Mortgage Overview - All Rates
  • 15/15 ARM Conforming Loan

    15/15 Adjustable Rate Mortgage

     

     

    How It Works:

     

    • Limited Time Special Offer!
    • For Purchases & Refinances
    • Primary Residence & Second Homes (Investment properties are not eligible)
    • Loan amounts up to $417,000
    • 1% Origination Fee

    15/15 ARM Jumbo Loan

    15/15 Adjustable Rate Jumbo Mortgage

    How It Works:

    • Limited Time Special Offer!
    • For Purchases & Refinances
    • Primary Residence & Second Homes (Investment properties are not eligible)
    • Loan amounts from $417,000 up to $2 Million
    • 1% Origination Fee

    5/5 ARM Conforming Loan

    5/5 Adjustable Rate Mortgage 

     

     

    How It Works

    • For home purchases or refinancing up to $4 million
    • Offers not available on investment properties
    • See below for loan to value and combined loan to value limits for conforming, jumbo, super jumbo mortgages, and condos
    • Free 90-day rate lock***
    • New Feature! Rate Reset Protection: We've added ease and convenience to your mortgage loan experience with Rate Reset Protection.¹ In just "one click," eligible borrowers now have the option to reset a rate up to five times during the life of their loan. The Rate Reset Protection feature must be selected during the original mortgage application process.
    • See additional details below
     

     

    5/5 ARM Jumbo Loan

    5/5 Adjustable Rate Jumbo Mortgage 

     

    How It Works

     
    • For home purchases or external refinancing up to $4 million
    • Offers not available on investment properties
    • See below for loan to value and combined loan to value limits for conforming, jumbo, super jumbo mortgages, and condos
    • Free 90-day rate lock***
    • New Feature! Rate Reset Protection: We've added ease and convenience to your mortgage loan experience with Rate Reset Protection.¹ In just "one click," eligible borrowers now have the option to reset a rate up to five times during the life of their loan. The Rate Reset Protection feature must be selected during the original mortgage application process.
    • See additional details below

    5/1 ARM Conforming Loan

    How It Works:

    5/1 Adjustable Rate Mortgage 

       

    • Special: No Origination Fee! 
    • Free 90-day rate lock***
    • Apply online for a pre-qualification

    5/1 ARM Jumbo Loan

    How It Works:

     

    • Free 90-day rate lock***
    • Apply online for a pre-qualification
    • 1% Origination Fee

     

    Please click on any of the rates in the table to the right to see the payment spread.

     

    RatePointsAPR
    2.875% 0.000 2.962%
    2.750% 0.250 2.939%
    2.625% 0.750 2.935%

    Get Started

    15/15 ARM Conforming Loan

    15/15 Adjustable Rate Mortgage

     

     

    How It Works:

     

    • Limited Time Special Offer!
    • For Purchases & Refinances
    • Primary Residence & Second Homes (Investment properties are not eligible)
    • Loan amounts up to $417,000
    • 1% Origination Fee

    15/15 ARM Jumbo Loan

    15/15 Adjustable Rate Jumbo Mortgage

    How It Works:

    • Limited Time Special Offer!
    • For Purchases & Refinances
    • Primary Residence & Second Homes (Investment properties are not eligible)
    • Loan amounts from $417,000 up to $2 Million
    • 1% Origination Fee

    5/5 ARM Jumbo Loan

    5/5 Adjustable Rate Jumbo Mortgage 

     

    How It Works

     
    • For home purchases or external refinancing up to $4 million
    • Offers not available on investment properties
    • See below for loan to value and combined loan to value limits for conforming, jumbo, super jumbo mortgages, and condos
    • Free 90-day rate lock***
    • New Feature! Rate Reset Protection: We've added ease and convenience to your mortgage loan experience with Rate Reset Protection.¹ In just "one click," eligible borrowers now have the option to reset a rate up to five times during the life of their loan. The Rate Reset Protection feature must be selected during the original mortgage application process.
    • See additional details below

    5/5 ARM Conforming Loan

    5/5 Adjustable Rate Mortgage 

     

     

    How It Works

    • For home purchases or refinancing up to $4 million
    • Offers not available on investment properties
    • See below for loan to value and combined loan to value limits for conforming, jumbo, super jumbo mortgages, and condos
    • Free 90-day rate lock***
    • New Feature! Rate Reset Protection: We've added ease and convenience to your mortgage loan experience with Rate Reset Protection.¹ In just "one click," eligible borrowers now have the option to reset a rate up to five times during the life of their loan. The Rate Reset Protection feature must be selected during the original mortgage application process.
    • See additional details below
     

     

    30-Year Fixed Conforming Loan

    • For home purchase or refinancing
    • Offers not available on investment properties
    • Loan amounts up to $417,000
    • 1% origination fee
    • Free 60-day rate lock***

     

    Please click on any of the rates in the table to the right to see the payment spread.

     

    RatePointsAPR
    4.250% 0.000 4.355%

    Get Started

    20-Year Fixed Conforming Loan

    • For home purchase or refinancing
    • Loan amounts up to $417,000
    • Free 60-day rate lock***
    • 1% Origination Fee

     

    Please click on any of the rates in the table to the right to see the payment spread.

     

    RatePointsAPR
    4.000% 0.000 4.184%
    3.875% 0.750 4.146%
    3.750% 1.625 4.124%

    Get Started

    15-Year Fixed Conforming Loan

    • For home purchase or refinancing
    • Loan amounts up to $417,000.
    • 1% origination fee
    • Free 60-day rate lock***

     

    Please click on any of the rates in the table to the right to see the payment spread.

    RatePointsAPR
    3.375% 0.000 3.607%
    3.250% 0.250 3.518%
    3.125% 0.875 3.485%

    Get Started

    10-Year Fixed Conforming Loan

    • For home purchase or refinancing
    • Loan amounts up to $417,000
    • Free 60-day rate lock***
    • 1% Origination Fee

     

    Please click on any of the rates in the table to the right to see the payment spread.

     

    RatePointsAPR
    3.000% 0.000 3.334%
    2.875% 0.375 3.289%
    2.750% 1.125 3.324%

    Get Started

    15-Year Fixed Jumbo Loan

    How It Works

     
    • For home purchase or refinancing
    • Loan amounts between $417,001 and $750,000
    • 80% LTV†
    • Free 60-day rate lock, 90-day rate lock on all Super Jumbos***
    • Super Jumbo loans for loan amounts between $750,001 and $4 million
    • 1% origination fee

     

    Please click on any of the rates in the table to the right to see the payment spread.

     

    † LTV over 60% generally requires a Loan Level Pricing Adjustment. LLPA varies dependent upon credit score.

    RatePointsAPR
    3.625% 0.000 3.789%
    3.500% 0.250 3.701%
    3.375% 0.875 3.668%

    Get Started

    10 Year Balloon - Investment Property Product

    How It Works

     
    • For home purchase or refinancing 
    • Loan amounts up to $417,000
    • 75% LTV†/ 70% LTV MI & FL
    • Free 60-day rate lock*** 
    • 1% Origination Fee 

     

    Please click on any of the rates in the table to the right to see the payment spread.

     

    † LTV over 70% requires a .5% Loan Level Pricing Adjustment 

    RatePointsAPR
    4.750% 0.000 4.968%

    Get Started

    30-Year Fixed Rate Mortgage

    How It Works

     
    • Loan amounts up to $625,500 for single family homes based on property location. For example, the maximum single family loan amount in the Washington, DC metropolitan area is $625,500. Check HERA loan limits in your area. 
    • The maximum loan-to-value (LTV) for homes financed in the states of Florida, Arizona, Nevada and Michigan is 80%. All other states maximum loan-to-value (LTV) is 85%. Private Mortgage Insurance required for LTVs above 80%. The maximum combined loan-to-value (CLTV) is 90%.
    • For condominiums, the maximum LTV/CLTV is 80% in DC, MD & VA; 70% in all other states.
    • Cash-out maximum LTV/CLTV is 80% on primary residences only and no cash-out on condominiums or second homes.
    • For second home purchases or limited refinance loans, the maximum LTV/CLTV is 80%.
    • Refinances require a minimum of 6 months of seasoning since the last refinance or date of purchase.
    • 1% origination fee

    Please click on any of the rates in the table to the right to see the payment spread.

    RatePointsAPR
    4.000% 0.000 4.094%

    Get Started

    15-Year Fixed Rate Mortgage

    How It Works

     
    • Loan amounts up to $625,500 for single family homes based on property location. For example, the maximum single family loan amount in the Washington, DC metropolitan area is $625,500. Check HERA loan limits in your area. 
    • The maximum loan-to-value (LTV) for homes financed in the states of Florida, Arizona, Nevada and Michigan is 80%. All other states maximum loan-to-value (LTV) is 85%. Private Mortgage Insurance required for LTVs above 80%. The maximum combined loan-to-value (CLTV) is 90%.
    • For condominiums, the maximum LTV/CLTV is 80% in DC, MD & VA; 70% in all other states.
    • Cash-out maximum LTV/CLTV is 80% on primary residences only and no cash-out on condominiums or second homes.
    • For second home purchases or limited refinance loans, the maximum LTV/CLTV is 80%.
    • Refinances require a minimum of 6 months of seasoning since the last refinance or date of purchase.
    • 1% origination fee

    Please click on any of the rates in the table to the right to see the payment spread.

    RatePointsAPR
    3.625% 0.000 3.791%
    3.500% 0.750 3.777%
    3.375% 1.625 3.782%

    Get Started

    30-Year Fixed Rate Jumbo

    • For home purchases or refinancing
    • Available for loans greater than $417,000 up to $2 million
    • 1% origination fee

     

    Please click on any of the rates in the table to the right to see the payment spread.

    RatePointsAPR
    4.000% 0.000 4.092%

    Get Started

    5/5 ARM Jumbo Loan

    5/5 Adjustable Rate Jumbo Mortgage 

     

    How It Works

     
    • For home purchases or external refinancing up to $4 million
    • Offers not available on investment properties
    • See below for loan to value and combined loan to value limits for conforming, jumbo, super jumbo mortgages, and condos
    • Free 90-day rate lock***
    • New Feature! Rate Reset Protection: We've added ease and convenience to your mortgage loan experience with Rate Reset Protection.¹ In just "one click," eligible borrowers now have the option to reset a rate up to five times during the life of their loan. The Rate Reset Protection feature must be selected during the original mortgage application process.
    • See additional details below

    30-Year VA Fixed Loan

    • For home purchase or refinancing  
    • Loan amounts available up to $417,000 and higher based on VA County limits. Click here for list.
    • No origination fee
    • Free 60-day rate lock***

     

    Please click on any of the rates in the table to the right to see the payment spread.

     

    RatePointsAPR
    4.250% 0.000 4.575%

    Get Started

    15-Year VA Fixed Loan

    • For home purchase or refinancing
    • Loan amounts available up to $417,000 and higher based on VA County limits. Click here for list.
    • No origination fee
    • Free 60-day rate lock***

     

    Please click on any of the rates in the table to the right to see the payment spread.

     

    RatePointsAPR
    3.375% 0.000 3.935%
    3.250% 0.250 3.846%
    3.125% 0.875 3.815%

    Get Started
  • 30-Year Fixed Mortgage Payment Example: The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $250,000 and an estimated property value of $350,000. The property is located in Alexandria, VA and is within Fairfax County. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 740. At a 4.250% interest rate, the APR for this loan type is 4.355% based on 0 points, other rates and terms available. The monthly payment schedule would be 359 payments of $1,229.85 and 1 payment for $1,229.83 at an interest rate of 4.250%. Actual monthly payments will be higher and will also include amounts for real estate taxes and homeowner's insurance premiums. NOTE: A 1% origination fee applies to this loan. The origination fee may be waived by adding a 0.25% to the selected rate. The application of points will be determined by the loan to value (LTV) ratio combined with certain representative credit scores. Additional points also apply to certain cash-out refinance transactions, certain condominium transactions, and some transactions with subordinate financing that will reflect on the Good Faith Estimate and/or Settlement Statement. For purchase transactions, the rate cannot be locked until PenFed has received a ratified purchase agreement. Points are the responsibility of the borrower and not covered in promotions.

     

    30-Year Fixed Jumbo Mortgage Payment Example: The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $600,000 and an estimated property value of $750,000. The property is located in Alexandria, VA and is within Fairfax County. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 740. At a 4.000% interest rate, the APR for this loan type is 4.092%, other rates and terms available. The monthly payment schedule would be 359 payments of $2,864.49 and 1 payment of $2,865.21 at an interest rate of 4.000%. Actual monthly payments will be higher and will also include amounts for real estate taxes and homeowner's insurance premiums. NOTE: A 1% origination fee applies to this loan. The origination fee may be waived by adding a 0.25% to the selected rate. The application of points will be determined by the loan to value (LTV) ratio combined with certain representative credit scores. Additional points also apply to certain cash-out refinance transactions, certain condominium transactions, and some transactions with subordinate financing that will reflect on the Good Faith Estimate and/or Settlement Statement. For purchase transactions, the rate cannot be locked until PenFed has received a ratified purchase agreement. Points are the responsibility of the borrower and not covered in promotions. The 30-Year fixed rate jumbo loan (loan amounts greater than $417,000) is available only for purchases and refinances.

       

    15/15 ARM: Limited time offer available on purchases and refinances up to $2 Million. Not available for applications without a property address (pre-purchase). The initial rate is fixed for 15 years/180 months. When the rate adjusts, your new rate will be the then current index (weekly average yield on US Treasury securities adjusted to a constant maturity of 10 years) plus a margin of one percentage (1.000%) point, rounding to the nearest one-eighth (0.125%). The new rate cannot exceed six percent (6.000%) above the initial rate or cannot be lower than the floor rate of one percent (1%).

     

    15/15 Adjustable Rate Mortgage (ARM) Closing Cost Promotion: Offer available for purchases and external refinances only. PenFed will pay your closing costs up to $10,000 including but not limited to: appraisal fee, tax service fee, CLO access fee, title fees, transfer tax fees, credit report fee, flood cert fee, recording fee, survey if required and work verification fee. This does not include: origination fee, escrow, interest, homeowner's insurance or owner's title insurance, or the cost for a structural engineering or similar report, should the appraiser request one, or points to buy a rate down or applied to a loan. Points are the responsibility of the borrower and not covered in promotions. Builder or seller credits may reduce the amount of the closing cost credits. This promotion is not available for investment properties. Other restrictions also apply. You must use one of our preferred title companies to get the closing cost credits. For New York properties, borrowers are required to pay title insurance premiums and may use any title company to obtain the closing cost credit. Offer is only available for owner occupied primary residence and second homes. Refinance of an existing PenFed mortgage is not eligible for the closing cost credit and borrowers will be required to pay all closing costs. For Limited Cash Out refinances, limitations on the amount of cash back at closing may require that all or a portion of the credits be applied toward principle reduction. Note the reimbursement of closing costs below.

     

    Reimbursement of Closing Costs: If you pay this loan off and close the account earlier than the 36-month anniversary date of the loan closing, you will be obligated to pay PenFed a prorated amount of the closing cost credit received from PenFed. This amount will be added to any loan payoff amount requested prior to the 36 month anniversary date. The reimbursement amount will be prorated in equal amounts on a monthly basis. Closing costs credits to be reimbursed include all closing costs paid by PenFed except those paid to affiliated title companies. See contract addendum for details.

     

    15/15 ARM Mortgage Payment Example: The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $100,000 and an estimated property value of $125,000. The property is located in Alexandria, VA and is within Fairfax County. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 740. At a 3.875% interest rate, the APR for this loan type is 3.908% based on 0 points, other rates and terms available. The monthly payment schedule would be $470.24 for the first 180 months at an interest rate of 3.875% and $462.28 for the next 180 months at an interest rate of 3.625%. Actual monthly payments will be higher and will also include amounts for real estate taxes and homeowner's insurance premiums. NOTE: A 1% origination fee applies to this loan. The origination fee may be waived by adding a 0.25% to the selected rate. The application of points will be determined by the loan to value (LTV) ratio. Points are the responsibility of the borrower and not covered in promotions.

     

    Investment properties not eligible for offers:  

     

    Conforming Mortgages: For loan amounts from $25,000 to $417,000. The maximum combined loan- to-value (CLTV) is 95%; 80% LTV and above are subject to private mortgage insurance (PMI). The maximum LTV and CLTV for condominiums is 80%.

     

    Jumbo Mortgages: For loan amounts above $417,000 to $750,000. The maximum loan-to-value (LTV) is 80% and the maximum combined loan-to-value (CLTV) is 90%. The maximum LTV and CLTV for condominiums is 80%.

     

    Super Jumbo Mortgages: For loan amounts above $750,000. 5/5 ARMs up to $4 million and Fixed Loans up to $2 million. The maximum loan-to-value (LTV) and combined loan-to-value (CLTV) is 80%. In DC, MD and VA only, the maximum LTV and CLTV for condominiums as a primary residence is 80%. The LTV and CLTV in all other states for condominiums is 75%. The LTV and CLTV for second home condominiums is 70% in all states.

     

    5/5 ARMs – Offer available for purchases or refinances. The initial rate can change every 5 years by no more than 2 percentage points up or down, never to exceed 5 percentage points above the initial rate. When the rate adjusts, your new rate will be the then current index plus margin, which is currently set to 2.00 for the new products, as long as it does not exceed the 2% adjustment cap.

     

    5/5 Adjustable Rate Mortgage (ARM) Closing Cost Promotion: Offer available for purchases and external refinances only. PenFed will pay your closing costs up to $10,000 including but not limited to: appraisal fee, tax service fee, CLO access fee, title fees, transfer tax fees, credit report fee, flood cert fee, recording fee, survey if required and work verification fee. This does not include: escrow interest, homeowner's insurance or owner's title insurance, the cost for a structural engineering or similar report, should the appraiser request one, or points to buy a rate down or applied to a loan. Points are the responsibility of the borrower and not covered in promotions. Builder or seller credits may reduce the amount of the closing cost credits. This promotion is not available for investment properties. Other restrictions also apply. Contact your PenFed mortgage consultant for any applicable additional restrictions and details about your loan. You must use one of our preferred title companies to get the closing cost credits. For New York properties, borrowers are required to pay title insurance premiums and may use any title company to obtain the closing cost credit. Offer is only available for owner occupied primary residence and second homes. Refinance of an existing PenFed mortgage is not eligible for the closing cost credit and borrowers will be required to pay all closing costs. For Limited Cash Out refinances, limitations on the amount of cash back at closing may require that all or a portion of the credits be applied toward principle reduction. Note the reimbursement of closing costs below.

     

    Reimbursement of Closing Costs: If you pay this loan off and close the account earlier than the 36-month anniversary date of the loan closing, you will be obligated to pay PenFed a prorated amount of the closing cost credit received from PenFed. This amount will be added to any loan payoff amount requested prior to the 36 month anniversary date. The reimbursement amount will be prorated in equal amounts on a monthly basis. Closing costs credits to be reimbursed include all closing costs paid by PenFed except those paid to affiliated title companies. See contract addendum for details. 

     

    ¹Rate Reset Option:  During the origination process for a 5/5 ARM, PenFed mortgage borrowers have the option of selecting the Rate Reset Option. The initial rate is 0.25% higher than the current 5/5 ARM rate. You may reset your rate five (5) times during the life of your loan. The initial reset may be elected one (1) calendar year after the date your loan closed (purchase) or the date the loan funded (refinance). When the rate reset feature is selected, the new rate will be calculated by selecting the lesser of (i) adding 2.25% to the Current Index (weekly average yield on US Treasury securities adjusted to a constant maturity of five years, as made available by the Federal Reserve Board) or (ii) adding 0.25% to PenFed's current rate offering for its 5/5 adjustable rate mortgage loan product. The new rate will be rounded to the nearest 0.125%. When exercising the rate reset feature, the new interest rate will be fixed for an additional five (5) year period. In order to exercise the rate reset option, the loan must be in good standing with no rate resets within the prior twelve (12) months. 

     

    5/1 ARMs - Offer available for purchases and refinances. The initial rate can change after 5 years by no more than 2 percentage points up or down. After the initial rate change, the rate will adjust annually by no more than 2 percentage points up or down, never to exceed 5 percentage points above the initial rate. When the rate adjusts, your new rate will be the then current index plus margin, which is currently set at 2.875% for the new products as long as it does not exceed the 2% adjustment cap.

     

    All Mortgage Programs: The application of points will be determined by the loan-to- value (LTV) ratio combined with certain representative credit scores. Points also apply to certain cash-out refinance transactions, certain condominium transactions, and some transactions with subordinate financing.

     

    Origination fee may be waived by adding a 0.25% to the selected rate.

     

    *** For purchase transactions, the rate cannot be locked until PenFed has received a ratified purchase agreement.

     

    The applicant is responsible for the following fees and costs at the time of closing. Origination fee, appraisal fee, tax service fee, CLO access 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 cost may be included due to program specific circumstances. This is not intended to be an all-inclusive list.

     

    Escrows will only be waived if LTV is 80% or less in CA, OR, DC, VT & NY; 75% in all other states.

     

    Borrowers are required to have sufficient reserve assets available to cover 6 months full payments including principal, interest, homeowner’s insurance, property taxes and homeowner associated dues and/or mortgage insurance, if applicable. For non-primary residences, we require 12 months of reserve assets.

     

    If a loan is withdrawn, the applicant may not reapply for at least 90 days from the date the application was withdrawn.

     

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

     

    All rates and offers are as of April 2014 and are subject to change without notice. Other restrictions may apply. Contact your PenFed mortgage consultant for any applicable additional restrictions and details about your loan. To receive any advertised product you must become a member of PenFed by opening a share (savings) account. Federally insured by the NCUA.

     

    We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.