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!
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!
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!
|VA loan, Conventional loan, FHA, Jumbo, HELOC, Fixed, Adjustable, Purchase, and Finance;
|Minimum Down Payment
|As low as 3%;
|Starting at 5.259% variable ( depending on loan type and creditworthiness);
|Up to 30 years.
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!
You will be redirected to another website
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.
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.
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!
- 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.
- 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!
About the author / Suzana Brito
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