Refinancing 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 loan. Take a look at the chart below to see the refinance rates in your area.
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.
With Third Federal, the rate you see is the rate you get.
Many lenders advertise “best customer” rates (which only
cyborgs with perfect credit qualify
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. That’s the rate we advertise. And if you qualify, that’s the
rate you get. Period.
Because you shouldn’t need a loan to close one.
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.
Third Federal understands you’re busy. That’s why we offer a 60-day rate lock. (Twice the time compared to most other lenders.)
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.
Third Federal offers a discount for Jumbo Loan rates. Most lenders do the opposite.
Normally, you get a discount for
buying in bulk. But that’s not true for loans. Most lenders actually charge
higher rates for “jumbo loans” between $484,300 and $1 million. (As much as 1%
higher). At Third Federal, we do opposite. We drop the rate on jumbo loans by 5
to 10 basis points. Because we believe big borrowers deserve more bang for
their buck, not less.
That means you'll have one place to send your mortgage payments and one number to dial for service.
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