CLEVELAND--(BUSINESS WIRE)--Third Federal Savings & Loan (Nasdaq: TFSL) is introducing a new mortgage loan that makes it easier for qualified borrowers to purchase their next home while still owning their current home.
The new mortgage product, a bridge loan, is designed to be a link, or bridge, between selling a borrower’s current home and purchasing their next home. Under the terms of the Third Federal Bridge Loan, a borrower’s existing home payment is eliminated so they only have one payment while they sell their current home.
“With many markets facing low housing inventory, borrowers who are interested in buying a home need to act fast to have their bid accepted,” said Marc A. Stefanski, Third Federal’s chairman and CEO. “By using our bridge loan, borrowers who already own a home can eliminate a barrier to buying their next home and better compete in low inventory markets.”
The product is available in states where Third Federal offers mortgage purchase loans, including: Ohio, Florida, North Carolina, Pennsylvania, Maryland, New Jersey and Virginia. Effective today, Third Federal is also offering purchase loans and the new bridge loan in Kentucky, Illinois, Indiana, Georgia, Missouri, and Tennessee.
Advantages of the Third Federal Bridge Loan:
- Borrowers can use the equity in their current home for the down payment of their new home.
- No principal or interest payments on the bridge loan are required for up to 12 months while the current home is being sold.
- There are no application fees, cancellation fees, or prepayment penalties
The bridge loan is available for single family homes, planned unit developments, and condominiums that are primary residences. Borrowers must finance their new home through Third Federal.
Third Federal Savings and Loan Association is a leading provider of savings and mortgage products, and operates under the values of love, trust, respect, a commitment to excellence and fun. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, Third Federal’s mission is to help people achieve the dream of home ownership and financial security. It became part of a public company in 2007 and celebrated its 75th anniversary in May, 2013. Third Federal, which lends in 21 states and the District of Columbia, is dedicated to serving consumers with competitive rates and outstanding service. Third Federal, an equal housing lender, has 21 full service branches in Northeast Ohio, eight lending offices in Central and Southern Ohio, and 17 full service branches throughout Florida. As of March 31, 2017, the Company’s assets totaled $13.4 billion. For more information, visit thirdfederal.com.