Comments on: Did Mortgage Rates Just Hit Rock Bottom?

By: Madison

Madison — Fri, 23 Oct 2009 14:27:23 +0000

@ epw: the 1% origination fee isn’t charged on the 5/5 ARM though.

By: epw

epw — Thu, 22 Oct 2009 20:03:18 +0000

That GFE doesn’t include the 1% origination fee though — people need to remember that PenFed now charges that.

By: Vic

Vic — Mon, 05 Oct 2009 14:55:15 +0000

Thank you very much Madison, I had no clue that anyone could join PenFed. I used to come across many good deals from PenFed (discussed on other blogs) but didn’t pursue due to earlier mentioned impression.

Thanks for the closing costs breakup, it helps. Actually it is really LOW..:-)

I’ll join PenFed soon and enroll for mortgage alerts, their branch is just walking distance from my house.

I have been following your blog for almost a year. You’re very sharp..with such attitude you’ll be a Millionaire sooner than you think..:-)

Thanks again for your help.

Vic

By: Madison

Madison — Sat, 03 Oct 2009 17:51:48 +0000

@ Vic: The best part about Penfed, is that anyone can join. You just make a $20 donation to the National Military Family Association.

@ Credit Card Chaser and Vic: Here’s a breakdown for closing costs on our $456k loan:

$65 CLO Access fee
$500 Title Insurance
$175 Settlement or Closing Fee
$365 Appraisal
$13 Credit Report
$7 Flood Certification
$60 Recording Fee
$40 Lien Release

The last time we refinanced with Penfed, the closing costs came in within $10 of that.

By: Vic

Vic — Fri, 02 Oct 2009 21:04:05 +0000

Hi Madison,

Can anybody get mortgage from PenFed? i.e. is it for certain employers only? Wondering how you were qualified.

Also, $1200 of closing costs sound very low..considering you have a decent house. If u can give rough breakup. So that we caa also take advantage of such deal in near future.

Thanks much,

Vic

By: Credit Card Chaser

Credit Card Chaser — Fri, 02 Oct 2009 03:28:40 +0000

$1,200 for closing costs does seem pretty ridiculously low right or am I missing something?

By: Madison

Madison — Thu, 01 Oct 2009 15:58:38 +0000

@ Bryan: I figured it wouldn’t last long! Glad I locked in; hopefully others were able to do so too.

@ PK: Isn’t it funny how the rate goes up, and it’s really still a pretty darn good rate? Just a year and a half ago, I was so pleased to get 5.125%… who knew it would come to this!

By: PK

PK — Thu, 01 Oct 2009 15:54:04 +0000

Yep, gone but 4.5% is still a good rate.

By: Bryan

Bryan — Thu, 01 Oct 2009 15:49:15 +0000

Looks like the 4% is already gone.

By: Madison

Madison — Thu, 01 Oct 2009 12:36:03 +0000

@ PT & Stephanie: Nothing special, that’s what we’ve always paid with Penfed. It’s one of the reasons that I love them!

By: Stephanie

Stephanie — Thu, 01 Oct 2009 06:56:56 +0000

I second that, seriously howd u do it?

By: PT

PT — Thu, 01 Oct 2009 05:22:21 +0000

Congrats. How the heck did you only have to pay $1,200 at close?