moderators can move the thread if they desire. I truly think this is a slick deal and I'm pleased to see this thread has garnered some great coversation. Best to you!
Hey, don't get me wrong. Not TCing at all. I'm fine with leaving it here. Just that the rates in the title aren't available anymore, correct? This then becomes a general discussion involving current rates, strategies, would I, could I, in a house? With a mouse? etc.
That said; it certainly will get more visibility here than in Finance.
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#696
warm fuzzy feeling knowing i was able to snatch my house right when both prices and rates bottomed out.
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#697
Quote from Ashvins View Post :
Hey, don't get me wrong. Not TCing at all. I'm fine with leaving it here. Just that the rates in the title aren't available anymore, correct? This then becomes a general discussion involving current rates, strategies, would I, could I, in a house? With a mouse? etc.
That said; it certainly will get more visibility here than in Finance.
You are correct, the rates dropped again recently - here's the thread:
http://slickdeals.net/f/6435332-pentagon-federal-credit-union-penfed-5-5-adjustable-rate-mortgage-dropped-to-2-625-no-closing-costs?v=1

Yes, I suppose the finance forum is best for general discussion; I just didn't think of it at the time when I posted.
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#698
Quote from dadab View Post :
The big question - where will you park your extra money in this economy so that it will give more return than the interest rate?
If we use simple numbers whereby 1/3rd of mortgage rate interest is deductible then the actual real out of pocket interest rate is right about 1.5%. Beating that ROI isn't tough. The stock market has returned 25%+ this year. If you prefer guaranteed returns, you can get CD's in the 1.5% neighborhood.
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#699
Will applying for this loan for a house that needs an air conditioning unit and kitchen (like, those are missing) cause any issues?
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#700
Also, previously mentioned property is a HUD property.
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#701
Does the 5/5 ARM have a stipulation on closing within a certain amount of time? I would be buying new construction and it takes 4 to 5 months to build.
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#702
I am in a prequalification process with them. How is their CS nowadays?
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#703
Quote from dadab View Post :
I am in a prequalification process with them. How is their CS nowadays?
Interested to know what the experience has been with Penfed real estate rewards program and penfed mortgage esp. when you are buying a new home. Do they deliver on time?
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#704
Quote from odroids View Post :
Interested to know what the experience has been with Penfed real estate rewards program and penfed mortgage esp. when you are buying a new home. Do they deliver on time?

Took 10 days to get prequalified. No experience yet on the closing.
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Joined Nov 2007
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#705
Does this 30 Yr 3.375% offer valid now? Would like to reduce my interest rate from 3.625% for 30 year fixed.

Thanks
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