• 10-Year Fixed Conforming Mortgage


    10-Year Fixed Conforming Mortgage

    Rate Points APR
    3.000% 0.000 3.290%
    2.875% 0.875 3.349%
    Payment example of loan with 0.000 points

    The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $200,000 and an estimated property value of $267,000. The property is located in Alexandria, VA and is within Fairfax county. The property is an existing single family home and will be used as a primary residence. The rate lock period is 60 days and the assumed credit score is 740.

    At a 3.000% interest rate, the APR for this loan type is 3.290%. The monthly payment schedule would be:

    • 119 payments of $1,931.21 at an interest rate of 3.000%
    • 1 payment of $1,931.77 at an interest rate of 3.000%

    If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.


    If you need additional cash to offset closing costs, or would like to obtain a lower rate with a buy down opportunity, please check rates to find the best scenario to meet your needs. PenFed offers Premium Pricing options not displayed and will work with you to create a customized mortgage solution.

    • Now offering 97% financing for First Time Homebuyers on Conforming Fixed Rate Products
    • For home purchases or refinancing
    • Loan amounts up to $424,100
    • Available on primary residences and 2nd homes
    • Free 60-day rate lock* 
    A Loan That Lets You Pay Off Your Mortgage Fast

    If you have the resources to afford a larger down payment or a larger monthly payment, you may want to consider a 10-Year Fixed Conforming Mortgage. This is one of the shortest terms available for a fixed loan and allows you to pay off your mortgage fast.

    Paying off your mortgage quickly has many benefits:

    • Pay less interest over the course of the loan
    • Build equity in your home more quickly, and
    • Free up money for other uses sooner.

    Whether you plan to stay in your home for many years or decide to move on, owning your home outright puts you in a great financial position.


    All Fixed Rate Mortgage Programs: The application of additional loan level pricing adjustments will be determined by various loan attributes to include but not limited to the loan-to-value (LTV) ratio, credit score, transaction type, property type, product type, occupancy, and subordinate financing.

    NOTE: A 1% origination fee applies to this loan. Points are the responsibility of the borrower and not covered in promotions.

    Conforming Mortgages: For loan amounts from $25,000 to $424,100 (Loan amounts up to $625,500 are available in Alaska and Hawaii). The maximum combined loan- to-value (CLTV) is 95% except for First Time Homebuyer programs which permit 97% financing; 80% LTV and above are subject to private mortgage insurance (PMI). The maximum LTV and CLTV for condominiums is 80%.

    *For purchase applications, please submit a copy of your fully signed ratified purchase agreement to lockrate@penfed.org in a timely manner to ensure PenFed can meet your closing date.

    The applicant is responsible for the following fees and costs at the time of closing: Origination fee, appraisal fee, tax service fee, CLO access fee, title fees, transfer tax fees, credit report fee, flood cert fee, recording fee, survey if required and work verification fee, escrow reserves and interest due until first payment. Other costs may be included due to program specific circumstances. This is not intended to be an all-inclusive list.

    Escrows may be waived if LTV is 80% or less in all states.

    Additional reserve requirements may apply.

    If you withdraw an application and then reapply within 90 days from the date the application was withdrawn, the new application is subject to the previous application’s rate lock policy.

    All rates and offers are in effect as of June 2017, offered for a limited time and subject to change without notice. Restrictions apply to existing PenFed mortgage borrowers. Other restrictions may apply. Contact your PenFed mortgage consultant for any applicable additional restrictions and details about your loan. To receive any advertised product you must become a member of PenFed by opening a share (savings) account. Federally insured by the NCUA.

    We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.