Has anyone worked with PenFed (Pentagon Federal Credit Union)?

Question

Hello everyone!

I recently started a thread regarding creative financing - namely lenders offering HELOCs on a rental property, instead of a primary residence. A few mentioned PenFed, or Pentagon Federal Credit Union. I'm simply wondering if anyone has worked with them in the past? Like I said, I'm particularly interested in their non-owner occupant HELOC product. From my initial conversations with reps within the company to glean information, they have been very forthcoming and polite. Just wondering if anyone has actual experience with them.

Thanks!

Account Closed · Answer

what were their fees any out of pocket costs?

Account Closed · Answer

I have an LOC on a rental with them. 30 year fixed with a 4.75 rate, and all I had to pay was the appraisal as long as I have the line for 3 years or more. It was pretty straight forward and I plan on using them from now on.

Robert Guilfoyle · Answer

I have used Andrews FCU for a HELOC on my personal residence. They gave me up to 95% of the value at the time - 2015-2016 time frame.

Robert Guilfoyle · Answer

Thanks for the info. What was the LTV and rate?

Thanks!

Tom Pentolino · Answer

Hi Mikael, not sure if you were still interested, but I just opened up a HELOC with Penfed on my rental property. The experience was great! They were very fast and didn't even require an appraisal. The only little hiccup during the application review process is that their website to upload documents is a little confusing, and I missed one of their follow up requests since the communication thread on their portal isn't very clear. I called a few days later and asked for a status update, which is when they told me there was an outstanding follow up that I needed to address.

Mikael Winkler · Answer

@Russell Brazil ah ok, I gotcha. That's good to know, though. No communication means things are running smoothly I guess. Thanks for the input!

Russell Brazil · Answer

Ive never had to communicate with them, so I dont know. I pay my mortgage every month, and thats the extent of my relationship with them. They offered a particular loan product I wanted, a 5/5 arm, which is why I have them.

Mikael Winkler · Answer

@Marques J., ah ok. yeah, I talked with a rep a bit ago. The way he described it was that you can get the LOC if you have less than 4 properties at the time you apply. what kind of paperwork were they asking for, if you don't mind? Was it beyond the standard W2, pay stubs, bank statements, etc?

@russell

@Russell Brazil, what are your thoughts on their service? I've heard mixed reviews. Some say they're great, with no issues. Others say they're hard to communicate with.

Thank you both!

Russell Brazil · Answer

My primary residence mortgage is with them, though I got it from a mortgage broker at a cheaper rate than I could get from them directly.

Marques J. · Answer

I have worked with them. They say you can only have 2 or 3 total properties to get a LOC on rental.

I tried a HELOC and they just kept asking for more paperwork and I dumped them.

Has anyone worked with PenFed (Pentagon Federal Credit Union)?

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