Loans
Learn to apply easily for the PenFed Mortgage
Applying for a mortgage doesn't have to be difficult. Here's how to do it in five easy steps with PenFed Mortgage. Qualify for up to $2,5K lender credit!
Advertisement
PenFed Mortgage: Several loan options and easy application!
Looking for information on the PenFed Mortgage so you can make an informed decision about your financial future? If so, this blog post is perfect for you!
Here, we’ll explain how to easily apply for this mortgage. So keep reading if you’re ready to learn more about the PenFed mortgage today!
You will be redirected to another website
By submitting this form, I agree that I am 18+ years old and I agree to the Privacy Policy and Terms and Conditions. I also provide my signature giving express consent to receive marketing communications via automated emails, SMS or MMS text messages and other forms of communication regarding financial products such as credit card and loans. Message frequency varies and represents our good faith effort to reach you regarding your inquiry. Message and data rates may apply. Text HELP for help or text STOP to cancel. I understand that my consent to receive communications is not a condition of purchase and I may revoke my consent at any time.
Advertisement
Online application
You can apply for a PenFed mortgage in a few steps. Also, you can choose to apply online or contact them on the phone.
New Customers
Here is how to apply for a PenFed Mortgage if you are using their service for the first time. Check it out!
- Visit the PenFed website;
- Create an account;
- Fill out their form;
- Submit the form;
- Wait for their agents to contact you with offers.
Advertisement
Old Customers
In addition, if you are already a member and have registered for PenFed Online, you can submit your application directly from your account on PenFed Online.
Requirements
Here are the requirements to get PenFed mortgages. They may vary depending on the loan specifications. So let’s take a look!
- Required credit score ( typically 650 or more);
- Proof of income (latest paystubs)
- At least 1 year of W2s;
- Be at least 18 years old;
- Have a valid SSN.
Other possibilities:
- Proof of self-employment income;
- Debt-to-income ratio.
Advertisement
Apply using the app
The PenFed Mobile banking app provides access to your PenFed accounts 24/7. Also, you can use it to track your loan process and see your payments.
However, PenFed doesn’t allow customers to apply for their mortgages through the app. Therefore, you’ll need to access their official website!
PenFed Mortgage vs. SoFi Mortgage: which one is the best?
In fact, there’s no right answer to that question. However, to help you make your decision, we will show you some of these loan differences.
Firstly, PenFed is a credit union that offers competitive rates and a wide range of loan options for first-time buyers, veterans, active-duty military members, and their families.
On the other hand, SoFi Mortgage is quick! It takes about 28 days for funding and has an uncomplicated online application.
They also offer different home loan types and are available to most states in the U.S. Get an overview of these home loan features below!
| PenFed Mortgage | SoFi Mortgage | |
| Credit Score | 620; | Conventional: 620. Jumbo: 700; |
| Loans Offered | VA loan, Conventional loan, FHA, Jumbo, HELOC, Fixed, Adjustable, Purchase, and Finance; | Purchase, Refinance, Fixed, Adjustable; |
| Minimum Down Payment | As low as 3%; | The minimum down payment is 3%; |
| APR | Starting at 5.259% variable ( depending on loan type and creditworthiness); | The APR differs depending on the term and is updated daily on the SoFi mortgage website; |
| Terms | Up to 30 years. | 10,15, 20, or 30 years. |
Do you want to get a SoFi Mortgage? Then learn how to apply, understand the requirements, and start your process in our post below!
How to apply for SoFi Mortgage
Do you want to apply for a mortgage with SoFi mortgage? Read on to a complete guideline that covers all you need to know.
Trending Topics
First Progress Platinum Prestige Mastercard® Secured Credit Card application
Looking for a card for bad credit? Read more to learn about the First Progress Platinum Prestige Mastercard® Secured Credit Card application!
Keep Reading
How many credit cards should I have?
How many credit cards should I have? Here is an answer in detail. Learn how to pick a number and the benefits. Read on!
Keep Reading
Choose the right checking account for you
A checking account is necessary for your financial life. Learn about the different types of checking accounts and find the best one.
Keep ReadingYou may also like
Low Income Home Energy Assistance Program (LIHEAP)
Struggling to keep up with energy costs? Learn about the Low Income Home Energy Assistance Program (LIHEAP).
Keep Reading
Broadcom buys VMware in a billionaire deal
Broadcom made the second biggest deal in value of 2022 by acquiring the computing cloud technology company for $61 billion.
Keep Reading
10 reasons not to refinance your home
There are many reasons why you might choose not to refinance your home. Here are the top 10! Check them out!
Keep Reading