PENFED MORTGAGE CENTER

PENFED MORTGAGE CENTER

Rates starting at % (APR %)¹

Let PenFed Bring You Home With Confidence

  • Low Rates

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 Buyer

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.

  • 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.
Power Buyer

VA Loan

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

  • No down/low down payment required
  • No Private Mortgage Insurance necessary
  • Generally better interest rates
  • No prepayment penalty
VA Loan

Conventional Fixed

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. 

  • You don’t need Private Mortgage Insurance if you have 20% equity
  • Low down payments may be available
Conventional Fixed

Jumbo Loan

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.

  • Allows you to obtain a larger loan for your home
  • Perfect for high-cost areas that may require a non-conforming loan
Jumbo Loan

Adjustable Rate Mortgage

ARMs are loans that typically start with a lower fixed rate for a set amount of time. The interest rate may adjust up or down based on prevailing market conditions after the introductory period has expired.

  • Typically has a lower initial interest rate when compared to a conforming loan.
  • Rates may fluctuate over time up or down depending on market conditions
Adjustable Rate Mortgage

FHA Loan

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.

  • Minimum down payment of 3.5%
  • Lenient Credit Guidelines
  • Higher debt-to-income ratios compared to other loan types
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.6

Atm locator

Refinance your Home

Refinancing

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

  • 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
Refinancing

VA Streamline

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.

  • No Closing Costs
  • No appraisal necessary
  • No monthly PMI (Private Mortgage Insurance)
  • Lower interest rates
VA Streamline

HELOC

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

  • 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.
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

Free eBooks Download

EBOOKS

 Buying a Home

 Selling your Home

 Refinancing Your Home

DISCLOSURES:

1Rates 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.

2VA Fixed Rate

VA Mortgages: For loan amounts from $50,000 to $510,400. If loan amount is higher than $510,400 to $1,500,000, 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.

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.

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.

3Closing Costs covered are Credit Report Fees, Flood Certification, Tax Service Fees, VA Funding Fees, Title Fees, Recording Fees, and Transfer Taxes. Other fees may & taxes apply such as discount points, pre-paid interest, property taxes, and property insurance, which will be the member's responsibility.

4Conventional 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 $50,000 to $726,200. Loan amounts up to $822,375 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 $647,200 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). The LTV and CLTV limits may vary depending on the property type, loan program and occupancy.

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.

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.

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

5Fixed Jumbo Mortgage

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.

Jumbo Mortgages: For loan amounts above $726,200 to $5,000,000. For purchase and limited cash out refinance, the maximum loan-to-value (LTV) is 80% and the maximum combined loan-to-value (CLTV) is 80% for a one unit property. The LTV and CLTV limits may vary depending on the property type, loan program and occupancy.

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

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.

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.

The above disclosure applies to non-Veteran’s Administration (VA) loans. VA loans have different guidelines and eligibility requirements.

6Members 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 broker paid the real estate broker paid closing cost credit is not available in AK, IA, KS, LA, MO, MS, OK, OR or TN.