This article is PenFed Credit Union
If you’re getting ready to buy a home this spring, consider making PenFed Credit Union your first phone call. Not only can we help you find a great low rate on a mortgage, we can help you find a knowledgeable real estate agent and may even save you thousands of dollars in fees.
Real Estate Rewards
With the PenFed Real Estate Rewards program, we connect you with a network real estate agent and a preferred title provider. When you use them to purchase your new home you could save up to $10,0001 in closing costs or thousands of dollars in origination fees² depending on the type of mortgage you choose.
How does it work?
If you use the Real Estate Rewards program in conjunction with an eligible adjustable rate mortgage, PenFed will pay your closing costs up to $10,000¹ and waive the origination fee (if applicable). If you use the program with an eligible fixed-rate mortgage, PenFed will waive the origination fee.2 That can result in a savings of thousands of dollars.
To be eligible for Real Estate Rewards, you must complete the Real Estate Rewards Contact form or contact PenFed at 1-800-556-8077. We’ll connect you to a local real estate agent through our national network. You’re not required to use the services of any PenFed affiliate, however discounts and credits may not apply. To learn more, call us today!
PenFed is federally insured by NCUA and an equal housing lender.
Promotions effective as of April 25, 2017. Promotions and interest rates subject to change without notice. Only purchase transactions are eligible for Real Estate Rewards promotions. To receive any advertised product or service, you must become a member of PenFed.
1Available when using a network real estate agent and our preferred title providers. For New York and Texas properties borrowers may use any title company to obtain the closing cost credit. Should this loan be paid off within 36 months, the member must repay PenFed a prorated amount of the total closing costs paid by PenFed except those paid to PenFed affiliated title companies. PenFed will pay your closing costs up to $10,000 including but not limited to: appraisal fee, tax service fee, CLO access fee, title fees, transfer tax fees, credit report fee, flood certification fee, recording fee, survey if required and work verification fee. This does not include: escrow, interest, homeowner’s insurance, lender’s title insurance, or owner’s title insurance, the cost for a structural engineering or similar report, should the appraiser request one, or points to buy a rate down or applied to a loan. Promotion available for the purchase of a primary residence or 2nd home only. Other restrictions may apply. See contract addendum for details.
2 Purchase transactions only. The application of additional loan level pricing adjustments will be determined by various loan attributes to include but not limited to the loan-to-value (LTV) ratio, credit score, transaction type, property type, product type, occupancy, and subordinate financing. Loan level pricing adjustment or points to buy a rate down are the responsibility of the borrower and not covered in promotions.
Affiliated Business Arrangement Disclosure
This is to give you notice that PenFed has a business relationship with PenFed Realty, LLC. PenFed Realty, LLC is wholly owned by PenFed and this referral may provide PenFed a financial or other benefit.
Set forth below is the estimated charge or range of charges for the settlement services listed. You are NOT required to use the listed provider(s) as a condition for the purchase, sale, or refinance of the subject property. THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATE FOR THESE SERVICES.
PenFed Realty, LLC/Real Estate Commission
Charge/Range of Charges
Charges may range from 1% to 6% of the sales price plus $350.