Find Top Mortgage Lenders
Borrowers looking to buy a home, refinance a mortgage or tap equity will find many options, including:
- Conventional fixed-rate loans.
- Adjustable-rate mortgages.
- VA loans, including “streamline” refinancing.
- Federal Housing Administration loans.
- Power Buyer program combining preapproval and a rate lock.
- First Time Home Buyer Advantage program.
- Home equity lines of credit, also known as HELOCs.
- Jumbo loans.
- Rate-and-term or cash-out refinancing loans.
If you are ready to apply for a loan, locate the product you are interested in from Mortgage & Home Equity at the top of penfed.org. Next, click the Get Started button, which allows you to submit a form to request a call back, or contact 800-970-7766 to discuss your mortgage options. The same form also has a preapproval button you can select to begin that process.
Terms and conditions vary widely based on the type of mortgage you choose.
A broker credit is available at closing based on your loan amount after applying. The credit for loans on purchase prices of up to $699,999 is $1,000; the credit is $1,500 for purchase prices of $700,000 and up. You must also use a referred PenFed real estate network agent for the home purchase to qualify.
PenFed Credit Union members can take advantage of discounts on home insurance from Travelers and TruStage, underwritten by Liberty Mutual.
Requirements vary by loan.
For a PenFed conventional loan, you typically will need a credit score of 650, plus one year of W-2 forms and one to two months of pay stubs as proof of income. An adjustable-rate mortgage, however, requires a minimum credit score of 620.
A jumbo loan calls for a credit score of at least 700 and a minimum of six months of cash reserves. If you want a HELOC, the requirement is a credit score of at least 680.
Certain borrowing requirements can be found online, including down payment amounts, as well as details about other types of mortgages. But your best bet is to contact PenFed directly for information based on your financial situation.
PenFed Credit Union receives an A+ rating from the Better Business Bureau, but it is not accredited by the BBB. Trustpilot gives PenFed 4.5 stars out of 5, an excellent score, based on almost 1,400 reviews.
The Consumer Financial Protection Bureau received 81 mortgage-related complaints in 2022 about PenFed Credit Union. Common issues were applying for a mortgage or refinancing an existing mortgage, trouble during the payment process, and closing on a mortgage. All complaints received a timely response; 59 were closed with explanation, 13 were closed with monetary relief, and 9 were closed with nonmonetary relief.
PenFed provides a number of ways to receive customer service:
Call for information about mortgages, including help with applications. Contact 800-970-7766 from 9 a.m. to 9 p.m. Eastern Time Monday through Friday and from 9 a.m. to 5 p.m. ET Saturday. If you have mortgage servicing questions, call 800-585-9055 from 8 a.m. to 8 p.m. ET Monday through Friday.
Reach out online. Click on Contact at the bottom left of any page at penfed.org and then complete the form to receive an email or call back. At the top of this form, you will also find a place to securely upload documents and access articles by topic, plus other resources. Live chat support is available if you click the box on this page labeled Need Help?
PenFed’s digital mortgage tools allow you to:
- Use affordability, closing cost, and mortgage or refinance payment calculators.
- Obtain a rate quote or mortgage preapproval.
- Apply for a mortgage from your PenFed online account.
- Securely upload documents.
- Email or live chat with customer service.
- Pay once or set up autopay with PenFed’s Access Bill Pay.
- Access answers to FAQs and articles on many topics.
- Use PenFed’s mobile app to check the status of your loan and make mortgage payments.
- People who hope to claim the lender credit.
- People who prefer an online mortgage application.
- People who want a variety of loan options.