A home equity line of credit is a revolving line of credit, a lot like a credit card. Your line of credit has a maximum line amount that replenishes as you repay it, with a variable rate that offers the flexibility of ongoing access to available funds for up to 10 years. You can access funds by writing a check from your Home Equity account or use your Home Equity debit card. For more information check out the Third Federal Equity Guide.

Benefits of a Third Federal Equity Line:

• Lower interest rate. Typically .50 below other lenders
• No closing costs, prepayment penalties or minimum draw requirements
• 10 year draw period, 30 year total repayment period
• Lower monthly payments, amortized up to 30 years
• Historically low rates based on Prime
• Borrow up to 80% of the equity in your home
• Make additional payments at any time without penalty
• Easy access to funds with checks and debit cards

• Find a lower rate than ours? We’ll beat it or pay you $1,000
• Simply provide us with the other lender’s advertisement, webpage, email, rate sheet or other documentation of home equity loan rates
• In most cases, you’ll have a rate decision the same day

Home equity loans are available with fixed or adjustable rates. Adjustable rates are typically lower than fixed rate loans. Loan funds are disbursed in one lump sum at origination. Additional draws can not be accessed after the initial disbursment.

The Third Federal 5/1 Adjustable Home Equity Loan offers an interest rate that is typically lower than a fixed rate home equity loan. The rate is fixed for the first five years. After that, the interest rate adjusts to the Prime Rate once a year.¹

Benefits of a Third Federal 5/1 Adjustable Home Equity Loan:

• Low rates; typically .50 lower than other lenders
• Maximum 30-year term, which means you can have a lower monthly payment
• Balanced monthly payments
• No closing costs, prepayment penalties or annual fee
• Borrow up to 80% of the equity in your home
• Make additional payments at any time without penalty

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

• Find a lower rate than ours? We’ll beat it or pay you $1,000
• Simply provide us with the other lender’s advertisement, webpage, email, rate sheet or other documentation of home equity line of credit rates.
• In most cases, you’ll have a rate decision the same day