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Pen Fed's mortgage process is horrible and extremely slow to say the least. This was the worst experience that I've ever had with a lender. Their departments do not communicate with one another and especially don't communicate with the realtors or customers involved. When they do communicate with you, they ask for the same documentation that you've already supplied them numerous times or throw last minute changes at you. They even asked for the first month's mortgage payment at the table and we found out about it the day of closing (Who does that???)! The closing date on the contract has absolutely no meaning to the loan officer, processor or underwriter, their going to get it done in their time. Even closing in the same week would have been nice. The loan officer that handled our process was Kary Justiniano out of Virginia. I would not recommend Pen Fed to my worst enemy. BEWARE!!
I have the most horrible experience with this company. They placed a forced insurance on my mortgage. That part is fine, because for some reason my insurance payment stopped and I did not noticed. But when I noticed it, I called my insurance company and they activated it on November 21, 2018. On January 17, PenFed charged me for forced insurance! And they don't know how long it will take to remove the force insurance!
THE WORST COMPANY TO DEAL WITH WHEN YOU IN NEED OF A LOAN. THEY DON'T COMMUNICATE WITH ONE ANOTHER THAT'S BAD FOR BUSINESS! THEY MAKE YOU FEEL LIKE YOU HAVE BAD CREDIT AND MAKE YOU FEEL LIKE YOU DON'T KNOW WHAT YOU ARE DOING KEEP ASKING THE SAME DOCUMENTS JUST TRY TO WORD IT DIFFERENCE. THIS THE LAST TIME I'LL DO BUSINESS WITH PENFED. I'M CLOSING MY CREDIT CARD WITH THEM & MORTAGE WILL BE PAID IN A YEAR. THEY CAN'T HAVE NO MORE OFF MY BUSINESS. IT'S TO MANY CREDIT UNIONS & BANKS OUT HERE TO BE DEALING WITH THIS BSING AROUND CREDIT UNION. A COMPANY HAVE TO EARN MY MONEY....
Their rates are competitive. I have a mortgage and credit card through Penfed. My mortgage is ready to have a rate reset so they offered a lower rate via email to make the rate more competitive than what the reset would be. Apparently, I missed their window (45 days before the rate reset) to be able to be able to lock in the lower rate. Good luck finding your rate reset date anywhere without pulling out the original note from 5 years ago. I spoke to customer service and a supervisor and they were completely inflexible saying that I missed the window by 4 days and they could not do anything. Now I will refi and shop for a new credit card with a new bank/credit union. The whole point of the program is to retain customers. Well you are losing this one for life....over 4 days. Well done Penfed.
We have done business with PenFed since we moved our home mortgage business to them in 2009. We modified that mortgage three times and have done other business with them without problems. Until two months ago. We have had to ask them three times to give us a correct mortgage payoff amount and watched in shock as their automated system withdrew the wrong amount for our June 2017 mortgage payment. It took them a week to correct that. We intend to continue our credit card and savings business with PenFed, but can no longer recommend them highly.
I filed an application with this credit union and they were so dysfunctional that I had to warn others about this company. They made us wait for six weeks and go through three processors for an answer when they already had an appraisal done. When we told them that we are going with another bank, they charged us $743 for not doing anything for us. Would not touch this lender with a ten foot pole. I have dealt with a dozen banks in my life and none were as incompetent as this credit union
I'm closing on in three days and the closing costs have jumped from 18 to 25 grand. The loan officer said someone made a mistake which they fixed but they have yet to track down how or who it was. This is all happening 3 DAYS before closing and I am trying to reach anyone but the loan officer and have no gotten any return calls.
PenFed rates are excellent, but this is another case of “you get what you pay for”. I recently did a re-fi with them because of their awesome promotions and rates, but their customer service people must be inundated with workload. You have to stay on their representatives like on a person with severe ADHD. Also, don’t forget to watch for typographical mistakes. Furthermore, it is nearly impossible to get any kind of written reassurance that you qualify for the promotions they mention. It is an uphill battle to get things done with them, but well worth the effort in the end, just keep your eye on the prize.
You can apply online for a home loan with PenFed Credit Union. Please visit the following link to apply and find more information: https://www.penfed.org/path-to-home/.
Unfortunately, this information is not made available on the credit union’s official website. However, the credit union has based its current rates on a credit score of 720+. As a result your rate, payment and cost might be higher based on your individual score. Please find out more here: https://www.penfed.org/path-to-home/.
In the event that in a given week, for this product, there were multiple applicable rates in our database based on different criteria, the above graph reflects the lowest interest rate recorded. Before submitting an application, always verify with the issuing institution (i.e. bank, credit union, other lender) the rates, fees, and all terms and conditions accompanying the application.