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!

PenFed Mortgage logo
Learn to apply easily for the PenFed Mortgage. Source: The Mad Capitalist

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!

card

Mortgage

PenFed

Online Fast and Simple

Several mortgage produts. Qualify for a lender credit of up to $2,5K!

You will be redirected to another website

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!

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!

  1. Visit the PenFed website;
  2. Create an account;
  3. Fill out their form;
  4. Submit the form;
  5. 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

Cropped side view of woman sitting by table in cafe
Learn the requirements to qualify for PenFed Mortgage! Source: Freepik

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 MortgageSoFi Mortgage
Credit Score620;Conventional: 620.
Jumbo: 700;
Loans OfferedVA 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;
TermsUp 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!

SoFi logo

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

content

ZippyLoan review: how does it work and is it good?

Looking for a loan? In our ZippyLoan review, you'll see one of the top online lenders' platforms. Borrow up to $15K for several purposes!

Keep Reading
content

NetCredit Personal Loan review: how does it work and is it good?

Is a loan for bad credit for anyone? That's what we'll discuss in this NetCredit Personal Loan review. Enjoy free financial education!

Keep Reading
content

Easy-to-get card: Apply for Merrick Bank Classic Secured Card

Apply for the Merrick Bank Classic Secured Credit Card and rebuild your credit. Follow the step-by-step here!

Keep Reading

You may also like

content

What credit score do you start with?

Want to know what credit score you start with when opening a new account? Here's all you need to know about.

Keep Reading
content

Certificates of Deposit: what is and how does it work?

Do you have money in a savings account? You should think about certificates of deposit. This content will show you its pros and cons.

Keep Reading
content

Citi Rewards+® Card review: No annual fee and extra rewards on purchases

The Citi Rewards+® Card review will give you all the details you need about this card's features, rewards, and pros and cons. Keep reading!

Keep Reading