Benefits of Refinancing with PenFed
When it's time to refinance your home, working with your PenFed Loan Officer makes the entire process simple and easy. You can:
A refinance that works for you
More than a home loan. A lot more.
Benefits before and after you refinance
Lower your payment, get cash out, and more
Rates as low as % (
% APR)1
What is your refinance goal?
A refinance that fits your needs
Refinance options come in all shapes and sizes. Our experienced home loan officers are here to help you decide which fits your specific needs.
Types of Refinancing Loans
Rate-and-Term Refinance – lets homeowners change their existing loan’s interest rate, term or both.
VA Interest Rate Reduction Loan (IRRRL) - is a streamline refinance (This is the VA’s version of a rate-and-term refinance) it lets homeowners change their existing loan’s mortgage rate, loan term, or both.
Cash-Out Refinance - to take advantage of the equity in your home
Home Equity Line of Credit (HELOC) – a revolving line of credit secured by your home to use for large expenses or to consolidate higher-interest rate debt from other loans.
Mortgage Knowledge Center
When is the Best Time to Refinance?
10 Reasons Why You Should Refinance
VA Streamline Refinance
No closing costs!2
PenFed has just announced the most cost effective way to refinance a VA Loan.
We cover the closing costs2 for the following fees as applicable:
- VA Funding Fees
- Title Fees
- Recording Fees
- Transfer Taxes
- Appraisal Fee
- Credit Report
- Flood Certification
Get money for home improvements to increase its value
Shorten the length of your loan or lower the interest rate
Combine two mortgages into one
How Do I Refinance My Home?
You may need the following to refinance your mortgage:
- Proof of income - typically 1 - 2 months of paystubs
- At least 1 year of W2s
- Acceptable debt-to-income-ratio (DTI)
Possible additional financial verification:
- Self-employment income (2 years of tax returns)
- Current debts information (auto, alimony, credit card, etc.)
Mortgage Knowledge Center
Refinance Payment Calculator
See how much you could save each month, based on your current loan balance, refinance rate, and term.
The calculator above is for educational purposes only. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.
Free eBooks Download
EBOOKS
Buying a Home
Selling Your Home
Refinancing Your Home
FHA Loans 101
VA Loans – Everything You Need to Know
Home Equity Line of Credit (HELOC)
EBOOKS
Buying a Home
Selling Your Home
Refinancing Your Home
FHA Loans 101
VA Loans – Everything You Need to Know
Home Equity Line of Credit (HELOC)
Mortgage Knowledge Center
PenFed Mortgage Products
Disclosures
1Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals
percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 75%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.
Some products quoted may require a loan origination fee.
2Closing Costs covered are Credit Report Fees, Flood Certification, Tax Service Fees, VA Funding Fees, Title Fees, Recording Fees, and Transfer Taxes. Other fees & taxes may apply such as discount points, pre-paid interest, property taxes, and property insurance, which will be the member's responsibility.
To receive any advertised product you must become a member of PenFed.
