Third Federal HELOC
Third Federal
NMLS #449401
4.3
Copiafy Score
APR
6.74%
Variable Rate
Loan Range
$40,000
to
$300,000
Term
30
years
Min Credit
—
score
Expert Take
Third Federal is one of a rare type of bank - a savings and loan association that focuses on home loans and savings accounts for regular people. This shows in its good rates, variety of loan options, and no fees, which make it a good choice for home equity borrowers. Unfortunately, some old-fashioned ways might turn people away, like its limited number of locations, in-person closings, and strict rules that are not clearly explained.
Pros & Cons
Pros
- No closing costs, no minimum amount you have to withdraw, and no penalty for paying off early
- Offers Lowest Rate Guarantee program - if you find a lower rate, Third Federal will pay you $1,000
- HELOCs are available as a first or second loan on homes you live in
Cons
- Not available in almost half the country.
- Website could be clearer about who qualifies for a loan
- You must close the loan in person, preferably at a Third Federal branch
Product Details
Customer Reviews
3.6
116 reviews
Special Features
Rate Guarantee
Lowest Rate Guarantee - pays $1,000 if you find a lower rate
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