PENFED MORTGAGES

FIRST TIME HOME BUYER

You have questions, we have answers

4 Stages of Buying Your First Home

STAGE 1

Thinking About Buying A Home

STAGE 2

Looking for a Home

STAGE 3

Getting a Mortgage

STAGE 4

Closing & Moving In

THINKING ABOUT BUYING A HOME?

The first stage of buying a new home is the process of consideration and making the decision to take the next step.
Here are some resources to help you get started.



Transitioning From Renting to Home Ownership

Buying Your First Home

Buying a home takes time, but the transition from renter to owner doesn’t have to be intimidating, especially when you know what to expect up front.

[Take a look at our Home Readiness Videos]

This article will show you how much time the process may take, and what to expect at the stage you are currently at.

Should I Rent or Buy?

Compare Costs Between Renting and Buying

When you're thinking about buying a new home for the first time, its important to understand how your new costs might compare to what you're paying now. After all, buying a home is one of the most important financial decisions that you will make.

Use this tool to see how the costs of renting compare to the cost ownership, depending on your individual situation. This New York Times calculator is one of the best we've found to help you determine what option is right for you.

Need Downpayment or Income Flexiblity?

HomeReady Is Here to Help

The HomeReady program offers help to future homeowners who need flexibility in income and downpayment requirements OR live in select redevelopment regions in the United States.

[Determine Eligibility]

Interested in finding out more? PenFed's Mortgage Center is here to help.

What Will a Mortgage Cost?

6 Considerations You Need To Know

The cost of buying your own home includes more than just the sales price. Here are six of the most important factors to take into consideration before signing on the dotted line.

[Watch this video to learn more about mortgage cost]

Looking For A Home?

Are you trying to find that "just right" home but don't know where to start? Or maybe you've seen hundreds of properties online but you aren't sure which ones are right for you?  

PenFed Reality can help. As a trusted partner of PenFed Credit Union, PenFed Reality is available to give you the personalized service you deserve. 

 

How Much Can I Afford?

Use our affordability calculator below to estimate how much you can afford.

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Start Application

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

The calculator above is for educational purposes only. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.

GETTING A MORTGAGE

Once you have an idea of how much you can afford and what you're looking for in a new home, its time to get a mortgage. 

 We'll walk you through the process and let you know what you need and what to expect when prequalifying or applying for a mortgage loan.

applying for a mortgage

Applying For A Mortgage

Applying for a mortgage is often portrayed as a process that hits you with round after round of document requests even as it seems like everything is almost done.  Regain a sense of control by knowing what to expect and finding the documents you may need before ahead of time.

Show Me More

terms to know

Mortgage Terms

Navigating a mortgage application or reviewing a new home listing can be confusing, especially when Realtors and loan officers are seem to be speaking a different language.

Confused by these mortgage terms? Find help here.

types of mortgages

Mortgage Types

What mortgage type is best for you? It depends! Take a look at your options, compare rates and features, and find the mortgage right for you in our Compare Mortgages section.

Explore Mortgage Options

find more tools and resources

Tools & Resources

Find more tools and resources here:

  • VA Mortgage Loans
  • Article One
  • Article Two
  • Article Three

 

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MOST POPULAR MORTGAGES FOR FIRST-TIME HOMEBUYERS

 

 

 

 

30-year
FIXED MORTGAGE RATE


Rates as low as APR

 

EST. MONTHLY PAYMENT

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($ loan amount)

 

 

 

30-year
FIXED VA MORTGAGE RATE


Rates as low as APR

 

EST. MONTHLY PAYMENT

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($ loan amount)

 

 

 

5/5 ARM
Adjusted Rate Mortgage


Rates as low as APR

 

EST. MONTHLY PAYMENT

$

($ loan amount)

 

 

 

20-year
FIXED MORTGAGE RATE


Rates as low as APR

 

EST. MONTHLY PAYMENT

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($ loan amount)

 

 

 

15-year
FIXED MORTGAGE RATE


Rates as low as APR

 

EST. MONTHLY PAYMENT

$

($ loan amount)

 

 

 

15-year
FIXED VA MORTGAGE RATE


Rates as low as APR

 

EST. MONTHLY PAYMENT

$

($ loan amount)

 

Estimate your cost

How Much Will My Mortgage Cost?

Use this calculator to estimate your mortgage payment based on the price of the home, down payment, loan term, and interest rate.

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Down payments less than 20% of property value may require Private Mortgage Insurance (PMI).
*PenFed Adjustable Rate Mortgages (ARMs) are calculated using 30 year Loan Terms
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$1538.00
Start Application

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

The calculator above is for educational purposes only. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.

Closing and Moving In

Once you've closed on your home, its time to move in.  

Check out these moving tips now. 

 

FREQUENTLY ASKED QUESTIONS

The following provide answers to questions that many new homebuyers ask.