Pros: 5% cash back on gas credit card, auto loan, consolidated loan
Cons: Any mortgage product especially VA IRRRL customer service; they just plainly lie in customer service
Got alot of offers for VA IRRRL with no appraisal and expedited service. Decided to go with Penfed since we've done auto loans and consolidated loans with them in the past with very good service. Called their mortgage consultants and spoke to 2 reassuring me that their VA IRRRL also had no appraisal and even reduced VA funding fee. I wrote an exception on the application to the appraisal fee and on the intent to proceed with the loan because I was told it wasn't needed (but was templated on the paperwork). I even got an email: "A vast majority of the time, there is no appraisal fee for a VA IRRRL. There are several methods we use for determining value, and sometimes those methods do not yield a value we can use. Since an appraisal is required in these rare instances, there is an appraisal fee on the good faith estimate." I was told we needed an appraisal because all non-Penfed mortgages requesting refi require it. Doesn't sound rare to me. I asked them to cover the appraisal fee since it is their misinformation that led me to apply. No such luck. They think its such a small deal, but we have to take off work, prepare the house and board our dogs for the appraiser to come which costs us more than $300. This is the worst service we ever got with Penfed and they are unapologetic.