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Third Federal has the home equity product for you.

With rates near an all-time low, a home equity line or loan is a great option if you are looking to make a home improvement, purchase a car, pay for college tuition or consolidate high-interest debt. You can use your home equity line or loan for whatever you need! Picking which is right for you, a home equity line or loan, is important. Let us help you determine which is best for you.

Home Equity Line of Credit

A home equity line of credit is a revolving line of credit like a credit card. Your line of credit replenishes as you repay it. It comes 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. 

With a Third Federal Home Equity Line of Credit, you begin paying back the principal and interest right after your first draw. This gives you a more consistent monthly payment throughout the life of your loan and enables you to build equity faster. The best part is that there are no large payment increases at the end of the draw period.

Benefits of a Third Federal equity line:
  • Pay less interest. Average savings of $8,0001
  • No closing costs, prepayment penalties or minimum draw requirements
  • Up to 10 year draw period, 30 year total repayment period2
  • Lower monthly payments, amortized up to 30 years
  • Deduct 100% interest from taxes3
  • Historically low rates based on Prime
  • Build equity faster
  • No payment shock
Plus:
  • Annual fee is waived the first year4
  • Competitive variable interest rates on all line amounts
  • Borrow up to 80% of the equity in your home
  • Make additional payments at any time without penalty
  • Easy access to funds

 

Home Equity Line of Credit
Northeast Ohio May 27, 2015
ProductsMax. TermLine BalanceRatesAPR
Equity Line of Credit30 year$50K-$150K2.99%2.99%
Equity Line of Credit30 year$10K ‐ $49K3.25%3.25%
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Home Equity Loan
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 that.


5/1 Adjustable Home Equity Loan
The Third Federal 5/1 Adjustable Home Equity Loan offers an interest rate that is typically lower than a fixed rate home equity loan. This lower rate saves the typical customer more than $2,0005 over the first five years. After that, the interest rate adjusts to the Prime Rate + 1% once a year.

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

  • Maximum 30-year term, which means you can have a lower monthly payment
  • Pick your own term from 6 to 30 years
  • Balanced monthly payments
  • No closing costs, prepayment penalties or annual fee
  • Historically low rates based on Prime
  • Deduct 100% interest from taxes3

Plus:

  • Borrow up to 80% of the equity in your home 
  • Make additional payments at any time without penalty 
5/1 Adjustable Equity Loan
Northeast Ohio May 27, 2015

ProductsMax. TermLoan AmountRatesAPR
Home Equity Loan30 year$10K-$150K4.39%4.39%
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Apply    Rate/APR Disclosures


Fixed Rate (5 or 10-year) Home Equity Loans

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 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
  • No closing costs, prepayment penalties, or annual fee
  • Consistent monthly payments
  • Deduct 100% interest from taxe*

Plus:

  • Borrow up to 80% of the equity in your home
  • Make additional payments at any time without penalty
Fixed Rate Home Equity Loan
Northeast Ohio May 27, 2015

ProductsMax. TermLoan AmountRatesAPR
Home Equity Loan10 year$10K-$150K4.99%4.99%
Home Equity Loan5 year$10K-$150K4.49%4.49%
Change State >
Apply    Rate/APR Disclosures

Home Equity Loans available in OH, FL, KY, CA, PA, NJ, VA and NC.

For more important information about our home equity products and terms, or help in selecting which product is right for you, call us at 1-800-844-7333.

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