Thank you for choosing Pentagon Federal Credit Union for your home refinancing needs! As you can imagine, our volume is very high right now due to the recent drop in mortgage rates. With all of the excitement the new rates have caused, and our membership’s desire to do business with Pentagon Federal Credit Union, our refinances are now averaging from 45 to 60 days to close.
Don’t let this concern you, though, as you have already taken a big step towards completing your refinance by locking in your interest rate. You are now locked at 4.625% on a Fixed rate 15 year mortgage, which will be valid for a 90-day period. Because your rate is locked, you no longer have to worry about rate fluctuations. We want to apologize in advance for this delay, and we really appreciate your patience during this busy time.
The processor assigned to your application will be in contact with you as soon as possible, but this contact could take one to two weeks. Until you have been contacted, please keep this note as your verification that your rate has been locked. All members will be contacted as quickly as possible, in the order we received their application, in order to provide the highest level of member service that we can. To help our staff get through these calls as efficiently as possible, we ask that you limit your incoming calls to the mortgage department, until you have been contacted by your processor.
Thank you again for your understanding during this unprecedented level of volume, and we really look forward to working with you soon.
Pentagon Federal Credit Union
Mortgage Department