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.
To receive any advertised product you must become a member of PenFed. Federally insured by the NCUA.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
1Closing Costs covered are Credit Report Fee, Flood Certification, Tax Service Fees, VA Funding Fees, Title Fees, Recording Fees, and Transfer Taxes. Other fees may apply such as discount points, pre-paid interest, property taxes, and property insurance, which will be the member's responsibility.