PenFed Credit Union strays away from practices of bigger banks that can heavily price interest rates and pay less in dividends. Instead, you should expect them to pay more on dividends and charge less in interest. This aspect alone makes PenFed Mortgage quite interesting. All puns aside, PenFed may very well have the largest array of home loan products, and variety with your selection is always a plus. PenFed offers fixed-rate loans from 10 to 30 years and 3/1, 5/1, 5/5. 7/1, 10/1, and 15/15 ARMs with a minimum credit score of 620 necessary to grab a loan.
Editor’s Note: PenFed’s loans are open to PenFed members. If you’ve served in the military, reserves, active duty, or you’re a government employee or contractor, you’re eligible. If you’re a classified civilian looking to join, you can join the auxiliary organization and become a member from there on.
PenFed Credit Union Mortgage Summary:
- Apply Now
- Maximum Loan: Not specified.
- Account Type: Mortgage Loans
- Fixed-rate loans, 3/1, 5/1, 5/5. 7/1, 10/1, and 15/15 ARMs, VA, FHA, Conforming Loan, Jumbo Loan, High Balance Loan,
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Membership applicable; In order to get the mortgage loan from PenFed, you must be able to accomplish the necessary membership requirements. Fees may apply at membership.
- Monthly Fee: No maintenance fees
- Closing Loan: Average closing costs are $4,700
PenFed Credit Union Mortgage Features:
- Fixed-rate loans from 10-30 years.
- 3/1, 5/1, 5/5, 7/1, 10/1 and 15/15 ARMs.
- Large selection of home loan products
- DreamMakers program for Veterans
PenFed Application Processing:
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
- Two most recent months’ bank statements. All of the pages.
- Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
- Mortgage statements for all properties owned that have liens.
- Copy of driver’s license or State I.D.card for all customers.
- If divorced, the customer’s fully executed divorce decree.
PenFed Credit Union offers authentically competitive lower rates than most banking establishments out there with fixed-rate loans ranging from 10-30 years, 3/1, 5/1, 5/5, 7/1, 10/1 and 15/15 ARMs, and so much more. It’s worth mentioning that PenFed does charge an origination fee that varies based on the type of loan that you chose to get. Also, if you’re tech savvy, PenFed’s online capabilities may not be on-par to the standards you’d receive elsewhere.
Otherwise, incredibly competitive rates, large selection of home loan products, and special programs such as the DreamMaker, which offers active military, reserve, veterans and their families really makes this credit union a top contender in the mortgage field. Also, be sure to check out our Best Mortgage Rates for any and all of your mortgage necessities!
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