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.
Home Equity Loan 5/1 Adjustable 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.
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.
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. Click here
to review related disclosures