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Penfed HEL down to 1.99% for 5 years fixed


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24 replies to this topic

#1 Repairerer

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Posted 25 March 2012 - 05:41 PM

I finally bit on this. I hope I get approved. My credit is still not perfect enough for them to give me unsecured credit products, but they told me secured is always easier to qualify for.

They pay closing costs except for appraisal if they make you get one, which I am not supposed to need.

I am in the last few years of a 15 fixed, but it is at over 6% and I still have almost $300 going to interest every month. If I get this HEL, the first payment will start with about $74 going to interest the first month.

If I make the minimum payments, I will save $300 monthly in cash flow. If I pay the amount of my present minimum, cash flow is obviously the same but I save about 5K in interest and a few months of payments.

They said there is absolutely no problem with using the HEL to pay off the existing lien.

Wish me luck! I'll try and update as to how the process goes in case anyone is curious.



#2 jasimel01

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Posted 25 March 2012 - 10:43 PM

I finally bit on this. I hope I get approved. My credit is still not perfect enough for them to give me unsecured credit products, but they told me secured is always easier to qualify for.

They pay closing costs except for appraisal if they make you get one, which I am not supposed to need.

I am in the last few years of a 15 fixed, but it is at over 6% and I still have almost $300 going to interest every month. If I get this HEL, the first payment will start with about $74 going to interest the first month.

If I make the minimum payments, I will save $300 monthly in cash flow. If I pay the amount of my present minimum, cash flow is obviously the same but I save about 5K in interest and a few months of payments.

They said there is absolutely no problem with using the HEL to pay off the existing lien.

Wish me luck! I'll try and update as to how the process goes in case anyone is curious.


Whats the verdict?....did u get approved for the HEL?

#3 Repairerer

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Posted 25 March 2012 - 10:50 PM

Don't know yet, I posted five hours ago and there are probably no underwriters working today. :)

#4 Repairerer

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Posted 26 March 2012 - 03:58 PM

The status online changed to approved!

#5 hegemony

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Posted 26 March 2012 - 04:29 PM

The status online changed to approved!

congrats!!

#6 Repairerer

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Posted 26 March 2012 - 04:49 PM

Thanks! First time I ever saw that word show up on Penfed's site. :lol:

#7 LBCS

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Posted 27 March 2012 - 01:02 AM

Congratulations

#8 Repairerer

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Posted 27 March 2012 - 08:57 PM

Thanks!

The processor emailed today saying he was sending a packet, but he wanted to let me know what to expect as far as documents they are going to be asking for. Which... was still kind of cryptic, lol. I'll wait to see the actual content of the packet and then ask him if I still have questions.

He included a special note from the underwriter which said that I better not get any inquiries or new debt because if my score goes down I won't make it to final approval. :angel:

#9 Repairerer

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Posted 31 March 2012 - 03:12 PM

I received the packet, and it looks like they are going to require an appraisal.

How much do I have to worry about cleaning and boiling cinnamon sticks or all of that business? The LTV is around 20% and they loan up to 80% for this loan. I wouldn't really care if it came in a little low due to a laundry basket lying around or some dishes in the sink, because I could probably use it to dispute the tax assessment. :lol:

Am I missing something?

#10 Repairerer

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Posted 02 April 2012 - 10:51 PM

Asked about the appraisal. LTV being what it is, they are going to try other ways to valuate it before they decide they need an appraisal. Sending in documents tomorrow.

#11 jst300z

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Posted 03 April 2012 - 08:45 AM

How much do I have to worry about cleaning and boiling cinnamon sticks or all of that business? The LTV is around 20% and they loan up to 80% for this loan. I wouldn't really care if it came in a little low due to a laundry basket lying around or some dishes in the sink,


Everybody lives in their house, normal daily clutter is a-ok. Any obvious deferred maintenance (real stinky smells, holes in the walls, dirty/stained floors) could be noted and adjusted.

because I could probably use it to dispute the tax assessment.


Appraisals are like book reports. This 'book report' is being completed for the 'lender/bank'. You cannot take this book report and use it for another 'class' or another use. While the results of the report, if dated the same date, would most likely be the same, you would need a separate report for tax assessment reduction purposes with 'your' name on in.

Appraisals are completed for an 'intended use' (lending, estate, divorce, bankruptcy, assessment appeal) and 'intended users' (banks, homeowners, attorneys) and cannot be shared (uses/users) due to confidentiality issues.

#12 sjca

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Posted 03 April 2012 - 08:39 PM

How much do I have to worry about cleaning and boiling cinnamon sticks or all of that business? The LTV is around 20% and they loan up to 80% for this loan. I wouldn't really care if it came in a little low due to a laundry basket lying around or some dishes in the sink,


Everybody lives in their house, normal daily clutter is a-ok. Any obvious deferred maintenance (real stinky smells, holes in the walls, dirty/stained floors) could be noted and adjusted.

because I could probably use it to dispute the tax assessment.


Appraisals are like book reports. This 'book report' is being completed for the 'lender/bank'. You cannot take this book report and use it for another 'class' or another use. While the results of the report, if dated the same date, would most likely be the same, you would need a separate report for tax assessment reduction purposes with 'your' name on in.

Appraisals are completed for an 'intended use' (lending, estate, divorce, bankruptcy, assessment appeal) and 'intended users' (banks, homeowners, attorneys) and cannot be shared (uses/users) due to confidentiality issues.

I had no idea? I used mine to get my taxes lowered and it worked very well. Wow who knew I wasn't supposed to use public record data for my own benefit....Did I do something wrong? I say you paid for ituse it as you please!

#13 Repairerer

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Posted 03 April 2012 - 09:51 PM

Hopefully I won't need it. I sent my documents in today and the file was sent to underwriting.

#14 Repairerer

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Posted 12 April 2012 - 10:36 PM

They are still working on getting a property value report somehow, through their own means. They have all my documents and they really didn't ask for much.

Last W-2, last paystub, current lender payoff statement, insurance declaration page showing themselves in second position (I am paying off the only other lien with this, but I guess they are not too picky about it since HEL is often a second mortgage type of product) and that is about it. No income docs from self-employed husband.

#15 Repairerer

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Posted 13 April 2012 - 01:16 PM

Final approval!

They're sending out the closing documents. It may fund as early as the 23rd, which would be four weeks from the application.

#16 road2freedom

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Posted 13 April 2012 - 01:36 PM

Wow congrats! I wish i had some equity. :blush2:

#17 Repairerer

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Posted 13 April 2012 - 08:55 PM

Thanks r2f!

Yeah, I've been working my butt off to pay it down as fast as I could, but I was also very lucky that values in my area didn't tank as bad as some. And that I didn't take a cash out refi at the top of the bubble, lol.

The process has been easier than I expected. I think I will be able to sign for free, so total closing costs will truly be zero unless I decide to overnight back the documents afterward.

#18 Repairerer

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Posted 18 April 2012 - 10:21 PM

I received the closing documents today. There are helpful Post-It flags everywhere telling us what we need to fill in. Thanks, Romy and Michelle!

Now the hard part is scheduling with Mr. Repairerer when we are both free and my local credit union is open, so that we can go close. We only have three days from today.

#19 Repairerer

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Posted 20 April 2012 - 02:26 AM

Scheduling issues were overcome. We closed today, using the free notary service at my local CU. I guess with the right of recission period it should fund on Tuesday.

#20 Repairerer

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Posted 22 April 2012 - 05:08 PM

Are people supposed to relax after they close? I feel like I won't be happy until I see the old loan zeroed out. :lol:

#21 Repairerer

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Posted 24 April 2012 - 03:28 PM

It's showing up as an account when I log in now. Payoff should be on its way to Wells Fargo. Time to watch and see how they apply it...

#22 jop3

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Posted 24 April 2012 - 03:48 PM

Ok, it's really time to relax now :) congrats!!

#23 Repairerer

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Posted 24 April 2012 - 04:00 PM

Thanks!

Kind of weird not having a payment due for a month and a half. Maybe I'll make one anyway.

#24 road2freedom

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Posted 30 April 2012 - 03:18 PM

Thanks r2f!

Yeah, I've been working my butt off to pay it down as fast as I could, but I was also very lucky that values in my area didn't tank as bad as some. And that I didn't take a cash out refi at the top of the bubble, lol.

The process has been easier than I expected. I think I will be able to sign for free, so total closing costs will truly be zero unless I decide to overnight back the documents afterward.


That's exactly what we did. We didn't know any better at the time and kept getting all kinds of offers. In fact I think we did it twice and rolled the first HEL into the second to get more out. The sad part is we don't have much to show for it. Oh well, live and learn. We are paying it down slowly though and looking forward to being back in an equity position in about 3 years... unless a hurricane comes through here. :swoon:

Congrats again on the approval.

#25 Repairerer

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Posted 02 May 2012 - 10:07 PM

Thanks again R2F! Not sure how I missed this reply before.

With the number of people who feel like they're paying pretty much only interest and are getting nowhere fast toward getting above water, three years is not too bad in the scheme of things. Extra principal payments really really help, even if they don't seem like much relative to all the interest.

Good luck to you!




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