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Thanks.

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I did not see this thread earlier.

FYI, I did a fixed 15 year for 3.125% in June with BB&T with $250 origination fee + $1300 (includes all mortgage fees + appraisal fee).

We closed on a our house in Texas with no issues from BB&T bank. Absolutely satisfied with their service.

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MBS -7/32s (off low of -10/32s). FNMA 3.5 @ 101-18/32. September continues to remain unfriendly to rates.

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Hi,
Looking to refi my rental property in California. Any help from FW mortgage professionals ?

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Anyone use PenFed? Their rates look better than Provident at the moment. In my experience Provident is always the lowest.

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MBS +4/32s

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I recently got a 7/1 ARM 80/20 LTV @ 3.125% from JP Morgan. I'm in California.

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nileshd said:   Hi,
Looking to refi my rental property in California. Any help from FW mortgage professionals ?

Hello. You should specify what sort of help you are looking for and what your situation is to get folks to chime in. I am in the same boat, refi rental in Cali. I have a loan for my residence with Wells so am going to them first to see what it looks like then may shop around a bit. It does look like PenFed does not extend most of their home loan products for rentals which is a bummer. Good luck, let's share notes if you want. 

 

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I've less than 2 years left on my rental property for  5/1. So trying to see what is current rate and cost for refi. Loan amount 300k.

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MBS +4/32s

FOMC looming in a few hours.

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Sorry for cross-posting from the PenFed thread but has anyone tried to get 3 mortgages from PenFed (or theoretically 3 separate 1st mortgages from another lender)? The current terms aren't as attractive as our current 2 homes with their 5/5 mortgages (2.375% and 2.75%) but still good deals compared to Navy Federal/USAA/Justice, etc. Both of our earlier homes were primary residences at the times we got their respective mortgages from PenFed and our newest home will also be our newest primary residence. We are military and move often (actually we usually rent but this will have been our 3rd house over 6 moves in a 17 year career and we haven't sold either of our other two homes because they have been nice investments/rentals and are appreciating).

This would be a "3rd" 1st mortgage-- all have pretty legit equity though and we can put 20% down on the newest one too though we'd prefer to put less down. I worry about penfed's underwriters being grumpy that neither of their earlier mortgages they granted us are still our primary home but since they are penfed meaning Pentagon I would assume this happens with the military fairly often, still, I'd appreciate anyone's thoughts about this scenario for PenFed or other banks. Thanks in advance.

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didja said:   Sorry for cross-posting from the PenFed thread but has anyone tried to get 3 mortgages from PenFed (or theoretically 3 separate 1st mortgages from another lender)? The current terms aren't as attractive as our current 2 homes with their 5/5 mortgages (2.375% and 2.75%) but still good deals compared to Navy Federal/USAA/Justice, etc. Both of our earlier homes were primary residences at the times we got their respective mortgages from PenFed and our newest home will also be our newest primary residence. We are military and move often (actually we usually rent but this will have been our 3rd house over 6 moves in a 17 year career and we haven't sold either of our other two homes because they have been nice investments/rentals and are appreciating).

This would be a "3rd" 1st mortgage-- all have pretty legit equity though and we can put 20% down on the newest one too though we'd prefer to put less down. I worry about penfed's underwriters being grumpy that neither of their earlier mortgages they granted us are still our primary home but since they are penfed meaning Pentagon I would assume this happens with the military fairly often, still, I'd appreciate anyone's thoughts about this scenario for PenFed or other banks. Thanks in advance.

  I doubt they care since they don't service the loan. Please do share your experience as I am on number two myself.

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MBS -4/32s

Mostly dovish Fed, but reaction was negative.

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pillsdoughboy1 said:   didja said:   Sorry for cross-posting from the PenFed thread but has anyone tried to get 3 mortgages from PenFed (or theoretically 3 separate 1st mortgages from another lender)? The current terms aren't as attractive as our current 2 homes with their 5/5 mortgages (2.375% and 2.75%) but still good deals compared to Navy Federal/USAA/Justice, etc. Both of our earlier homes were primary residences at the times we got their respective mortgages from PenFed and our newest home will also be our newest primary residence. We are military and move often (actually we usually rent but this will have been our 3rd house over 6 moves in a 17 year career and we haven't sold either of our other two homes because they have been nice investments/rentals and are appreciating).

This would be a "3rd" 1st mortgage-- all have pretty legit equity though and we can put 20% down on the newest one too though we'd prefer to put less down. I worry about penfed's underwriters being grumpy that neither of their earlier mortgages they granted us are still our primary home but since they are penfed meaning Pentagon I would assume this happens with the military fairly often, still, I'd appreciate anyone's thoughts about this scenario for PenFed or other banks. Thanks in advance.

  I doubt they care since they don't service the loan. Please do share your experience as I am on number two myself.


They didn't sell my mortgages so they still service them and I'd assume that they care. I'm going to start with Navy Federal and see how it works out but I'll post updates for anyone interested.

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being offered 4.625 on a duplex, second property. Good deal? In NJ

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finally closed on 5/5 ARM on a $247000 mortgage with no closing cost @ 3.5% APR from  Penfed . Penfed paid $1,580.5 in closing cost . Here is what i paid
TRANSFER TAXES $308.0
GOVERNMENT RECORDING CHARGES $115.0
OWNER'S TILE INSURANCE TO SERVICELINK  $870.
DAILY INTERST CHARGES FROM 09/82014 TO 10/12014 @ $23.956 $550.98
INTIAL DEPOSIT FOR YOUR ESCROW ACOUNT O PENTAGON FEDRAL CREDIT UNION $662.9

bad experience was poor customer support and response times from mortgage processor .

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MBS +2/32s

Been mostly red all day tho

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malasv said:   finally closed on 5/5 ARM on a $247000 mortgage with no closing cost @ 3.5% APR from  Penfed . Penfed paid $1,580.5 in closing cost . Here is what i paid
TRANSFER TAXES $308.0
GOVERNMENT RECORDING CHARGES $115.0
OWNER'S TILE INSURANCE TO SERVICELINK  $870.
DAILY INTERST CHARGES FROM 09/82014 TO 10/12014 @ $23.956 $550.98
INTIAL DEPOSIT FOR YOUR ESCROW ACOUNT O PENTAGON FEDRAL CREDIT UNION $662.9

bad experience was poor customer support and response times from mortgage processor .

  Good for you!

As far as PENFED, what you experienced is usually the norm for most applications. They do need work with the timing, communication and speed to process loans faster.

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MBS +2/32

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MBS +3/32s so far this a.m.

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malasv said:   finally closed on 5/5 ARM on a $247000 mortgage with no closing cost @ 3.5% APR from  Penfed . Penfed paid $1,580.5 in closing cost . Here is what i paid
TRANSFER TAXES $308.0
GOVERNMENT RECORDING CHARGES $115.0
OWNER'S TILE INSURANCE TO SERVICELINK  $870.
DAILY INTERST CHARGES FROM 09/82014 TO 10/12014 @ $23.956 $550.98
INTIAL DEPOSIT FOR YOUR ESCROW ACOUNT O PENTAGON FEDRAL CREDIT UNION $662.9

bad experience was poor customer support and response times from mortgage processor .

  I assume your 3.5% APR means you got the 2.875%?  And how long was your escrow close, 30 days?  Would you recommend longer since Penfed seems to move slowly?

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I am in to buy a new home in NJ iand is about to clsoe in 30 days. Looks like penfed/provident/navyfed seems to be the best bet for 15/30 yr fixed.
Penfed seems to be very slow.
Any other suggestions?
Is the rate falling ?

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rates have moved down in the past few days.  Also in NJ. This broker has the lowest rate I've seen:

​http://www.gardenstateloans.com/

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MBS -3/32s

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GP8008 said:   rates have moved down in the past few days.  Also in NJ. This broker has the lowest rate I've seen:

​http://www.gardenstateloans.com/

  Thanks. Anyone used this broker

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ggmon said:   
GP8008 said:   rates have moved down in the past few days.  Also in NJ. This broker has the lowest rate I've seen:

​http://www.gardenstateloans.com/

  Thanks. Anyone used this broker

  Their rates are a little confusing, posting 4.0% with the following assumptions:
The payment on a $200,000 30-year Fixed-Rate Loan at 5.125% and 70% loan-to-value (LTV) is $1088.97 with 1.625 points due at closing. The Annual Percentage Rate (APR) is 5.324%. Payment doesn’t include taxes and insurance. Some state and county maximum loan amount restrictions may apply. 

Guessing they haven't updated the assumptions in a while, but does that mean 4% comes with 1.625 pts?  if so, a 4.01% APR doesn't add up either.

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MBS +5/32s

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I've started the process with them, am still too far out from closing to lock a rate...but the packet they sent was quoting a 4.125% rate (this was a couple weeks ago so it is down now) on 284k 30y fixed, w/20% down.  That 4.125% was about as good as was in the market at the time, now it's 4.0% so I believe that's the rate I would get today, if I could lock.  

The packet they sent had like $5k in origination fee costs, but also an offsetting credit of like $4100.  It ended up being $895 in fee.  I compared that to Provident's flat $1099 origination fee and seems ok.  Am I missing anything?  The whole high fee, then crediting it back aspect is confusing.  But the last time I took out a mortgage it was laid out the same, and that broker used Provident.

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In San Diego, CA. Need a mortgage lender that lends for investment properties that will take 20% down. Any good suggestions? I've looked into BofA, Chase, Cashcall, but rates are not great.

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MBS -6/32s

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MBS +5/32s (off high of +9/32s earlier)

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princebargain said:   In San Diego, CA. Need a mortgage lender that lends for investment properties that will take 20% down. Any good suggestions? I've looked into BofA, Chase, Cashcall, but rates are not great.
  May want to try Wells Fargo - I am in OC working with them on an investment refi and they just quoted me 4.625 with a credit back. My credit score recently dropped to 700 so if I am able to address an erroneous late fee and get it up to 749 rate would be better. . 

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Anybody know when the next penfed no closing costs deal will pop up? My guess is Feb 15...

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MBS -3/32s

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MBS +13/32s

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I assume you can use a broker for a HELOC ? Any recommendations would be appreciated. My relatives have a property in NE Ohio, recently appraised close to $300K. No current mortgage. Obviously, little or no upfront costs preferred.

 

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Try a local credit union. there are some online places too, I think navy federal and penfed or 5th3rd?

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AMCBL said:   Try a local credit union. there are some online places too, I think navy federal and penfed or 5th3rd?
No military affiliations, and not sure Ohio is in the coverage area for 5th3rd, but I'll check this evening.

 

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you don't need military affiliation for penfed.  Call them up - you just need to make a one time donation to Voices for America's Troops (charity).  It's $15.

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Izarus said:   I assume you can use a broker for a HELOC ? Any recommendations would be appreciated. My relatives have a property in NE Ohio, recently appraised close to $300K. No current mortgage. Obviously, little or no upfront costs preferred.

 

  
I had good luck with Hanscom FCU.  More info on them and many others in this thread: http://www.fatwallet.com/forums/finance/150875/


 

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