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Old 01-23-2008, 03:28 PM   #61
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Cor, FWIW, I am pretty sure that Pen Fed will let you float on the rate if you don't want to lock right now. Wouldn't hurt to ask.

I don't plan on lifting a finger unless I can do 4.5% or less on the 5/5 ARM or maybe another 15 year fixed.
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Old 01-23-2008, 03:31 PM   #62
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Treasury yields are amazingly low, but they started to creep up a bit EOD. My crystal ball says rates will go up tomorrow. I locked the 15-year fixed at 4.625%.

Edit: FWIW, I talked to a PenFed rep on the phone to get a better handle on the fees.

They listed about $1700 in fees on my good faith estimate, but of those I will only get hit with about $700 in title insurance.

They pay most fees at closing. One is conditional on using their preferred provider: settlement/closing fee.
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Old 01-23-2008, 05:40 PM   #63
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Originally Posted by brewer12345 View Post
Cor, FWIW, I am pretty sure that Pen Fed will let you float on the rate if you don't want to lock right now. Wouldn't hurt to ask.

I don't plan on lifting a finger unless I can do 4.5% or less on the 5/5 ARM or maybe another 15 year fixed.
I'm sure they would. Personally, I'm thinking very strongly about the 4.625 15 year fixed at zero points. I'll take it and run, I'm not greedy.

ETA: Actually, their FAQ says I can't float on a refi, I either have to lock at time of app or purchase (way overpriced IMHO) rate protection.

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Old 01-23-2008, 06:42 PM   #64
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Finished the app with Penfed about 30 minutes ago 4.625% 15 yr fixed zero points under $1200 quoted for costs and I checked the little box to skip the escrow so I can pay my own taxes and insurance rather than give them the interest free loan (brought up in a previous thread) thanks guys!!!! Woohoo This is a nice move from the 5.75 I was paying.
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Old 01-23-2008, 07:46 PM   #65
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Something you USED to have??
Yes ...

Had three of them (so far) in my "lifetime" ...

1975 - 25 years @ 10% (sold/traded up in '79)
1979 - 20 years @ 10% (paid off in 15 years)
1994 - 30 years @ 6.875% (paid off in 5.5 years - lot of LBYM on that one, but saved over $150k in foregone interest)

Not to be debate which is better (mortgage vs. no mortgage), but I'm sure glad I don't have one currently. Just thought I'd let the "youngsters" see what rates were in the distant past...

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Old 01-24-2008, 01:25 AM   #66
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Every time I've tried this with NFCU they've laughed heartily. However I've never threatened to decamp to PenFed before.

We have had luck with asking the title company to "re-issue the policy" (the magic phrase) instead of doing it all over again. This works best when the title company notices that you've been a repeat customer during your serial refinancings.
Well, I asked USAA today and they didn't laugh heartily, but they also said they weren't doing it this time around. Fine by me.

On title insurance I think there may be a double benefit - you can ask for the reissue rate (if your current title insurance policy is relatively new?) and get a refund on the previous title policy (because they only insured for a short period of time?). I plan to try both tricks.

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I'm probably going to put in an app at PenFed tonight for the 15 year fixed. If the rates drop in the next week or so I'm hoping I can cancel app #1 and apply again. This will cost me a hard credit inquiry, but that's probably worth it.

The only thing I'm trying to decide is whether or not to go for the 80% LTV with escrow or the 75% with no escrow. Think I'll wait on the appraisal to decide.
I poked around and I think there'd be some glitch in canceling and restarting, so I don't think I'll do that. I did find a ratewatch link where Penfed will email you if their rates drop to a certain rate/point combo. I signed up to let me know if it drops to 4.5 or 4.375.

I applied tonight and asked for 80% LTV and no escrow, even though someone at Penfed said you need 75% LTV to avoid escrow. Will see what they say.

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Old 01-24-2008, 06:43 AM   #67
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Can you easily login to your account with Pen Fed and check your balances?
Do you have to pay the $20 membership fee every year or only once when you take out the mortgage?
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Old 01-24-2008, 06:47 AM   #68
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Can you easily login to your account with Pen Fed and check your balances?
I don't have a mortgage with PenFed, but I do have a CC with them. Although not the most sophisticated interface I've seen, I can check my balances online and transfer money from my savings account to the CC account.

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Do you have to pay the $20 membership fee every year or only once when you take out the mortgage?
It's a one-time fee to become a member of the CU.
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Old 01-24-2008, 10:28 AM   #69
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1/2 point jump in 1 day...15 yr fixed is 5.125

Oh well. Guess I'm back to waiting.

Do you have to be a member to start an application online?
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Old 01-24-2008, 10:36 AM   #70
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1/2 point jump in 1 day...15 yr fixed is 5.125

Oh well. Guess I'm back to waiting.

Do you have to be a member to start an application online?
Why not join and put $10 into a "share account" (checking)? That way you are ready to jump.
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Old 01-24-2008, 10:41 AM   #71
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1/2 point jump in 1 day...15 yr fixed is 5.125

Oh well. Guess I'm back to waiting.

Do you have to be a member to start an application online?
I noticed USAA took a significant jump as well
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Old 01-24-2008, 10:47 AM   #72
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1/2 point jump in 1 day...15 yr fixed is 5.125

Oh well. Guess I'm back to waiting.

Do you have to be a member to start an application online?
Happened in the last 30 min. Earlier this morning was still at 4.625

Grrrr....I missed the boat, too
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Old 01-24-2008, 10:47 AM   #73
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Yeah, just called PenFed and they quoted me 5.125. To those who struck yesterday while the iron was still hot, congrats!
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Old 01-24-2008, 10:48 AM   #74
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My crystal ball says rates will go up tomorrow. I locked the 15-year fixed at 4.625%.
If you missed the low rates, maybe I could interest you in my crystal ball.

The 10-year treasury went from 3.3% yesterday to 3.63% today. I think you'll have to wait for the stock market to tank again before we see rates pushed that low again. (Which might not be a long wait.)
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Old 01-24-2008, 10:54 AM   #75
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If you missed the low rates, maybe I could interest you in my crystal ball.

The 10-year treasury went from 3.3% yesterday to 3.63% today. I think you'll have to wait for the stock market to tank again before we see rates pushed that low again. (Which might not be a long wait.)
This is probably just the first inning of this ballgame.
Give it a few months and those rates may be a lot lower.

What would prevent that would be a renewed roaring economy and a ripping new bull market, in which case who cares about a refi?
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Old 01-24-2008, 10:58 AM   #76
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Why not join and put $10 into a "share account" (checking)? That way you are ready to jump.
Not a bad idea.

At what point during the application process does the rate lock in? When I called Penfed this morning, she said the rate was still 4.625, but it could change at any minute. lol

I wasn't going to start an application, not being a member, and then have everything blow up in my face - rate jumps to 5.125 before I lock and then have a application cancel fee.

I'm at work and didn't have time yest and today to jump on this. My bad.
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Old 01-24-2008, 11:32 AM   #77
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I did find a ratewatch link where Penfed will email you if their rates drop to a certain rate/point combo.
Nice, thanks!

http://penfed.mortgagewebcenter.com/...ch.asp?PID=186

I think I'll send NFCU a note about this very attractive tool...
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Old 01-24-2008, 11:32 AM   #78
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Not a bad idea.

At what point during the application process does the rate lock in? When I called Penfed this morning, she said the rate was still 4.625, but it could change at any minute. lol

I wasn't going to start an application, not being a member, and then have everything blow up in my face - rate jumps to 5.125 before I lock and then have a application cancel fee.

I'm at work and didn't have time yest and today to jump on this. My bad.
I'm not sure if you have to be a member or not. I was, and they asked for my membership # during the application process.

You get to pick your rate/points combination in the middle of the online application process.

For a refi, the rate locks either (a) when you finish the online application (which takes about 1/2 hour if you have ready access to all the required data), or (b) when you decide to lock. Option (b) requires you buy their "Rate Protection" which is some sort of point/fee combination.

They charge $65 to a credit card at the end of the application, which is credited back to you at closing. So you would already know the rate/points prior to paying that fee. You do lose the $65 (and end up with a hard inquiry on your credit report) if the loan doesn't close.

I was at work yesterday too, but I figured that I saved right around $190K with this refinance, so I thought it was worth a few hours of running around and thinking about.

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Old 01-24-2008, 04:38 PM   #79
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Interesting (well, interesting to me, anyway) update: On the 15 year fixed, PenFed will loan at 90% LTV. I guessed, wrongly, that they would only do 80% LTV.

I got my 30 year fixed last year and put 20% down. After a year of regular payments and modest appreciation, I'm sitting at about 76% LTV.

If I back up the truck and do 90% LTV, they'll give me a check at closing for...let's see...about $36,000.

The catch, of course, is being able to afford the monthly payments, right?

Advice on how much to take?

2Cor521
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Old 01-25-2008, 01:02 PM   #80
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Advice on how much to take?

2Cor521
Anyone? Bueller?

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