ELOAN Statements

A Home Equity Loan (ELOAN) Statement is sent to you each month to provide you with important information about your home equity loan. Information in this statement includes the amount and due date of your next payment, details of how your last payment was applied to your loan, and much more.

How Do I Read My Home Equity Loan Statement?

1. Amount Due
   This section indicates how much you owe, the payment due date, and the amount of the late fee if you submit your payment after the grace period expires.

2. Account Information
   This section indicates the outstanding principal balance you owe on the loan, the current interest rate and whether there is a penalty for prepaying the loan. It also contains information about how to find a housing counselor who can help you if you are in danger of falling behind on your loan payments, or already have fallen behind on your loan payments.

3. Explanation of Amount Due
   This section lists a breakdown of how your payment will be applied to principal and interest.

4. Past Payment Breakdown
   This section lists a breakdown of payments you made since your last statement and since the beginning of the calendar year. It also shows how those payments were applied to principal and interest.

5. Important Messages
   This section explains what happens to any partial payments you send in.

6. Transaction Activity
   This section lists all of the transaction activity since your last statement.

7. Payment Coupon
   This section is used when you mail in a check to satisfy your home equity loan payment. If you are enrolled in autopay, this will be indicated on the coupon and there is no need to send in your payment. If your autopay is attached to a Third Federal checking or savings account, we will sweep your account each night and automatically pull your payment when the money is available. If your home equity loan payment is automatically pulled from another financial institution, Third Federal will attempt to pull that payment only once on the scheduled transfer date. If the funds are not available to make your home equity loan payment, you will need to find another way to make that payment and may use the coupon at the bottom of your statement to send in your payment.