The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $100,000 and an estimated property value of $143,000. The property is located in Alexandria, VA and is within Fairfax county. The property is an existing single family home and will be used as an investment property. The rate lock period is 60 days and the assumed credit score is 740.
At a 4.375% interest rate, the APR for this loan type is 4.618%. The monthly payment schedule would be:
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.
If you need additional cash to offset closing costs, or would like to obtain a lower rate with a buy down opportunity, please check rates to find the best scenario to meet your needs. PenFed offers Premium Pricing options not displayed and will work with you to create a customized mortgage solution.
Balloon mortgages are a great mortgage option for investment properties! A Balloon Mortgage offers a fixed rate for a shorter period of time with smaller monthly payments. One large payment for the remaining balance is due at the end of the term.
The lower initial payments of a 10 year balloon mortgage give you cash on hand to invest in the property or for other purposes. If you decide to keep the property at the end of the 10 year payment period, you may have the option to refinance the balloon payment to a longer term loan. You will have to qualify for the new loan at that time.
This is a 10 year fixed rate mortgage with a balloon payment at maturity. The loan is amortized over 30 years with the balance due and payable in full at the time of maturity. Loan matures in 10 years; you may apply to refinance the balloon payment at maturity.
Additional reserves may be required under the following circumstances for Investment Property:
All Fixed Rate Mortgage Programs: The application of additional loan level pricing adjustments will be determined by various loan attributes to include but not limited to the loan-to-value (LTV) ratio, credit score, transaction type, property type, product type, occupancy, and subordinate financing.
NOTE: A 1% origination fee applies to this loan. Points are the responsibility of the borrower and not covered in promotions.
Conforming Mortgages: For loan amounts from $25,000 to $424,100 (Loan amounts up to $625,500 are available in Alaska and Hawaii). The maximum combined loan- to-value (CLTV) is 95%; 80% LTV and above are subject to private mortgage insurance (PMI). The maximum LTV and CLTV for condominiums is 80%.
The applicant is responsible for the following fees and costs at the time of closing: Origination fee, 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, escrow reserves and interest due until first payment. Other costs may be included due to program specific circumstances. This is not intended to be an all-inclusive list.
Escrows may be waived if LTV is 80% or less in all states.
Additional reserve requirements may apply.
If you withdraw an application and then reapply within 90 days from the date the application was withdrawn, the new application is subject to the previous application’s rate lock policy.
All rates and offers are in effect as of March 2017, offered for a limited time and subject to change without notice. Restrictions apply to existing PenFed mortgage borrowers. Other restrictions may apply. Contact your PenFed mortgage consultant for any applicable additional restrictions and details about your loan. To receive any advertised product you must become a member of PenFed by opening a share (savings) account. Federally insured by the NCUA.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
In a fixed mortgage, your monthly principal and interest payments remain the same for the life of the loan, usually 15 or 30 years. A 30-year mortgage will have lower monthly payments, but the 15-year allows you to repay the loan twice as fast, saving more than half the total interest costs.
If you plan to stay in your house for many years, a 30-year mortgage can help you afford a bigger or more expensive property and still have plenty of time to build up equity in it.
In an adjustable rate mortgage, your monthly principle and interest payments remain the same for only a certain number of years. If you don’t refinance prior to the end of the first payment term, the rate can go up or down based on the market.
If you plan to move or refinance before the term adjusts, an ARM can help you get a lower interest rate initially. It's important to take into account the housing market in your area and in general in order to decide if an ARM is a good choice for you.
A VA mortgage available only to veterans and members of the U.S. military. The loan is guaranteed by the Department of Veterans Affairs (VA) and requires a low or no down payment.
In order to qualify for a VA mortgage, you must get a Certificate of Eligibility from the government.
In an adjustable rate mortgage, your monthly principal and interest payments remain the same for only a certain number of years (usually 5 or 15). If you do not refinance prior to the end of the fixed rate, the rate can go up or down based on the market at the time.
If you plan to move or refinance before the term adjusts, an ARM can help you get a lower interest rate initially. It's important to take into account the housing market in your area and in general in order to decide if an ARM is a good choice for you: do you expect to easily be able to sell your home at a profit before the term adjusts.
A VA mortgage is available only to veterans and members of the U.S. military. The loan is guaranteed by the Department of Veterans Affairs (VA) and requires a low or no down payment.
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Prudential PenFed Realty is a wholly owned subsidiary of PenFed.
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