Purchase your home with our Real Estate Rewards program and claim your benefit.
Who is this for?
Save 0.5% of your loan amount up to $20,0001 when you use a network real estate agent and preferred title provider to buy your next home using any Fixed, VA, or ARM PenFed first mortgage product! Below are a couple examples on how it can save you money.
James in Maryland could save $1,480
with Real Estate Rewards.
Mortgage Type: Adjustable-Rate
Loan Amount: $296,000
0.5% of loan amount : $1,480
Total Savings: $1,480
Sandra in Texas saved $2,530
with Real Estate Rewards.
Mortgage Type: Fixed-Rate
Loan Amount: $506,000
0.5% of loan amount: $2,530
Total Savings: $2,530
Promotions are in effect for completed applications submitted on or after December 28, 2018 and subject to change without notice. and subject to change without notice. Only purchase transactions are eligible for promotions. To receive any advertised product or service, you must become a member of PenFed.
1 On eligible fixed-rate and adjustable rate first mortgages, PenFed will give a promotional credit of .50% of the loan amount not to exceed $20,000. To receive the maximum amount offered of $20,000, the loan amount must be $4 million. The average promo savings is $1,416 as a lender credit. Available when obtaining an eligible mortgage through PenFed, using a network real estate agent and using our affiliated title providers. In states where PenFed does not have an affiliated title company, and in Florida, New York and Texas, members can choose their own title company and still be eligible for the promotion. The application of additional loan level pricing adjustment 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. Promotion available for the purchase of a primary residence, second home or investment property only. The promotional credit cannot be used for the downpayment. Other restrictions may apply.
On eligible fixed rate VA mortgages, PenFed will give a promotional credit of 0.50% of the total loan amount. Loan amounts available up to Department of Veterans Affairs' (VA) 2019 loan limits for the One-Unit Limit. While a veteran may use the promotion to acquire a property up to 2-units in size, the total loan amount will be based on the One-Unit (single-family residence) limit for the county in which the collateral is located. Veteran may finance the funding fee and still be eligible for the promotional credit even if the addition of the financed funding fee exceeds the county loan limit. Available when obtaining an eligible mortgage through PenFed, using a network real estate agent and using our affiliate title providers. In states where PenFed does not have an affiliated title company, and in Florida, New York and Texas, members can choose their own title company and still be eligible for the promotion. Promotion available for the purchase of a primary residence. Applicant is responsible for VA funding fee. Lender credit cannot be used for downpayment. Other restrictions may apply.
What does closing cost mean?
Closing cost is the total of all the items that must be paid at closing related to your new mortgage.
What is an adjustable rate mortgage?
An adjustable rate mortgage, commonly referred to as an ARM, is a loan type that allows the lender to adjust the interest rate during the term of the loan. Generally, these changes are determined by a margin and an index so that the interest rate changes, up or down, are based on market conditions at the time of the change. Most often these interest rate changes are limited by a rate change cap and a lifetime cap. If you apply for an adjustable rate mortgage, the lender is required to provide you with an ARM Program Disclosure which spells out the terms of the loan.
What does a title company do?
A company that specializes in examining titles to real estate and issuing title insurance.