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07-07-2008, 11:24 AM
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#1
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Recycles dryer sheets
Join Date: Jun 2008
Posts: 94
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Some questions on PenFed
I noticed Pentagon Federal Credit Union mentioned several times and I was hoping to get a quick primer on them from anyone who has experience.
I'm looking to refinance my home mortgage and was curious why so many here seem to endorse Pen Fed. Is it the rates or security or ... ?
Finally, my father was in the Navy and my brother is still an F-16 pilot in the Air Force, I assume that would be enough to join? Would applying impact them in any way if I used them as a reference? Credit checks, phone calls etc...
Thanks for any advice.
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07-07-2008, 12:57 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,866
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PenFed is excellent. I have my mortgage with them (4.625% 15 year fixed, $788.40 out-of-pocket for the refi of ~$175K) as well as their credit card - 5% back on gas, 2% on groceries, 1.25% on everything else, automatically credited on my monthly statement, with no minimums or maximums and no hassle.
Their rates are superb and usually the best or among the best. I have approximately 40 active credit cards from all the major issuers and the PenFed card is the one that's actually in my wallet.
They're a large, well-respected credit union.
I'd read up on their membership requirements. They won't ask for your father's or brother's information and they won't contact them or check their credit. It's basically an honor system. If you don't qualify through your father or brother, you can pay a one-time fee of $20 I think to join the National Military Family Association. Then once you're a member of PenFed you can drop the NMFA membership if you wish and still remain a customer of PenFed.
2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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07-07-2008, 02:07 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Feb 2008
Location: Indialantic FL
Posts: 1,330
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While PENFED is good, if youre gonna refi, make sure your existing mortgage holder won't give you a deal as well... I think penfed is currently paying most of the closing costs for new primary residence loans.
Jim
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07-07-2008, 02:59 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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They are a good place for a credit card and loans. I pay the credit card off every month and don't borrow money because I hate debt. I also feel that jobs nowdays are shaky and I do not want to be in debt. You might says my father was like Dave Ramsey. On that note Penfed does have some good cd's.
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07-07-2008, 05:06 PM
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#5
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Recycles dryer sheets
Join Date: Jan 2007
Posts: 131
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DW and I just moved to a new home 3 weeks ago and I used PenFed for a new mortgage based on their very competitive rates, up-front transparency on (low) costs, and great reputation from others here. I wasn't disappointed.
It can be challenging to compare total cost across lenders based on what they merchandise/sell but it's very important to do so. I did a couple of quotes from other lenders and while a few matched or barely beat PenFed on rate and points it wasn't even close when I factored in the extra closing fees the others wanted to tack on....
FWIW, I got a 5.75% 30-yr fixed for 0.875 points. We intend on staying in this house a LONG time so were willing to buy down the baseline 6.0% rate a little.
Lastly, if you use PenFed it's worthwhile to check the rates page online every morning after 11:30am ET when they are typically updated. My eyes were glued to that page for a few weeks back in April / May as I eyed when I should lock my rate in.
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07-08-2008, 05:41 PM
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#6
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Recycles dryer sheets
Join Date: Jun 2008
Posts: 94
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Thanks very much everyone. Appreciate it.
jblack I'm shooting for something similar to what you got myself. I'll keep an eye on their page.
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07-08-2008, 06:42 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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Been with them for 33 years now. Primary financial institution through that period. Never a problem. Some of my kids have used them recently for Mortgages and are completely happy with the services and costs. I believe they are #3 in size for all CU in the USA and did not get caught up in the "sub prime lending" BS.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
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07-10-2008, 10:03 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Sep 2007
Posts: 1,199
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I don't have any experience with their mortgages, but the auto loans are amazing.
4.5% when the best rate my car dealer had was 5.9%. They looked at each other and said "Wow, we are pretty proud of our rate, but that beats us hands down."
I applied at PenFed online at 10PM, checked the next morning and the app status was "Approved". I called to ask them what was the next step and the girl said, "Your check has already been mailed out."
Oh, and the top-of-the-line extended warrantee (5 yrs/60K miles) was $1145 vs. the dealer's $2300.
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