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

CLEVELAND, OH July 14, 2017 (STL.NEWS) 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.”

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