Buying a Home with Third Federal
Third Federal offers several mortgage options when you’re in the market to purchase a home. In addition to fixed rate mortgages, our Smart Rate Adjustable Mortgage offers low interest rates and gives you control to relock your rate for up to five more years anytime during the life of your loan. And, with our low cost mortgages, you can pay as little as $495 in closing costs, saving you thousands of dollars.
Preapproval - Early Rate Lock
Third Federal locks your mortgage rate at preapproval, even before you find a house or get a mortgage loan. And, if rates happen to go even lower, you can get the lower rate just by asking. Learn more about our fully underwritten preapproval.
First Time Homebuyer Programs
Thinking about buying your first home? As a first time homebuyer, you get many unique benefits, including $750 that you can use toward closing costs. And, put as little as 3% down!
Purchase Mortgage Rates
| Product | Rate | APR |
|---|---|---|
| 5/1 ARM (30 year) | 6.150% | 6.408% |
| 5/1 ARM (15 year) | 6.090% | 6.330% |
| Product | Rate | APR |
|---|---|---|
| 30 Year Low Cost Fixed Rate | 6.900% | 6.900% |
| 15 Year Low Cost Fixed Rate | 6.290% | 6.290% |
| 10 Year Low Cost Fixed Rate | 6.390% | 6.390% |
| 5/1 ARM (30 year) Low Cost | 6.600% | 6.540% |
| 3/1 ARM (30 year) Low Cost | 6.440% | 6.484% |
| Product | Rate | APR |
|---|---|---|
| 30 Year Fixed Rate | 6.500% | 6.548% |
| 15 Year Fixed Rate | 5.890% | 5.968% |
| 10 Year Fixed Rate | 5.890% | 6.000% |
| Product | Rate | APR |
|---|---|---|
| 30 Year Fixed Rate | 6.625% | 6.644% |
| 15 Year Fixed Rate | 6.015% | 6.045% |
| 5/1 ARM (30 year) | 6.150% | 6.379% |
| 3/1 ARM (30 year) | 5.990% | 6.387% |
| 5/1 ARM (15 year) | 6.090% | 6.282% |
| 3/1 ARM (15 year) | 5.940% | 6.303% |
| Product | Rate | APR |
|---|---|---|
| 30 Year HomeReady Mortgage | 6.175% | 6.290% |
| 15 Year HomeReady Mortgage | 5.640% | 5.829% |
Smart Rate Adjustable Mortgages More Info
Offers a lower interest rate than a fixed rate loan—typically more than 1% lower.
The Smart Rate Adjustable Rate Mortgage offers a lower interest rate than a fixed rate loan. This lower rate saves you about $12,000 over the first five years. After that, the interest rate adjusts to the Prime Rate presently 7.50% minus 1.00%.
- 3/1 and 5/1 Smart Rates available
- Jumbo loans at discounted rates
- $495 low closing cost options available
- 15, and 30-year terms available
- Indexed to the Prime Rate. Rate adjusts to Prime Rate presently 7.50% minus 1.00%.
Rate Relock with Smart Rate Adjustable Mortgages
Our Rate Relock program gives you control to relock your rate for up to five more years anytime during the entire life of your loan. You can relock your rate for up to five additional years to the current 3/1 or 5/1 rate as often as you want, any time you want, saving you thousands of dollars compared to the cost of refinancing – no mortgage application or home appraisal is required. With Rate Relock, you'll never have to refinance again!
- Periodic rate cap +/-2%
- Lifetime rate cap of initial rate +6%
- Rate Relock--relock your rate to the current rate as often as you like
Bridge Loans More Info
Buy before you sell.
At Third Federal, you can still buy before you sell. Our Bridge Loan allows you to use the equity in your current home to bridge the gap to your new home.
- You can use the equity in your current home for the down payment on your new home.
- Eliminate your existing home payment, so you have only one payment while you're selling your current house.
- There are no principal or interest payments on your bridge loan for up to 12 months.
- No application fee, cancellation fee or prepayment penalty.
For more information, call our Customer Care Department at 1-800-THIRD-FED (844-7333).
$495 Low Cost Mortgages More Info
Gets you a mortgage at today’s low rates without closing costs.
Third Federal's Low Cost Mortgages can save you thousands of dollars in closing costs. Homebuyers pay just $495 in closing costs and Third Federal will pay all other closing costs. Low Cost Mortgages are available in:
- 10, 15 and 30-year fixed rate and Smart Rate mortgages
- Jumbo loans at discounted rates
Community Development Lending More Info
Third Federal helps communities thrive.
Third Federal's HomeReady Mortgage product helps homebuyers put as little as 3% down and get up to $3,000 in down payment assistance.
Third Federal Advantage
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