PenFed Exclusive Offer for Navy League members
EXCLUSIVE OFFER FOR NAVY LEAGUE MEMBERS
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Our 5/5 Adjustable Rate Mortgage is better than the other guys' A.R.M., because it adjusts only once every 5 years, not every year. Plus, you can borrow up to $4 million. There's more:
- We pay up to $10,000 in closing costs. You pay escrow and prepaid interest when you use one of our preferred title companies.1
- No origination or processing fees.
- Free 90-day rate lock.2
For a rate you can trust, visit PenFed.org/NAVY-LEAGUEPenFed 5/5 Adjustable Rate Mortgage
Sample payments on a $450,000 LoanMonthsRate
APRPayment3First 603.000%2.835%$1,897.22Next 3002.750%2.835%$1,845.61 3Payments don't include taxes or insurance, actual payments may be greater. For new applications only, for a limited time. Restrictions apply to existing PenFed borrowers. Other restrictions apply. Rate is variable and can increase by no more than 2 percentage points every five years with a lifetime maximum adjustment of 5% (8.00% for this example). Since the index in the future is unkown, the First Adjusted Payments displayed are based on the current index plus margin (fully indexed rate), as of May 15, 2012.Rates are current as of May 15, 2012. Click Here for today's rates.
15/5 Adjustable Rate Mortgage (ARM) Promotion: PenFed will pay closing costs up to $10,000 to include: 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. This does not include: Escrow, Interest, Home Owner’s Insurance or Owner’s Title Insurance. Escrow will only be waived at 75% LTV. Available in all 50 states and the District of Columbia. Restrictions apply to existing PenFed mortgage borrowers. If a loan is withdrawn, does not close, or the purchase contract is terminated, all third-party fees and costs incurred will become the responsibility of the applicant. Other restrictions also apply. You must use one of our preferred title companies to get the closing cost credits.In New York, borrowers are required to pay title insurance premiums and may use any title company to get the closing cost credit of up to $10,000.
2For purchase transaction the rate cannot be locked until purchase agreement has been ratified.
The initial rate can change every 5 years by no more than 2 percentage points up or down, never to exceed 5 percentage points above the initial rate. When the rate adjusts, your new rate will be the then current index plus margin, which is currently set to 2.00 for the new products, as long as it does not exceed the 2% adjustment cap.
The application of discount 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 Condo transactions, and some transactions with subordinate financing. The maximum combined loan-to-value (CLTV) for homes financed in the states of Florida and Michigan is 70%. The maximum LTV and CLTV for condominiums is 70% in all states. All other states maximum LTV is 80%.
All rates and offers are as of May 2012 and subject to change without notice. Restrictions apply to existing PenFed mortgage borrowers. Other restrictions may apply. To receive advertised product you must become a member of PenFed by opening a share (savings) account. Federally insured by the NCUA.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
Other conditions apply. The rate on the loan will be the rate in effect at the time of the loan disbursal, which may differ from the rate in effect at the time of loan acceptance.
If you'd prefer, you may call 800-247-5626, 24 hours a day, 7 days a week, or visit any branch location for your loan. Your loan rate will be the prevailing regular rate offered, which is higher than the Internet-only rates quoted above. ADVERTISEMENT
This credit union is federally insured by the National Credit Union Administration.
© 2012 Pentagon Federal Credit Union
APY = Annual Percentage Yield
APR = Annual Percentage Rate
This e-mail was sent to [PCR-NLUS@yahoogroups.com].
Unless otherwise noted Pentagon Federal rates are as of May 15, 2012, and are subject to change.
Pentagon Federal Credit Union not responsible for omissions, errors, typos, or other information inconsistent with policy. If in doubt, please contact us.
Pentagon Federal Credit Union, 2930 Eisenhower Avenue, Alexandria, VA 22314; 800-247-5626.
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Navy League of the United States | 2300 Wilson Blvd. Suite 200 | Arlington, VA 22201
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