Featured California Mortgage: PenFed
When shopping around for a mortgage, it’s always important to get the best deal that you can. In California, consumers have no shortage of places to look for the best California mortgage rates.
PenFed Credit Union in California offers two main mortgage services, both of which can be attractive to home buyers. If you’re looking for the best mortgage rate in California, PenFed is a great place to start. That’s why we’re featuring it this week.
PenFed 5/5 Adjustable Rate Mortgage (ARM)
The PenFed 5/5 adjustable rate mortgage (ARM) is an attractive deal for those who want to be rewarded for staying in the same place. Your California mortgage rate on the PenFed 5/5 will drop by a quarter of a percent after you have the mortgage for five years. This will result in a drop in your payment that you can apply to other bills or save up the money for a trip for your family, or even pay down on other debts.
Other attractive benefits of the PenFed 5/5 ARM include:
- PenFed will pay as much as $10,000 in your closing costs. You will prepay interest and escrow fees when you utilize one of PenFed’s preferred title companies.
- You can apply online and become qualified instantly.
- You never pay any originating or processing fees on this California mortgage.
- Use a preferred title company of PenFed and they will pay the lenders title insurance.
- The California mortgage comes with a free 90-day rate lock.
- The rate adjusts only once every five years.
30-Year Fixed-Rate Mortgage
The 30-year fixed-rate mortgage from PenFed is also an attractive California mortgage service. Perks include:
- An APR less than 4 percent.
- The loan can be as much as $417,000.
- You can use this California mortgage service to buy a new home or to refinance your current California mortgage.
- The payment will be stable over the life of the mortgage.
- A free 60-day rate lock comes with all mortgages.
- Apply online and you can be instantly qualified.
When looking for the right California mortgage rates, you should always shop around a bit before you commit to one product. However, PenFed is a great place to begin your search due to the flexible options for consumers and attractive terms.