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Viewing 15 posts - 16 through 30 (of 56 total)
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  • January 17, 2009 at 6:28 PM #331172
    PatentGuy
    Participant

    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.

    January 17, 2009 at 6:29 PM #330653
    PatentGuy
    Participant

    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.

    January 17, 2009 at 6:29 PM #330990
    PatentGuy
    Participant

    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.

    January 17, 2009 at 6:29 PM #331067
    PatentGuy
    Participant

    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.

    January 17, 2009 at 6:29 PM #331093
    PatentGuy
    Participant

    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.

    January 17, 2009 at 6:29 PM #331177
    PatentGuy
    Participant

    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.

    January 17, 2009 at 8:32 PM #330703
    hammer
    Participant

    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?

    January 17, 2009 at 8:32 PM #331039
    hammer
    Participant

    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?

    January 17, 2009 at 8:32 PM #331116
    hammer
    Participant

    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?

    January 17, 2009 at 8:32 PM #331143
    hammer
    Participant

    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?

    January 17, 2009 at 8:32 PM #331227
    hammer
    Participant

    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?

    January 17, 2009 at 10:59 PM #330728
    Sandiagon
    Participant

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

    January 17, 2009 at 10:59 PM #331065
    Sandiagon
    Participant

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

    January 17, 2009 at 10:59 PM #331141
    Sandiagon
    Participant

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

    January 17, 2009 at 10:59 PM #331168
    Sandiagon
    Participant

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

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