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Find a purchase rate even lower than ours? We'll match it and lock it!

Third Federal Purchase Mortgage Match 'n Lock Rules

Match ‘n Lock
Third Federal will match the purchase mortgage rate of a similar mortgage of any licensed lender. A similar mortgage must be for the same property, term, product type, discount points, mortgage loan amount, and loan to value with the same or lower total closing costs and APR. To receive a purchase mortgage rate match, when applicable, either fax, email or deliver to your local Third Federal branch or customer service department, a copy of the competitor's good faith estimate, purchase mortgage advertisement, email, website pages, or other marketing materials displaying the competitor’s mortgage rate, APR, term, discount points, mortgage loan amount and closing costs.  Match ‘n Lock requests can be submitted up to three business days prior to making application at Third Federal. Competitor rate documentation must be dated on the same date or no more than three business days prior to the date of the Match ‘n Lock request. Competitor rate documentation must be submitted at the same time as Match ‘n Lock request. Prospective purchase mortgage customers submitting Match ‘n Lock requests will receive a decision (Match ‘n Lock rate approval or denial) as quickly as possible and usually within 24 hours. Prospective customers requesting a Match ‘n Lock must complete a purchase mortgage application or purchase mortgage preapproval application within three business days of Match ‘n Lock rate approval. Applicants may submit a Match ‘n Lock request within three business days of completing a full purchase mortgage application without being required to pay a revision fee. If the Match ‘n Lock request is approved, the applicant will be required to pay a revision fee to receive the rate match, if the Match ‘n Lock request is submitted more than three business days after application. Match ‘n Lock requests can be submitted free of charge anytime on preapprovals. To receive a competitive rate adjustment on a purchase application on a full closing cost loan, the full application deposit must be paid within seven days of the application.

Eligibility*
The Match ‘n Lock offer applies to Third Federal purchase mortgages for properties in select counties of Ohio, Kentucky and Florida. These counties are defined as any county that contains a Third Federal branch office or is in a county that is adjacent to a county that contains a Third Federal branch office. When presented with a competitor lender's lower fixed rate (as defined below) or lower initial rate on an adjustable rate mortgage, Third Federal will match the competitor’s rate. The competitor's mortgage must have the same subject property, term, product type including mortgage insurance requirement, discount points, loan amount, and loan to value with the same or lower closing costs and APR. Match ‘n Lock applies to first lien purchase mortgage products only. Match ‘n Lock does not apply to second lien products, mortgage rates on bank owned properties, or mortgage rates available only on specific properties or at specific sites, refinance mortgages, investment properties, second/vacation homes, conversion condos, or loan amounts over $625,000. Match ‘n Lock only applies to properties within the counties described above. Third Federal reserves the right to verify that the competitor lender's rate offer is accurate and will determine the accuracy of the competitor lender’s rate offer at its sole discretion. When a Match ‘n Lock request is made on a 240 day extended rate lock at the time of application at Third Federal, the competitor rate lock must be for at least 240 days. When a Match ‘n Lock request is taken during an existing Third Federal 240 day commitment, the competitor rate lock days must be equal to the remaining number of days left on the Third Federal rate lock. The revisions fee must be paid and the 1% commitment fee must be forfeited or the borrower can pay the revision fee and accept a ¼ % rate bump above the Match ‘n Lock rate. If the Match ‘n Lock request is presented before the commitment fee is collected, we will only collect the revision fee.  The borrower will not be required to forfeit the 1% fee or incur the rate bump.  The borrower must pay the commitment fee within 5 days of loan approval.

How Does Match ‘n Lock Work
To receive a rate adjustment, you must deliver to a Third Federal office, fax or email to customer service the competitive mortgage Good Faith Estimate, purchase mortgage advertisement, email, website pages, or other marketing materials displaying the competitor’s interest rate, APR, documentation of the property address if applicable, term, product type, discount points, mortgage loan amount, closing costs and any other proof of product similarity deemed necessary by Third Federal. The competitor rate documentation and proof of product similarity must be dated the same or no more than three business days prior to the date of the Match ‘n Lock request. If the Match ‘n Lock request is approved, to receive the rate adjustment, the prospective customer must apply for a purchase mortgage or preapproval within three business days of the Match ‘n Lock approval. If applying for a full closing cost loan, the application deposit must be paid within seven days of the time of application. Applicants may submit a Match ‘n Lock request within three business days of completing a full purchase mortgage application without being required to pay a revision fee. If the Match ‘n Lock request is submitted more than three business days after application, if approved, the applicant will be required to pay a revision fee to receive the rate match. Applicants may submit a Match ‘n Lock request anytime up to five business days prior to closing. Match ‘n Lock requests can be submitted free of charge anytime on preapprovals. Third Federal, in its sole discretion, will make all determinations of eligibility and qualification for competitive rate matches. The Match ‘n Lock program is subject to revision or revocation by Third Federal at any time without notice.  A Match ‘n Lock approval is not an indication of loan approval; a borrower’s loan application may still be denied regardless of rate match decision. Third Federal is not responsible for system failures, communication problems or connection and server problems, natural or man-made, failed, incomplete or delayed transmissions, technical malfunctions of telephone networks, computer equipment, system or software, computer time and date stamp mechanism, or any combination thereof, or other unforeseeable events beyond the control of Third Federal. Third Federal's own rate cannot be considered a competitive rate for Match ‘n Lock requests. The Match ‘n Lock program excludes all subordinated-lien loans. Requests for competitive rate adjustments will not be permitted after periods when the U.S. ten year treasury changes by more than .20% over any two consecutive day period. The Match ‘n Lock program is limited to Third Federal retail distribution channels only.

* A business day is any day Third Federal is open for retail customers except Saturdays