PenFed Credit Union Home Equity Loans

Don't bother applying with PenFed. The most unorganized, absolute clown credit union. The response was disgustingly slow. They first said they couldn't verify online home value using comps, then tried to upsell me on a $600 assessment. Then, we provided years of income verification documents, including pay stubs and W-2s, going back years. They ignored it all and then sent a letter saying they couldn't verify income.

Never, and I do mean never, use this company for a HELOC loan. We had to pay over $600 for an appraisal that was inaccurate. This process took over a month, and we were denied after our house was appraised lower than expected. After we tried to fill out the appraisal dispute form, it was denied because the appraiser claimed that we could not use the homes I recommended due to the home being unoccupied. That was not the truth because we not only found the deeds to the homes, but we also found their information on our local tax website. This whole thing was a scam and a waste of time, I will be escalating this to the CEO to make them aware of what is going on. Save yourself the time and money.

They will not honor their promises. Was told I could do a float down. Waited for rates to drop and contacted them. After discussion we decided on a lender credit instead of reducing the rate. This was over 2 weeks before closing. Right before close I received the final disclosure and the credit was not reflected. Then I am told I shouldn’t have been offered the credit and only a rate change but now it’s too late to make any changes. Escalations was denied. So now I am out money or reduced rate due to incompetence.

Pentagon Federal Credit Union gives superior service to me at every contact I make. Thank you PenFed. Great checking, savings, and superior HELOC OPTION AND RATES.

If you are in the military don't waste your time getting a HELOC with penfed. Its been 3months trying to get a HELOC because the loan officer doesn't know how to read a military pay stub. They calculated my debt to income ratio wrong because of that reason. I locked in at 5% apr and 85% equity. Then since a month passed they changed it to 80%. Now they want me to reapply 10% apr since rates changed. You guys are better off going to a local credit union.

They more than tripled their margin rate % from 0.75% to 3.0% right before I tried to lock in to a 20 year fixed rate. They didn't even tell me the margin rate was variable and they add that to the prime rate (which I knew was variable) to obtain the total fixed rate. Needless to say I felt ripped off. Now I'm stuck with a variable rate wile the feds continue to raise rates.

I have never experienced such a frustrating process for a HELOC in 40 years of owning homes! Bait & Switch rates & terms!ShameonPF

Please don't use them for home equity. If you need help to run out a hard time they are useless. First they ghosted me many times over months of the process. Then after multiple approvals for months in they rejected me. No explanation. No attempt to make it work. This is a home equity loan. I have signification home equity. I have significant home equity. I'm asking for a loan that's a fraction of that. I have guaranteed SS in a year +. I have a large inheritance coming and income from my own business. I have an 800+ credit rating. I paid off a 5 figure mortifying loan with them on time never late. Penfed wanted me to show years of consistent high income. Irregardless of Covid. So if I had two years of very high income, why do I need a six month or year gone equity bridge? Worst they won't work with you. I believe there is some age preferable at work here. They drag you in for a quarter and then just say no. A terrible business. Terrible to deal with.

The process was very long and misleading. I was trying to take out a Home Equity line of credit on my investment property and I was denied after 4 months of being told " After you submit this last document, you will be approved " Needless to say, I did not get approved after spending money to get my investment property taken out of my business name and into my personal name, and paying for an appraisal. I wasted 4 months of my time, I'm left with a hard inquiry on my credit report, and I'm out of money that I had to pay to a lawyer to switch names on my investment property AND for the appraisal, and STILL no call back from the manager Christopher. Unbelievable !!

PenFed , Worst credit union ever, their system is screwed up and removes a number from my account in their system when they try to take a payment. I've made them aware of this after spending HOURS ON THE PHONE with customer service, twice they've made the payment on the phone with the correct account number but when they try to process it through their system it gets screwed up, twice I've initiated it online, and even though it's stored correctly online, same thing happens.... SO MY PAYMENT NEVER GETS MADE, YET NO ONE CONTACTS ME ... IF I DIDN'T PAY ATTENTION THIS CRAPPY CREDIT UNION WOULD RUIN MY CREDIT SCORE SAYING I MISSED A PAYMENT,,, EVEN THOUGH I'VE MADE IT 4 TIMES!!!!

What about compensation for the HOURS I've spent trying to fix your mistake, or the interest I'm paying on a loan balance that should be paid ... And they won't give me a direct number to contact anyone. Have to call the stupid 800 number during business hours only and explain the whole situation to a new idiot to still not get it right!