found these guys tonite. they have a three year arm at 2.29% with no point/fees and $295 for closing costs. you need to have your payment automatically deducted from your checking account. the rate relock is a nice feature.
https://thirdfederal.mortgagewebcenter.com/
from their site:
Smart Rate Adjustable Mortgage: a minimal fee in Closing Costs (depending on the state where the property is located).
Wouldn't it be great if you could purchase or refinance your home at today's record low rates and not worry about closing costs? Well, with our Smart Rate Adjustable Mortgage, you can because you only pay a minimal fee in closing costs (depending on the state where the property is located). All other closing costs are paid by Third Federal, saving you thousands of dollars up front. And the interest rate is typically lower than what other lenders charge for their full closing cost loans.
The 3/1 Smart Rate Mortgage offers an interest rate lower than that of a fixed rate loan, usually more than 1?% lower. This lower rate can save you thousands over the first five years. After that, the interest rate adjusts to the Prime Rate once a year. You are not charged a margin or markup.
The 3/1 Smart Rate Mortgage offers you the following benefits:
Low Closing Cost Options - With the Smart Rate Mortgage you have the option to pay only a minimal fee in closing costs (depending on the state where the property is located). All other closing costs will be paid by Third Federal, saving you thousands of dollars up front. The interest rate on our Low Cost Smart Rate Mortgage is usually lower than what other lenders charge for their full closing cost loans.
Rate Relock - Our Rate Relock gives you control to relock your rate for five more years anytime, during the entire life of your loan. You can relock your rate for another five years to the current five year rate as often as you like, anytime you like for just $295 - 595 (depending on the state where the property is located), saving you thousands of dollars compared to the cost of refinancing. And no mortgage application or home appraisal is required. Rate Relock even allows you to relock your rate every five years so that you're never without a five-year fixed rate commitment. With Rate Relock, you'll never have to refinance again!
No PMI with 85% Loan to Value (LTV) - For those with excellent credit history we offer the ability to borrow up to 85% of your home's value without paying expensive mortgage insurance premiums. In fact there's no rate increase at all. If you are purchasing a new home, you can put 15% down and not pay PMI. If you are refinancing, you could qualify for a loan at 85% loan to value. Most other lenders require 80% LTV to refinance (85% LTV only available in OH, FL and KY).
Jumbo Loans at Discounted Rates - There are no rate increases on Jumbo Smart Rate Mortgages up to $1,000,000; in fact there is a discount. Other lenders typically add as much as 1% to your interest rate for loans over $417,000. Not with the Smart Rate Mortgage - your jumbo loan receives a lower interest rate than our conventional loan.
Indexed to Prime - After the first five years, your interest rate resets annually to the Prime Rate, the rate offered by most banks to only the very best customers. There is no margin or markup on the Prime Rate.
Margin - The margin is zero, no markup is added to your rate.
30, 15 and 10-Year Terms Available - We offer an option of a 30, 15 or 10-year Smart Rate Mortgage. If you would like to pay off your mortgage faster, the 15 or 10-year is a great option for you.
Periodic Rate Cap +/-2% - Your rate cannot increase or decrease by more than 2% in any one year.
Lifetime Rate Cap (Initial Rate +6%) - Your rate can never increase by more than 6% during the entire life of the loan.
No Prepayment Penalty - There is never a prepayment penalty or other incremental charge associated with paying off your loan.
