|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.
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Aug. 31, 2016 07:45 PM EDT Reads: 1,956
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Aug. 31, 2016 07:15 PM EDT Reads: 212
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Aug. 31, 2016 07:00 PM EDT Reads: 240
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Aug. 31, 2016 06:30 PM EDT Reads: 2,527
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Aug. 31, 2016 06:15 PM EDT Reads: 3,618
Although it has gained significant traction in the consumer space, IoT is still in the early stages of adoption in enterprises environments. However, many companies are working on initiatives like Industry 4.0 that includes IoT as one of the key disruptive technologies expected to reshape businesses of tomorrow. The key challenges will be availability, robustness and reliability of networks that connect devices in a business environment. Software Defined Wide Area Network (SD-WAN) is expected to...
Aug. 31, 2016 06:15 PM EDT Reads: 279
Between the mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at @DevOpsSummit at 19th Cloud Expo, Charles Kendrick, CTO at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how business and deve...
Aug. 31, 2016 06:15 PM EDT Reads: 194
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...
Aug. 31, 2016 05:15 PM EDT Reads: 281
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Aug. 31, 2016 05:00 PM EDT Reads: 878
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Aug. 31, 2016 04:45 PM EDT Reads: 3,844
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
Aug. 31, 2016 04:39 PM EDT Reads: 255
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Aug. 31, 2016 04:15 PM EDT Reads: 980
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It doe...
Aug. 31, 2016 04:12 PM EDT Reads: 264
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Aug. 31, 2016 04:00 PM EDT Reads: 1,138
As cloud adoption continues to transform business, today’s global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
Aug. 31, 2016 03:15 PM EDT Reads: 330