Loans
PenFed Mortgage review: how does it work and is it good?
PenFed Mortgage offers some of the best interest rates in the market. Find out if it's the right choice for you with our comprehensive review!
Advertisement
PenFed Mortgage: Qualify for up to $2,5K closing-cost credit!
Do you want to purchase or refinance a home? Then this PenFed Mortgage review might be what you’re looking for!
Learn to apply easily for the PenFed Mortgage
How to apply for PenFed mortgages? Follow these 5 steps! Choose from a variety of loan products! Enjoy closing-cost credits!
PenFed has different types of mortgages to choose from, from VA to conventional loans. So keep reading to understand terms, rates, fees, and down payments!
| Credit Score | 620; |
| Loans Offered | VA loan, Conventional loan, FHA, Jumbo, HELOC, Fixed, Adjustable, Purchase, and Finance; |
| Minimum Down Payment | As low as 3%; |
| APR | Starting at 5.259% variable ( depending on loan type and creditworthiness); |
| Terms | Up to 30 years. |
You will be redirected to another website
You’ll receive messages for less than 1 week, with a maximum of 1 message per day. You can unsubscribe anytime by replying STOP. By submitting this form, I confirm that I am 18+ years old and agree to the Privacy Policy and Terms and Conditions. I also provide my signature, giving express consent to receive informational messages via automated emails, SMS, MMS text messages, and other forms of communication. Message frequency may vary as part of our good-faith effort to respond to your inquiry. Message and data rates may apply. Text STOP to cancel. I understand that my consent to receive communications is not a condition of purchase and that I may revoke my consent at any time.
Advertisement
What is the PenFed Mortgage?
PenFed, or Pentagon Federal Credit Union, is a financial institution with many financial products, such as mortgages, available to all 50 states.
Also, borrowers can access their website 24/7 and start their mortgage application there or by phone.
In addition, they offer many types of mortgages, each with its own rates and terms. Have a look!
1. Conventional loans
Good for: People with good credit scores and a low debt-income ratio.
Also, for those looking for a low down payment and the flexibility of locked or adjustable rates.
Also, PenFed has conventional fixed and adjustable rate mortgages.
- Minimum down payment: 3%;
- Credit score: At least 650.
Advertisement
2. FHA loans
Good for: First-home buyers with low cash.
- Minimum down payment: At least 3.5%;
- Higher debt-to-income ratio;
- Credit score: Below 650.
3. VA loans
Good for: Veterans, members of the military, and their spouses.
- Minimum down payment: 0%;
- No prepayment penalty.
Advertisement
4. Jumbo Loans
Good for: Borrowers who want loans of high amounts exceeding regular mortgages.
- Credit score: Good to excellent;
- Higher down payment.
Fees and rates
PenFed does not provide rates online, but you can fill out the information about a mortgage to receive rate information from them via email or phone call.
Is the PenFed Mortgage good?
In fact, PenFed Mortgage is good for customers that want to buy their home by accessing different mortgage options in one place.
But how to know if PenFed fits your standards? Further, analyze the advantages and disadvantages of their mortgages as follows!
Pros
- Extensive home loan products to choose from, including government-backed and Jumbo loans;
- Competitive rates;
- Low down payment;
- Qualify for a lender credit of up to $2,500 to put toward closing costs;
- Available in all 50 states.
Cons
- High credit score for conventional and FHA loans;
- Lack of information on their website.
Does the PenFed Mortgage check credit scores?
PenFed will review your credit report to determine if you have sufficient funds to make regular loan payments, whether you’re refinancing or purchasing a mortgage.
Thus, you’ll need a minimum score of 650 to qualify for a conventional mortgage with this lender!
Want to apply for PenFed Mortgage? We will help you!
Now that you’ve read this post, you know exactly what PenFed Mortgages are like. Are you ready to apply for your mortgage? So read our post below!
Learn to apply easily for the PenFed Mortgage
How to apply for PenFed mortgages? Follow these 5 steps! Choose from a variety of loan products! Enjoy closing-cost credits!
Trending Topics
Application for the Fortiva® Card: how does it work?
If you need an incredible card that you can get even with a fair credit score, check out the Fortiva® Card application!
Keep Reading
United℠ Explorer Card review
Read our United℠ Explorer Card review and learn everything about this card. Earn miles and make the most of your next travel!
Keep Reading
Achieve Personal Loan (formerly FreedomPlus) review
Our Achieve Personal Loan review will examine its pros and cons, from fees to loan amounts. Borrow up to $50k and enjoy a rate discount!
Keep ReadingYou may also like
0% intro APR: Apply for the PNC Core® Visa® Credit Card
Apply now for the PNC Core® Visa® Credit Card with our assistance. Learn what is required, where, and how to get it - $0 annual fee!
Keep Reading
SimpleLoans123 Review: Quick Personal Loans Marketplace
Need a personal loan? Read our honest SimpleLoans123 review and discover how to get up to $35K. Stay tuned!
Keep Reading
First Citizens Bank Secured Cash Back Credit Card review
Looking for a secured credit card with cash back rewards? Get a complete First Citizens Bank Secured Cash Back Credit Card review here!
Keep Reading