• 15-Year Fixed Conforming Mortgage


    15-Year Fixed Conforming Mortgage

    Rate Points APR
    Payment example of loan with -- points
    • For home purchases or refinancing
    • Loan amounts up to $417,000
    • 1% origination fee
    • Offers not available on investment properties

    LTV over 60% generally requires a Loan Level Pricing Adjustment. LLPA varies dependent upon credit score.

    • Free 60-day rate lock* 
    • This mortgage can be eligible for the PenFed Real Estate Rewards Program, which can save up to $10,000 when buying a home. Use of a network real estate agent and preferred title provider required.
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    The 15-Year Fixed Conforming: A Great Mortgage for Those Planning Retirement

    If you’re about to buy a home and are in your 40s or older, you may want to consider a 15-Year Fixed Conforming Mortgage. These loans can enable you to pay off your mortgage before retirement so that you won’t have that additional expense while living on a fixed income.

    While a 15-Year Fixed Conforming Mortgage may require a larger down payment or higher monthly payments than some other kinds of loans, it can be a smart choice to provide greater security. This type of mortgage could help you pay off your mortgage before you retire.

    Like all fixed mortgages, the 15-Year Fixed Conforming offers stable monthly payments.


    Investment properties not eligible for offers. 

    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. The origination fee may be waived by adding 0.250% to the selected rate. Points are the responsibility of the borrower and not covered in promotions.

    *For purchase applications, please submit a copy of your fully signed ratified purchase agreement to lockrate@penfed.org in a timely manner to ensure PenFed can meet your closing date.

    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 will only 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.

    Conforming Mortgages: For loan amounts from $25,000 to $417,000. Guam, Alaska and Hawaii maximum conforming loan amount $625,500. 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%.

    All above disclosures apply to non-Veteran’s Administration (VA) loans. VA loans have different guidelines and eligibility requirements.

    All rates and offers are as of December 2015 and are subject to change without notice. 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.