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info800-970-7766Refinance with confidenceGet clarity, not guesswork. Explore whether refinancing makes sense for you.Find the right refinance for youPenFed offers a variety of flexible refinance options.Explore Your Refinancing OpportunitiesRefinancing allows you to review mortgage solutions that may better fit your current needs. You can explore ways to adjust your existing loan or leverage available home equity, all through an easy-to-follow process.The perks of a refiThe perks of a refiNew Kitchen$15K - $50KThe perks of a refitickAccess equity to pay off debt or improve your hometickLower your rate and monthly paymenttickSwitch from an ARM to a stable fixed ratetickEliminate mortgage insurance or combine multiple loansLoan options made simpleLoan options made simpleRefinanceSmarter SavingsLoan options made simpletickRate-and-term refinancestickHome Equity Line of CredittickCash out refinancetickVA rate reduction refinancetickFHA streamline refinance

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Compare and choose your best rateRates displayed are updated daily with current mortgage rates for the most common types of home loans.Conventional RefinanceInterest Rate
6.250 %APR
6.4461  %FHA RefinanceInterest Rate
5.750 %APR
6.6742  %FHA StreamlineInterest Rate
5.625 %APR
6.5083  %Jumbo RefinanceInterest Rate
6.250 %APR
6.4344  %VA RefinanceInterest Rate
5.750 %APR
6.1425  %VA IRRRLInterest Rate
6.000 %APR
6.1786  %HELOCInterest Rate
6.750 %APR
6.7507  %

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Maximize your equity

Estimated Total Monthly Payment

$2,156

The calculator above is for educational purposes only. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.

exploreIs refinancing right for me?You don’t have to figure it out alone—get a clearer picture of your options by taking a quick quiz to learn more.infoRatesThe scoop on today’s mortgage rates and fees.infoCalculatorsYou give us the numbers, we’ll do the math.infoLoan TypesKnow your ARM from your jumbo—we decipher it all.Know more, save more, refinance smarterRefinanceRefinanceExpert AdviceBenefits of Refinancing a MortgageRead time: 9 minutesPublished: December 8, 2020The benefits of refinancing and how they may apply to your financial situation.Benefits of refinancing a mortgageBenefits of refinancing a mortgageHelp ArticleMortgage refinancing FAQMortgage refinancing FAQHelp ArticleWhy Refinance?Why Refinance?Why Refinance?InfographicsReady Set refiReady Set refiReady Set refiElectronic BookMobile IconHow can we help?Speak with a Home Lending AdvisorCall800-970-7766Mon–Fri: 8 am – 8 pm ET, Sat: 9 am – 5 pm ET.Contact

FAQs

Disclosures1Conventional Refinance: Except 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 1.0 discount point, which equals 1.0 percent of the loan amount, and assumes the purpose of the loan is to refinance a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; total 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, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval. Rates quoted require a loan origination fee of 1%; not to exceed $1995. Speak to a PenFed Home Lending Advisor for additional details.2FHA Refinance: Except 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 1.375 discount point, which equals 1.375 percent of the loan amount, and assumes the purpose of the loan is to refinance a property with a 30-year, conforming, fixed-rate loan. Base loan amount of $400,000; total loan-to-value ratio of 97.75%; 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, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval. Rates quoted require a loan origination fee of 1%; not to exceed $1995. Speak to a PenFed Home Lending Advisor for additional details.3FHA Streamline Refinance: Except 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 1.375 discount point, which equals 1.375 percent of the loan amount, and assumes the purpose of the loan is to refinance a property with a 30-year, conforming, rate and term (Streamline), fixed-rate loan. Base loan amount of $400,000; total loan-to-value ratio of 97.75%; 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, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval. Rates quoted require a loan origination fee of 1%; not to exceed $1995. Speak to a PenFed Home Lending Advisor for additional details.4Jumbo Refinance: Except 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 0.75 discount point, which equals 0.75 percent of the loan amount, and assumes the purpose of the loan is to refinance a property with a 30-year, non-conforming, rate and term, fixed-rate loan. Loan amount of $1,009,000; total loan-to-value ratio of 70%; 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, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval. Rates quoted require a loan origination fee of 1%; not to exceed $1995. Speak to a PenFed Home Lending Advisor for additional details.5VA Refinance: Except 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 1.0 discount point, which equals 1.0 percent of the loan amount, and assumes the purpose of the loan is to refinance a property with a 30-year, conforming, fixed-rate loan. Loan amount of $450,000; total loan-to-value ratio of 95%; 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, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval. Rates quoted require a loan origination fee of $995. Speak to a PenFed Home Lending Advisor for additional details.6VA Streamline Refinance (IRRRL): Except 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 1.25 discount point, which equals 1.25 percent of the loan amount, and assumes the purpose of the loan is to refinance a property with a 30-year, conforming, fixed-rate loan. Loan amount of $450,000; total loan-to-value ratio of 95%; 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, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval. VA IRRRL rate quoted does not require an origination fee. Speak to a PenFed Home Lending Advisor for additional details.7HELOCs: Prime Rate is 6.750% as of December 12, 2025. 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 6.750% for primary residences and second homes.
Annual Fee: Notwithstanding the foregoing, an annual fee of $99 will be assessed on each account anniversary.
Home equity lines of credit (HELOC) are variable rate loans and the interest rate is subject to increase after consummation of the loan on monthly basis. Closing costs range between $500 and $8,500 for credit lines of $500,000. Contact a representative for additional details.
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).
Closing Cost Credit: PenFed will pay most closing costs associated with a home equity line of credit (HELOC), which includes credit report, flood certification, settlement/closing, property ownership and encumbrances search, recording, property search, and quick close. Member is responsible for any city, county, and/or state taxes if the subject property is located in FL, LA, MD, MN, NY, TN, or VA. If an appraisal is required, the member, who is responsible for the fee whether or not the loan closes, will pay the cost.

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 6.750% for primary residences and second homes.

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:
Mobile homes
Co-ops or time-shares
Properties that are currently listed on the market for sale
Commercial property or property used for commercial purposes, even if a residence is part of the property
Undeveloped property (land only)
Properties with more than 4 units
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).
Additional limitations may apply
Home Equity Line of Credit:
This Account has a Draw Period of 10 years, followed by a repayment period of 20 years.
If only minimum payments are made during the draw period, the loan balance will not decrease.
In Texas, the maximum CLTV available is 80% on owner occupied properties. Additional restrictions apply in Texas, so please ask a representative for details.
In all other states, the maximum CLTV is 85% on owner occupied properties and second homes. Additional restrictions or requirements may apply based on application characteristics.
type of Condo has a maximum CLTV of 80%.
The maximum CLTV available is dependent on credit qualification.
Rates vary depending on owner occupancy and CLTV and other loan criteria.
Minimum Loan Amount Requirements in all States:
For an owner-occupied property or second home the minimum loan amount is $25,000 and the maximum amount is $500,000 with a CLTV of 85% or less of the fair market value.
Other terms and conditions apply; call 844-774-1055 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.Other terms and conditions apply; call 844-774-1055 to speak with a representative for details. All rates and offers are subject to change without notice.To receive the advertised product, you must become a member of PenFed Credit Union, which is federally insured by the NCUA.

This credit union is federally insured by the National Credit Union Administration. Rates are current as of August 2026 unless otherwise noted and are subject to change.

APY = Annual Percentage Yield
APR = Annual Percentage Rate

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