Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The PenFed product is a case in point of the limitation. Read the small print:

"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."

https://www.penfed.org/55-Adjustable-Rate-Mortgage/

Wells Fargo does the same thing.

Then I would try Amerisave, who doesn't, and Eagle (who may or may not).

Does Amerisave not charge closing costs?

they charge very low closing costs (around $1500 I think -- check the website), and you can pick a mortgage rate that gives you a credit back to use against closing costs.

note: Amerisave will not write you a check at closing, so if it ended up that the credit was more than the total you had to pay at closing you would not get the extra cash. However, if the credit is greater than closing costs, but you still owe some $ for daily interest, or prepaids for insurance and taxes, they would give you a credit against that money in figuring out how much you need to bring to the table.