Third Federal Mortgage Promotion Enables Borrowers to Take Advantage of Unique Rate Lock and Bridge Loan Products

Marc A. Stefanski Chairman and CEO Third Federal Savings and Loan (Photo: Business Wire)

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CLEVELAND--()--Starting tomorrow through July 31, 2017, borrowers can take advantage of Third Federal’s special offer of .25% off all purchase mortgage rates.

The offer is in addition to Third Federal’s already guaranteed lowest rates, and is valid where Third Federal offers home purchase mortgages in Ohio, Florida, North Carolina, Pennsylvania, Maryland, New Jersey, Virginia, Kentucky, Illinois, Indiana, Georgia, Missouri, and Tennessee.

In addition, approved Third Federal home purchase borrowers can take advantage of two unique products that enable them to lock their rate at pre-approval for 60 days, and buy that next home before they sell. Most lenders don’t offer a rate lock at pre-approval.

The ability to secure a pre-approval with a 60-day rate lock gives home buyers a competitive edge when bidding on a home, and peace of mind that their mortgage rate won’t increase even if interest rates rise. And, with the Third Federal Bridge Loan (Bridge Loan), buyers can more easily manage the logistics and costs of buying a home before selling their current one.

Under the terms of the Bridge Loan, a borrower’s existing home payment could be deferred so they only have one payment while they sell their current home.

The Bridge Loan enables qualified homebuyers to purchase before they sell by providing them with funds for a down payment, or allowing them to pay off their existing mortgage so they only have one mortgage payment on their new house. Third Federal defers loan payments, further helping homebuyers qualify for their new mortgage payment with less income.

Other Bridge Loan features include:

  • Up to 12 months to sell old house
  • No fees for application, appraisal, cancellation, or prepayment
  • Currently 1.99% APR (principal and interest payments deferred)
  • Borrow up to 80% of the property’s appraisal value

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.

“When the Fed raised interest rates, we decided to have a loan sale,” said Marc A. Stefanski, Chairman and CEO. “In addition to our low purchase mortgage rates, buyers who qualify can get pre-approved for 60 days while they look for a house. And, if they haven’t sold their current house, they can take advantage of our Bridge Loan to buy that new home, pay off their existing mortgage, and defer the Bridge Loan payments for up to a year.”

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 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.

Contacts

Third Federal Savings and Loan
David Reavis, 216-429-5036

Release Summary

Third Federal Mortgage Promotion

Contacts

Third Federal Savings and Loan
David Reavis, 216-429-5036