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Ah, jeez, I still haven't followed through w/ an application--anywhere. The PENDFED 1.99% seems awesome but I got scared away by all of the negative posts on various boards about PENFED. Have any of you successfully done the HEL with them?

I need to get moving on this...

My thanks to each of you. I've taken notes on your posts and am researching. I had no idea it was possible to get a HELOC for 1.99% I was happy with Schwab's 3.99% If I can do the HELOC from PenFed and take out $ to pay for both homes, sounds like that would prevent me from continuing to depreciate ...

Ok, so I have two homes--a primary home and rental home. Now I don't owe terribly much on either home--about 70K on each. Both homes are mortgaged at 5.5%. I didn't refinance till now cuz I have two kids in expensive private colleagues and it wasn't going to benefit me any...but after January I can ...