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PenFed Credit Union Mortgage Rates Review


ConsumersAdvocate.org Rating: 4 / 5 (Very good)
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PenFed Credit Union offers a wide range of mortgage products for purchase or refinancing, including fixed- and adjustable-rate loans, conventional and jumbo loans, and government-backed VA and FHA loans. Many loans offer low- or no-down-payment options. Mortgages are available to credit union members only and the company makes applying for membership fast and easy. PenFed is headquartered in Tysons, Virginia.
 
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How is PenFed Credit Union rated?

Breakdown

4.5/5
Lender Types
4.0/5
Available Mortgage Types
4.5/5
Customer Experience
4.0/5
Reputation & Transparency

Overall Rating: 4 / 5 (Very good)

PenFed Credit Union is a non-profit financial institution that is self-funded and dedicated to serving its large member base. The company is able to offer more competitive rates than offered by conventional banks because it is not held to the steep profit requirements publicly-traded companies must meet.

To apply for a mortgage through the company, you must first become a member. That's a simple process and only requires funding a savings account with a $5 deposit.

PenFed stands out for the wide range of mortgage types it offers, including jumbo, FHA, and VA loans. Low- or no-down-payment loans are among the options you have as a PenFed borrower.

PenFed Credit Union Loan Specifics

Available Mortgage Types - 4 / 5

PenFed offers an extremely wide range of fixed- and adjustable-rate loans with various term lengths. You can take out a mortgage to purchase a new home or refinance one you already own. Conventional-size and jumbo loans are available. The credit union also offers two government-backed mortgage types: VA and FHA. These loans provide options for borrowers who may not have amassed a large down payment or have less than perfect credit scores.

Types of Mortgage Loans Offered

  • Fixed Rate 10 Year
  • Fixed Rate 15 Year
  • Fixed Rate 20 Year
  • Fixed Rate 30 Year

Minimum Loan Amount

$0

PenFed Credit Union Customer Experience

Customer Experience - 4.5 / 5

PenFed's mortgage application process cannot be completed entirely online at this time. Those who are more or less digitally dependent might find that an inconvenience. But for customers who appreciate the personal touch, it could be just what they're looking for.

PenFed offers a wide range of financial products, from auto loans to credit cards to checking accounts. But it may not offer all of the information mortgage shoppers are looking for. The company does not, for example, publish updated rate ranges for the various types of loans it offers. You can request a mortgage quote online, but be aware, that the company will perform a hard credit inquiry if you do. That can temporarily depress your credit score. Other institutions are willing to give you a non-binding quote without pulling your credit file.

That's not to say that PenFed doesn't offer some valuable information on its site. The site features a handy mortgage calculator to help you compare various loan scenarios. The credit union also explains the various types of loans it offers in plain, succinct terms. Customers can also benefit from reading the many articles stored in its Mortgage Knowledge Center. But in order to get all of the information you need before making a mortgage decision, you'll be best served by talking to a credit union representative.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
Mortgage Calculator
Help Articles
SSN Required for Quote
Yes

PenFed Credit Union Qualification Requirements

Qualification Requirements - 3.8 / 5

Depending on the type of loan you apply for, you must have a minimum credit score between 620 and 650 to receive a mortgage from PenFed. Your rates will vary, with lower interest rates awarded to people who have higher credit score

Key Requirements at a Glance

Minimum FICO Score
620
Minimum Down Payment
3.0%
Non-Traditional Credit History Considered?
Yes

PenFed Credit Union Lender Reputation

Reputation & Transparency - 4 / 5

PenFed Credit Union has been serving customers since 1935. The company gets a strong endorsement from Trustpilot users, who award it 4.6 out of 5 stars. Similarly, the company earns an A+ rating from the Better Business Bureau but, by contrast, consumers who review the organization on the BBB website only award it 1.19 out of 5 stars. Complaints generally discuss poor customer service. But it should be noted that PenFed offers a wide range of financial products and not all complaints referred to home loans.

Key Facts

Lender Type
Direct Lender
Year Founded
1935
BBB Rating
A+
Trustpilot Rating
4.6 out of 5
Collection Date
2022-07-09

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
401822
The Nationwide Mortgage Regulatory Actions
0
Consumer Financial Protection Bureau Complaints
146

Company Profile

Full Name
PenFed Credit Union Mortgage Rates
Company Website
https://penfed.org
Headquarters
7940 Jones Branch Dr, Tysons, VA, 22102

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Customer Comments & Reviews

Loading Reviews ...
danbsimpson
12/27/2021
PenFed , Worst credit union ever, their system is screwed up and removes a number from my account in their system when they try to take a payment. I've made them aware of this after spending HOURS ON THE PHONE with customer service, twice they've made the payment on the phone with the correct account number but when they try to process it through their system it gets screwed up, twice I've initiated it online, and even though it's stored correctly online, same thing happens.... SO MY PAYMENT NEVER GETS MADE, YET NO ONE CONTACTS ME ... IF I DIDN'T PAY ATTENTION THIS CRAPPY CREDIT UNION WOULD RUIN MY CREDIT SCORE SAYING I MISSED A PAYMENT,,, EVEN THOUGH I'VE MADE IT 4 TIMES!!!! What about... Read More

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