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Thank you to the forum and Penfed
Old 03-10-2013, 01:36 PM   #1
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Join Date: Dec 2006
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Thank you to the forum and Penfed

Since I have decided to continue working for awhile, I am not on the site or posting that often. But in late January I read here about Penfed's 1.99% 5 year home equity loan. I contacted Penfed and became a member (which was easy) and applied over the phone for the loan. Documentation was simple. I answered all the rep's questions, agreed to a credit check and faxed 2 consecutive paystubs. We closed the end of February. Could not have been easier with truly no closing costs. Since I was paying off an existing mortgage, Penfed sent the funds directly to that bank. My payment went up slightly because I was shortening the term about a year, but I cut my rate and am saving thousands in interest. Unfortunately Penfed raised the rate to 2.49% (we got in just under the wire), but this still could be a great option for many folks.

Thank you to the forum for clueing me in to this. Any questions on the process, just ask, though I have found older threads to be very informative about this and very accurate on the process.

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Old 03-10-2013, 02:01 PM   #2
Full time employment: Posting here.
Join Date: May 2011
Location: St. Paul
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I did the same in early January 2012--at 2.99%, just before they lowered the rate! Oh well--still a great deal compared to my old 5.5% mortgage. I have a year and a half to go before the mortgage is paid off--counting down the months!

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Old 03-10-2013, 02:04 PM   #3
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Join Date: Jan 2007
Location: Independence
Posts: 5,086
Yeah, Penfed knowledge about pays for the price of admission to the ER forum. We have had a series of their 5/5 adjustable rate mortgages as I chase the rates down - they currently are at 2.5% with all fees paid AND the first payment on them! Going to AZ & maybe NV to look for another home just to take advantage of that rate (and NV's low tax rate). Almost serious.

Plans call for a loop around the Apache Trail and maybe a wander up to Fire canyon and a crossing of the new Hoover Dam bridge. Also want to go on the dam tour, just so I can say I've been on the dam tour.
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Old 03-10-2013, 03:54 PM   #4
Recycles dryer sheets
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Join Date: Apr 2012
Posts: 126
I'd like to thank the forum too. I also used the Penfed HEL (5 years at 1.99%!) to pay off my mortgage, based on recommendations from this forum.
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