Shopping for a house before you talk to a lender is like grocery shopping before you check your bank balance: you’ll find plenty you love, and not all of it will fit.
With National Open House Weekend running Oct. 23–25, PenFed Credit Union is nudging buyers to flip the usual order. Speak with a mortgage lender first, then start touring.
What buyers are worried about
PenFed commissioned a survey from Atomik Research, polling 1,000 U.S. adults online. Money anxiety topped the list:
- 30% said their biggest worry is simply affording a home.
- 24% fear overpaying.
- 28% worry that waiting could cost them a lower price.
- 75% said it would help if their lender connected them with a trusted real estate agent.
- 31% named closing cost benefits as the top feature of a homebuying program, while 30% chose help finding a trusted agent.
Buyers have traditionally found a home or an agent first and called a lender later. The survey suggests plenty of people are open to doing it differently. Starting with the lender can also save thousands in closing costs.
“National Open House Weekend is a great opportunity to explore what is available, but buyers can get more from every tour when they understand their budget and financing options first,” said Mark Burrage, Senior Vice President, Head of PenFed Home Product and Strategy. “Connecting with a lender early can help homebuyers set realistic expectations, move with confidence and be better prepared when they find the right home.”
How the Very Important Buyer program works
PenFed’s Very Important Buyer (VIB) program pairs eligible buyers with a network real estate agent and PenFed’s mortgage team*. Buyers get guidance from start to finish and can save thousands in closing costs.
There’s a second perk that matters in the current rate environment. VIBs are eligible for a no-cost refinance if they refinance their loan within three years of purchase.
Your open house game plan
PenFed suggests prospective buyers do the following this weekend:
- Connect with a lender early to figure out a comfortable monthly payment and your financing options.
- Ask about closing costs, timelines and the documents you’ll need.
- Work with a real estate professional who knows the local market.
- Tour with a firm budget and a list of must-have features.
“Our mission is to help members make informed financial decisions at every stage of life,” Burrage said. “By bringing lending guidance, real estate expertise and meaningful savings together, PenFed can help make the path to homeownership clearer and more manageable*.”
If you’re heading to open houses this month, make one call before you grab the car keys. Knowing your number turns every walkthrough into a useful comparison instead of a daydream, and it might save you real money at the closing table.
The fine print
Members become Very Important Buyers (VIB) and are eligible for the lender-paid closing credit when their transaction is completed with both a PenFed mortgage and the qualified PenFed real estate network agent to (1) purchase their new home, for completed purchase applications received on or after April 3, 2025, or (2) purchase a home listed by a Berkshire Hathaway HomeServices PenFed Realty agent, for completed purchase applications received on or after October 6, 2025; subject to qualification and approval. Members must use the qualified PenFed real estate network agent assigned to them to close their real estate transaction. Members who have already closed on a property, or who are using and wish to keep using a non-PenFed real estate network agent, will not qualify. Lender-paid closing cost credits include the loan origination fee, appraisal fee, tax service fee, flood certification fee, credit report fee, soft credit report fee, and escrow waiver pricing adjustment, if applicable. Members can obtain lender and real estate services separately, but the lender-paid closing credit will not apply. Credits may be reduced if all credits received, including seller credits, reach the maximum allowable credit limit for the selected loan product. Terms and conditions apply and are subject to change without notice. This is not a commitment to lend.
VIB members are eligible for a lender-paid closing credit if they refinance the original VIB loan with PenFed within 3 years of that loan’s origination date. The same fees are eligible to be waived as on the original VIB loan. The refinance benefit can be redeemed only once. Terms and conditions apply and are subject to change without notice. This is not a commitment to lend.
Certain images in this webpage were created using artificial intelligence and do not represent real people, places, or events.
*You are not required to use PenFed’s network of real estate agents as a condition of obtaining products or services from PenFed. By using PenFed’s network of real estate agents, PenFed may receive a financial or other benefit. You are free to shop around to determine that you are receiving the best services and the best rate for these services.