Limited Time Only 30-Year Fixed Conventional and Jumbo Mortgage Promotional Rate Offers, Now Available at PenFed

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New HomeThese special offer promotional rates are available on home purchases and external refinancing, feature free 60-day rate locks, and run for a limited time only.

April 29, 2013, Alexandria, Va. —PenFed (Pentagon Federal Credit Union) announced today that the credit union is running special promotional rates on their 30-Year Fixed Conventional and Jumbo Mortgage products.

“We are happy to offer these incredibly low interest rates,” says Deborah Ames Naylor, executive vice president of Mortgages, PenFed.

PenFed has already originated over $200 million in mortgages under their current promotion on 30-Year Fixed Conventional & Jumbo Mortgage products during the first few days of this new offering, and the credit union invites interested individuals who have mortgages elsewhere or are thinking of purchasing a home, to discover the value of PenFed membership. Interested individuals are encouraged to act now to take advantage of these great rates.

30-Year Fixed Conventional Mortgage
The 30-Year Fixed Mortgage promotion features a 3.125% interest rate with a 3.223% APR*with 0 points and a 1% origination fee. For example, for a $250,000 loan amount, the monthly payment amount would be approximately $1,070.94 for 360 months. This payment example does not include taxes or insurance; and actual payments may be greater.

30- Year Fixed Jumbo Mortgage
The 30-Year Fixed Jumbo Mortgage promotion is available for loans $417,000 to 2 million. The rate promotion features a 3.375% interest rate with a 3.463% APR* with 0 points and a 1% origination fee. For example, for a $600,000 loan amount, the monthly payment amount would be approximately $2,652.58 for 360 months. This payment example does not include taxes or insurance; and actual payments may be greater.

Both the mortgage products have a free 60-day lock rate.*

To learn more about our 30-Year Fixed Conventional and Jumbo Mortgage programs, visit PenFed.org or call 800.970.7766.
About PenFed (Pentagon Federal Credit Union)

Established in 1935, PenFed is one of the largest credit unions in the United States with over a million members and more than $15 billion in assets. PenFed provides an extensive selection of financial products to its members worldwide. Its core membership includes the Department of Defense, Army, Marine Corps, Navy, Air Force, and Coast Guard; Department of Homeland Security personnel, employees or volunteers of the American Red Cross, numerous military associations, and many others. PenFed is federally insured by the National Credit Union Administration and is an equal housing lender.

For more information about PenFed, visit PenFed.org or call 800.247.5626.

  *Disclosures: All rates and offers are as of April 26, 2013 and are subject to change without notice. Refinancing of PenFed mortgages are not eligible for this promotion. Other restrictions may apply. To receive any advertised product you must become a member of PenFed by opening a share (savings) account. Federally insured by the NCUA. 30-Year Fixed Mortgage Payment Example: The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $250,000 and an estimated property value of $350,000. The property is located in Alexandria, VA and is within Fairfax County. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 740. At a 3.125% interest rate, the APR for this loan type is 3.223% based on 0 points, other rates and terms available. The monthly payment schedule would be 359 payments of $1,070.94 and 1 payment of $1,070.47 at an interest rate of 3.125%. Actual monthly payments will be higher and will also include amounts for real estate taxes and homeowner’s insurance premiums. NOTE: A 1% origination fee applies to this loan. The application of points will be determined by the loan to value (LTV) ratio combined with certain representative credit scores. Additional points also apply to certain cash-out refinance transactions, certain condominium transactions, and some transactions with subordinate financing that will reflect on the Good Faith Estimate and/or Settlement Statement. For purchase transactions, the rate cannot be locked until a purchase agreement has been ratified. Points are the responsibility of the borrower and not covered in promotions. 30-Year Fixed Jumbo Mortgage Payment Example: The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $600,000 and an estimated property value of $750,000. The property is located in Alexandria, VA and is within Fairfax County. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 740. At a 3.375% interest rate, the APR for this loan type is 3.463%, other rates and terms available. The monthly payment schedule would be 360 payments of $2,652.58 at an interest rate of 3.375%. Actual monthly payments will be higher and will also include amounts for real estate taxes and homeowner’s insurance premiums. NOTE: A 1% origination fee applies to this loan. The application of points will be determined by the loan to value (LTV) ratio combined with certain representative credit scores. Additional points also apply to certain cash-out refinance transactions, certain condominium transactions, and some transactions with subordinate financing that will reflect on the Good Faith Estimate and/or Settlement Statement. For purchase transactions, the rate cannot be locked until a purchase agreement has been ratified. Points are the responsibility of the borrower and not covered in promotions. The 30-year fixed rate jumbo loan (loan amounts greater than $417,000) is available only for purchases with a ratified sales contract and refinances of mortgages not currently held by PenFed. It is not offered for pre-purchases (applications that do not have a ratified sales contract) or refinances of an existing PenFed mortgage.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
Posted in: 2013, Press Releases
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Amy Doane
Direct: 541-225-6606
E-mail: MediaRelations@PenFed.org

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Our Media Center is designed to keep you up-to-date on PenFed activities and act as a press archive. All information is considered to be accurate at the time of original publication. PenFed accepts no responsibility to update our press releases after information, including but not limited to rates and offers, has expired or is otherwise out of date.
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