If you are an authorized representative of PenFed Credit Union, please contact us to have your products included.
The WORST bank you can go to. My house is fully paid off and I tried to apply for home equity loan. My house is worth $700000 and I only asked for $150000 to do some remodeling. They made me apply and re-apply promising that next time I would get it for sure, made me cosign my wife who had excellent credit. And after they significantly lowered my and my wife's credit with hard inquiries they denied it. The whole process took a month, and the kept promising that update will happen "tomorrow" every single day. TERRIBLE, DO NOT GO THERE.
I wish I would have went elsewhere for a home equity loan. From start to finish the whole process was incredibly slow and the communication from penfed was terrible to non existent. The loan office takes days to return a call once the process has begun. The wait time on the phone will have you waiting over 20 minutes. Then you will be transfered and put on hold several times. The only good experience was working with the third party signing. Overall it was a really bad experience and I would not advise anyone to do an equity loan with penfed.
I am so thankful for Penfed! If it weren’t for them, we wouldn’t have a house right now (we now have two!) and we wouldn’t be as financially sound. We had filed bankruptcy 8 years ago when we lived in California due to my husband being unemployed. The only way to keep the house was to file Chapter 13. Fast forward eight years and we are now renting a house in Dallas and still owning and renting out the house we had in California. We have just spent a lot of money moving from California to Dallas and renovating our California house to prepare for our tenants. We were making good income but because of our chapter 13, we needed a pretty good down payment in order to purchase a house in Texas. No one would give us a non-occupant equity loan despite of all the equity we had on our California home. Penfed to the rescue! They looked at our credit history from the last several years and noticed that we have been super responsible since our bankruptcy. When nobody else wanted to give us an equity loan because of our credit score, Penfed looked beyond the credit score. With equity loan, we were able to pay off any loan we had, put in money for down payment on a house here in Texas, lowered our monthly payments, and our credit score has gone up. Everyone that I was in contact with, from the loan officer took my application to all the customer service people that I spoke with, we’re so pleasant and so nice. I am so grateful for Penfed. If it were not for them, we would still be renting in our new home state.
They appear to be very slow in processing paperwork and disorganized. They asked for information that is not in the usual order of the other equity loans i had gotten for previously properties i upgraded and sold. They wasted 2 months of my time processing paperwork only to deny it which they wanted a payment of $250 a month, when i have paid 3 times more than that monthly on the previous equity loans gotten from the Navy Federal Credit Union. I decided to give PenFed a try because someone in my vfw club said to give them a try because he used to work there years ago. DO NOT waste your time with these amatuers. I am going back to dealing with the Navy Federal Credit Union. They are much more efficient, timely and organized.
Credit unions are divided in two categories: federally chartered credit unions and state chartered credit unions. State chartered credit unions fall under the regulatory authority of their respective state's division of financial services. Federally chartered credit unions all include the word "federal" in their name and fall under the regulatory authority of the National Credit Union Administration, or NCUA. All federal credit unions are insured by the National Credit Union Share Insurance Fund, or NCUSIF. State-chartered credit unions may be insured by the NCUSIF, or might have their own state insurance or private insurance.
In the event that in a given week, for this product, there were multiple applicable rates in our database based on different criteria, the above graph reflects the lowest interest rate recorded. Before submitting an application, always verify with the issuing institution (i.e. bank, credit union, other lender) the rates, fees, and all terms and conditions accompanying the application.