![]() Here is a list of our partners who offer products that we have affiliate links for.A home equity line of credit - more commonly referred to as a HELOC - is one option for homeowners looking to tap the value of their home for cash. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers’ offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Mortgage Lenders. We believe this scoring system best reflects consumers’ top priorities when comparison shopping for mortgage lenders. We chose to focus on these core elements to bring forward lenders that offer the most competitive rates while also providing a satisfactory customer experience accessible to borrowers of all financial backgrounds. Our scoring method is broken down as follows: We awarded bonus points if a lender doesn’t require closing costs on its home equity products, offers a specialty rate discount, a fixed-rate HELOC option, customizable terms for its home equity products and/or maintains a fully online application process. We graded Third Federal based on features that have a meaningful impact on the cost of a home equity loan and a borrower’s experience, including interest rates, loan options, ease of access, closing time and customer service. Third Federal offers HELOCs in 26 states, which makes it a more widely available product than its home equity loans, but still not as far-reaching as other national lenders. There’s also no minimum draw requirements, meaning you can borrow as much or as little as you want once the line of credit is open. ![]() If you’re an existing Third Federal customer, you won’t have to pay annual fees either however, if you’re a new customer, the lender will only waive the first year’s annual fee. Similar to its home equity loans, Third Federal doesn’t require you to pay closing costs or prepayment penalties on its HELOCs. If you’re comfortable with a variable rate, the lender offers a 5/1 adjustable equity loan, which works much like a 5/1 adjustable-rate mortgage.Īnother drawback: Third Federal’s home equity loans are only available in eight states-California, Florida, Kentucky, New Jersey, North Carolina, Ohio, Pennsylvania and Virginia. That said, Third Federal might not be your first choice for a home equity loan since repayment terms on its fixed-rate loans are limited to either five or 10 years. Current Third Federal customers also receive a 0.25% discount off their home equity loan rate. ![]() ![]() In addition to matching any competing lender’s rate, you won’t have to pay closing costs, prepayment penalties or annual fees when you take out a home equity loan with Third Federal. ![]()
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