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2015 Alternatives to PenFed Mortgage?
Old 01-29-2015, 06:02 PM   #1
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2015 Alternatives to PenFed Mortgage?

Hey Folks,
I'm out house shopping and trying to decide who to use for a 30yr fixed jumbo loan. 5+ years ago, PenFed was excellent for new home loans -- but nowadays they have 1% origination fees and seem comparable to regular big banks.

I'm wondering if E-R knows of a secret credit union or site that offers PenFed quality service at the CY2010 fee-level?

If not, I'll just use a local mortgage broker and pay some fees, but less fees than PenFed charges today.

Thanks in advance!
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Old 01-30-2015, 01:09 AM   #2
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I am considering taking out mortgage. Despite the addition of a 1% origination fees the overall APR at Penfed is lower than anyplace I've come across. That said I am always open to finding a better deal.
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Old 01-30-2015, 01:18 AM   #3
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Quote:
Originally Posted by slouch View Post
Hey Folks,
I'm out house shopping and trying to decide who to use for a 30yr fixed jumbo loan. 5+ years ago, PenFed was excellent for new home loans -- but nowadays they have 1% origination fees and seem comparable to regular big banks.

I'm wondering if E-R knows of a secret credit union or site that offers PenFed quality service at the CY2010 fee-level?

If not, I'll just use a local mortgage broker and pay some fees, but less fees than PenFed charges today.

Thanks in advance!
The gotcha is that PenFed will not charge you for a whole host of various, sundry, and questionable fees. I would trust PenFed's good faith estimate of closing costs. Any other non-credit-union? I would expect a variety of ways to hit you up for anything and everything - most of which PenFed would never charge you for.

If you're dealing with a Jumbo, then PenFed's 1% fee might be roughly what other people would charge you in unexpected fees in lieu of no origination fee. Just depends on the size of your mortgage, and what they end up charging you.
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Old 02-03-2015, 01:57 PM   #4
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Thank you all for the feedback. I do love PenFed's service and I feel they are an excellent company. With that said, I'll be going with a local WA state broker. Others I know personally vouch for them and they quoted me several thousand dollars less than PenFed.

Who knows, I may end up with PenFed again in a few years with a re-fi in the future.
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