What costs are involved in getting a home equity line of credit?
There are a variety of costs associated with setting up a Home Equity Line of Credit. Third Federal does not charge customers for any of these costs.
Closing Costs - Third Federal does not charge customers closing costs. Closing costs may include a credit bureau report, appraisal, title work, flood evaluation, mortgage filing, mortgage and other miscellaneous taxes. (Florida borrowers are responsible for doc stamps and intangible taxes).
Application Fees and Loan Origination Fees - Third Federal does not charge customers for these fees.Some financial institutions will charge customers a fee to help recover the costs of originating a home equity account.
Annual Fees - Third Federal will waive the $65 annual fee for the first year.
Prepayment Penalties - Third Federal does not charge customers for closing the account. Due to the costs associated with setting up a home equity line of credit, many financial institutions will charge customers a fee (ranging from $150 to $350) for closing the account within the first two to three years after the account is opened.