RRG said: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.

yes- I agree - however, there may be room for a tad more downside on the rates w/the fed open to further cuts..if the next fed decision is .25 bps or more - you can expect to see a drop in rates...

The rate was better on thursday...maybe they raised it a notch for those who apply over the weekend...have to see what the rate will be on monday, whether it reverts to thursday's levels.

The point structure also changes with the rate.

ch00wie 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".

they used to advertise some bizarre program that would allow you to get the lower rate. basically it was some guarantee that allowed one reduction allowed during the lock period. sorry i don't remember more, but it was advertised all over the application page.

maybe someone else remembers what this was called?

Penfed - Rate Protection Option to re-lock your rate

Just tried to get preapproved using the online app, and it said at the end that they would have to follow up with a call to ask me more questions, but didn't give me a decision. Anyone ever had this happen?

Anybody know how you sign up for Rate Alerts on the Penfed website?

Im trying to sign up so I can get daily emails of their rates.

While filling up an application, I see they charge about $1000 to $2000 as closing costs. Has anyone applied and have that waived after applying?

I am buying a new home (new construction) @ 473K . The PMI with the jumbo loan is killing the deal for me. I was wondering if I could go with the 5/5 conforming loan from PenFed (for 80% of the value) and get a second mortgage from someone else to cover the rest. (5% down)

Has someone done this ? If so are there any recommendation for second mortgage that fills the gap ?
It would be really helpful if they can share their experience.

realcul said:I am buying a new home (new construction) @ 473K . The PMI with the jumbo loan is killing the deal for me. I was wondering if I could go with the 5/5 conforming loan from PenFed (for 80% of the value) and get a second mortgage from someone else to cover the rest. (5% down)

Has someone done this ? If so are there any recommendation for second mortgage that fills the gap ?
It would be really helpful if they can share their experience.
PenFed offers jumbo rates which are the same as conforming rates, including the 5/5 loan. They also offer fixed HELs for 90%+ LTV. (But they are 7%+.) Call or email them, they are very helpful.

realcul said:PMI is tax debuctible only for 2007 right ? Is it sure to continue for coming years ?

See Link Here

Caveat No. 1: The tax deduction applies only to mortgages that are closed in 2007. If you have a loan with mortgage insurance in 2006, you won't be able to deduct the premiums in the 2007 tax year unless you refinance in 2007.
Caveat No. 2: There are income limits. You get the full deduction if your adjusted gross income is $100,000 or less. The amount you can deduct phases out rapidly after that, and no mortgage insurance deduction is available if you make more than $110,000.
Caveat No. 3: This is a one-year deal, and Congress would have to renew the deduction to make it apply for the 2008 tax year and beyond. Congress probably will extend the deduction, but you can't know for sure.
Caveat No. 4: If you take the standard deduction instead of itemizing deductions, the new law makes no difference to you. "You need to have a mortgage of about $130,000 or so to even pay enough interest to hurdle the standard deduction," says Bob Walters, chief economist for Quicken Loans. In practice, he says, this means that the deduction is available to households with incomes between $50,000 and $100,000.

New rate from OP's link is now an amazing

5.375%

5.127% APR

With:
Zero Points
No Closing Costs
Free 90-Day
Rate Lock

Damn. I get higher interest than that on my BT money!