Originally Posted by slouch
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.