San Diego Housing Bubble News and Analysis

I used them for an auto loan about 7 months ago and it was real easy. I got a 4.25% rate which can't be beat.

Thinking about using them for mortgage, but they just added 1% Orig. fee to fixed rates. They dont charge that on ARMS, and they pay for some closing costs.

This looked like the most competitive program I saw for auto financing.

Looks like their ARM is priced competitively. I just think that if you hold your own your home for 5 years, resets are going to kick yo in the ass.

Good price bad program for long term buyers.

We just (this past Wednesday) applied for a purchase mortage from PenFed. I spoke with the telephone rep a few times, and applied on-line. Took less than an hour.

The particulars are: 5/5 ARM, with starting rate of 4.75% (90 day rate lock when you submit the application IF you already have a purchase agreement in place). No points and No fees, except title insurance (seller is paying most of that by terms of our PA). Penfed requires and is paying for two appraisals, since the loan amount is over $750K. You can borrow up to $2M on this 5/5 ARM deal, with (at least) 25% down. We are putting 40% down, but not required to.

It adjusts every five years, but no more than 2%, so “worst case scenario” is 6.75% rate for years 6-10. I don’t know what minimum credit score required.

I should mention this is for a second home; does not have to be a primary residence, but does need to be “owner occupied” - no rental or investment properties.

They claim they are giving purchase money loans priority over refiances (they are apparently swamped with refinance applications), and that we can expect to close by 30 days.

If you care to know, I will keep you posted on how it goes.

Regarding whether this loan makes sense for "long term" - I don't know. We do not expect to have the loan much more than 5 years, so is good for us.

I also did a pre-app with them when I was in negotiations a month ago to purchase a home. I never got the home under contract, so I can't comment on execution. I did shop for over 2 months for Jumbo loans, and nobody can touch the PFCU.

I think they are at 5.625% today...zero pts on a 30 yr fixed. Anything over $750,000 will require 25% down. Anything under is 20% down.

I have had a few friends execute loans with them, and they said the process was painless.

From my research their rates are untouchable. Anyone else have 5.625% on a jumbo 30 yr fixed...0 pts?

You can try www.aimloan.com for home mortgage. One of my friend used it about six months back. Lender Fee is Guaranteed.

I picked up a credit card with them that has very good rewards. Better then anything else I saw out there at the time.

I also use the credit card. Many others I know have had good experience with them.