|By PR Newswire||
|April 3, 2014 05:00 AM EDT||
ALEXANDRIA, Va., April 3, 2014 /PRNewswire-USNewswire/ -- PenFed (Pentagon Federal Credit Union) today announced that its newest mortgage special waives the closing costs on its flagship 5/5 Adjustable Rate Mortgage (ARM). This offer will only last for a limited time; therefore, consumers who are shopping for the best opportunities available in which to save money on a primary or secondary home purchase, or external refinance, will want to act soon.
"April is definitely a great time to save money at PenFed. As a not-for-profit lending organization, PenFed is committed to offering the best rates and the lowest fees possible to mortgage shoppers," said Craig Olson, senior vice president of mortgage operations at PenFed. "It is always a thrill for us when we can help borrowers save money through our innovative mortgage programs and promotional specials like this one."
Compared to other lenders, PenFed's mortgage interest rates are some of the lowest in the nation.
For example, at a 2.875% initial interest rate, the APR is 3.444%, subject to increase. Based on current market conditions and a loan amount of $400,000, the monthly payment schedule would be:
- First 60 payments of approximately $1,659.57 each; and
- 300 payments of approximately $1,824.19 each, at an interest rate of 3.750%.
This payment example does not include taxes or insurance; and actual payments may be greater.
Now for a limited time, PenFed will pay up to $10,000 in costs involved with closing on its 5/5 ARM; including, but not limited to, the appraisal fee, tax service fee, title free, transfer tax, credit report fee, and more.
This cost savings incentive will be a major benefit to consumers. With the closing cost fee waived, a borrower's house-buying funds can go directly toward the value of their home.
Why consider an ARM?
The PenFed 5/5 ARM is unique in that it offers a fixed interest rate for the initial five years, and it adjusts only a maximum of 2 percentage points every five years after that—with a lifetime cap of 5 percentage points.
That means a borrower starting at the 2.875% rate can be assured that rate will last five years without unpredictable fluctuations due to market conditions.
Additional Program Features
A PenFed 5/5 ARM includes the following features:
- Low Rate: With a PenFed 5/5 ARM, enjoy a low rate that's fixed for five years1.
- Closing costs promotional offer: For a limited time, PenFed will pay up to $10,000 in closing costs on primary or secondary home purchases and external refinances2.
- Free 90-day rate lock: Get peace of mind by locking in a rate for 90-days3.
- Instant online pre-qualification: Eliminate the rush to secure mortgage financing with easy, convenient online pre-qualification.
- Rate Reset Protection Option: PenFed has added ease and convenience to the mortgage loan experience with Rate Reset Protection Option4. In just "one click," eligible borrowers now have the option to reset a rate up to five times during the life of the loan.
Why choose PenFed for your mortgage financing?
With 79 years of lending experience behind its name, PenFed offers a full range of mortgage lending products. When shopping for a mortgage, consumers will find that PenFed's mortgage programs offer some of the most innovative features and competitively priced interest rates available.
For more information about PenFed and to apply for a mortgage, visit PenFed.org or call 800-247-5626.
About PenFed (Pentagon Federal Credit Union)
Established in 1935, PenFed is one of the largest credit unions in the country serving over 1.2 million members worldwide; with more than $17 billion in assets. Its longstanding mission has been to provide superior financial services, responsive to members' needs in a cost effective manner. PenFed offers market leading mortgages, automobile loans, credit cards, checking, and a wide-range of other financial services with its members' interests always in mind. Serving a diverse population, there are many ways to become a PenFed member; including numerous association members and employee groups.
Disclosures: Rates and offers are in effect as of April 2, 2014 for new applications only, for a limited time, and subject to change without notice.
15/5 ARMs: Offers available for purchases and refinances. 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.
25/5 Adjustable Rate Mortgage (ARM) Closing Cost Promotion: Offer available for purchases and external refinances only. PenFed will pay your closing costs up to $10,000 including but not limited to: 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, homeowner's insurance or owner's title insurance, the cost for a structural engineering or similar report, should the appraiser request one, or points to buy a rate down or applied to a loan. Points are the responsibility of the borrower and not covered in promotions. Builder or seller credits may reduce the amount of the closing cost credits. This promotion is not available for investment properties. Other restrictions also apply. Contact your PenFed mortgage consultant for any applicable additional restrictions and details about your loan. You must use one of our preferred title companies to get the closing cost credits. For New York properties, borrowers are required to pay title insurance premiums and may use any title company to obtain the closing cost credit. Offer is only available for owner occupied primary residence and second homes. Refinance of an existing PenFed mortgage is not eligible for the closing cost credit and borrowers will be required to pay all closing costs. For Limited Cash Out refinances, limitations on the amount of cash back at closing may require that all or a portion of the credits be applied toward principle reduction. Note the reimbursement of closing costs below.
Reimbursement of Closing Costs: If you pay this loan off and close the account earlier than the 36-month anniversary date of the loan closing, you will be obligated to pay PenFed a prorated amount of the closing cost credit received from PenFed. This amount will be added to any loan payoff amount requested prior to the 36 month anniversary date. The reimbursement amount will be prorated in equal amounts on a monthly basis. Closing costs credits to be reimbursed include all closing costs paid by PenFed except those paid to affiliated title companies. See contract addendum for details.
Investment properties are not eligible for offer.
3For a purchase transaction, the rate cannot be locked until PenFed receives a ratified sales contract executed by all required parties.
45/5 ARM with Rate Reset Option: During the origination process for a 5/5 ARM, PenFed mortgage borrowers have the option of selecting the Rate Reset Option. The initial rate is 0.25% higher than the current 5/5 ARM rate. You may reset your rate five (5) times during the life of your loan. The initial reset may be elected one (1) calendar year after the date your loan closed (purchase) or the date the loan funded (refinance). When the rate reset feature is selected, the new rate will be calculated by selecting the lesser of (i) adding 2.25% to the Current Index (weekly average yield on US Treasury securities adjusted to a constant maturity of five years, as made available by the Federal Reserve Board) or (ii) adding 0.25% to PenFed's current rate offering for its 5/5 adjustable rate mortgage loan product. The new rate will be rounded to the nearest 0.125%. When exercising the rate reset feature, the new interest rate will be fixed for an additional five (5) year period. In order to exercise the rate reset option, the loan must be in good standing with no rate resets within the prior twelve (12) months. Other terms and conditions apply.
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. All above disclosures apply to non-Veteran's Administration (VA) loans. VA loans have different guidelines and eligibility requirements.
Restrictions apply to existing PenFed mortgage borrowers. Other restrictions may apply. Contact your PenFed mortgage consultant for any applicable additional restrictions and details about your loan. To receive any 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.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
May. 24, 2015 05:00 PM EDT Reads: 4,041
Over the years, a variety of methodologies have emerged in order to overcome the challenges related to project constraints. The successful use of each methodology seems highly context-dependent. However, communication seems to be the common denominator of the many challenges that project management methodologies intend to resolve. In this respect, Information and Communication Technologies (ICTs) can be viewed as powerful tools for managing projects. Few research papers have focused on the way...
May. 24, 2015 05:00 PM EDT Reads: 1,594
As the world moves from DevOps to NoOps, application deployment to the cloud ought to become a lot simpler. However, applications have been architected with a much tighter coupling than it needs to be which makes deployment in different environments and migration between them harder. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, Netflix and so on is at the heart of CloudFoundry – a complete developer-oriented Platform as a Service (PaaS...
May. 24, 2015 05:00 PM EDT Reads: 1,487
In high-production environments where release cycles are measured in hours or minutes — not days or weeks — there's little room for mistakes and no room for confusion. Everyone has to understand what's happening, in real time, and have the means to do whatever is necessary to keep applications up and running optimally. DevOps is a high-stakes world, but done well, it delivers the agility and performance to significantly impact business competitiveness.
May. 24, 2015 05:00 PM EDT Reads: 1,731
As cloud gives an opportunity to businesses to buy services externally – how is cloud impacting your customers? In his General Session at 15th Cloud Expo, Fabio Gori, Director of Worldwide Cloud Marketing at Cisco, provided answers to big questions: Do you see hybrid cloud as where the world is going? What benefits does it bring? And how does Cisco connect all of these clouds? He also discussed Intercloud and Cisco’s investment on it.
May. 24, 2015 05:00 PM EDT Reads: 5,749
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises a...
May. 24, 2015 05:00 PM EDT Reads: 2,124
There is no question that the cloud is where businesses want to host data. Until recently hypervisor virtualization was the most widely used method in cloud computing. Recently virtual containers have been gaining in popularity, and for good reason. In the debate between virtual machines and containers, the latter have been seen as the new kid on the block – and like other emerging technology have had some initial shortcomings. However, the container space has evolved drastically since coming on...
May. 24, 2015 04:15 PM EDT Reads: 980
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover ...
May. 24, 2015 04:00 PM EDT Reads: 6,308
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
May. 24, 2015 03:30 PM EDT Reads: 1,176
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
May. 24, 2015 03:00 PM EDT Reads: 5,227
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading in...
May. 24, 2015 03:00 PM EDT Reads: 2,341
The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential. The DevOps Summit at Cloud Expo – to be held June 3-5, 2015, at the Javits Center in New York City – will expand the DevOps community, enable a wide...
May. 24, 2015 03:00 PM EDT Reads: 1,676
How does one bridge the gap between traditional enterprise storage infrastructures and the private, hybrid, and public cloud? In his session at 15th Cloud Expo, Dan Pollack, Chief Architect of Storage Operations at AOL Inc., examed the workload differences and required changes to reuse existing knowledge and components when building and using a cloud infrastructure. He also looked into the operational considerations, tool requirements, and behavioral changes required for private cloud storage s...
May. 24, 2015 02:00 PM EDT Reads: 2,484
Software is eating the world. Companies that were not previously in the technology space now find themselves competing with Google and Amazon on speed of innovation. As the innovation cycle accelerates, companies must embrace rapid and constant change to both applications and their infrastructure, and find a way to deliver speed and agility of development without sacrificing reliability or efficiency of operations. In her Day 2 Keynote DevOps Summit, Victoria Livschitz, CEO of Qubell, discussed...
May. 24, 2015 02:00 PM EDT Reads: 5,440
Cloud Expo, Inc. has announced today that Andi Mann returns to DevOps Summit 2015 as Conference Chair. The 4th International DevOps Summit will take place on June 9-11, 2015, at the Javits Center in New York City. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great team at ...
May. 24, 2015 02:00 PM EDT Reads: 1,422