Homebuyers seeking an innovative mortgage, coupled with an incredible low rate, should take note. PenFed (
"Our promotional 15/15 ARM is a new concept for the marketplace and we are very excited to offer this new mortgage," said
The 15/15 ARM provides two exciting benefits. First, it provides the stability of very long rate periods, not found in most ARM mortgages. Additionally, the consumer can access incredible rates now, comparable with any ARM.
“We believe this 15/15 ARM would be the ideal mortgage for nearly anyone in the marketplace. It’s the best of both worlds,” said
The newly launched promotional program will be available for a limited time on home purchases and refinances up to
Promotional ARM Highlights:
The PenFed 15/15 ARM features an interest rate that adjusts only once during the life of the 30 year loan. While the interest rate is fixed for the first 15 years, the monthly payment is still calculated over a 30 year amortization schedule, with no negative amortization occurring.
Payment Example: For a <money>$100,000 loan amount, the initial interest rate is 3.750%, with a 3.855% APR*. Based on current market conditions, the monthly payment schedule would be:
• First 180 payments at 3.855% APR* of approximately
• Next 180 payments at 3.625% interest rate and 3.855% APR*, payments of approximately
This payment example does not include taxes or insurance; and actual payments may be greater.
Why should you consider PenFed for your mortgage financing?
A fiscally sound credit union that’s been lending for over 75 years, PenFed offers a full-range of mortgage lending products with some of the most innovative features and competitively priced interest rates available.
For more information about PenFed or to apply for a mortgage, visit PenFed.org or call 800-247-5626.
About PenFed (
Established in 1935, PenFed is one of the largest credit unions in the country serving over 1.2 million members worldwide; with more than
15/15 ARM Mortgage Payment Example: The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of
NOTE: A 1% origination fee applies to this loan. The origination fee may be waived by adding a 0.25% to the selected rate. The application of points will be determined by the loan to value (LTV) ratio combined with certain representative credit scores. Additional points also apply to certain cash-out refinance transactions, certain condominium transactions, and some transactions with subordinate financing that will reflect on the Good Faith Estimate and/or Settlement Statement. Points are the responsibility of the borrower and not covered in promotions.
Investment properties not eligible for offer.
All Mortgage Programs: The application of points will be determined by the loan-to- value (LTV) ratio combined with certain representative credit scores. Points also apply to certain cash-out refinance transactions, certain condominium transactions, and some transactions with subordinate financing.
For a purchase transaction, the rate cannot be locked until PenFed receives a ratified sales contract executed by all required parties.
The applicant is responsible for the following fees and costs at the time of closing (except 5/5 ARM): Origination fee (waived for 5/5 ARM loan program), appraisal fee, tax service fee, CLO access fee, title fees, transfer tax fees, credit report fee, flood cert fee, recording fee, survey if required and work verification fee, escrow reserves and interest due until first payment, other cost may be included due to program specific circumstances. This is not intended to be an all-inclusive list.
Escrows will only be waived if LTV is 80% or less in CA, OR, DC, VT & NY; 75% in all other states.
Borrowers are required to have sufficient reserve assets available to cover 6 months full payments including principal, interest, homeowner’s insurance, property taxes and homeowner associated dues and/or mortgage insurance, if applicable. For non-primary residences, we require 12 months of reserve assets.
If a loan is withdrawn, the applicant may not reapply for at least 90 days from the date the application was withdrawn.
Conforming Mortgages: For loan amounts from
Jumbo Mortgages: For loan amounts above
All above disclosures apply to non-Veteran’s Administration (VA) loans. VA loans have different guidelines and eligibility requirements.
All rates and offers are as of
Read the full story at http://www.prweb.com/releases/2014/02/prweb11588302.htm
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