I started the HELOC process with PenFed a little while ago and then decided not to go with it. For me it was more of a hassle than it was worth because they wanted me to do a full appraisal on my house (I would have to do the legwork and get it done and pay for it myself) along with a few other things. Considering the fact that there are plenty of places out there that will do it at no cost and they will do all the legwork instead of me having to waste my time, I decided to hold off. At this point, with interest rates on mortgages going as low as they are, I may just go ahead with a regular refi anyway.

I applied to join Penfed about 2 weeks ago, but have not gotten anything in the mail yet. They have sent me various emails, but without my login and password, I can't really do much. Is this normal or should I be calling them? I wanted to hear from you guys how long it took to get everything in the mail.

I just closed today with deepgreenbank.com - just 2 weeks after my initial application. There was absolutely no hassle at all. I received prime - 0.05%%, which was 4.2% until the rate cut today. All in all it's been a pleasant experience. I'll provide feedback on how long it actually takes to receive the cash - if anyone's interested.

Yes, same costs listed on my GFE. Paid by the lender you know.

With regard to mortgage recording tax in NY...

I called HSBC (current mortgage holder) and they quoted me prime-.25 for a 100k HELOC.
They insisted the only fee I would have is a $ 20 dollar paperwork fee. Does anyone else have experience with NY HELOC's from their lender?

FYI, just spoke with a Discover Rep about HELOC in NY. Prime-.25 which is currently 3.75. She stated closing fees would be $250.

Does Penfed do an "automatic" property valuation ie. no appraisal necessary?

Thanks

They did an automatic appraisal based on the latest county tax statement we faxed them vs the line of credit we requested.

Regarding costs, so far they haven't even asked us for the recording fee payment that we had anticipated paying. The papers have been notarized and returned to PENFED. The introductory rate with PENFED for the first year is spelled out in the documents as 1.9%.

This is a great deal and many thanks to those who alerted me.

Anyone care to update the current best deals on HELOCS and HELS?

the lenders listed in the first post in this thread are still, by and large,the HELOC lenders with the best rates (no one has posted a better HELOC offer in recent months)...many have lowered their rates 1/4% when the Prime Rate was recently cut...but most other factors are the same..

Eloan.com advertises a Prime minus 1/4% (3.75% variable) HELOC on their main page with $199 in fees