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PenFed Credit Union Mortgage Refinance Review
Key Takeaways
- Origination fee of 1%. This is on the low end for lenders that charge an origination fee. However, some lenders don't charge an origination fee.
- Wide selection of mortgage programs offered. PenFed Credit Union Mortgage Refinance refinances FHA, VA, jumbo, conforming, and conventional mortgages.
- Financing for single-family and multi-family properties. However, PenFed Credit Union does not offer financing for manufactured homes.
- Standard interest rates types. PenFed Credit Union Mortgage Refinance offers adjustable-rate mortgages and fixed-rate mortgages.
- Considers personal use and investment properties. Refinancing available for primary residences, secondary homes (e.g. vacation properties), and even investment homes such as rentals.
- Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for PenFed Credit Union Mortgage Refinance.
PenFed Credit Union Mortgage Refinance Pros & Cons
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PenFed Credit Union Mortgage Refinance FAQ
How long does PenFed Credit Union Mortgage Refinance take to refinance?
PenFed Credit Union Mortgage Refinance does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.Does PenFed Credit Union Mortgage Refinance charge a mortgage origination fee?
Does PenFed Credit Union Mortgage Refinance charge prepayment fees?
What mortgage programs does PenFed Credit Union Mortgage Refinance offer?
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What property usage types does PenFed Credit Union Mortgage Refinance allow?
- Primary home
- Secondary homes and vacation properties
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Availability
Available in 50 states and Washington, D.C.
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
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