Mortgages

PenFed Credit Union Mortgage review: rates, terms, and more

Keep reading for a complete breakdown of the PenFed Credit Union Mortgage, including information about rates and terms. Find out if this is the right lender for you.

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PenFed Credit Union Mortgage: Multiple programs and no lender fees

PenFed Credit Union logo
PenFed Credit Union Mortgage full review! Source: The Insider Advisor

Looking for a new mortgage to help you buy your dream home? Great! Then read our PenFed Credit Union Mortgage review and find out if this lender is what you need.

PenFed Credit Union logo

PenFed Credit Union Mortgage: how to apply

Get the details on PenFed Credit Union Mortgage! Enjoy multiple loan products! Pay no lender feed! Read on for more.

This post will cover its main features, including loan types, rates, and terms. By the end of your reading, you’ll find out whether this lender is the right option. Let’s go!

Credit Score620 or more;
Loans OfferedConventional, jumbo, FHA, VA, fixed, and adjustable rates. Rate-and-term, cash-out, and streamline refinancing, HELOC;
Minimum Down PaymentAs low as 3%;
APRSee terms;
TermsUp to 30 years.

PenFed Credit Union Mortgage review: what you need to know

PenFed, or Pentagon Federal Credit Union, was founded in 1935 and is one of the biggest credit unions currently in the U.S.

It offers mortgages nationwide, including Guam, Puerto Rico, and Okinawa.

This lender has a variety of mortgage products available to potential borrowers, such as conventional, jumbo, FHA, and VA.

Also, customers can get rate-and-terms, cash-out, streamline refinancing, and HELOCs.

With fixed and adjustable-rate mortgage options, PenFed requires a minimum down payment of as little as 3% of the home’s value. Also, this lender charges no lender fees.

PenFed Credit Union Mortgage does not disclose interest rates on its website. As a result, borrowers must provide contact information to access rates.

Furthermore, it offers lender credits of up to $2,500 for purchase mortgages, depending on the home loan size.

Additionally, with the First Time Home Buyers Advantage program, borrowers can be rewarded with $500 after their 60th on-time mortgage payment.

This lender also enjoys the PenFed’s Power Buyer program, which allows borrowers to lock in their qualified rates for 60 days before going under contract.

Plus, homebuyers can find multiple educational resources at the Mortgage Knowledge Center to help them with their mortgage application process.

PenFed Credit Union Mortgage main features

Happy beautiful woman reading notification from bank on prolongation of mortgage term while working through papers at kitchen table with laptop and calculator, her husband standing behind her
Find out what are the PenFed Credit Union Mortgage main benefits. Source: FreePik

PenFed Credit Union Mortgage is currently a strong name in the market and might be an excellent option for those who want to avoid lender fees.

However, is it a good choice for you? Let’s compare the advantages and disadvantages of a home loan with this lender to help you find out! Let’s take a look.

Pros

  • Customers can enjoy multiple loan products;
  • This lender offers up to $2,500 in lender credit at closing for mortgage purchases;
  • Get $500 for 60th on-time mortgage payment with the First Time Home Buyer Advantage program;
  • No lender fees;
  • Enjoy PenFed’s Power Buyer program and lock in the available rate for 60  days.

Cons

  • PenFed Credit Union Mortgage doesn’t offer USDA loans;
  • Borrowers must complete a form to access estimated interest rates;
  • This lender might offer potentially higher interest rates.

Credit score required to apply

The credit score needed to qualify for PenFed Credit Union Mortgage will vary depending on the product you’re applying for.

For example, you’ll need a minimum credit score of 650 for conventional loans.

Nevertheless, FHA and ARMs will require 620. On the other hand, you will need a minimum of 660 for HELOCs and 700 for jumbo loans.

PenFed Credit Union Mortgage application process: how does it work?

PenFed Credit Unions Mortgage delivers a simple and quick application process. Customers can apply by phone or online.

Great, right? Keep reading to learn more about how to apply for this lender. The next article will explain how you can do it online, step by step. Let’s get started.

PenFed Credit Union logo

PenFed Credit Union Mortgage: how to apply

Get the details on PenFed Credit Union Mortgage! Enjoy multiple loan products! Pay no lender feed! Read on for more.

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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