Well I'd argue that the 5/5 is the best deal regardless. No origination charge, and the after tax payments have a breakeven NPV around year 13. Of course that's with my own set of assumptions (33% marginal tax rate, max reset rate on the ARM, etc.)
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.
As follow-up, closed last week with Navy Federal on a 3rd unique first mortgage (this most recent is my primary home though) so it can be done.
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