|By PR Newswire||
|March 26, 2014 05:00 AM EDT||
ALEXANDRIA, Va., March 26, 2014 /PRNewswire/ -- PenFed (Pentagon Federal Credit Union) today announced that the credit union is running a limited time promotional offer that waives the origination fee requirement on its VA 15-Year and 30-Year Fixed mortgages.
This promotion is available to eligible veterans interested in securing a VA mortgage for a primary home purchase or refinance. Additionally, refinances on existing VA mortgages are available on second homes or investment properties.
"This is a very exciting promotion that we are running on our VA mortgages," said Craig Olson, senior vice president of mortgage operations at PenFed. "PenFed is committed to its military members, and when you stop to consider how much the origination fee waiver will save our qualified veterans, the savings really are quite outstanding."
How does a VA Mortgage work?
Available to qualified veterans, a VA mortgage loan is obtained through a lender and guaranteed by the Veterans Administration. What makes a VA mortgage different from a Conventional mortgage is that private mortgage insurance (PMI) is not required on a VA mortgage. With a VA mortgage, the financing is made available by the lender and the Veterans Administration acts as the insurer.
VA Mortgage Features
PenFed's VA 15-Year and 30-Year Fixed mortgages include the following features that veterans will find convenient:
- Affordability: For this promotion, the PenFed VA 15-Year and 30-Year Fixed mortgage features no down payment, no points, no origination fee1, and no private mortgage insurance (PMI).
- Lending flexibility: Financing is available on both home purchases and refinancing - for loan amounts up to $417,000 and higher based on VA County limits.
- Peace of mind: Free 60-day rate locks2.
- Automatic payments: Available on all of PenFed mortgages; allowing for ease of payment.
- PenFed also services all of its VA and Conventional mortgage loans: When you contact PenFed regarding your mortgage loan, you will always be speaking to a knowledgeable mortgage service representative.
Origination Fee Savings Example
PenFed's usual origination fee is 1% of the loan. With the origination fee waiver, a $400,000 loan would reflect a savings of $4,000.
Compare Rates and Save
Compared to other lenders, the credit union's mortgage interest rates are some of the lowest in the nation:
15-Year VA Mortgage Payment Example: For a $103,300 loan amount and 0 points, the initial interest rate is 3.375%, with a 3.935% APR. Based on current market conditions, the monthly payment schedule would be:
- 179 payments of $732.15 at an interest rate of 3.375%
- 1 payment of $731.91 at an interest rate of 3.375%
This payment example does not include taxes or insurance; and actual payments may be greater.
30-Year VA Mortgage Payment Example: For a $103,300 loan amount and 0 points, the initial interest rate is 4.250%, with a 4.575% APR. Based on current market conditions, the monthly payment schedule would be:
- 359 payments of $508.17 at an interest rate of 4.250%
- 1 payment of $509.55 at an interest rate of 4.250%
This payment example does not include taxes or insurance; and actual payments may be greater.
Who is eligible for a PenFed VA mortgage loan?
Most veterans who were on continuous active duty in any branch of the armed forces, and not discharged dishonorably, are eligible for a PenFed VA mortgage. Eligibility criteria include:
- National Guard and Reservists who have completed 6-years of service
- Individuals with a service related disability
- Surviving spouses of a deceased veteran who have not remarried
Why choose PenFed for your mortgage financing?
For over 75 years, PenFed's mission has been to bring quality products that offer exceptional value to its membership. All of PenFed's mortgage programs are designed with simplicity and value in mind.
For more information about PenFed and membership eligibility, call 800-247-5626 or visit PenFed.org.
About PenFed (Pentagon Federal Credit Union)
Established in 1935, PenFed is one of the largest credit unions in the country serving over 1.2 million members worldwide; with more than $17 billion in assets. Its longstanding mission has been to provide superior financial services, responsive to members' needs in a cost effective manner. PenFed offers market leading mortgages, automobile loans, credit cards, checking, and a wide-range of other financial services with its members' interests always in mind. Serving a diverse population, there are many ways to become a PenFed member; including numerous association members and employee groups. PenFed is federally insured by the National Credit Union Administration, does business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act, and is an equal housing lender.
We are pledged to the letter and the spirit of the United States policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.
Disclosures: All rates and offers are as of March 25, 2014 and are subject to change without notice. Other restrictions may apply. To receive any advertised product you must become a member of PenFed by opening a share (savings) account. Federally insured by the NCUA.
1 Origination fee: PenFed 1% origination fee waived as limited time offer. Applicant is still responsible for VA Funding fee.
VA Funding fee: A VA Funding fee is a percentage of the loan amount. This fee varies based on the following conditions: type of loan, applicant's military category, whether applicant is a first-time or subsequent loan user, and whether applicant makes a down payment.
2 Rate locks: For purchase transactions, the rate cannot be locked until PenFed has received a ratified purchase agreement.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
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