PENFED REAL ESTATE REWARDS

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We've got GREAT rates for EVERYONE

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VA Loans

Servicemembers, Veterans, spouses, and other eligible beneficiaries with a valid Certificate of Eligibility

Interest rates as low as1 APR as low as1 Term
15 - 30 Years

Conventional Fixed Rate

Available to all PenFed Members.

Interest rates as low as2 APR as low as2 Term
10 - 30 Years

Jumbo

Available to all PenFed Members.

Interest rates as low as3 APR as low as3 Term
30 Years

Estimate Your Cost

Mortgage Loan Calculators

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Down payments less than 20% of property value may require Private Mortgage Insurance (PMI).
*Calculations represent initial ARM payments based on 30 year amortization. Interest and payments will adjust periodically based on agreement.
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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 application of additional loan level pricing adjustments will be determined by various loan attributes such as Loan-To-Value (LTV) ratio, credit score, transaction type, property type, product type, occupancy, and subordinate financing. The calculator above is for educational purposes only. Your actual rate, payment, and costs could be higher.

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Loan to Values (LTV) of 80% and above may require Private Mortgage Insurance (PMI).
*Calculations represent initial ARM payments based on 30 year amortization. Interest and payments will adjust periodically based on agreement.
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$1538.00
Refinance NOW

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 application of additional loan level pricing adjustments will be determined by various loan attributes such as Loan-To-Value (LTV) ratio, credit score, transaction type, property type, product type, occupancy, and subordinate financing. The calculator above is for educational purposes only. Your actual rate, payment, and costs could be higher.

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RATIO SLIDER
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Apply Today

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

When you're buying a home, mortgage lenders don't look just at your income, assets, and the down payment you have. They look at all of your liabilities and obligations as well, including auto loans, credit card debt, child support, potential property taxes and insurance, and your overall credit rating. Use our home affordability calculator to determine how much of a mortgage you may be able to obtain. 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.

THE DIFFERENCE BETWEEN ARM AND FIXED RATE HOME MORTGAGES

When choosing between an adjustable rate mortgage (ARM) or fixed rate, it’s important to understand how they work and what your needs are.  Meet Matt and The Dawsons and see what choice they made.

adjustable rate mortgage

ADJUSTABLE-RATE MORTGAGE

With an adjustable-rate mortgage, the interest rate may change in relation to an index and payments may go up or down accordingly.

Matt relocates frequently for work.

home mortgage loans when frequently moving
adjustable rate mortgages may change over time
lower initial interest rates

Matt enjoys the lower initial interest rate.                                 

fixed rate mortgage

FIXED-RATE MORTGAGE

With a fixed-rate mortgage, the interest rate and the monthly payment of principal and interest stay the same during the life of the loan.

The Dawsons love the area where they live and found their dream home.

find fixed mortgages for your dream home
with Fixed Rate mortgages, monthly payments never change
longer term stable payments

The Dawsons prefer the predictability of long-term, stable payments.

How long am I going to stay in my home?  

If you don’t plan to stay in your home for a long time you may want to consider an ARM, which typically has a lower initial interest rate than a fixed rate and you may save money in interest charges. The money you save could be put toward retirement, paying off debt, building an emergency fund, and more.

What can I afford?

  Knowing how much you can afford to pay month to month in mortgage payments will also help you decide between an ARM or fixed-rate mortgage. 

 

 

Looking for an investment property?

An investment property can be used to provide and supplement income. Whether you are considering buying a property to lease out, renovate and lease or simply hold for a few years, a balloon mortgage might be just the right option for you.

10-YEAR
BALLOON

Investment Property Mortgage

Rates as low as1 APR as low as1 Principal & Interest**
$

1Rates are based on evaluation of credit history, loan-to-value, and loan term, so your rate may differ. Rates subject to change at any time.

**This payment example assumes a loan with points, a loan amount of $ and an estimated property value of $143,000. Payments shown do not include taxes or insurance escrows; actual payments may be greater. Note: this is a 10-year fixed rate mortgage amortized over 30 years with the balance due and payable in full at the time of maturity. Loan matures in 10 years; you may apply to refinance the balloon payment ($ in this example) at maturity.

DISCLOSURES: Print IconPrint

* All rates and offers are in effect as of , 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 Representative 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.

** Rates are based on evaluation of credit history, loan-to-value, and loan term, so your rate may differ. Rates subject to change at any time.

1 Applicant is responsible for VA funding fee.

VA Mortgages: The maximum loan amount for a VA loan is the VA County Loan Limits. Can exceed VA County Limits to finance the funding fee on purchases only. Amount of loan will also be determined on available entitlement.

Funds must be used to purchase or refinance a property that will be the primary residence. Refinances of existing VA-guaranteed for purposes of lower interest rate also allowed (is not required to be primary residence).

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: Appraisal fee, tax service fee, application fee or CLO access fee, if applicable, 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 that was locked and reapply within 30 days, the new application is subject to worst case pricing.

2 Conventional Fixed Rate.

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.

Conforming Mortgages: For loan amounts from $25,000 to $484,350.00. Loan amounts up to $679,650.00 are available in Alaska, Guam and Hawaii. For purchase and limited cash out refinance, the maximum loan-to-value (LTV) and combined loan- to-value (CLTV) for a one unit property is 95% except for First Time Homebuyer and Home Ready programs which permit 97% financing. Loan amounts up to $484,350.00 are available in Puerto Rico and the maximum LTV and CLTV is 95%. Loans with a LTV of 80% or greater are subject to private mortgage insurance (PMI). The LTV and CLTV limits may vary depending on the property type, loan program and occupancy.

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: Appraisal fee, tax service fee, application fee or CLO access fee, if applicable, 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 that was locked and reapply within 30 days, the new application is subject to worst case pricing.

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

3 7/1 Adjustable Rate Jumbo Mortgage.

Adjustable 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.

7/1 ARMs - Offer available for purchases and refinances. The initial rate can change after 7 years by no more than 5 percentage points up or down. After the initial rate change, the rate will adjust annually by no more than 2 percentage points up or down, never to exceed 5 percentage points above the initial rate. When the rate adjusts at the initial rate change, your new rate will be the then current index (LIBOR) plus margin, which is currently set at 2.25% for the new products as long as it does not exceed the 5% adjustment cap.

Jumbo Mortgages:  For loan amounts above $484,350.00 to $2,000,000.00. For purchase and limited cash out refinance, the maximum loan-to-value (LTV) is 90% and the maximum combined loan-to-value (CLTV) is 90% for a one unit property. The LTV and CLTV limits may vary depending on the property type, loan program and occupancy.

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: Appraisal fee, tax service fee, application fee or CLO access fee, if applicable, 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 are required on certain transactions where flood insurance is needed. Escrows may be waived if LTV is 80% or less in all states.

Additional reserve requirements may apply.

If you withdraw an application that was locked and reapply within 30 days, the new application is subject to worst case pricing.

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

LEARN MORE

Outstanding service ethic.

Washington, DC

The American do-it-yourself mentality has driven our nation’s dynamic success at every level. The power of personal investment and pride get things accomplished on time and on target.

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My parents started with PenFed, and so did I.

San Francisco CA

I joined PenFed because both my parents were members - so glad I did. PenFed helped me get a great rate on my first new car.

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Consistent low rates and easy to work with.

Newark NJ

I went to Penfed to see if I qualified for a mortgage. My friends told me about all the trouble they've had using other lenders, but penfed made everything easy for me. Thank you Sarah and PenFed!

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Wherever I travel, I can work with PenFed.

Atlanta GA

I just started using Penfeds new Travel AMEX card on my last trip to Basal - my other cards charge me just for being away but not this card with Penfed.

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