
Ally Bank
4.9 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
PenFed Credit Union is good for borrowers who want to avoid lender fees and want to join a credit union, especially for borrowers with VA loans who want to refinance.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC)
Min. credit score required
650 for conventional loans, 700 for jumbo loans, 620 for FHA loans, 620 for ARMs, 660 for HELOCs
Nationwide availability
Available in all U.S. states
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans
NMLS: 401822
4.2
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC)
Nationwide Availability
Available in all U.S. states
Min. credit score required
650 for conventional loans, 700 for jumbo loans, 620 for FHA loans, 620 for ARMs, 660 for HELOCs
Doesn’t charge lender fees
Offers lender credits up to $2,500
Covers closing costs (including funding fee) on VA IRRRLs
No USDA loans
Must complete a form with your information to get a rate estimate online
Higher minimum credit score requirements
PenFed Credit Union is good for borrowers who want to avoid lender fees and want to join a credit union, especially for borrowers with VA loans who want to refinance.
Affordability: PenFed Credit Union doesn’t charge fees on mortgages, which saves you some money at closing. You won’t learn what rate you qualify for until you connect with the credit union directly, however.
Availability: You’ll need to be a member of the credit union to apply for a mortgage, and some of its loan products have more stringent requirements compared to those of other lenders.
Borrower experience: If you’re in need of assistance with a mortgage (or any other product the credit union offers), PenFed has a wide range of business hours seven days a week.
PenFed Credit Union doesn’t display daily rates online for new purchases or refinances; you’ll need to fill out a form with your personal information to get a customized rate quote. For HELOCs, however, the credit union does share variable rates based on loan-to-value (LTV) ratio and amount borrowed. Notably, the credit union doesn’t charge any lender fees.
PenFed Credit Union operates across the U.S., but you’ll need to become a member to take advantage of its products or services. These include conventional mortgages (both conforming and non-conforming), FHA loans and VA loans. To become a member, you’ll need to establish a savings account with at least a $5 balance.
PenFed Credit Union has served its members for decades. It isn’t accredited by the Better Business Bureau, but has received an A+ rating from the organization, albeit along with some negative feedback on the BBB website. On Trustpilot, though, PenFed has received high marks. When evaluating mortgage lenders and testimonials, take into account both the positive and negative experiences.
You can apply for preapproval with PenFed Credit Union online, or you can submit a call-back request to talk to a loan officer. Additionally, you can share more information for a customized rate quote. The PenFed website includes a few calculators to help borrowers estimate monthly payments, along with a knowledge center of educational content for homebuyers.
You can refinance your mortgage with PenFed Credit Union, but the credit union doesn’t post refi rates online. The credit union can be an especially good option for military service members, veterans and eligible spouses, since it covers all closing costs on VA Interest Rate Reduction Refinance Loans (IRRRLs).
NMLS: 401822
This lender has 0 reviews.
Be the first to write a review of your experience with PenFed Credit Union.