PenFed Mortgage Refinance Review

Rating: 7.3 / 10 (Very good)
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PenFed is a credit union founded in 1935 that provides home mortgages, credit cards, automobile loans, personal loans, checking, money market savings. They serve all 50 states, Washington DC, and military bases in Puerto Rico, Guam, and Okinawa. PenFed is insured by the NCUA and are an equal housing lender.

How is PenFed rated?


Loan Options
Application Process

Overall Rating: 7.3 / 10 (Very good)

PenFed's modest beginnings soon led to their over $20 billion in assets. In order to apply for a mortgage, you must be a member, which is considerably easier than most people would think. As the former War Department Credit Union, members of the armed forces, government employees and contractors are shoe-ins for membership. However, serving in the military is not a necessary requirement. PenFed's vast array of mortgage refinance options make them an excellent choice.

Loan Options

Lender Type
Loans Offered
Rate & Term
Loan Programs
Fixed Year Terms
30 Year Fixed
20 Year Fixed
15 Year Fixed
10 Year Fixed
Adjustable Rate Mortgage Terms
10/1 ARM
7/1 ARM
5/1 ARM
3/1 ARM

Loan Options - 7.8 / 10

PenFed's mortgage refinance program consists of the standard selection of options for term lengths and loan types when compared to non-credit union lenders. Their mortgage department is a crucial part of the credit union's services to their members. To that end, they offer a variety of tools on their website, including a refinance calculator and an affordability calculator.

Application Process

Minimum Credit Score
FHA Minimum Credit Score
Maximum LTV
Waived Fees
PenFed does not charge processing or underwriting fees, and origination fees are waived with the use of preferred title partners.

Application Process - 7 / 10

Though they do charge an origination fee, PenFed waives it if the customer uses partner services such as PenFed Realty or other preferred title partners. Their application can be completed online, but they don't have a paperwork e-signature available, so there will come a point when customers will need to contact a representative.

PenFed Reputation

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
Nationwide Mortgage Regulatory Actions
NMLS Collection Date
CFPB Total Mortgage Complaints
CFPB Collection Date
Total VA Loans Written (Q1 2017)
235 loans
Total VA Loan Amount (Q1 2017)

Online Reviews

BBB Rating
BBB Negative Reviews
Date Collected

Reputation - 7 / 10

With eight decades in banking, Penfed has vast experience in lending. They serve their members in all 50 states, the District of Columbia, Guam, Puerto Rico, Okinawa, and Portugal. PenFed has zero regulatory actions lodged against them, and they enjoy good reviews on wallethub, with positive feedback concerning the quality of their customer service. The company, however, has several consumer complaints lodged with the CFPB.

Contact & Additional Information

Homepage URL
Company Phone
(800) 247-5626
Headquarters Address
2930 Eisenhower Avenue, Alexandria, VA, 22314
Mailing Address
Box 1432, Alexandria, VA, 22313
Year Founded

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Customer Comments & Reviews

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Lola B
Muskogee, Oklahoma
I'm about to change lenders to anyone. Penfed do not discloses all charges in home purchases, they clarification after the fact you submitted the whole docmentation, Incredibly all paper work would address in 2 or 3 days??? Why?

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