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3.75% 2/2 ARM as of 11/30/04 - Patelco Credit Union - Open to public; similar to PENFED 2/2 post Archived From: Finance

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alert mods    
   posted: Nov. 30, 2004 @ 12:19p

While reading Kien's post on PENFED's 2/2 ARM, I googled another 2/2 ARM @ Patelco Credit Union.

http://www.patelco.org/Rates/mortgage.asp

3.75%
0 points

The Margin is 2.50%, the caps are 1% Biennial and 8% Lifetime based on the initial rate.

Still searching for more info! Looks like a sweet deal tho, similar to the PenFed deal.


alert mods    
   posted: Nov. 30, 2004 @ 2:11p

Nice Post!
Sadly not available for state of Maryland.


alert mods    
   posted: Nov. 30, 2004 @ 4:20p

This is insane... the more I search, the better rates I find

http://www.absolutemortgageco.com/rates/default.asp

2.875% for a 1yr ARM, 0 points


alert mods    
   posted: Nov. 30, 2004 @ 4:37p

For confirming loans only (<300k).


alert mods    
   posted: Nov. 30, 2004 @ 5:24p

Just spoke with them - the rate is currently 3% (not sure why their web site is different) and it applies to FHA & jumbo loans both!

However my point is that there are many lenders around 3% on a 1yr ARM right now. What gives???


alert mods    
   posted: Nov. 30, 2004 @ 5:30p

could someone quickly explain the diff between APR and Rate? I know APR includes fees and other associated costs, but if there are no (or minimal) fees, shouldnt APR and Rate be nearly identical?

-holla


alert mods    
   posted: Nov. 30, 2004 @ 5:55p

Good link that discusses APR vs. int. rate Holla back!


alert mods    
   posted: Nov. 30, 2004 @ 11:15p

digThisXL said:Good link that discusses APR vs. int. rate Holla back!

dude that was awesome. the second paragraph answered my question...thanks a lot!


-holla


alert mods    
   posted: Dec. 2, 2004 @ 12:43a

What's the closing costs & fees ? Is it any better than penfed ? 3% would be excellent.


alert mods    
   posted: Dec. 2, 2004 @ 4:14a

a 1 year ARM and a 2/2 ARM are vastly different loans.

There are 1.00% and 2.125% loans out there if you are concerned with lowest current rate. Of course, those rates wont stay that low for more than a few months...you can be a serial refinancier...

Someone should start a thread on HELOCs with ultra low intro promos (I think bankrate.com even lists them). With a little work, and frequent refis, its probably not that hard to find enough lenders to have an effective "interest only" no closing cost home loan below 2% - just keep taking out new HELOCs.

Or find enough credit cards with 0% promo rates to completely eliminate your mortgage.


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