Best No Setup Fee Mortgage Lenders June 2021 – Forbes Advisor


Founded in 1935, PenFed is one of the largest member-owned credit unions in the country. PenFed has an open charter, which means that no military affiliation is required.
To join, you must open and maintain a sharing (savings) account of at least $ 5. This is not a “membership fee”, it is the member’s share of ownership, and the requirement is the same for each member.

PenFed operates in all 50 states, Washington, DC, Puerto Rico, Guam, and Japan.

Mortgage borrowers will not have to pay lender fees; they are simply responsible for third party fees such as appraisal, title, credit report, and any other services required to process the mortgage.

Although PenFed historically has an average of 30 to 40 days to close purchases, the lender says it will make an effort to close on a shorter time frame, if necessary.

The Mortgage Member Benefit Program is a simple, three-tier lender credit of up to $ 2,500. The amount you save is based on your loan amount, so the larger the loan, the more you save.

Available in all 50 states

Although you can apply online, PenFed also offers branches in California, Florida, Georgia, Hawaii, Maryland, North Carolina, Nebraska, New Jersey, New Mexico, New York, Pennsylvania, Texas and Virginia.

How to register

Borrowers can start their application process online. Customer service by phone is available Monday through Friday 7 a.m. to 11 p.m. ET, Saturday 8 a.m. to 11 p.m. ET, and Sunday 9 a.m. to 5:30 p.m. ET.


Pre-approval of the loan takes less than three days. The average time to close is 35 days, which is shorter than the industry average. In some cases, the close can be as short as 11 days.

Credit requirements

Borrowers must have a minimum credit score of 620 or higher for conventional and VA loans. For jumbo loans, the minimum credit score is 700.

Types of loans offered

PenFed offers conventional, jumbo and VA fixed mortgages as well as home equity loans and refinances.

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