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Affinity Title

  1. Home
  2. Mortgage
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Interest rates are climbing  |  Get Your Rate Today!

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Home Loan rates starting at % (APR %)¹

Affordable home ownership.

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Fast approvals

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Closings to fit your schedule

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0% down loan options

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

  • 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

  • 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

  • Buy a Home
  • Refinance Your Home
  • Knowledge Center
  • 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

  • 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

Buy a Home

Power Buyer2

Combining the best of a pre-approval with a 60-day rate lock to give you the tools you need to make a compelling offer in this competitive market.

Rates starting at
% (APR %)¹

  • Reducing complexity and red tape.
  • Starting your home search with a pre-approval in hand.
  • Providing you peace of mind knowing that you've locked your rate in while looking for a home.
  • Buyers that need to act fast to compete with cash offer
  • Knowing what you can offer with up-front approval
  • Locking in low rates while you shop for a home
  • Facilitating competitive offers when selling
Learn More
Power Buyer

VA Loan3

VA Loans are government-backed mortgages that offer highly competitive interest rates, with little to no down payment required.
 

Rates starting at
% (APR %)

  • No down/low down payment required
  • No Private Mortgage Insurance necessary
  • Generally better interest rates
  • No prepayment penalty
  • Currently enlisted
  • Veterans
  • National Guard or Reservists
  • Surviving spouse
Learn More
VA Loan

Conventional Fixed4

Conventional fixed-rate loans have an interest rate that is locked-in at the start of the loan period and remains constant throughout the loan term. 

Rates starting at
% (APR %)

  • You don’t need Private Mortgage Insurance if you have 20% equity
  • Low down payments may be available
  • Borrowers wanting a low down payment loan
  • Those who want the security of a locked-in rate for the term of the loan
Learn More
Conventional Fixed

Jumbo Loan5

Jumbo loans are required for mortgages that exceed the current maximum threshold set by the Federal Housing Finance Agency (FHFA). For 2023, the baseline loan limit is over $726,200.
 

Rates starting at
% (APR %)

  • Allows you to obtain a larger loan for your home
  • Perfect for high-cost areas that may require a non-conforming loan
  • A borrower who needs a loan that exceeds conforming guidelines
  • A borrower with good credit and a strong income
Learn More
Jumbo Loan

FHA Loan6

A Federal Housing Administration (FHA) loan is a mortgage insured by the government and requires a lower down payment and minimum credit score compared to other conventional loans.

Rates starting at
% (APR %)

  • Minimum down payment of 3.5%
  • Lenient Credit Guidelines
  • Higher debt-to-income ratios compared to other loan types
  • First-time homebuyers
  • Borrowers with limited cash on hand
  • Borrowers with credit scores below 650
Learn More
FHA Loan

Buy or Sell a Home

Receive up to $1,500 towards closing when working with PenFed’s nationwide network of expert real estate professionals.7

Learn More
Atm locator

Refinance your Home

Refinancing8

Mortgage refinancing replaces your current mortgage with a new one so you can take advantage of better rates, shorter terms and other great benefits

Rates starting at
% (APR %)

  • May offer a lower interest rate when compared to your existing mortgage
  • Might shorten the term of the mortgage
  • Get cash to consolidate debt, pay off loans
  • Interest rates have dropped
  • You want cash from the equity for debt consolidation
Learn More
Refinancing

VA Streamline9

Otherwise known as a VA Interest Rate Reduction Refinance (IRRRL) this is the preferred means by which to refinance a VA Loan to reduce your rate or term.

Rates starting at
% (APR %)

  • No Closing Costs
  • No appraisal necessary
  • No monthly PMI (Private Mortgage Insurance)
  • Lower interest rates
  • Active-duty service members and veterans looking to refinance an existing VA mortgage
  • Surviving Spouse
Learn More
VA Streamline

HELOC10

A Home Equity Line of Credit (HELOC) is an excellent way for current homeowners to utilize the equity they have in their home.
 

Rates as low as % APR

  • You can leverage the equity in your home to consolidate debts.
  • You can take cash out for home improvements or other large purchases.
  • You can use your equity and access funds for other real estate investments.
  • You can leverage the equity in your home to consolidate debts.
  • You can take cash out for home improvements or other large purchases.
  • You can use your equity and access funds for other real estate investments.
Learn More
HELOC

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

Mortgage Payment Calculator

Estimate your mortgage payment, based on your home’s purchase price, down payment, rate, and term.

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.

Free eBooks Download

free ebook download from curious to closing

EBOOKS

 Buying a Home

 Selling Your Home

 Refinancing Your Home

 FHA Loans 101

 VA Loans – Everything You Need to Know

Free eBooks
free ebook download from curious to closing

EBOOKS

 Buying a Home

 Selling Your Home

 Refinancing Your Home

 FHA Loans 101

 VA Loans – Everything You Need to Know

Free eBooks

Mortgage Knowledge Center

What are the Steps to Buying a Home?

Can I Afford to Buy a Home?

10 Things New Homebuyers Need to Know

See All Articles

PenFed Mortgage Products

Power Buyer
VA Loans
Conventional Loans
Refinancing
Jumbo Loans
HELOC
ARM Loans

Disclosures

1Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 75%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.

Rates quoted may require a loan origination fee. For some products, options without this fee may be available for an increased interest rate.

2Power Buyer

Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on 1.25 discount point, which equals 1.25 percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 75%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.

Power Buyer Certification is contingent on a full underwriting review and approval of loan documentation and other creditworthiness conditions. Offering is subject to change at any time, some loan programs may be excluded. Talk to a PenFed Mortgage Loan Officer for additional details.

Power Buyer Lock While You Shop is applicable to first mortgage pre-approval home purchases that have received approve/eligible finding. Not applicable on HELOC or refinance transactions. To ensure timely closing within the rate lock period, the borrower should provide an executed sales contract and full property address to PenFed within the initial 30 days of the lock period. Extending a rate lock is subject to applicable rate extension fees to be paid at closing. Some loan programs may be excluded. Offering is subject to change at any time, some loan programs may be excluded. Talk to a PenFed Mortgage Loan Officer for additional details.

Power Buyer Cash Buyer Financing is available to clients who have purchased a home for cash, provided all other cash-out refinance eligibility requirements are met. Buyer must apply for a cash-out refinance or first lien HELOC within 180 days of the cash purchase. 80% maximum LTV for Single Unit primary residence. Excludes cash-out refinances in Texas.

Power Buyer Solutions are subject to change at any time and without notice. Talk to a PenFed Mortgage Loan Officer for additional details. 

Certain loan types may not be eligible for Power Buyer.

3VA Loans

Rates are updated daily at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $450,000; loan-to-value ratio of 95%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.

Rates quoted may require a loan origination fee which may be waived for an increase in interest rate for some products.

Qualified veterans with their full entitlement can borrow up to the county limit with no down payment. Veterans who have one or more active VA loans or who defaulted on a previous VA loan may be required to make a down payment.

VA Mortgages: For loan amounts from $50,000 to $726,200. If loan amount is higher than $726,200 to $3,000,000, higher rates may apply. Veterans will have greater access when using their no-down payment home loan benefit. Veterans seeking to obtain what are commonly referred to as "jumbo" loans, or Veterans living in higher-cost markets, will no longer be subject to the Federally-established conforming loan limit maximums. After January 1, 2020, Veterans may obtain no-down payment VA-backed loans in all areas of the country, regardless of home prices. The amount of the loan will be determined on available entitlement and the location of the property. See www.benefits.va.gov.

The LTV and CLTV limits may vary depending on the property type, loan limit, loan program and occupancy.

Applicant is responsible for VA funding fee. Funds must be used to purchase or refinance a property that will be the primary residence. Refinances of an existing VA-guaranteed mortgage for the purpose of lowering the interest rate is also allowed (is not required to be primary residence).

The applicant is responsible for the following fees and costs at the time of closing: appraisal fee, tax service 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.

4Conventional Loans

Rates are updated daily at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 75%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.

Rates quoted require a loan origination fee of 1%. Options without this fee available for an increased interest rate.

The applicant is responsible for the following fees and costs at the time of closing: appraisal fee, tax service 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.

Conforming Mortgages: For loan amounts from $50,000 to $726,200. Loan amounts up to $1,089,300 are available in Alaska 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 $726,200 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). PMI is applicable to conventional and not VA. The LTV and CLTV limits may vary depending on the property type, loan limit, loan program and occupancy.

5Jumbo Loans

Rates are updated daily at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, non-conforming, fixed-rate loan. Loan amount of $1,009,000; loan-to-value ratio of 70%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.

Rates quoted require a loan origination fee of 1%. Options without this fee available for an increased interest rate.

Additional reserve requirements may apply.

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.

Jumbo Mortgages: For loan amounts above $726,200 to $3,000,000. Conforming loan amounts offered up to $1,089,300 are available in Alaska and Hawaii. For purchase and limited cash out refinance, the maximum loan-to-value (LTV) is 70% and the maximum combined loan-to-value (CLTV) is 70% for a one unit property. The LTV and CLTV limits may vary depending on the property type, loan limit, loan program and occupancy.

6FHA Loans

Rates are updated daily at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 96.5%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.

Rates quoted require a loan origination fee of 1%. Options without this fee available for an increased interest rate.

Conforming Mortgages: For loan amounts from $50,000 to $726,200. Loan amounts up to $1,089,300 are available in Alaska 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 $726,200 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). PMI is applicable to conventional and not VA loan. The LTV and CLTV limits may vary depending on the property type, loan limit, loan program and occupancy.

Maximum loan amount are subject to FHA loan limits and dependent on the number of units.

7Members are eligible to receive the real estate broker paid closing credit when their transaction is completed with both PenFed mortgage and the referred PenFed real estate network agent to purchase their new home. Member must use the PenFed qualified real estate network agent assigned to member to close their real estate transaction. If Member has already closed on a property or are currently using, and wish to continue using, an unqualified PenFed network real estate agent, Member will not qualify for this benefit. Real estate broker paid closing cost credit will be $1,000 for purchase prices up to $699,999K and $1,500 for purchase prices over $700,000. Credit must be listed on the sales contract or addendum, and on the final Closing Disclosure (CD). Members can obtain lender and real estate services separately, but the real estate broker paid closing cost credit will not apply. The seller and/or other credits must be reduced if the loan has reached the maximum allowable credit limit per the loan product.

Due to state guidelines the real estate broker paid closing cost credit is not available in AK, IA, KS, LA, MO, MS, OK, OR or TN.

8Refinancing

Rates are updated daily at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 75%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.

Rates quoted may require a loan origination fee. For some products, options without this fee may be available for an increased interest rate.

9VA Streamline

Rates are updated daily at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $450,000; loan-to-value ratio of 95%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.

Rates quoted may require a loan origination fee which may be waived for an increase in interest rate for some products.

VA Streamline Refinance: Closing Costs covered are Credit Report Fees, Flood Certification, Tax Service Fees, VA Funding Fees, Title Fees, Recording Fees, and Transfer Taxes. Other fees & taxes may apply such as Taxes, discount points, pre-paid interest, property taxes, and property insurance, which will be the member's responsibility.

VA fixed Rate

VA Mortgages: For loan amounts from $50,000 to $726,200. If loan amount is higher than $726,200 to $3,000,000, higher rates may apply. Veterans will have greater access when using their no-down payment home loan benefit. Veterans seeking to obtain what are commonly referred to as "jumbo" loans, or Veterans living in higher-cost markets, will no longer be subject to the Federally-established conforming loan limit maximums. After January 1, 2020, Veterans may obtain no-down payment VA-backed loans in all areas of the country, regardless of home prices. The amount of the loan will be determined on available entitlement and the location of the property. See www.benefits.va.gov.

VA IRRRL's transactions not eligible for promotions.

10HELOC

Prime Rate is % as of . The APR for this Home Equity Line of Credit (HELOC) is based on prime plus a margin and can change monthly. Fixed Rate Advances will be amortized over the Fixed Rate Advance Term, with the payment consisting of principal and interest. Your Annual Percentage Rate for a Fixed Rate Advance will be calculated by adding your Prime Rate, your Margin, and the Additional Fixed Rate Lock-In Margin. Your Annual Percentage Rate for a Fixed Rate Advance shall not exceed 18% and shall be equal to or greater than % for primary residences and second homes.

 

  • Annual Fee: Notwithstanding the foregoing, an annual fee of $99 will be assessed on each account anniversary if $99 in interest was not paid during the preceding 12-month period.
  • Home equity lines of credit (HELOC) are variable rate loans and the interest rate is subject to increase after consummation of the loan on monthly basis. Closing costs range between $500 and $8,500 for credit lines of $500,000. Contact a representative for additional details.

 

Appraisals: PenFed will attempt to establish value via an independent method. If that method is unsuccessful, or the value is not sufficient for the amount requested, an appraisal will be required regardless of CLTV. An appraisal is always required in the following circumstances:

For all loans with a loan amount greater than $400,000.

If an appraisal is required, it must be ordered by PenFed. You will be contacted for authorization and payment prior to ordering. Appraisal fees average $550 to $850 (some run higher).

 

  • Closing Cost Credit: PenFed will pay most closing costs associated with a home equity line of credit (HELOC), which includes credit report, flood certification, settlement/closing, property ownership and encumbrances search, recording, property search, and quick close. Member is responsible for any city, county, and/or state taxes if the subject property is located in FL, LA, MD, MN, NY, TN, or VA. If an appraisal is required, the member, who is responsible for the fee whether or not the loan closes, will pay the cost.

 

Interest may be tax deductible, consult a tax advisor for further information regarding the tax deductibility of interest and charges.

Fixed Rate Advance Lock-In You may lock in an Annual Percentage Rate for Advances during the Draw Period. During your Draw Period, you may choose to have three separate Fixed Rate Advances locked in at any one time, with a maximum of two new Fixed Rate Advances per calendar year. Each Fixed Rate Advance must equal or exceed Ten Thousand Dollars ($10,000.00) and you may not request a Fixed Rate Advance that would cause the amount you owe to exceed your Credit Limit. The only term option for your Fixed Rate Advance is 240 months ("Fixed Rate Advance Term"). However, the term of your Fixed Rate Advance cannot exceed your Repayment Period.

Fixed Rate Advances will be amortized over the Fixed Rate Advance Term with the payment consisting of principal and interest. Your Annual Percentage Rate for a Fixed Rate Advance will be calculated by adding your Prime Rate, your Margin and the Additional Fixed Rate Lock-In Margin. Your Annual Percentage Rate for a Fixed Rate Advance shall not exceed 18% and shall be equal to or greater than % for primary residences and second homes.

Property Insurance: Property insurance is required.

Multiple PenFed Loans: Multiple PenFed Equity loans and HELOCs are available as long as the member and collateral qualify (except Texas). For Equity loans and HELOCs the total indebtedness cannot exceed $500,000 for all PenFed Equity and HELOCs combined.

PenFed does not lend on:

 

  • Mobile homes
  • Co-ops or time-shares
  • Properties that are currently listed on the market for sale
  • Commercial property or property used for commercial purposes, even if a residence is part of the property
  • Undeveloped property (land only)
  • Properties with more than 4 units

 

Properties that are currently under major construction/renovations: Property must be fully livable, with no safety issues. (Examples: no missing rails from stairs/decks, no open walls with wires showing, missing kitchen appliances/counters, missing bath fixtures or unfinished pool).

 

  • Additional limitations may apply
  • Home Equity Line of Credit:
  • This Account has a Draw Period of 10 years, followed by a repayment period of 20 years.
  • If only minimum payments are made during the draw period, the loan balance will not decrease.
  • In Texas, the maximum CLTV available is 80% on owner occupied properties. Additional restrictions apply in Texas, so please ask a representative for details.
  • In all other states, the maximum CLTV is 85% on owner occupied properties and second homes. Additional restrictions or requirements may apply based on application characteristics.
  • Property type of Condo has a maximum CLTV of 80%.
  • The maximum CLTV available is dependent on credit qualification.
  • Rates vary depending on owner occupancy and CLTV and other loan criteria.

 

Minimum Loan Amount Requirements in all States:

 

  • For an owner occupied property or second home the minimum loan amount is $25,000 and the maximum amount is $500,000 with a CLTV of 85% or less of the fair market value.

 

Other terms and conditions apply; call 800-970-7766 to speak with a representative for details. All rates and offers are subject to change without notice. To receive advertised product, you must become a member of PenFed.

General Disclosures

Points are the responsibility of the borrower and not covered in promotions.

To receive any advertised product you must become a member of PenFed. 

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This credit union is federally insured by the National Credit Union Administration. Rates are current as of October 2023 unless otherwise noted and are subject to change.

APY = Annual Percentage Yield
APR = Annual Percentage Rate


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The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. PenFed takes no responsibility for the content of the page.


IMPORTANT NOTICE

You are leaving PenFed.org and entering a third party site. PenFed Realty, LLC is wholly owned by PenFed and this referral may provide PenFed a financial or other benefit.


For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure.


IMPORTANT NOTICE

You are leaving PenFed.org and entering a third party Website.


The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. PenFed takes no responsibility for the content of the page.


IMPORTANT NOTICE

You are leaving PenFed.org and entering a third party site. PenFed Title, LLC is wholly owned by PenFed and this referral may provide PenFed a financial or other benefit.


For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure.


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PenFed App
PenFed PenFed, Inc FREE - On Google Play