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PenFed loan processing fee on credit card?
Old 10-14-2010, 10:33 AM   #1
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PenFed loan processing fee on credit card?

I am applying for a PenFed refi online, and at the end of the application they want my credit card number for this:

Should your loan not close, be withdrawn, be denied, if you are applying for an Investment property loan, all fixed rate mortgages, or to refinance an existing Pentagon Federal Mortgage you will be responsible for costs incurred by PFCU. Please provide us with information on your credit card so that we can charge it if necessary. WE ONLY ACCEPT PENFED AMERICAN EXPRESS CARDS.
They don't tell you on the website anywhere how much this may cost however, and I'm currently on hold trying to get an answer. Anyone run across this?

There is a good chance my loan may not close due to me being retired and living off investments, rentals, etc, so I don't feel like paying a big fee if in fact it does not close.

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Old 10-14-2010, 09:58 PM   #2
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If you go to and DO NOT SIGN IN, click on "mortgage center", then click the type of mortgage you want in the red or blue box, you will get to a screen that has a payment and closing cost tool. It also has THIS statement:

"If the loan you are applying for is not associated with a specific property, please be advised that you will be charged the credit bureau fee upon submission of the application. You will be asked for your Visa, MasterCard or PenFed American Express card number during the application process. In addition, a $65 application fee and any other fees incurred will be charged to any application that is associated with a property, if that application is withdrawn, cancelled, denied, or does not close.

When your application is approved for a specific property the credit bureau fee will appear as a credit during closing (not applicable on all fixed rate mortgages, investment properties or refinancing of PenFed mortgages)."

From the Mortgage Center, there is also a tab marked "mortgage process" which reveals the following statement

"1. You'll complete our online application.The application will ask you questions about the home and your finances and takes less than 20 minutes to complete. Prior to submitting the application you will be asked for a Visa or MasterCard that will only be used in the event your loan does not close, due to being denied, withdrawn, or cancelled. At that time the credit card would be used to cover any costs that have been incurred. "

I have been unable to navigate to this tool once I have signed on. I would put in whatever Visa or Mastercard you prefer and see what happens

...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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Old 10-15-2010, 04:25 PM   #3
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Thanks for that!

We shall see what happens. They will probably laugh at me when the see my "income"-- rentals, interest, dividends, etc.
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Old 10-15-2010, 11:13 PM   #4
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Originally Posted by cardude View Post
We shall see what happens. They will probably laugh at me when the see my "income"-- rentals, interest, dividends, etc.
I didn't get an estimate of PenFed's expense either, but I think that's just their legal boilerplate to keep the tire-kickers away.

They took my Fidelity Amex with no problems.

They can laugh all they want... this refi will put our mortgage payment below half of my pension payment.

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