My experience with Penfed Mortgage (refi) was back in 2007/2008 and a total bust.
I was "approved" after applying online and paying the fee.
The next thing I know, the title company is calling me to schedule my closing. I asked the title company for more information, like who the loan officer was....which they happily provided and said I needed to get back to them. At this time, I had heard nothing from Penfed and had received nothing in the mail from Penfed.
Now that I had the loan officer's name, I called her and asked the mortgage. She immediately read me the riot act and told me I was denied for the loan. The reason - she said I lied on my application. The "lie" - my mortgage balance reported on my credit report was LESS than what I put on the application. (Well, yeah, duh, I had made a regular payment plus a huge principle only payment since I had applied for the loan. So what??)
The title company called the loan officer. She apparently told them the same thing. The title company and I talked again. Neither one of us could figure out why the loan officer had such an issue with my mortgage balance being LESS than what I put on my application. Oh well. They filed it away as something "not happening."
Fast forward a few months, and the loan officer's assistance calls me to set up a closing date. Seriously??? I retold what had happened. He said the lower mortgage balance works in my favor, not against me. Whatever. He said I was cleared to close and he would really like to get me to closing. I said no thank you.
Fast forward a few more months, and another loan officer from Penfed called and asked to set up a closing date. I retold what had happened. He told me that the lady must have me confused with someone else, becuase they welcome that kind of discrepency! They love it when the loan amount goes down. I said no thank you, please refund the app fee.
Fast forward, repeat again. I finally got my refund. Lol - and paid off my mortgage that month. (Yes, I paid it off within five months of applying for the refi.)
This was just my experience with Penfed Mortgage dept. Lots may have changed since 2007/2008. Go for it.
My suggestion for a HELOC is to get the revolving line of credit. Make sure you understand the prepayment penality, if there is one.
