After we covered the closing cost bonus and mortgage rate “matching” promotion by NFCU yesterday, we were tipped off by BankVibe.com reader Jaimie on a similar (and equally valuable) promotion by Pentagon Federal Credit Union.
The only downside to PFCU’s mortgage rate promotion is that it applies solely to 5/5 adjustable rate mortgages and they’re a tad exclusive on who can qualify. Below are the details.
Details of Pentagon Federal Credit Union Mortgage Promotion:
- Pentagon Federal Credit Union will pay up to $100k in closing costs!
- The $100,000 closing credit includes: 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. It does not include: escrows, interest, home owner’s insurance or owner’s title insurance.
- Closing cost offer only good for 5/5 Adjustable Rate Mortgages (ARMs).
- You must use one of their “preferred title companies” to get closing cost credits.
- Closing cost offer is limited to $100,000 per loan.
- If application is withdrawn or does not close, the borrower pays all applicable fees.
- For New York properties borrowers are required to pay title insurance premiums and may use any title company to obtain the closing cost credit of up to $100,000.
Pentagon Federal Credit Union Mortgage Rates:
(Below are the NFCU’s 5/5 adjustable rate mortgages that can combined with their promotion. Visit penfed.org for complete list of mortgage products and APRs. Mortgage rates accurate as of October 2011. Visit our mortgage rate center for the lowest rates on home loans from around the country.)
- 5/5 ARM mortgage featuring APR of 3.135% for first 60 months.
Pentagon Federal Credit Union has well over 1 million members and can service members in all 50 states. Anyone who has served in the military (or is related to someone who has) is eligible for membership. Originally federally chartered in 1935, NFCU now controls over $15 billion in assets. And although they only have physical branches in the Washington, D.C. area, Hawaii, New York, Texas, and North Carolina (as well as a few branches overseas) they can conduct business online and over the phone.