Home Equity Loan with Third Federal
A home equity loan (HELOAN) is a great option if you need funds for a one-time expense and do not anticipate the need to borrow again in the future.
Home Equity Loan Products
With a Third Federal HELOAN, the entire amount is disbursed in one lump sum and paid back based on the agreed terms. Third Federal offers both fixed rate and adjustable-rate loans up to 30 years.
- Fixed rate home equity loans are a great option if you are looking for a consistent monthly payment, taking out the guesswork throughout the life of the loan. Fixed rate HELOANs are available in five, 10, or 20-year terms.
- Adjustable-rate home equity loans, offers an interest rate that is typically lower than a fixed rate loan. Third Federal offers 5/1 adjustable home equity loans. The interest rate is fixed for the first five years and then adjusts to the Prime Rate once per year.
Home Equity Loan Rates
| Product | Rate | APR |
|---|---|---|
| 5/1 Home Equity Loan | 6.590% | 6.983% |
|
Fixer Upper Home Repair Loan |
2.990% | 2.990% |
| 10 Year Home Equity Loan | 6.690% | 6.690% |
| 15 Year Home Equity Loan | 6.790% | 6.790% |
Benefits of a Third Federal Home Equity Loan
No Fees or Closing Costs
With a Third Federal Home equity loan, there are no closing costs, prepayment penalties or annual fees.
Flexible Lending Options
Third Federal offers equity loans from five years up to 30 years, giving you the flexibility to choose the term that is right for you.
Home Equity Payment
With a Third Federal equity loan, you can make additional payments at any time without penalty. Pay as much as you want, as often as you’d like.
Loan Types
Third Federal home equity loans include both fixed and adjustable rates. Fixed rate loans have a consistent monthly payment as the rate will not change throughout the loan. Adjustable-rate loans have a lower interest rate than fixed rates loans.
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