REQUIREMENTS:
- Full underwriting review
- Loan documentation approval
- Other creditworthiness conditions
Please note that approval is based on no material adverse changes in financial condition, creditworthiness, or employment status.
Power Buyer benefits give you an edge
More than a home loan. A lot more.
Up-front approval sets your offer apart
Lock While You Shop1 for up to 60 days
Faster access to your home’s equity
Power Buyer Certification2
Credit Check
Underwriting review
Certificate is valid for 60 days (from time credit is ordered)
Compete with cash buyers by obtaining an up-front approval to purchase a home based on your financial profile
Lock While You Shop1
Shop for your new home knowing your interest rate is secured
Take up to 60 days to shop and close on your new home
Speak with your loan officer to lock in your rate
Rate lock may be extended for an additional 30 days
REQUIREMENTS:
- Rate lock and locked-in terms are valid and must close within 60 days of lock
- Lock While You Shop only available with Power Buyer Certification
- Only a loan officer can lock in your rate
- Credit check required
- Property address and contact must be provided within 30 days to meet closing date on or before rate lock expires
- Rate lock can be extended for additional 30 days for a prorated daily fee of max .25 pt
- Some loan programs may be excluded
Mortgage Payment Calculator
Estimate your mortgage payment, based on your home’s purchase price, down payment, 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.
Disclosures
¹Power Buyer Lock While You Shop is applicable to first mortgage pre-approval home purchases that have received approve/eligible finding. Not applicable on HELOC or refinance transactions. To ensure timely closing within the rate lock period, the borrower should provide an executed sales contract and full property address to PenFed within the initial 30 days of the lock period. Extending a rate lock is subject to applicable rate extension fees to be paid at closing. Some loan programs may be excluded. Offering is subject to change at any time, some loan programs may be excluded. Talk to a PenFed Mortgage Loan Officer for additional details.
²Power Buyer Certification is contingent on a full underwriting review and approval of loan documentation and other creditworthiness conditions. Offering is subject to change at any time, some loan programs may be excluded. Talk to a PenFed Mortgage Loan Officer for additional details.
Power Buyer Solutions are subject to change at any time and without notice. Talk to a PenFed Mortgage Loan Officer for additional details.
Certain loan types may not be eligible for Power Buyer.
General Disclosures
Points are the responsibility of the borrower and not covered in promotions.
To receive any advertised product, you must become a member of PenFed.
