PenFed offers an extremely wide range of fixed- and adjustable-rate loans with various term lengths. You can take out a mortgage to purchase a new home or refinance one you already own. Conventional-size and jumbo loans are available. The credit union also offers two government-backed mortgage types: VA and FHA. These loans provide options for borrowers who may not have amassed a large down payment or have less than perfect credit scores.

PenFed's mortgage application process cannot be completed entirely online at this time. Those who are more or less digitally dependent might find that an inconvenience. But for customers who appreciate the personal touch, it could be just what they're looking for. PenFed offers a wide range of financial products, from auto loans to credit cards to checking accounts. But it may not offer all of the information mortgage shoppers are looking for. The company does not, for example, publish updated rate ranges for the various types of loans it offers. You can request a mortgage quote online, but be aware, that the company will perform a hard credit inquiry if you do. That can temporarily depress your credit score. Other institutions are willing to give you a non-binding quote without pulling your credit file. That's not to say that PenFed doesn't offer some valuable information on its site. The site features a handy mortgage calculator to help you compare various loan scenarios. The credit union also explains the various types of loans it offers in plain, succinct terms. Customers can also benefit from reading the many articles stored in its Mortgage Knowledge Center. But in order to get all of the information you need before making a mortgage decision, you'll be best served by talking to a credit union representative.

Depending on the type of loan you apply for, you must have a minimum credit score between 620 and 650 to receive a mortgage from PenFed. Your rates will vary, with lower interest rates awarded to people who have higher credit score

PenFed Credit Union has been serving customers since 1935. The company gets a strong endorsement from Trustpilot users, who award it 4.6 out of 5 stars. Similarly, the company earns an A+ rating from the Better Business Bureau but, by contrast, consumers who review the organization on the BBB website only award it 1.19 out of 5 stars. Complaints generally discuss poor customer service. But it should be noted that PenFed offers a wide range of financial products and not all complaints referred to home loans.