Mortgages

PenFed Credit Union Mortgage: how to apply

Want to learn more about applying for a home loan with the PenFed Credit Union Mortgage? This blog post will give you all the information you need! Enjoy this lender's multiple benefits and buy your dream home!

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PenFed Credit Union Mortgage: simple and quick application process

PenFed Credit Union logo
Learn how to apply for the PenFed Credit Union Mortgage. Source: The Insider Advisor

Are you interested in learning how to apply for the PenFed Credit Union Mortgage? Then you’re in the right place. This lender offers various loans to help you buy your dream home!

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Mortgage

PenFed Credit Union

No lender fees Online

Up to $2,500 in lender credit. Enjoy multiple programs.

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This article will cover how this lender’s application process works and the minimum requirements. Plus, we’ll bring another lender option for you! Keep reading and learn more.

How to apply on the website

PenFed Credit Union Mortgage is one of the biggest lenders in the market. Besides its multiple products, it offers excellent programs to its customer and charges no lender fees.

Plus, applying for this lender is simple. First, you’ll need to access the PenFed Credit Union website and go to the PenFed Mortgage Center.

Next, select the “Get Started” option for your application. First, you’ll have to answer questions regarding the home loan you want to apply for.

Therefore, you’ll have to inform the types of loan you want, where in the home buying process you are, what type, and the value of the property you’re interested in buying.

Also, you’ll have to inform the estimated down payment you intend to make, where the property is located, your credit score, your name, email address,s and phone number.

After providing all this information, a mortgage expert from PenFed Credit Union Mortgage will contact you to guide you through the rest of your mortgage process.

Furthermore, PenFed allows borrowers to submit any requested document, electrically sign the paperwork, and check their mortgage status updates online.

Requirements

To apply for the PenFed Credit Union Mortgage, you’ll need to meet some basic criteria.

For example, you’ll need a credit score of 650 for conventional loans, 620 for FHA and ARMs, 660 for HELOCs, and 700 for jumbo loans.

The minimum down payment will also vary depending on the loan types you want to apply for. As a result, you’ll need to put down at least 3% for conventional loans.

Plus, they’ll request proof of income, such as 1 – 2 months of pay stubs. You’ll need to provide at least one year of W2s. Also, borrowers must have no more than a 50% debt-to-income ratio.

Apply on the mobile app

Although borrowers can only apply for the PenFed Credit Union Mortgage through the website, they can enjoy an excellent mobile app.

The PenFed app can be downloaded at the Google Play and Apple store. Customers can view their application status, make payments, and manage their mortgages.

Find other loan options: Flagstar Bank Mortgage

Profile of attractive concentrated young European female blogger or columnist sitting at her workplace in front of desktop computer, working on new material for her blog, mug and stationery on desk
Compare two lenders before making your decision! Source: FreePik

In case you want to take a closer look at another option before making your decisions, we have a great lender ready for you!

Flagstar Bank Mortgage offers a variety of home loans throughout the U.S. This lender allows borrowers to complete their applications online.

And through state bond programs, borrowers can avoid origination fees.

Compare PenFed Credit Union and Flagstar Bank mortgage main features to find out which one is a good option for you!

PenFed Credit Union MortgageFlagstar Bank Mortgage
Credit ScoreAt least 620;620 or more;
Loans OfferedConventional, jumbo, FHA, VA, fixed, and adjustable rates. Rate-and-term, cash-out, and streamline refinancing, HELOC;Conventional, Jumbo, FHA, VA, USDA fixed and adjustable rate. Rate-and-term, cash out, and streamline refinancing. Home equity loans, construction and renovation loans;
Minimum Down PaymentAs little as 3%;As low as 3%;
APRSee terms;See terms;
TermsUp to 30 years.Up to 30 years.

Are you interested in learning more about Flagstar Bank Mortgage? Great. Read the following article and find out how to apply for this lender. We’ll explain everything you need.

Flagstar Bank Logo

Flagstar Bank Mortgage: how to apply

Learn how to apply for a mortgage with Flagstar Bank – it includes step-by-step instructions. Multiple loan products and rate transparency.

About the author  /  Beatriz Vieira

Beatriz Vieira is a producer and copywriter who is part of the finance writer team in this portal. She has a degree in Journalism and aims to improve her bilingual writing skills. Her subjects of most significant interest are culture, finances, and self-development.

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