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I am planning on doing some remodeling and need a home equity loan. Which financial institution would be best and why?
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Never heard of Pentagon Federal Credit Union. Has anyone used them before?
Here's what shows up when you search on PenFed in fatwallet forums. Read some of the threads re: HELs.
Thanks Ant. It seems as if people only say good things about them.
In a nutshell, you make a donation to one of the "friends of the military" organizations to become eligible to join PenFed. You apply and check your status online. They may ask you to fax a couple of documents. When everything is completed, they send you a package that you sign and have notarized. Everything is free, the only thing you pay for is your notary fees. You just have to make sure that you make follow-up calls if it seems like your status online is not progressing as they are always very busy.
For a HELOC, I know the best place to start searching: here
I prefer the cheapest place with no fees. The money spends from wherever you get it.
I just got my HELOC, and the cheapest I could find was at Schwab.
It is Prime minus 1.01% so right now it is 4.24%
No Annual fee
No Application fees
The downsides:
- The application process seemed incredibly slow. It took over a month to close, even though I didn't have to have an appraisal done. My last HELOC was at E*Trade and it took about a week to close a few years ago.
- They don't appear to have any way to electronically transfer money out, just by check. I really liked the ACH transfer system at E*Trade, so I miss that.
- They did 6 (yes SIX!) hard pulls with five of the hits on EQ and EX.
I think the rate is worth the effort and inconvenience.
I found that old one, but wanted to find recent info on recent rates. Thanks for looking it up though.
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