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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