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Yes, I used PenFed 4 1/2 years ago for a refinance. I chose their 15/30 year Adjustable mortgage, which had a 3 1/2 % rate at the time. The rates cannot go up for 15 years, which is a good way to go. Also, the many of the closing costs were waived, including the origination fee.
We have decided to move from Oregon back to San Diego this year. I have been pre-qualified by PenFed and will again go with their 15/30 year ARM. They have agreed to waive all closing costs as long as I use a real estate broker recommended by them.
I thought that their service was excellent and that is one reason why I am using them a second time.
I had a 3% car loan that I refinanced to 1.5% with them in 2015. Great rate. It was annoying how much paperwork I had to sign and mail back. I thought in this day and age, I could esign a lot of stuff. Maybe they've improved since then.
I used PenFed to do our house re-fi a few years back. It was a great deal (5/5 ARM with zero closing costs and 2.875% rate).
Their customer service is known to be very slow, but they did get the job done. It’s tough to get in contact with them as each loan officer has a ton of applications. From what I hear from other PenFed customers, they aren’t a great option if you need a fast closing, as their paperwork process is slow. But if you can be patient, you can score a great deal.
We were going to go through PenFed but the woman on the phone was so rude to us that we stopped the process. I do still have a checking account with them, with hardly anything in there, but we are "members" if I ever want to try again.
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