Seeking HELOC over 80% LTV. Elements, PenFed, Signature FCU?

[Christian Scully]

Does anyone have any experience with a HELOC using PenFed, Signature FCU or Elements Financial? These were the most legitimate lenders I have been able to find that will go above 80% LTV at a decent rate, Prime + 1. PenFed will go to 85% while Signature and Elements will go to 90% at Prime + 1.

I've read mixed reviews of each, wonder if its anything to worry about or if they have a decent customer experience. Open to more suggestions if you know of any! 

This is for a single family primary residence in RI.

[Jason Wray]

Sometimes the best way to maximize cash out is to do a 80% LTV cash out refinance and then take out a HELOC for the other 15% CLTV not LTV.

Unless the home is free and clear in that case you should still do the cash out refinance for the 30 year fixed payment benefit and avoid prepayment penalties if any on most HELOCS> Just remember a HELOC is a debt obligation not an asset and cannot be used as a liquid or PITI reserve on any new investment purchase.

Let me know if you hit a road block I can suggest some options.