Third Federal HELOC at A Glance
- Fixed rate or variable: Variable
- How to withdraw money: Checks or debit cards
- Origination fee: None
- Loan to-value ratio: up to 80%
- Funding time: Uncertain
The home equity line credit (or HELOC) offered by Third Federal Savings & Loan allows people to access their home equity at low rates and with very little fees. HELOCs may not be available in all states.
- Rates lower than those of some competitors
- There are no closing fees, minimum draw requirements, or prepayment penalties
- Program for Guaranteed Lowest Rate
- Annual fee (reduced the first year).
- Limited availability
- The eligibility requirements for the program are not revealed
Three things you need to know about the Third Federal HELOC
Let’s take a look at some features that Third Federal HELOCs offer.
1. Third Federal offers a Guarantee Program for the Lowest Rate
Third Federal offers HELOCs at interest rates that are typically 0.50% less than those offered by its competitors. Third Federal offers a Lowest-Rate Guarantee, which states that if Third Federal finds a HELOC with lower interest rates than itss, it will either match the rate or pay you $1,000.
2. The fees are very low
A Third Federal HELOC does not require additional fees, except for the $65 annual fee which is waived after the first year. There are no closing fees and there is no penalty if you make additional payments or pay off your balance early.
3. Flexible terms for loans
A Federal Third Federal HELOC has a minimum credit line of $10,000 and a maximum credit line of $200,000. This allows for many borrowers to benefit from it. People who wish to lower their monthly payments may find the 30-year repayment term helpful. You can make higher payments and pay off your balance sooner, as there are no prepayment penalties.
How long does a Third Federal HELOC take?
The Federal Third Federal HELOC has a 10-year draw period, and a 30-year total repayment period. You can draw money up to your credit limit for the first 10 years after opening your HELOC. After the draw period expires, you can switch to repayment and cannot access your credit line again.
What is a Third Federal HELOC good at?
A Third Federal HELOC is a great option for homeowners who are looking to access their home equity at a low cost due to its low fees and competitive interest rates. People who are looking for a low-cost way to tap into their home equity may find it attractive.
How do you apply for a Third Federal HELOC
Although you can submit your Third Federal HELOC online application, it is necessary to visit a Third Federal branch in person or have someone from a local title firm come to your house to close the loan. Third Federal doesn’t disclose the minimum eligibility requirements or provide a list with required documentation. This may cause some problems for some borrowers.
Online applications for HELOCs are possible. You will need to submit personal information, details about your assets, income, expenses, and the property that is securing the loan.
Are you unsure if Third Federal is the right fit for your needs? These are some alternatives.
- If you require quick access to funds, this online lender can provide funding in as little a five-day period.
- Aven This unique option combines the features of a HELOC with a credit card, and offers flexible repayment options.