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PennFed home equity loan
Old 07-05-2008, 04:34 PM   #1
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PennFed home equity loan

Im in the middle of getting the 10 yr PenFed home equity loan deal done. They say they will be calling me in the next few days to set up a closing.

I just checked their website and the rate is now 5.49% up from 4.99%. Is this like a home mortgage where I have to pay the higher rate since nothing was locked in?

I'll call them Monday but was wondering if anyone knows for sure or if this happened to them.
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Old 07-05-2008, 08:44 PM   #2
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I would think if you are already approved for the loan then it was at the lower rate. I did this loan 2 months ago. Simple and quick. Let us know how it turns out.

Tomcat98
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Old 07-05-2008, 08:49 PM   #3
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You can call and ask them, but when I applied for a car loan about 3 years ago, the rate on their site bumped up after I applied but before I bought the car. They honored the lower rate anyway.
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Old 07-05-2008, 10:26 PM   #4
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Cool, I hope you guys are right. I'll let you know.
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Old 07-06-2008, 08:41 AM   #5
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I believe it was changed some time ago (more than a week), but you will not know until you ask. BTW PENFED HELOC is down to 4.5% (quarterly adjustable) and NFCU (Navy Federal CU) has an adjustable HELOC at 4.25%.
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Old 07-08-2008, 12:27 PM   #6
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I am locked in at 4.99%. Yipee!
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Old 07-08-2008, 12:32 PM   #7
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I am locked in at 4.99%. Yipee!
Very nice. Generally a class act shop over there.
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Old 07-08-2008, 02:52 PM   #8
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I am locked in at 4.99%. Yipee!
Outstanding, PFCU has been my Financial Institution of choice for the past 33 years.
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