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1.99% Home Equity Loan from Pentagon Federal Credit Union (PenFed) with NO Closing Costs!

Rokket 9,880 March 25, 2012 at 02:43 PM in Home & Home Improvement (10)
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Last Edited by widgit March 25, 2012 at 04:50 PM
Pentagon Federal Credit Union (PenFed) is now offering a 5 year home equity loan (HEL) for only 1.99% with NO closing costs! Must be owner-occupied home with 80% or less loan to value, must apply online.

Here's a link for more info: https://www.penfed.org/home-equity-loan/

Use a home equity loan to remodel/renovate your house, pay college costs, pay down your higher interest debt (including a mortgage), or buy a second home or investment property. HELs may be tax-deductible.

I've never seen a better deal on a home equity loan (1.99% for 5 years with no closing costs!!!), so if one is right for your situation you might want to check into PenFed. PenFed has a great reputation. Link to home page: https://www.penfed.org/HomePage.aspx

Hope this helps someone!

371 Comments

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#301
Finally, PenFed did receive the house appraisal and my application has been submitted for a review..

Timeline - 4 full weeks so far!

How long does the 'review' take before you get a closing date?

Update: Heard back from them and its going to take another 2-3 weeks *shucks* so much for low rates.
Last edited by Tampaite April 26, 2012 at 01:12 PM
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#302
I'm beyond 4 weeks at this point, and they're telling me it may be another 4. WTF?? Why in the blue hell does this process take so damn long?

They pulled my credit (instant approval). They have my W2 (this year and last). They have 2 pay stubs. They have my mortgage payoff statement. They have my bank account statement. What the heck else could they possibly need?

Yeah, I'm a bit frustrated with them at this point.
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#303
I think they are swamped with apps.
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#304
Thank you so very much O. P. Just completed the online application process and received immediate approval. Having an existing penfed account undoubtedly helped. Now looking forword to being able to pay off another much higher rate heloc of 25K whose principle has dropped by some $0.00 since loan inception 18 months ago. yes 100% of monthly minimum payment goes to interest payment! That is terrible money management on my part by only making the monthly minimum payment. Must do better!
Last edited by flummoxednitwit April 26, 2012 at 07:16 PM
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#305
Quote from SHOWTIME07 View Post :
I'm beyond 4 weeks at this point, and they're telling me it may be another 4. WTF?? Why in the blue hell does this process take so damn long?

They pulled my credit (instant approval). They have my W2 (this year and last). They have 2 pay stubs. They have my mortgage payoff statement. They have my bank account statement. What the heck else could they possibly need?

Yeah, I'm a bit frustrated with them at this point.
I'm with you... getting frustrated. I haven't been able to speak with my loan officer directly (I can only get her phone message). In addition, response time on my emails is horrible... I feel like I'm dealing with a black hole.
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#306
Quote from Rokket View Post :
Hi, OP here. Actually this is not a scam, I've had both a mortgage and a credit card with PenFed. PenFed is a reputable credit union.

If you want/need a HEL, this is a great opportunity! PenFed's previous HEL rate was 2.99%, they've just dropped the rate to 1.99% with no closing costs. I doubt you can find better.

PenFed also has some other good products: a 5/5 ARM at 3.25% with no closing costs (up from ~3%), and some auto loans for 1.99% APR.
PenFed and Navy Federal are the two largest credit unions in the country.
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#307
Funny, I just refi'ed my entire house without needing a house appraisal. Now I've got to fork over 300 bucks to Penfed for a 10K loan on a 200K house I only owe 90K on. Confused
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#308
I applied on 3/26 closing on 5/5. I am a current Penfed customer.
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#309
Quote from pdxwaker View Post :
I'm with you... getting frustrated. I haven't been able to speak with my loan officer directly (I can only get her phone message). In addition, response time on my emails is horrible... I feel like I'm dealing with a black hole.
If it is of any help I have refinanced two properties at no closing and they both went off seamlessly. They were booked up a bit so it took longer than anticipated but I never had a regret on either transaction.
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#310
just applied over the phone few days ago and received the GFE, it says no closing cost yet it still costs $300 for the appraisal fee? Is everyone else getting this?
Also in the form, it said to provided
" a copy of the declaration page for collateral from your home owners insurance policy"

So I will have to go contact my insurance first before I even do anything??

thanks for all response!!

EDIT: 800k home (paid off) with 400k loan... is that possible?
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#311
Quote from Inessence View Post :
Funny, I just refi'ed my entire house without needing a house appraisal. Now I've got to fork over 300 bucks to Penfed for a 10K loan on a 200K house I only owe 90K on. Confused
That is not encouraging. For those of you they asked for an appraisal:

Did they want full interior appraisals of just an exterior only drive-by appraisal?
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#312
PenFed totally sucks. Mad am beyond frustration at this point.

I heard back from the loan processor and they now, want me to submit a structural engineering report.
Apparently, one of the photos of the appraisal shows a crack near the window and they want me to shell out about $800 to get a report from a civil engineer that shows, that nothing needs to be remediated.

If they recommend ANY remediation, then I would have to show proof that I completed those and submit that report for consideration. WTF...

The home was built by a well know national builder who has provided 30(THIRTY) year structural warranty and the home is only 7 years old.

What a BS!...Waste of my time and Waste of my appraisal dollars.MadFrown
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#313
could you tell something more?
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#314
Quote from Tampaite View Post :
PenFed totally sucks. Mad am beyond frustration at this point.

I heard back from the loan processor and they now, want me to submit a structural engineering report.
Apparently, one of the photos of the appraisal shows a crack near the window and they want me to shell out about $800 to get a report from a civil engineer that shows, that nothing needs to be remediated.

If they recommend ANY remediation, then I would have to show proof that I completed those and submit that report for consideration. WTF...

The home was built by a well know national builder who has provided 30(THIRTY) year structural warranty and the home is only 7 years old.

What a BS!...Waste of my time and Waste of my appraisal dollars.MadFrown
Would you buy a house with a unknown structural issue?
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#315
Quote from RHCCapri View Post :
That is not encouraging. For those of you they asked for an appraisal:

Did they want full interior appraisals of just an exterior only drive-by appraisal?
Full interior!
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