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Third Federal HELOC - existing customers refinance promotion - OOP 80% LTV

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If you search the Finance forum history, you will see that about 8-10 years ago, many members of this forum got HELOCs from Third Federal. The rate was the main attraction (high balances, Prime minus 1, no floor), but there was no closing/annual fees and sometimes, a bonus reward was available.

As my draw period comes to an end on my 10/10 HELOC, we all know that HELOCs are not as easy to find after the housing meltdown. Definitely the rates are not as attractive as those "good ol days".

I did contact TF customer service to inquire about options to restart the draw line (essentially refinance). Now, it will be YMMV, but I have been offered an option significantly better than what is on the website or bankrate. Here are the general details:

Prime - .01 for <50k drawn
Prime - .76 for >50k drawn
No annual fee, in general no closing costs.

The product offered is now a 10/20 product which is probably better for most.
Still max 80% LTV. Drive-by appraisal.

Basically an extra .5 off for existing customers. Now, in all other states beyond California where they are licensed, you will likely get Prime minus 1. Of course in California, Third Federal is not going to give as good a program. https://www.thirdfederal.com/disclosures#home-equity-product

Closing is estimated to be about two months, and it remains to be seen how well the process works.

Aside from the generally conservative guidelines TF does, they now have online documents/application tracking. The only downside of TF is the not so good online account management tools.


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I was curious so I called them,  Rates aren't bad for my state, but they do have an annual fee, $65, which is only waived the first year.  No application or closing fees.

There are some good promo rates for first year or two on helocs now. Wells Fargo had a 2.49% 1-year promo rate (not sure if it's still on, but worth inquiring), and a local credit union had a 1.99% 2-year promo rate which I went with. Depending if you have short term or long term needs, there are some great rates.

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