Archive for September, 2007

PenFed is offering a new mortgage which is kind of an interesting concept. Here are the highlights:

• 5.625% Rate (5.377% APR)
• Low rate that only adjusts every 5 years for 30 years
• Rate would adjust up to 2% or our prevailing rate, whichever is the lowest
• Maximum lifetime adjustment that will not exceed 5% above the initial rate

The loan features all the usual PenFed advantages as well - no points, no closing costs, and 90 day rate lock. Seems like a good deal for those looking at ARMs. Its basically a 5/5 ARM but the adjustment rate is based on PenFed’s 30 year fixed rate which is typically pretty competitive. I”m sure the 5% max increase may scare some since it could go up to 10.625% but at least in the next 10 years the highest it can go is 7.625%.

PenFed 5 Year Fixed Rate Mortgage

Taxable Accounts:

$35,015.16 - Liquid Savings - 5.05% APY HSBC Savings Account
$15,919.44 - Stocks - Misc. Direct Investments
$5,689.86 - Stocks - Ameritrade Izone
$2,934.27 - Stocks - Zecco
$2,611.74 - Bonds - TreasuryDirect

$62,170.47 TOTAL

Retirement Savings:

$16,816.75 - ROTH IRA - Vanguard
$1,522.11 - ROTH IRA - Scottrade
$49,795.59 - 401K - T. Rowe Price

$68,134.45 TOTAL

Debts

$3,178.81 - Student Loan - AES (3.625%)
$4,575.00 - Credit Card BT - Discover (0%)
$18,359.28- Credit Card BT - BOA NEA (0%)
$20,400.00 - Credit Card BT - Upgromise (0%)

$46,513.09 TOTAL

Housing / Automobiles

$267,324.71 - Mortgage - Countrywide
$339,900.00 - Approximate Home Value
$10,588.00 - Approximate Car Value - Edmunds.com

$83,163.29 - TOTAL (Approximate Equity)

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