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Affinity Title

  1. Home
  2. Mortgage
  3. Refinance
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Refinance rates starting at % (APR %)¹

Affordable home ownership.

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Decreased payments

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Lower total interest

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Cash out available

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

  • What is Refinancing
  • Benefits
  • How to Refinance
  • 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

What is Refinancing?

Refinancing your mortgage means taking out a new mortgage to pay off and replace your existing mortgage. This is typically done to achieve a better interest rate, reduce your term, or even get cash to consolidate debt.

Types of Refinancing Loans

  • Rate-and-Term Refinance – lets homeowners change their existing loan’s interest rate, term or both.

  • VA Interest Rate Reduction Loan (IRRRL) - is a streamline refinance (This is the VA’s version of a rate-and-term refinance) it lets homeowners change their existing loan’s mortgage rate, loan term, or both.

  • Cash-Out Refinance - to take advantage of the equity in your home

  • Home Equity Line of Credit (HELOC) – a revolving line of credit secured by your home to use for large expenses or to consolidate higher-interest rate debt from other loans.

Mortgage Knowledge Center

When is the Best Time to Refinance?
10 Reasons Why You Should Refinance

VA Streamline Refinance

No Closing Costs!2

PenFed has just announced the most cost effective way to refinance a VA Loan.

We cover the closing costs2 for the following fees as applicable:

  • VA Funding Fees
  • Title Fees
  • Recording Fees
  • Transfer Taxes
  • Appraisal Fee
  • Credit Report
  • Flood Certification

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

Benefits of Refinancing with PenFed

When it's time to refinance your home, working with your PenFed Loan Officer makes the entire process simple and easy. You can:

Get money for home improvements to increase its value

Shorten the length of your loan or lower the interest rate

Combine two mortgages into one

How Do I Refinance My Home?

You may need the following to refinance your mortgage:

  • Proof of income - typically 1 - 2 months of paystubs
  • At least 1 year of W2s
  • Acceptable debt-to-income-ratio (DTI)

Possible additional financial verification:

  • Self-employment income (2 years of tax returns)
  • Current debts information (auto, alimony, credit card, etc.)

Mortgage Knowledge Center

What Are the Benefits of Refinancing?
What is an IRRRL?

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

Free eBooks Download

free ebook download ready, set, refi

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 ready, set, refi

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

When is the Best Time to Refinance?

Should I Refinance to Pay Off Debt or Student Loans?

Can I Refinance a VA Loan?

See All Articles

PenFed Mortgage Products

VA Loans
Conventional Loans
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.

2Closing 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 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 Cash out is LTV/CLTV 90% Including any financed funding fee 

VA IRRRL Existing VA loan balance- LTV/CLTV -100% plus financed funding fee. 

Conforming Mortgages: For loan amounts from $50,000 to $726,200. Loan amounts up to $1,089,300 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 $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 program, loan amount, loan limit and occupancy.

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, Guam 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 amount, loan limit, loan program and occupancy.

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 September 2023 unless otherwise noted and are subject to change.

APY = Annual Percentage Yield
APR = Annual Percentage Rate


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Routing #256078446

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IMPORTANT NOTICE

You are leaving PenFed.org and entering a third party Website that is not a part of Pentagon Federal Credit Union.


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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