PenFed Credit Union: 2022 Home Equity Review
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PenFed’s Better Business Bureau rating is 1.19 out of 5.0 stars, based on an average of 182 reviews as of July 7, 2022. The BBB has closed 241 complaints about the company in the last 12 months and 505 complaints in the last three years. You also have the option to call a toll-free number to ask for a loan officer to call you back. The loan officer you’re assigned to will be the one who will work with you throughout the mortgage process. This type of fee is typically 0.5% to 1% of your loan amount, so taking out a mortgage through PenFed could help you save a significant amount of money.
PenFed mortgage rate transparency
Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. In this scenario, if you have good credit, you may qualify for a line of credit of up to $70k. See if you qualify for student loan refinancing and compare real time offers.
For purchase and refinance mortgages—including conventional, FHA and VA loans—you’ll need a minimum credit score of 620. To get approved for a HELOC, your credit score must be at least 660. Note that PenFed’s interest rates on mortgage loans are higher than the national average.
PenFed Credit Union: 2022 Home Equity Review
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Pentagon Federal Credit Union, better known as PenFed, is the second largest federal credit union in the country, serving more than 2.3 million members in all 50 states and the District of Columbia. This nationally accessible credit union offers a HELOC to its more than 2 million members. While PenFed offers mortgage loans nationwide, actual brick-and-mortar locations are limited to about a dozen states. Second mortgage can be used for expenses such as home improvements, education costs or debt consolidation.
PenFed Credit Union: At a glance
Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Mortgage insurance protects the lender in the event that you default on your loan. Closing a mortgage purchase loan with PenFed typically takes around 34 days, which is relatively short when you consider that the average time to close on a home is usually anywhere from 30 to 45 days. For a PenFed refinance, this closing time goes up to 50 days.
What you’ll need to put down on a VA loan can also vary with specialty property types, which can involve higher down payments. While FHA and VA loans are available through PenFed, borrowers interested in loans backed by the U.S. Department of Agriculture will need to consider other lenders. Additionally, though PenFed offers refinancing for VA loans, it doesn’t provide this for FHA loans. Also keep in mind that while you don’t have to be a PenFed member to apply for a mortgage, you’ll have to join the credit union if you are approved and want to accept the loan. PenFed is best suited for people who are affiliated with the armed forces and employees of the government who have good-to-exceptional credit.
We are giving you the best services
You can generally expect to get a preapproval decision and loan estimate within three business days. However, this process could be shorter if you work with an online lender. The BBB gives PenFed an A+ rating, but keep in mind that this rating isn’t based on customer reviews. Instead, it’s contingent on how the company responds to complaints, its time in business, size and other factors.
Most had to do with trouble during the application, closing or payment process. The company provided a timely response to all of these complaints but one. Note that the CFPB doesn’t verify the accuracy of consumers’ complaints. If you want to take out a VA loan, the required down payment will depend on your VA entitlement, which is essentially what the VA agrees to pay to a lender if you default on the loan.
Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products. However, it’s possible to join even if those don’t apply to you, and membership can give you access to several perks, including competitive home equity lines of credit, or HELOCs.
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Like many other lenders, PenFed doesn’t charge any prepayment penalties on its mortgages. So if you decide to sell or refinance your home before you’ve paid off the first mortgage, you won’t have to worry about this extra cost. The only closing cost you may have to pay is an appraisal fee if you're required to do an appraisal on your property. The typical appraisal cost can range between $550 and $850.
PenFed's digital capabilities allow for electronic signature, online document upload and online mortgage status updates. We provide you with the best online payment services like PayPal, Stripe, Skrill, Payeer, and RazorPay. PenFed’s Power Buyer program allows borrowers to lock their rate for 60 days. PenFed doesn’t disclose if there are any fees involved with locking your rate.
Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
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