Can You Refinance a VA Loan?
What You’ll Learn:Who is eligible for VA mortgage refinancing, VA refinance options, and benefits.
Topic Discussed:Refinance, VA Loans, Generic, Home Ownership
Expected Read Time:10 MINS
Published: Nov 22, 2023
PenFed Mortgage with Confidence
CONVENTIONAL LOANS
Rates starting at % (APR
%)¹
What You’ll Learn:Who is eligible for VA mortgage refinancing, VA refinance options, and benefits.
Topic Discussed:Refinance, VA Loans, Generic, Home Ownership
Expected Read Time:10 MINS
Published: Nov 22, 2023
What You’ll Learn:The difference between PMI vs. MIP and how to get rid of mortgage insurance.
Topic Discussed:Purchase, Homebuying 101, First Time Home Buyer, Getting Started
Expected Read Time:3 MINS
Published: Nov 22, 2023
What You’ll Learn:Six strategies for getting the funds for a mortgage down payment on a new house
Topic Discussed:Purchase, Homebuying 101, First Time Home Buyer, Getting Started
Expected Read Time:8 MINS
Published: Nov 22, 2023
What You’ll Learn:Whether or not refinancing is the right option for you when rates are high.
Topic Discussed:Refinance, Conventional loans, Adjustable Rate Mortgage, Home Ownership
Expected Read Time:3 MINS
Published: Nov 22, 2023
What You’ll Learn:Are variable-rate mortgages bad? Why choose an ARM? When is an ARM a good idea?
Topic Discussed:Purchase, Adjustable Rate Mortgage, Homebuying 101, Getting Started
Expected Read Time:5 MINS
Published: Nov 21, 2023
What You’ll Learn:How to avoid 12 of the biggest mistakes first-time homebuyers make.
Topic Discussed:Purchase, Homebuying 101, First Time Home Buyer, Getting Started
Expected Read Time:7 MINS
Published: Nov 21, 2023
What You’ll Learn:The specific requirements your property must meet in order to be VA-approved.
Topic Discussed:Purchase, Homebuying 101, First Time Home Buyer, Getting Started
Expected Read Time:5 MINS
Published: Nov 21, 2023
What You’ll Learn:Lines of credit vs. loan: How you receive the cash, interest rate, and repayment
Topic Discussed:HELOC, Home equity, Refinance, Home Ownership
Expected Read Time:7 MINS
Published: Nov 08, 2023
What You’ll Learn:How to get a VA home loan, step-by-step, from eligibility to closing and more.
Topic Discussed:Purchase, Homebuying 101, VA Loans, Getting Started
Expected Read Time:8 MINS
Published: Nov 08, 2023
What You’ll Learn:FHA Loan Benefits, requirements, FHA inspections and the FHA application process
Topic Discussed:Purchase, Homebuying 101, First Time Home Buyer, Getting Started
Expected Read Time:5 MINS
Published: Nov 08, 2023
CONVENTIONAL LOANS
Rates starting at % (APR
%)¹
Rates as Low as % APR* with flexible use of funds
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.
*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.
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).
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 and 4.75% for investment properties.
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:
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).
Home Equity Line of Credit:
Minimum Loan Amount Requirements in all States:
Other terms and conditions apply; call 844-918-4307 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.