Just thought I'd post it here on the forums in case anyone was planning to refi in the near future.
PenFed is offering a NO-COST refi on their 5/5 ARM and 15 yr FRM.
I applied a couple of days ago for the 15 yr which is fixed at 4.25%. They sent me an email stating that the closing may take as long as 90 days (mainly due to the high volume of customers that are taking advantage of this deal).
It seems like a true no-cost refinance.
https://www.penfed.org/productsAndRates/mortgages/mortgageCenter.asp
This no-cost refi would save us over $6K in closing costs (I live in NY where the closing costs are some of the highest in the country) if everything eventually gets approved and goes through smoothly.
Our current loan is a 30 yr FRM at 6.75% (purchsed the house in summer of 2006 when rates were trending upward).
There are some restrictions that need to be meet in order to qualify for this deal (at least 80% LTV, must use their title company and appraiser, etc). We're doing a 'cash-in' refi so we're not concerned about the appraisal or meeting the 80% LTV (we should eventually be at around 40-50% LTV after the paydown).
Hopefully others can take advantage of this deal before it's dead.
PenFed is offering a NO-COST refi on their 5/5 ARM and 15 yr FRM.
I applied a couple of days ago for the 15 yr which is fixed at 4.25%. They sent me an email stating that the closing may take as long as 90 days (mainly due to the high volume of customers that are taking advantage of this deal).
It seems like a true no-cost refinance.
https://www.penfed.org/productsAndRates/mortgages/mortgageCenter.asp
This no-cost refi would save us over $6K in closing costs (I live in NY where the closing costs are some of the highest in the country) if everything eventually gets approved and goes through smoothly.
Our current loan is a 30 yr FRM at 6.75% (purchsed the house in summer of 2006 when rates were trending upward).
There are some restrictions that need to be meet in order to qualify for this deal (at least 80% LTV, must use their title company and appraiser, etc). We're doing a 'cash-in' refi so we're not concerned about the appraisal or meeting the 80% LTV (we should eventually be at around 40-50% LTV after the paydown).
Hopefully others can take advantage of this deal before it's dead.