I can roll the buydown into the loan itself, right (assuming don't encroach on LTV cap issues)?

For those who have financed w/ Penfed, can you comment on their customer service, ability to get a hold of someone if u have questions, how well they explain or break things down etc since Im always worried about the fine print I may be missing before I sign over my life.

Thanks!

Has anyone been successful going beyond loan processor to management to get a locked rate lowered? Yesterday's rate is 5.25% versus Monday 5.5% (when I locked). I have threatened to cancel and they don't seem to care. FYI, yes I understand the concept of "rate locking".

New killer rates:
5.250 0.000 5.328
5.125 0.125 5.292
5.000 0.250 5.256

As always, awesome buy-downs. They always have an unadvertised buy-down as well.

EDIT: Just called, and unadvertised buy-down is 4.875% 0.625 points

1 - C'mon, you can do the math. With PenFed's first 2 buy-down, it's probably worth it.

2 - No pre-pay penalty.

Incarnate said:texasaustin said:Has anyone been successful going beyond loan processor to management to get a locked rate lowered? Yesterday's rate is 5.25% versus Monday 5.5% (when I locked). I have threatened to cancel and they don't seem to care. FYI, yes I understand the concept of "rate locking".
FYI, Obviously you don't understand the concept of "rate locking".

Agreed.

And today's rates are back up to 5.375% w/ 12.5 more bps (.375%) to do do a .25% buydown.

I locked yesterday on a 5.00% (paying .25% to get the .25% drop). I'm hard pressed to see how rates could do much better than that or even where they are now. I myself almost locked on a 5.5 5/5 (a "quad 5"?) a few weeks ago but I was lazy. Not this time. Guess I'm in a triple-5.

Bad luck, I locked for 5.5 last week end, I am thinking of changing to 5.375 by paying down 0.125, I believe that's the buy down rate on that day. I tried yesterday to lower to 5.25 but they asked 0.5.

Ingdirect offer rate guaranty for 60 days for purchase & 30 days for refinance and they offer no closing cost as well (absolutely no closing cost including title insurance & attorney fee) but there rates are good for only 7 arm, some banks accept low rate if the rates are in par with other banks, but penfed has lowest in country for 5 arm so we cancel we lose.

th79 said:Fedpen is a lot lower than most banks ive checked.
Are you FedUp with PenFed and going with FedPen instead? Try FedEx too

th79 said:What's the best rate in the 5 Year ARM anyone has seen from Penfed within the last 3 months.


Here are todays rates w/ buy down

Points, Rate (APY), Breakeven Point if you buy down rate

0 5.375
0.125 5.25 12 months
0.375 5.125 18 months
0.625 5 20 months


Im planning on locking this weekend. Just want to know if has gone a lot lower than that recently. I just starting tracking Penfed rates.

I remember 5.125 with 0 points several months ago. I am waiting for 5.0 with 0 points to pull the refi trigger.

trades411 said:Do you guys think it's worth the refi

1st - 4 yrs into a 10 yr ARM @ 5.75
2nd - 30 yr @ 9 (high ltv)

I don't expect to be in the home for more than 7 - 10 more yrs....

I would have to inject some equity to avoid the pmi....

ps: anyone have experience w/penfed's apprasial process?

tks
As you mentioned you are already into 4 yrs into 10arm, may be better idea to consider penfed 5arm if you are able to make it as 80% ltv after combinig 1st & 2nd, also consider this if you are sure that you are moving within next five years otherwise you may end up paying 7.375 in sixth year onwards.

Mostly we will have these historical low rates couple of years only considering rising-deficits, falling$(leads-to-high-import-prices=>high-inflation=>high-interest-rates)...etc.