Home Equity Line of Credit (HELOC) with Third Federal

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Home Equity Line of Credit (HELOC) with Third Federal

Opening a home equity line of credit (HELOC) or taking out a home equity loan is a great way to pay for the big things that can improve your family's quality of life, like tuition, home renovations, or starting a business. And because you’re borrowing against the value of your home, your interest rate is usually quite low. 

Home Equity Lines vs. Home Equity Loans

There are two types of home equity products — home equity lines and loans. Both products use the equity you have in your home as collateral, and serve as a second mortgage. A home equity line or loan doesn’t have to be with the same lender that has your first mortgage.

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Home Equity Rates

Home Equity Rates for December 05, 2019
Cuyahoga County, Ohio
All Mortgage Rates 0 Points
Product Rate APR
Home Equity Line of Credit 3.74% 3.74%
Product Rate APR
5/1 Home Equity Loan 4.79% 4.13%
Product Rate APR
10 Year Home Equity Loan 4.49% 4.49%
5 Year Home Equity Loan 4.29% 4.29%
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Rated 5 out of 5 by from Fast service and low rates The rate on our home equity line was the lowest around and the service was great.
Date published: 2019-12-03
Rated 3 out of 5 by from rates ok and fees. follow up web support no good rates and fees ok. so far no bill or instructions on web support or how to pay bill. assume at some point will be mailed a bill. 2 checks provided to draw money from account. no way to link account to my checking for payment. very low grade tech considering other banks I have dealt with.
Date published: 2019-12-03
Rated 5 out of 5 by from Low rates Great customer service
Date published: 2019-12-02
Rated 2 out of 5 by from I love the low rate, but REALLY hard to work with I wanted to be a happy customer. I really were. But sadly every step of the process of applying and then using my HELOC has been a disaster. First, a process that was supposed to take about 1-2 weeks (application process) took close to two months. Each time I would get a reply from the reviewer requesting documents I submitted already ON DAY 1. I would call my loan officer and she'd tell me "oh I did submit that to them yesterday... not sure why they don't have it"... BUT I SUBMITTED THE DOCUMENTS ON DAY 1!!!! WHY DID YOU JUST GIVE IT TO THEM YESTERDAY?!?! The online document portal seemed to be working perfectly fine on my end, and I was able to upload documents just fine, but then they told me they couldn't see it on their end. Just so much hassle going back and forth repeating the same information over and over. Once the HELOC closed, Third Federal was supposed to send me checks for payoff of some other accounts. The checks they sent me were all in the wrong amounts. It took a couple days of back and forth to finally let someone know they sent incorrect checks. They cancelled the checks, then reissued new checks... IN THE EXACT SAME INCORRECT AMOUNT!!! As I write this review (with two sets of incorrect checks on my hand that I cannot use), I still wonder why a bank cannot offer all of this in the form of an electronic system, and instead relying in physical checks and snail mail to do their business. Very poor indeed.
Date published: 2019-11-30
Rated 5 out of 5 by from Great bank for Mortgage and Equity Loans Low Rates I've had a mortgage with Third Federal for 17 yrs now. They do not sell the loans, nor the servicing. I just opened a Equity loan and closed on it. Very quick, easy online application process. Rates are below market.
Date published: 2019-11-30
Rated 5 out of 5 by from Low cost and low rate of Home Equity I appreciate the low rate and the fact that I didn't have to make a draw on the loan right away. The customer service was excellent and the $100 Home Depot gift card was a nice added bonus.
Date published: 2019-11-29
Rated 5 out of 5 by from Low Rates, Easy Process Rates were low and the loan application process went very smooth.
Date published: 2019-11-29
Rated 4 out of 5 by from Equity Loan The process to get an equity loan was too long and complicated - especially for someone who has been a Third Federal customer for 44 years.
Date published: 2019-11-26
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