With a Third Federal 5 or 10-Year Fixed Home Equity Loan, funds are disbursed in one lump sum and your monthly payment doesn’t change during your term. This takes out the guesswork and gives you a consistent payment throughout the life of your loan.
Benefits of a 5- or 10-Year Fixed-Rate Loan:
- Great fixed rate for life; typically .50 lower than other lenders
- No closing costs, prepayment penalties, or annual fee
- Consistent monthly payments
- Borrow up to 80% of the equity in your home
- Make additional payments at any time without penalty