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ehwilli
- Thrifty Member
rated:
posted: Jul. 18, 2003 @ 8:41a 
river said:
<< I am having trouble with PenFed. I applied for a home equity loan a little over 3 weeks ago. It was instantly approved and I sent in all the paperwork over 2 weeks ago. I have repeatedly called and emailed my loan rep, but to no avail.
Does anyone have a supervisor's number (the people I called said that they only let me leave a message) or a possible solution? I'm curious to see if anyone has had a similar experience. >> I applied for a HELOC with PenFed a week ago and am already disappointed with their CS. I've called twice and no one can give me any kind of status on my application. They can't even confirm that it is in their system, stating that Internet applications can take 5-7 days to show up. I'm giving them until next Monday and then I'm going to escalate the issue.
I was also told that it will take up to 8 weeks to close because they have a backlog. This will potentially put me past the 9/30 deadline for the 1.9% intro rate. VERY frustrating! |
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Roadhog
- Addicted Member
rated:
posted: Jul. 18, 2003 @ 10:42a
Is there any application fees associated with PenFed HELOC? |
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zender
- Senior Member - 2K
rated:
posted: Jul. 18, 2003 @ 2:13p
Roadhog said:
<< Is there any application fees associated with PenFed HELOC? >>
SIS's opening post says that the PenFed product is 'no fee'. |
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tabalard
- Senior Member
rated:
posted: Jul. 18, 2003 @ 2:30p
Regarding Penfed, we sent in the notarized documents two weeks ago and so far heard nothing back. I called yesterday to talk with Cheryl Brand the very professional rep we've been dealing with and learned she is on vacation this week. Don't know how many reps they have but when we last spoke she said they've been absolutely swamped because of the rate deal. I told her ours could be put on the back burner because we are just setting this up for emergency fund. So far, no fees of any kind charged but no debit card either. |
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Roadhog
- Addicted Member
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posted: Jul. 18, 2003 @ 3:49p
I just applied at PenFed, they took $50 as deposit money but will refund when they fund the LOC. |
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tabalard
- Senior Member
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posted: Jul. 20, 2003 @ 11:39p
Roadhog: I was just going to post what you just said. They sent out a flyer yesterday in the bank statement explaining this $50 charge. I guess they just started it as it wasn't mentioned or charged to us. Well at least you get it back. Guess it's to make people follow through on their apps. |
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Yeldarb
- Tired Member
rated:
posted: Jul. 22, 2003 @ 10:05a
I recently moved to Texas and I am noticing that banks exclude Texas from HELOCs. Why don't they write in TX? Are there any banks that will do a HELOC in TX?
Thanks! |
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river
- Member
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posted: Jul. 22, 2003 @ 12:35p
It is illegal to do HELOC's in Texas because of the strict home equity/homestead laws. You can get a normal home equity loan, but not all lenders operate in Texas. From what I remember, Hawaii is the only other state that doesn't allow HELOC's. |
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Reconman
- Senior Member
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posted: Jul. 22, 2003 @ 4:31p
This is something I have been researching on also. It is good to know that I am not the only one. At first I thought I wasnt asking the right questions. If you dont mind me asking, how does strict home equity/homestead laws really affect. Thanks |
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Yeldarb
- Tired Member
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posted: Jul. 22, 2003 @ 4:59p
that's great info. Thanks a bunch! |
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tabalard
- Senior Member
rated:
posted: Jul. 29, 2003 @ 11:24p
Just to let everyone who is interested in Pen Fed HELOC that the transaction went through much faster and with absolutely no costs to us. We were NOT charged recording fees. Pen Fed doesn't use a card to withdraw funds from the HELOC. They send you a packet of 25 checks that you write out. They were send quite awhile ago but I was expecting a debit card so just stuck the checks in the drawer and kept waiting, and waiting. When they came I thought they were for the account that we opened to qualify for the HELOC and it only has $5 in it so I was wondering why are they sending checks for that $5.
Finally called them yesterday and was told they would send out more checks, duh!
Experience with Pen Fed has been great. If I would have known no recording fees to pay I would have gone for the highest amount of HELOC we could get rather than 100K.
Hopefully other can benefit from my mistakes. |
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river
- Member
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posted: Jul. 29, 2003 @ 11:52p
Hi, can you post info on your loan rep? I haven't been able to get a hold of mine for over 3 weeks. I'm really get frustrated by all of this... |
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c3
- Senior Member - 2K
rated:
posted: Jul. 30, 2003 @ 12:21a
tabalard said:
<< If I would have known no recording fees to pay I would have gone for the highest amount of HELOC we could get rather than 100K. >> But you have to pay for the appraisal that is required for loan >$100K. |
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tabalard
- Senior Member
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posted: Jul. 30, 2003 @ 7:50a
Our rep was Cheryl Brand. You may want to call at some off hour. I was surprised one night she called at 7 pm eastern time.
Pen Fed used the latest county tax statement for valuation and there was no mention of appraisal fees. Also they didn't say anything about appraisal requirement for over 100K--just asked how much we wanted. However, if there is/was an appraisal requirement for over 100k, it would have probably been less expensive than the predicted recording fee in our state (MN). |
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Austerville
- Senior Member - 3K
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posted: Jul. 30, 2003 @ 9:36a
Are there absolutely no recording fees at all - or does that depend on your state? I just opened a HELOC with deepgreenbank and had to pay recording fees. I live in FL.
Thanks. |
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tabalard
- Senior Member
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posted: Jul. 30, 2003 @ 3:34p
I think it depends on the bank and your state. Some of the earlier posts talk about recording fees in New York and other states.
I started out dealing with ING for our HELOC and was told by ING I would have recording fees from my state or county. I may have forgotten to ask Pen Fed specifically about the recording fees assuming they'd be the same as ING. But they haven't charged them to us and all the paperwork appears to be finished.
That's why I am alerting others because this is a GREAT deal! |
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c3
- Senior Member - 2K
rated:
posted: Aug. 1, 2003 @ 12:06p
PenFed HELOC intro rate is now back up to 2.9%. Still 1.9% if you applied by 7/31 and close by 9/30. |
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jmk
- Member
rated:
posted: Aug. 2, 2003 @ 9:43a
I think this was answered before but can't find it (sorry)....I am buying house with 100% financing 80/20. The HELOC is prime plus 2.10 b/c of highly leveraged fianncing. How soon can I apply for a more favorable HELOC assume 90% LTV HELOC (improvemnts)? Would bank approve a new HELOC, I asuume they would approve subject to pay off of existing HELOC? |
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mykoleary
- Cranky Member
rated:
posted: Aug. 2, 2003 @ 3:55p
I'm working with a Washington Mutual rep in western WA and am getting an 80% HELOC at prime -.35% with a cap at 3.75%. Closing costs of $310 and maint. of $45 per year after first year. I'm not too keen about the maint fees, but this HELOC has no employment verification, etc, so with my being unemployed it is a very sweet deal. The auto appriasal came a bit low, but is still pretty close that I've decided not to pay for a separate one, although that is an option. |
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