Third Federal Savings & Loan offering Adjustable Rate Mortgage Rate Relock without Refinancing

Third Federal Savings & Loan logoThere are several reasons why an adjustable rate mortgage is a smart move for homebuyers, including an initial interest rate that is lower than a conventional fixed-rate mortgage. Homeowners who plan to sell their home or expect interest rates to decrease over several years may find it beneficial to opt for an adjustable rate mortgage initially. However, adjustments to interest rates may mean the monthly mortgage payment increases after the initial rate lock period, leaving homeowners with a greater cost than they bargained for. In most cases, refinancing to a fixed-rate mortgage offers more predictability over time, but the cost of doing so can be prohibitive. Fortunately, some financial institutions recognize this interest rate issue, and they offer a way to reset an adjustable rate without the hassle of refinancing altogether.

The Offer

Third Federal Savings and Loan Association of Cleveland is currently offering a Rate Relock program for homeowners who have an adjustable rate mortgage. Instead of a full refinance, homeowners can simply request an interest rate lock for either three or five years at any time during the life of the mortgage, providing a fixed rate for the lock period. The cost for the Rate Relock program is $295 per lock request – far less than the average $2,500 required for a mortgage refinance.

The Savings and Loan Association does not require a full application, nor does it need income documentation, a home appraisal, or a credit check from the homeowner. A mortgage specialist works with the homeowner to finalize the new locked rate after a simple request is submitted either online or over the phone. Once the rate is reset, borrowers enjoy a fixed interest rate for the lock period of either three or five years, regardless of the prevailing interest rate market.

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About Third Federal Savings and Loan

The Third Federal Savings and Loan Association of Cleveland has been serving residents of Ohio since 1938, and currently operates full-service branch locations in both Ohio and Florida as well as mortgage lending solutions throughout 22 states and the District of Columbia. In addition to mortgage products, Third Federal Savings and Loan Association offers personal loans, certificates of deposit, and savings and checking accounts to its customers.

Homeowners interested in the Rate Relock program offered by Third Federal Savings and Loan Association may gather more information by visiting a branch location, contacting a lending specialist at 1-800-844-7333, or by visiting the savings and loan association online.

Posted on November 2, 2017 by in Mortgages,

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02/01/2018