Pentagon Federal Credit Union Mortgage Review 2021

Written by on September 15, 2021

Minimal credit score rating and down cost are for conforming mortgages.

General lender ranking

Execs and cons

Pentagon Federal Credit score Union mortgage charges

Pentagon Federal Credit score Union does not have basic mortgage charges data on its web site. Different lenders could present pattern mortgage charges so you will get a greater understanding of what the present market is like.

If you happen to’re focused on seeing a personalised charge for a mortgage, PenFed has you fill out a type. 

How Pentagon Federal Credit score Union compares to different mortgage lenders

We have in contrast Pentagon Federal Credit score Union to 2 different

credit unions
that present mortgage merchandise: Navy Federal Credit Union and Alliant Credit score Union. 

Pentagon Federal Credit score Union vs. Navy Federal Credit score Union 

PenFed and Navy Federal Credit Union are each strong choices if you’d like a lender that emphasizes companies and merchandise for navy members or households.

Chances are you’ll choose Navy Federal Credit score Union when you’ve got a poor or low credit score rating. You’ll be able to present different credit score information, like utility payments, while you apply for a house mortgage. At PenFed, you may have to point out your credit score rating when you apply. 

When you have a good credit score rating, PenFed gives $500 to $2,500 in lender credit score for all members, relying on how a lot you borrow.

Pentagon Federal Credit score Union vs. Alliant Credit score Union

PenFed is the clear standout if you wish to apply for a VA loan or refinance one. Alliant Credit score Union does not take care of VA loans. You additionally could also be eligible for as much as $2,500 in lender credit score while you apply for a VA mortgage by means of PenFed.

Chances are you’ll like Alliant Credit score Union if the Alliant Home Rewards program sounds interesting. By Alliant Residence Rewards, you will get a cash-back reward of as much as $6,500. You may be partnered with an actual property agent that can assist you to discover a residence, and after the closing course of, you may be eligible for the reward. The quantity will rely on the house buy worth. There are limits in reward values in some states, and you’ll’t get a reward when you purchase a house in Arkansas, Iowa, Louisiana, or Missouri.

How Pentagon Federal Credit score Union works

PenFed is featured on our best banks and credit unions for military members and their families guide. You do not have to be affiliated with the navy to hitch, although — anybody is eligible for membership so long as you fill out a type and open a financial savings account with a $5 minimal deposit. 

PenFed has about 50 department areas in 13 US states, Washington, DC, and on navy bases in Guam, Puerto Rico, and Japan. You could find a PenFed Credit score Union within the following states: 

  • California
  • Florida
  • Georgia
  • Hawaii
  • Maryland
  • Nebraska
  • New Jersey
  • New Mexico
  • New York 
  • North Carolina
  • Pennsylvania
  • Texas
  • Virginia

PenFed gives quite a lot of residence loans, together with: 

There are additionally refinancing options for standard and VA mortgages. 

The credit score union does not have any FHA, USDA, new building, or reverse mortgage choices. You may additionally have to have an excellent credit score rating to use for a mortgage. PenFed does not settle for any different types of credit score. 

Customer support about mortgage merchandise is obtainable by means of phone. When you have basic questions on mortgages, you’ll be able to name Monday by means of Friday, from 8:00 a.m. to eight:00 p.m. ET, Saturdays from 8:00 a.m. to 11:00 p.m. ET, or Sundays from 9:00 a.m. to five:30 p.m. ET.

If you happen to’re making use of on your first or second mortgage and have particular questions concerning the purposes or course of, you may need to name one other quantity that has availability Monday by means of Friday, from 9:00 a.m. to 10:00 p.m. ET, or Saturday, from 9:00 a.m. to six:00 p.m. ET.

Is Pentagon Federal Credit score Union reliable? 

PenFed does not have any current public controversies. The monetary establishment has additionally acquired an A+ rating from the Higher Enterprise Bureau. BBB scores point out whether or not an organization responds effectively to clients’ points and has clear enterprise practices.

An excellent BBB ranking does not essentially assure that your expertise with a lender can be nice. If you wish to see whether or not a lender is an efficient match, speak to associates or household who’ve labored with the lender. You can even learn on-line buyer evaluations.

Mortgage and refinance charges by state

Verify the newest charges in your state on the hyperlinks beneath. 

New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Rhode Island
South Carolina
South Dakota
Washington DC
West Virginia

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