There is no fee for a preapproval application.

You may be charged an application fee for purchases and refinances, depending on the mortgage product you choose.

If you cancel or withdraw your purchase loan application, the application fee is non-refundable.  However, if your purchase application is denied, your application fee will be refunded.

The credit report Third Federal obtains is used strictly for our lending purposes only. You can obtain a full copy of your credit report by contact any one of the following credit bureaus:

Equifax 1-800-685-1111 or www.equifax.com

Experian 1-888-397-3742 or www.experian.com

Transunion 1-800-888-4213 or www.transunion.com

Everyone is entitled to a FREE copy of their credit report each year from EACH credit bureau. You can go to www.annualcreditreport.com to order your free copies or contact each individual credit bureau.

Any documentation that includes the mortgage clause should be as follows:

Third Federal Savings & Loan Association of Cleveland
It's Successors, and/or assigns, ATIMA
P. O. Box 2132
Carmel, IN 46082

Yes. Please contact your loan administrator for assistance.

The interest rate market is subject to movements without advance notice. Third Federal automatically locks in your rate for 60 days once your purchase or refinance application is submitted. This protects you from the fluctuations in the interest rate market.

A rate lock is an agreement by the borrower and the lender and specifies the number of days for which a loan's interest rate and discount points are guaranteed. Should interest rates rise during that period, Third Federal is obligated to honor the committed rate. Should interest rates fall during that period, the borrower must honor the locked rate or pay a revision fee to receive a different rate or a different loan program.

Preapproval Applications:  While shopping for a house, you should get preapproved. At Third Federal our preapproval are fully verified. When you find a home and just provide us with your final purchase information and application fee, if applicable, your application will be converted to a full application and locked with the rates and fees in effect at that time.

Lock Period: Your interest rate is locked for 60 days from the date your purchase or refinance application is submitted. This means your loan must close and disburse within 60 days from the day your lock is confirmed by Third Federal.

You can lock your rate for longer than 60 days for purchases only. To do this, we require a long-term commitment deposit. A 360 day loan commitment will be given only upon approval of a completed loan application and will remain in effect for 360 days from the date of application. In order to get this 360 day rate lock, you must provide Third Federal with 1% of the loan amount as a deposit. This amount will be credited toward your down payment or closing costs provided your loan closes within 360 days.

If your loan is not closed by the end of the commitment period, or if your loan is cancelled for any reason prior to closing, your 1% commitment deposit will be forfeited.

After you submit an application and obtain a rate lock online, a confirmation email is sent to the email address you provided during your online application.

Loan Revisions: Your interest rate is locked at the time you submit a full application. If you revise your loan for any reason after speaking with your loan officer, you will be required to pay a revision fee and are subject to prevailing products, rates and fees. When purchasing a home, one revision of the loan amount only will be permitted without charge. All revisions are subject to review and approval by our underwriters. Requests for a revision should be communicated to a loan advisor promptly. The additional processing required to handle your request can result in delayed closings.

If you have secured a 360 Day Loan Commitment and want to revise your loan in order to change the interest rate, loan product, term of loan or extension of the commitment you will incur a Revision Fee, lose the 1% commitment deposit and be subject to the prevailing products, rates and fees.

Lock Changes: If your lock period expires before your loan closes and you would like to lock a rate for another 30 days, you can do so without being required to pay a fee. However, your interest rate will be either the Third Federal rate in effect for your product on the day your request is processed or your original rate, whichever is greater.

The Smart Rate Adjustable Mortgage offers an initial interest rate lower than that of a fixed rate loan.  The initial rate is fixed for either 5 or 3 years, depending on which Smart Rate product you choose.  After the initial fixed rate period, the interest rate adjusts, annually, to the Wall Street Journal's current Prime Rate presently 6.75%.

This product also offers a Rate Relock option, which allows you to relock to the current rate for five (or three) more years, anytime throughout the life of your loan!  With the Rate Relock, no mortgage application or home appraisal is required.  The Rate Relock fee is based on the state in which the property is located and ranges from $495 - $695.

To get the lowest rate, you can pay full closing costs or, for a slightly higher rate, you can pay the Low Closing cost amount of $495 to $695, depending on what state you are in.

Also, as with all Third Federal loans, there is no prepayment penalty - principal and interest can be paid off early with no additional costs.

A bridge loan allows a borrower to use the equity in their current home as the down payment for new owner-occupied home purchase. Third Federal offers a bridge Loan with a one-year term with no principal or interest payments for up to 12 months. Borrowers with sufficient equity in their home may also elect to pay off their current mortgage loan with a portion of the funds from the bridge loan which allows borrowers to eliminate their current mortgage payment, so you only have one payment while you are selling your home. Approval for this product is contingent on Third Federal financing the new home.

With this Bridge Loan, Third Federal will lend a maximum of 80% of the value of your current home, minus the existing first mortgage. If there are any existing second mortgages or equity lines of credit, these loans can be paid off through the proceeds of the Bridge Loan. The maximum loan amount is $300,000.

With Third Federal's Bridge Loan, no payments are required until either your home sells or the loan reaches the one year maturity. At this time, your payoff will consist of the principal balance plus accrued interest (Interest is calculated on a daily basis). However, you may make payments on this loan at any time.

Third Federal's Bridge Loan offers NO prepayment penalty and NO appraisal fees. There is a $595 closing cost for the bridge loan, which will be funded through the bridge loan.  Customers are responsible for doc stamps and intangible taxes if required by the state.

Bridge loans are available in all purchase markets in FL, GA, IL, IN, KY, MD, MI, MO, NC, NJ, OH, PA, SC, TN, and VA.

Borrowers will not be able to apply for the bridge loan online at Third Federal.  However, on the online purchase mortgage application, borrowers will be asked if they are interested in a bridge loan.  If the answer is yes, a note will be added in the additional comments section so loan administrators are aware of the interest and can talk to borrowers about the loan and take the application over the phone.

Third Federal's Rate Relock program is a process where an existing Smart Rate Adjustable Mortgage customer can modify the interest rate of the loan. 

Customers can take advantage of the Rate Relock feature anytime after the loan closes and as often as they would like.

The Rate Relock program gives you control to relock the current rate for five (or three) more years, anytime throughout the life of your loan!  With the Rate Relock, no mortgage application or home appraisal is required.  The Rate Relock fee is based on the state in which the property is located and ranges from $495 - $695.

We have a program tailored for First Time Home Buyers. It includes home buying seminars and a home buyer guide.

A Third Federal preapproval will give you the credibility and clout to get the paperwork rolling faster.

• Get preapproved at a seminar, online, in person or by phone at no cost
• Enjoy a true preapproval, not a pre-qualification
• Know up front how much house you can afford
• Show sellers and agents that you're a serious buyer, enabling you to negotiate better deals
• Shorten the processing time and move into your new home faster

To view closing costs, select "Featured Rates" from the top navigation menu. Then click on the "More Rates + Details" button. Fill in the scenario you are interested in and press the "Go" button. Then click "view" in the total cost column, and after answering a couple of questions, you'll be presented with a closing cost estimate.

Contact a Third Federal Customer Care Representative to review your personal situation toll-free at 1-800-THIRDFED (1-800-844-7333).

We offer a "Low Cost" option on all our Smart Rate Adjustable Mortgages.  For a flat fee of $495 ($695 New York) you can close on any one of our 3/1 or 5/1 Smart Rate adjustable mortgages. These "Low Cost" options have a slightly higher interest rate than our Smart Rate mortgages with full closing costs.

We also offer a "Low Cost" option on select fixed rate mortgages.

For more than 85 years, Third Federal has been a leading mortgage lender. Our mortgage rates are among the lowest. And now with our Lowest Rate Guarantee program, if you find a lower purchase mortgage rate, we’ll beat it or pay you $1,000.*

Here’s how it works:

Easier:

• Simply provide us with the other lender’s advertisement, webpage, email, rate sheet, or other documentation of mortgage rates.
• In most cases, you’ll have a rate decision the same day.

Longer:

• You can lock your rate for as long as 60 days on our standard rate lock or 360 days on our extended rate lock. 

Interest Rate is the rate used to perform interest calculations and establish the monthly mortgage payment.

Annual Percentage Rate (APR) defines the cost of the loan expressed as a yearly rate, the amount of interest in dollars and the total payment over the life of the loan.

Third Federal does not offer a bi-weekly payment option on our mortgage loans.  Additional principal payments may be made any time after your regular monthly payment has been satisfied.

You can also make principal only payments online from a Third Federal deposit account.  Contact a Third Federal Customer Care Representative to review your personal situation toll-free at 1-800-THIRDFED (1-800-844-7333).

A preapproval is a FREE process that prequalifies income and credit for a specific loan amount. You'll know up front how much house you can afford and show sellers and agents that you're a serious buyer, enabling you to negotiate better deals. 

Find a lower purchase rate than ours? It's hard to do, but if somehow it happens, with Third Federal's Lowest Rate Guarantee, we'll beat it or give you $1,000.

To determine if it makes sense for you to pay discount points, compare the cost of the discount points to the monthly savings created by the lower interest rate. Each point is equal to one percent of the loan amount.

Divide the total cost of the discount points by the savings in each monthly payment. This calculation provides the number of payments you'll make before you recoup the cost of the discount points. If the length of time you plan on having this mortgage is longer than the time it will take to recoup the cost, you should consider paying discount points.

The Rate Relock gives you control to relock your rate for five (or three) more years, anytime throughout the life of your loan! With the Rate Relock, no mortgage application or home appraisal is required. The Rate Relock fee is based on the state where you live and ranges from $495 - $695. Relock rate is based on customer's current balance at the time of the relock.

We recommend that you talk with one of our associates who will review the products with you and determine what makes sense for you based on your current situation. 

In the meantime, here are the key benefits of the Smart Rate Adjustable Rate Mortgage:

Initial low rate - The Smart Rate Adjustable Mortgage offers an interest rate lower than that of a fixed rate loan.  After the initial term, say 5 years, the interest rate adjusts to the Wall Street Journal's current Prime Rate once a year.  You are not charged a markup or a margin. 

Low closing cost options are available.   For our low cost option, you pay only $495 ($695 NY).  All other closing costs are paid for by Third Federal.

The Rate Relock gives you control to relock the current rate for five (or three) more years, anytime throughout the life of your loan!  With the Rate Relock, no mortgage application or home appraisal is required.  The Rate Relock fee is based on the state in which the property is located and ranges from $495 - $695. Relock rate is based on customer's original loan amount. 

There is no prepayment penalty - principal and interest can be paid off early with no additional costs.

You may be able to borrow up to 85% of your home's value without paying Private Mortgage Insurance (PMI), depending on your credit history and your home's location.

Jumbo loans - Smart Rate Adjustable Mortgages up to $2,000,000 actually receive a discounted rate as compared to our standard rate.

The rate is indexed to Prime, presently 6.75%, which is an objective and easily obtainable index from an outside source (The Wall Street Journal).

Private mortgage insurance (PMI) protects the lender against default and allows you to buy a home with a lower down payment.  Third Federal offers no PMI on as little as 15% down payment. 

The Federal Truth in Lending Act requires that all financial institutions disclose the Annual Percentage Rate (APR) when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some of the closing fees charged at closing be included, in addition to the interest rate, to determine the cost of financing over the full term of the loan.

For adjustable rate mortgages, the APR can be complex. Since no one knows exactly what market conditions will be in the future, assumptions must be made regarding future rate adjustments.

You can use the APR as a guideline to shop for loans but you should not depend solely on the APR in choosing the loan program that's best for you. Also, the APR doesn't include all the closing costs. Look at total fees, possible rate adjustments in the future if you are comparing adjustable rate mortgages, and consider the length of time that you plan on having the mortgage.

Don't forget that the APR is not the actual interest rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan.

If you would like additional information you may want to see the Buying Your Home Settlement Costs & Helpful Information booklet Third Federal will make available to you.

Third Federal does not offer construction to permanent loans for second homes.

There are two different types of caps for adjustable rate mortgages.

The first is a periodic cap which limits how much the interest rate can increase or decrease from one adjustment to the next.

Third Federal's periodic cap is 2% for both the three and five year Smart Rate Adjustable Mortgages.

The second is the lifetime cap which limits how much the interest rate can increase over the life of the loan.

Third Federal's lifetime cap is the initial rate plus 6% for both the three and five year Smart Rate Adjustable Mortgages.

The Low Cost Option is available for our Smart Rate Adjustable Rate Mortgage products.  You pay a one-time cost of $495 ($695 New York). This is collected at closing. All other closing costs are paid for by Third Federal.

A refinance replaces an existing mortgage with a new one, and may have a new rate and term. A refinance may be used to lower a monthly payment, change the term of the loan, or pay off or consolidate existing home loan(s) and other debts.

Because a refinance transaction is a brand new loan, new documents have to be prepared and filed with the County Recorders office as well as updated title work and lien research performed.

No, Third Federal does not offer lot loans.

Yes.  All current U.S. military service members, reserves/national guard, honorably discharged veterans and surviving spouses are eligible for our military discount program.

All eligible participants receive a discount off of closing costs for all first mortgage products no matter how you apply (via branch, internet or phone).

Third Federal collects money from you in order to pay your property taxes. This money is held in an escrow account until your tax payment bill is due. In this case, Third Federal is holding your property tax money in an account that has been set up just for that purpose.

On the anniversary date of your mortgage loan, we will send an Escrow Disclosure statement to you. This statement will inform you if the amount you're currently paying into your escrow account will change. Third Federal will automatically adjust the payment amount for you.

For some types of new and existing loans, Third Federal will consider allowing you to pay your own property taxes once you have obtained 30% equity in your home. To request this on an existing loan, send a written request to:

Third Federal Savings
7007 Broadway Ave.
Cleveland, OH 44105
Attn: Loan Services

In this request, be sure to include your mortgage loan number, a daytime telephone number and an original signature. Once your file has been reviewed, Third Federal will contact you to discuss your options.

Your mortgage payment at Third Federal Savings is due on the 1st of every month with a 15 day grace period. Any payment received on the 16th or after will be considered late.

The most common reason is due to a change in the amount of escrow we collect on your behalf. If your local taxes have changed, your escrow amount will change as well.

We collect escrow money equal to the last tax bill paid of record. On the anniversary date of your mortgage loan, we will send out an Escrow Disclosure statement to you. This statement will inform you if you need to adjust the amount you are currently paying into your escrow account.

There could be other situations that could affect your monthly mortgage payment. Contact a Third Federal Customer Care Representative to review your personal situation toll-free at 1-800-THIRDFED (1-800-844-7333).

To change the account number and/or bank that your automatic mortgage payments are coming from, please complete an ACH/Autopay Change/Cancel Form. 

This form can be completed at your local branch office or you can request a form to be sent to you via secured email or by U.S. mail by contacting our Customer Care Department at 1-800-844-7333.

Please allow three business days for us to make the change.

In the case of divorce, the loan has to be refinanced.

In the case of death, you may be able to remove a person depending on how the property is titled.  Please contact us to discuss your options.

To change the account number and/or bank that your automatic mortgage payments are coming from, please complete an ACH/Autopay Change/Cancel Form.

This form can be completed at your local branch office or you can request a form to be sent to you via secured email or by U.S. mail by contacting our Customer Care Department at 1-800-844-7333.

Please allow three business days for us to make the change.

To view Tax Statements, login to your Third Federal Online Banking account, navigate to the Statements and Documents tab, click on the Tax Statement card.

If you are not currently enrolled in electronic tax statements, navigate to the Statements and Documents tab, select View Profile in the upper right corner, and then select the Pencil to edit your preference to Electronic and then click Submit. You will receive an email when your tax statement is available for viewing.

If you prefer to receive a hard copy, tax statements will be mailed by January 31 each year for the previous year. If you have not received your tax statement by February 15, you can request a copy by sending a secure message through Online Banking (located under the “Secure Messaging and FAQs” tab), or visit your local branch for assistance.