PenFed Credit Union Mortgage Review 2023


2023 Editors’ Choice Award Winner: Best Lender for Beating High Mortgage Rates

Mortgage rates have surged from below 3% to over 7% over the past two years, leaving today’s homebuyers grappling with higher borrowing costs at a time when home prices have also seen substantial gains. Now more than ever, it’s important for prospective buyers to find a mortgage lender that can help them overcome high interest rates.

Our editors’ choice award goes to PenFed Credit Union, which consistently scores among the top-rated lenders for affordability with its competitive mortgage interest rates. PenFed originates all types of mortgage loans, including low-interest FHA and VA loans, as well as adjustable-rate mortgages for buyers looking for a lower initial interest rate.

PenFed stands apart from the rest with up to $1,500 in broker-paid closing credits for buyers who use a PenFed real estate network agent. It also offers a Power Buyer 60-day rate lock, which is twice as long as the industry standard of 30 days.

While homebuyers must join PenFed to take advantage of its low mortgage rates, membership is open to anyone, anywhere. All it takes is a $5 initial deposit into a PenFed savings account, and you can begin shopping for an affordable mortgage.

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Borrowers looking to buy a home, refinance a mortgage or tap equity will find many options, including:

Terms and conditions vary widely based on the type of mortgage you choose.

A broker credit is available at closing based on your loan amount after applying. The credit for loans on purchase prices of up to $699,999 is $1,000; the credit is $1,500 for purchase prices of $700,000 and up. You must also use a referred PenFed real estate network agent for the home purchase to qualify.

PenFed Credit Union members can take advantage of discounts on home insurance from Travelers and TruStage, underwritten by Liberty Mutual.

Requirements vary by loan.

Certain borrowing requirements can be found online, including down payment amounts, as well as details about other types of mortgages. But your best bet is to contact PenFed directly for information based on your financial situation.

PenFed provides a number of ways to receive customer service:

PenFed’s digital mortgage tools allow you to:

  • People who hope to claim the lender credit.
  • People who prefer an online mortgage application.
  • People who want a variety of loan options.   


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