Anybody used Third Federal for mortgage?

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Their rates, with fees included, seem to be lower than other things I can find.  They sent out a flyer about 10 year mortgages, which, co-incidentally is exactly how much I have left this month.

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If you have 10 years left on a mortgage, and you refinance to a 10 year mortgage, will the PI payment be the same?

No, because the interest rate is lower for the 10 year.  They have a 15 year adjustable as well that's at 2.7%  Who knows what rates are going to do but I'm not sure it's even possible for rates to go up over much at all the next 5 years or so based on outside factors and where the 10 year treasury is. 

They are attractive for a refi as their costs (for me) are $315 including title, insurance, fees, etc.  Also for me my principal is just slipping below the minimum they will do a refi on. 

Looking at this as well. Offer letter also included a $100 Home Depot gift card. I'm 4 years, 5 months into a 15 year. The refi offer to a 10 year reduces my monthly by $70. That combined with the savings from 6 payments makes this very attractive. And only ~200 in fees after the gift card.

What's the rate?

nm, found on bankrate, 2.628% and $1,195 fee.  14 reviews with 2.9 stars average.. not good.

I used them for a HELOC around 10 years ago. I had no problems with them other than that they forgot to close the HELOC after I sold the house.

Their variable products are a little different in that they reset to the prime rate, there's no max or min.  I'd say the prime rate that is today is not going to get any lower, so you're looking at a 3.5% at the reset date at the minimum. 

bluegreenturtle said:   Their rates, with fees included, seem to be lower than other things I can find.  They sent out a flyer about 10 year mortgages, which, co-incidentally is exactly how much I have left this month.
  I used them several years ago after a couple other deals with lenders fell through, and Third Federal was amazing.  Super responsive, helpful, and fast.  Also, they finance their own loans so they don't require PMI with 15% equity instead of the usual 20% (at least that was the case then.)  They were great, and had an amazing rate and low closing costs.  Prior to them, I tried to go through Pentagon FCU.  They were slower, less responsive, and ultimately used an out-of-town appraiser who came up with a very unreasonable appraisal amount (he chose comps in a subdivision several miles away plagued with foreclosures, although there were no foreclosures in the area of this home), and Pentagon required a very high down payment (I want to say 35% or 40%) in Florida, where I lived at the time.

drobins9 said:   Prior to them, I tried to go through Pentagon FCU.  They were slower, less responsive, and ultimately used an out-of-town appraiser who came up with a very unreasonable appraisal amount (he chose comps in a subdivision several miles away plagued with foreclosures, although there were no foreclosures in the area of this home), and Pentagon required a very high down payment (I want to say 35% or 40%) in Florida, where I lived at the time.
Am I the only person in the world who prints out a stack of comps for recent most comparable MLS sales, and just happens to have them sitting there on the counter when the appraiser comes by "just to be helpful" if they haven't started looking for comps yet?    Last time the appraiser independently selected all 3 I pointed out, and added one other (which I happened to have last in the stack as next best but didn't give him as it wasn't as good a comp for house-type).  It seems like doing so would lead to a highly predictable result.

bluegreenturtle said:   Their rates, with fees included, seem to be lower than other things I can find.  They sent out a flyer about 10 year mortgages, which, co-incidentally is exactly how much I have left this month.
   
We used Third Federal for a refinance this summer.  We were pleased with their service and thrilled with the 1.99% rate we got on a 3/1 ARM.

On their ARM products they allow you to re-lock and extend the fixed-rate period (by the original fixed term length) by simply paying a $295 fee (fee varies by state).  Rates dipped once already, and we're now enjoying a 1.74% rate.

Even if rates don't change or go up slightly, locking in another 3-year term for such a low cost and without the hassle of a refi is a tremendous value to us.


 

I haven't used them but they've got some good products, I keep an eye on them. Rates here: https://thirdfederal.mortgagewebcenter.com/

They charge a higher rate if your loan amount is less than 110k.

Bluegreenturtle I see caps of 2/2/6% on their ARM products, I'm in New Hampshire. If you click details, disclosures, and the link at the top of the tab it should list their caps? I checked a few and they all seemed to have those caps.

psychoslowmatic said:   I haven't used them but they've got some good products, I keep an eye on them. Rates here: https://thirdfederal.mortgagewebcenter.com/


 

  
Thanks for posting that.  I was trying to find their list of states for a mortgage.  The state drop down on that page shows it.
 

Bend3r said:   
drobins9 said:   Prior to them, I tried to go through Pentagon FCU.  They were slower, less responsive, and ultimately used an out-of-town appraiser who came up with a very unreasonable appraisal amount (he chose comps in a subdivision several miles away plagued with foreclosures, although there were no foreclosures in the area of this home), and Pentagon required a very high down payment (I want to say 35% or 40%) in Florida, where I lived at the time.
Am I the only person in the world who prints out a stack of comps for recent most comparable MLS sales, and just happens to have them sitting there on the counter when the appraiser comes by "just to be helpful" if they haven't started looking for comps yet?    Last time the appraiser independently selected all 3 I pointed out, and added one other (which I happened to have last in the stack as next best but didn't give him as it wasn't as good a comp for house-type).  It seems like doing so would lead to a highly predictable result.

  Also provide a "fact sheet" pointing out the good (or bad if I need to tank an appraisal) facts about the house.

We've had a mortgage with them a while back. Nothing bad to say about their servicing. Refi process was smooth with low fees just as advertized. Only switched because they were no longer the cheapest rate in town. But I'd probably check their rates if we were looking for a mortgage/refi again.

psychoslowmatic said:   I haven't used them but they've got some good products, I keep an eye on them. Rates here: https://thirdfederal.mortgagewebcenter.com/

They charge a higher rate if your loan amount is less than 110k.

Bluegreenturtle I see caps of 2/2/6% on their ARM products, I'm in New Hampshire. If you click details, disclosures, and the link at the top of the tab it should list their caps? I checked a few and they all seemed to have those caps.

  Yes but you can cash out to 110k and send it right back.

otaymiester said:   
bluegreenturtle said:   Their rates, with fees included, seem to be lower than other things I can find.  They sent out a flyer about 10 year mortgages, which, co-incidentally is exactly how much I have left this month.
   
We used Third Federal for a refinance this summer.  We were pleased with their service and thrilled with the 1.99% rate we got on a 3/1 ARM.

On their ARM products they allow you to re-lock and extend the fixed-rate period (by the original fixed term length) by simply paying a $295 fee (fee varies by state).  Rates dipped once already, and we're now enjoying a 1.74% rate.

Even if rates don't change or go up slightly, locking in another 3-year term for such a low cost and without the hassle of a refi is a tremendous value to us.


 

  Which rate do you get on the "rate relock".. the low cost or full cost rate?  Can I do the low cost $295 refi and get the higher 5 year rate (2.54%), then immediately "relock" to pay another $295 to get the full cost lower rate (2.19%) again without paying the $2800+ upfront?  Also does it depend on your lower balance as for me would be under 110k, I would cash out a bit higher to ~112K in that case.

Signed up for their 10yr offer and got approval this week. Have to say that so far the process has been painless. Communication has been great from them. Compared to my previous BofA refi it's been a breeze - everything online & via email, with the occasional phone call. No regrets and looking fwd to more cash in my pocket

SASMel said:   I used them for a HELOC around 10 years ago. I had no problems with them other than that they forgot to close the HELOC after I sold the house.
  I still have their Heloc.
Prime - 1.01%!!! (no longer offered)
so currently 2.49%

mikep5518 said:   
otaymiester said:   
bluegreenturtle said:   Their rates, with fees included, seem to be lower than other things I can find.  They sent out a flyer about 10 year mortgages, which, co-incidentally is exactly how much I have left this month.
   
We used Third Federal for a refinance this summer.  We were pleased with their service and thrilled with the 1.99% rate we got on a 3/1 ARM.

On their ARM products they allow you to re-lock and extend the fixed-rate period (by the original fixed term length) by simply paying a $295 fee (fee varies by state).  Rates dipped once already, and we're now enjoying a 1.74% rate.

Even if rates don't change or go up slightly, locking in another 3-year term for such a low cost and without the hassle of a refi is a tremendous value to us.


 

  Which rate do you get on the "rate relock".. the low cost or full cost rate?  Can I do the low cost $295 refi and get the higher 5 year rate (2.54%), then immediately "relock" to pay another $295 to get the full cost lower rate (2.19%) again without paying the $2800+ upfront?  Also does it depend on your lower balance as for me would be under 110k, I would cash out a bit higher to ~112K in that case.

  
You reset to the rate for the same program as you chose when you originated the loan.  If you chose a low-cost program originally, you reset to the low-cost rate that is current at the time, and your new rate is locked for the same time period as it was when the loan was new.



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