The Officer May/June 2012 : IFC
M emb er s and familiy of t he Res er ve O f f icer s A s s o ciation ar e eligible t o join P enFe d. A PenFed Mortgage. Right for you. The 5/5 Adjustable Rate Mortgage adjusts only once every 5 years. We pay up to $10,000 in closing costs 1 —you pay escrow and prepaid interest when you use one of our preferred title companies 2 Same rate available for loans up to $4 million No origination or processing fees and free 90-day rate lock Apply online to be eligible for instant pre-qualiﬁcation For example, a $450,000 mortgage... Months First 60 Next 300 3 Rate 3.125% APR 2.961% Payment 3 PenFed.org/ARM 877.424.7305 $1,927.69 $1,875.55 2.875% 2.961% Payments shown do not include taxes or insurance, actual payments may be greater. Fedearlly insured by NCUA. All rates and offers as of March 19, 2012 for new applications only, for a limited time, and subject to change without notice. 1 Closing cost offer is limited to $10,000 per loan. If application is withdrawn or does not close, the borrower pays all applicable fees. 2 For New York properties borrowers are required to pay title insurance premiums and may use any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 $10,000. Restrictions apply to existing PenFed mortgage borrowers. Other restrictions also apply. Rate is variable and can increase by no more than 2 percentage points every 5 years with a lifetime maximum adjustment of 5% (8.125% for this example). Since the index in the future is unknown, the First Adjusted Payments displayed are based on the current index plus the margin (fully indexed rate) as of the effective date above.