Mortgage Refinancing with Third Federal

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Mortgage Refinance
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Mortgage Refinance Rates for August 09, 2020
Cuyahoga County, Ohio
All Mortgage Rates 0 Points
Product Rate APR
5/1 ARM (15 year) 2.34% 2.84%
5/1 ARM (15 year) Low Cost 2.69% 2.95%
5/1 ARM (30 year) 2.44% 3.04%
5/1 ARM (30 year) Low Cost 2.79% 3.10%
Product Rate APR
10 Year Fixed Rate 2.39% 2.56%
10 Year Low Cost Fixed Rate 2.79% 2.83%
Product Rate APR
10 Year Fixed Rate 2.39% 2.56%
10 Year Low Cost Fixed Rate 2.79% 2.83%
15 Year Fixed Rate 2.69% 2.81%
30 Year Fixed Rate 3.09% 3.16%
Product Rate APR
5/1 ARM (10 year) 2.34% 2.61%
3/1 ARM (15 year) 2.14% 2.86%
5/1 ARM (15 year) 2.34% 2.76%
3/1 ARM (30 year) 2.24% 3.05%
5/1 ARM (30 year) 2.44% 2.99%
Need Help Finding Your Solution?

Mortgage Refinance with Third Federal

Did you know we offer several low-rate refinance options, where closing costs can be as little as $295* When closing costs are this low, the break-even calculations are simple. At Third Federal, the rates you see here are the rates you get when you apply for a mortgage loan. Take a look at the chart below to see the refinance mortgage rates in your area.

Mortgage Refinance Rates

 
Mortgage Refinance Rates for August 09, 2020
Cuyahoga County, Ohio
All Mortgage Rates 0 Points
Product Rate APR
5/1 ARM (30 year) 2.44% 3.04%
5/1 ARM (30 year) Low Cost 2.79% 3.10%
5/1 ARM (15 year) 2.34% 2.84%
5/1 ARM (15 year) Low Cost 2.69% 2.95%
Product Rate APR
10 Year Fixed Rate 2.39% 2.56%
10 Year Low Cost Fixed Rate 2.79% 2.83%
Product Rate APR
30 Year Fixed Rate 3.09% 3.16%
15 Year Fixed Rate 2.69% 2.81%
10 Year Fixed Rate 2.39% 2.56%
10 Year Low Cost Fixed Rate 2.79% 2.83%
Product Rate APR
5/1 ARM (10 year) 2.34% 2.61%
5/1 ARM (30 year) 2.44% 2.99%
5/1 ARM (15 year) 2.34% 2.76%
3/1 ARM (30 year) 2.24% 3.05%
3/1 ARM (15 year) 2.14% 2.86%

Why Refinance?

Homeowners refinance for many different reasons – no two situations are the same. Some folks refinance to lower their monthly payment and save money while others want to pay off their mortgage sooner, which also saves money. In other cases, some people want additional cash for family needs and apply for a mortgage refinance to borrow against the equity in their home. It can actually be one of the smartest and most efficient ways to borrow.

Is refinancing right for me?

Keep in mind; it doesn’t always make sense to refinance your mortgage. It depends on your current rate, loan term, the current rate environment, and what your objective is. Experts once said that you should only refinance when you can reduce your rate by 2% or more, but there really isn’t a rule determining when to refinance. Some homeowners use a break even time period, which calculates how long it will take to break even on the cost of refinancing to a lower rate or shorter term. Luckily, Third Federal can help you make this important decision.

Third Federal Advantage

Many lenders advertise “best customer” rates (which only cyborgs with perfect credit qualify for), only to offer you a higher rate once you’ve filled out an application. It’s a classic bait and switch, and its wrong. At Third Federal, we have one rate, even if you want to take cash out. That’s the rate we advertise. And if you qualify, that’s the rate you get. Period.
Borrowers are often shocked by huge closing costs at the end the refinance process. That won’t happen at Third Federal. We offer $295 closing costs on all Smart ARMs and 10-year fixed refinances. We also offer lower closing costs on other loan products.
This lock goes into effect when you apply, because at Third Federal, we believe you shouldn’t have to pay extra just to get enough time to close your loan. Most lenders only offer a 30-day rate lock. If you close after that time period, your rates could go up. 
Most lenders charge higher rates for "jumbo loans" between $510,400 and $1 million. At Third Federal, we offer discounts on jumbo loans. Because we believe big borrowing deserves more bang for their buck, not less.
Looking to refinance? Our HomeReady Mortgage Refinance has no closing costs and rates are about 2.00% APR lower than other refinance programs. To learn more about Community Support or see rates, click here.Click to learn more about Community Support
Many lenders will transfer your loan to another mortgage company, who may transfer it to another and so on, and so on. That can lead to problems. Fortunately, you don't have to worry about that with Third Federal. We service your loan for the life of your loan. And once it's paid off, we make sure it's cleared off your record, too.
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Rated 3 out of 5 by from Low rates, slow on communication. The rate I received was wonderful. The first two/ three weeks I had constant feedback and questions answered. My loan officer went on vacation and it was very difficult to get help. My closing had been approved and a tentative closing date however it took an additional two months after receiving closing papers to get a date. There was minimal communication during this time. My loan officer was helpful and very nice but I had to reach out to third federal to be updated on the status and closing. I have recommended Third Federal to friends because of great rates but told them process was slow and communication was not a strong suit.
Date published: 2020-08-04
Rated 4 out of 5 by from Low costs, low rate, good reputation Of the three banks I chose to call, one of which was my current mortgage holder, Third Fed was the cheapest in closing costs and had the lowest percentage rates. I've had previous mortgages with them as have many of my family members. I deducted one star only because the representative serving me could have done better. Some scheduling was difficult, partially due to COVID such as being told to make an appt during times appts were not needed, but also telling me to contact someone who had retired, not getting back to me in a timely manner occasionally, and referring to my husband and I coming in to sign papers when I have no husband and did my loan solo. There were some technical difficulties as well with doing docs through the secure portal. Little things really, but too many to get 5 stars.
Date published: 2020-08-02
Rated 5 out of 5 by from It was a nice plan to refinance my loan The loan rate was great the loan officer was very easy to work with
Date published: 2020-08-02
Rated 4 out of 5 by from selling the loan to Fannie Mae While service was great and website was easily navigated, I likely would have kept searching for a company that would have kept my loan instead of immediately selling it to Fannie Mae as I appreciate a business relationship where both sides have skin in the game.
Date published: 2020-07-31
Rated 1 out of 5 by from 1st Mortgage Refi I have used several mortgage company services over the years and 3rd Federal 1st mortgage refi customer service was the worst ever. The refi process took twice as long as it should have and closed a month beyond the rate lock expiration window. The department initiative and interest in the customer's refinance was low. I had to constantly call for a status update which would not be consistent depending on which representative I talked to. I waited one time to call for an update for two weeks to see if anything changed. After not hearing from 3rd Federal for two weeks I called for an update. Nothing has changed and the application had not progressed. I finally called the loan closing company to see if they had any insight. The closing company was waiting on 3rd Federal to supply required information. I called 3rd Federal to give them this update. If it wasn't for the loan closing company calling 3rd Federal to help me move this stalled loan, it probably never would have closed. I appreciate the loan closing company helping me get 3rd Federal off of their butts and close this loan. 3rd Federal likes to blame Covid for the delay, but this was not true, since the process is mostly online and the employees were working online from home. About 2 weeks into the 1st mortgage refi, I also was approved for a HELOC loan. The HELOC process was completed in two weeks with no issue. The 1st mortgage refi was just the opposite. There are other details with 3rd Federal 1st mortgage refi that are not mentioned here that went wrong. 3rd Federal 1st mortgage refi rates and costs were excellent which is why I put up with the incompetence, but very close many times pulling my application and going somewhere else.
Date published: 2020-07-29
Rated 5 out of 5 by from Low rates very easy process to apply for mortgage Third Federal really puts effort into the whole process. It’s clear and upfront. Friendly professional service. This is our second time using them for a mortgage refi
Date published: 2020-07-29
Rated 5 out of 5 by from Great rates and service! Got great rate on my refi. My Loan officer is knowledgeable and reliable. Very good customer service. Closing is fast process.
Date published: 2020-07-29
Rated 5 out of 5 by from great response, great people to work with rates are a little high in comparison to other lenders, but I still went wit them because I like they way they directly take the monthly payment and I do not have to worry about remembering to send payments on time
Date published: 2020-07-28
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