Posted by Madison on October 22, 2009
I recently highlighted our mortgage refinance with Pentagon Federal Credit Union. A reader, Vic, wanted to know more about joining the credit union.
Not only do they have some incredibly good mortgage rates, but they also have good balance transfer rates from time to time (which we used on our rental property), and decent car loans if you’re in the market for a used car. Finally, they have CD sales, where they offer fantastic CD rates. However, they go quickly, so you usually need to have your membership established ahead of time.
The best part about Penfed, is that anyone can join. If you don’t qualify for one of the main criteria, you just make a $20 donation to the National Military Family Association. It’s a membership fee that I’ve earned back many times over with all their great products.
By the Numbers
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I became Penfed member few weeks back..thanks to you.
I love their Visa Platinum Cashback Rewards card, it gives you 5% cash back on gas purchases.
@ Vic: Oh yes, how did I forget to mention the cashback credit card? It’s great!
I’m glad you joined Penfed. They’ve saved me so much money over the years.
I just read your earlier post on the 260k rental property. Can you tell us how much you put aside in reserves for repairs, etc?
I am considering a strategy similar to yours in a university town and got similar responses to the one from Claire from the folks at biggerpockets.com.