Federal Law requires all lenders to investigate whether or not each home they finance is in a special flood hazard area as defined by FEMA, the Federal Emergency Management Agency. The law can't stop floods. Floods happen anytime, anywhere. But the Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994 help to ensure you will be protected from financial losses caused by flooding.

We use a third party company that specializes in reviewing flood maps prepared by FEMA to determine if your home is located in a flood area. If it is, flood insurance coverage will be required, since standard homeowner's insurance doesn't protect you against damages due to flooding.

To determine the value of the property you are purchasing or refinancing, an appraisal may be required. An appraisal report is a written description and estimate of the value of the property. National standards govern not only the format for the appraisal; they also specify the appraiser's qualifications and credentials.

The appraiser will create a written report for us to review.  We will mail you a copy of the entire appraisal once we receive it. 

Appraisals are performed by licensed appraisers who are familiar with home values in your area.  We order the appraisal once the loan officer has verified your application.  Generally, it takes 10-14 days before the written report is sent to us, but depending on the properties location, it could take longer in some cases.

We do not require a home inspection; however, home inspectors generally perform a detailed inspection and can educate you about possible concerns or defects with the home.

You should accompany the inspector during the home inspection, if possible. This is your opportunity to gain knowledge of major systems, appliances and fixtures, learn maintenance schedules and tips, and to ask questions about the condition of the home.

Yes, Third Federal may require mortgages on condominiums or single family attached homes have a lower loan-to-value ratio. For condominiums, we also require you to provide the condominium association name, address, phone number and the monthly maintenance fee of the condo association.  We will need a copy of the association's master homeowners policy as well as your personal policy for the interior contents of the property prior to closing. 

Third Federal does NOT provide financing for manufactured homes.

Manufactured homes include any dwelling unit built on a permanent chassis whether or not it is attached to a permanent foundation. Manufactured homes are factory built with a steel undercarriage that remains as a structural component. These types of manufactured homes are sometimes known as mobile homes. WE DO NOT OFFER FINANCING FOR THESE TYPES OF MANUFACTURED HOMES.

If you have any questions, please contact us at 1-877-525-3729 .

If the property is located in California, Third Federal does not require borrowers to escrow for taxes or flood insurance.

Here's what you may have to pay when you close on a mortgage loan:

Down Payment: Cash paid towards the purchase of a home.

Private Mortgage Insurance (PMI): Required insurance that allows you to make a lower down payment  to protect the mortgage lender against losses. This cost may change based on your credit score.

Closing Costs: These are typical costs associated with obtaining a mortgage.

Prepaid Interest: Interest paid to cover the number of days remaining in the month you close (amount may change based on final closing date).

Title Insurance: Amount paid to protect against losses resulting from claims by others against your new property.

Points: An optional one-time amount paid by you to lower your interest rate for the life of the loan.

Real Estate Taxes: Amount of funds collected for future tax payments. A reserve is collected at closing (escrow).

If you submit a preapproval application, there is no application fee. The Third Federal Preapproval is a FREE, fully underwritten process that pre-approves income and credit for a specific loan amount and locks the rate in for 60 days at the time of the Preapproval application.

If you submit a purchase or refinance application an application fee is required for some products and your rate is locked from the time you submit your application.

Your loan officer will collect the fee during the follow up with you.

Third Federal also offers a "Low Cost" option on all of our Smart Rate Adjustable Mortgages. You pay a one-time fee of $295 - $595. This fee is collected at closing. All other closing costs (exclusive of pre-paid items and certain transfer taxes) are paid by Third Federal.

These "Low Cost" options have a slightly higher initial interest rate than our Smart Rate mortgages with full closing costs.

We also offer a "Low Cost" option on our 10 year fixed rate mortgages.

The Federal Truth in Lending Act requires that all financial institutions disclose the Annual Percentage Rate (APR) when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some of the closing fees charged at closing be included, in addition to the interest rate, to determine the cost of financing over the full term of the loan.

For adjustable rate mortgages, the APR can be complex. Since no one knows exactly what market conditions will be in the future, assumptions must be made regarding future rate adjustments.

You can use the APR as a guideline to shop for loans but you should not depend solely on the APR in choosing the best loan program for you. Also, the APR doesn't include all closing costs. Look at total fees, possible rate adjustments in the future if you are comparing adjustable rate mortgages, and consider the length of time you plan on having the mortgage.

Don't forget that the APR is not the actual interest rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan.

If you would like additional rate and fee information, please review your initial Loan Estimate & that was included in your application packet.

The interest rate market is subject to movements without advance notice. Third Federal automatically locks in your rate for 60 days once your purchase or refinance application is submitted. This protects you from the fluctuations in the interest rate market.

A rate lock is an agreement by the borrower and the lender and specifies the number of days for which a loan's interest rate and discount points are guaranteed. Should interest rates rise during that period, Third Federal is obligated to honor the committed rate. Should interest rates fall during that period, the borrower must honor the locked rate or pay a revision fee to receive a different rate or a different loan program.

Preapproval Applications: while shopping for a house, get preapproved and lock in your rate for 60 days so you don't have to worry about rates going up. When you find a home and provide us with your final purchase information and application fee, if applicable, your application will be converted to a full application and locked with the rates and fees in effect at that time.

Lock Period: Your interest rate is locked for 60 days from the date your purchase or refinance application is submitted. This means your loan must close and disburse within 60 days from the day your lock is confirmed by Third Federal.

You can lock your rate for longer than 60 days for purchases only. To do this, we require a long-term commitment deposit. A 360 day loan commitment will be given only upon approval of a completed loan application and will remain in effect for 240 days from the date of application. In order to get this 360 day rate lock, you must provide Third Federal with 1% of the loan amount as a deposit. This amount will be credited toward your down payment or closing costs provided your loan closes within 360 days.

If your loan is not closed by the end of the commitment period, or if your loan is cancelled for any reason prior to closing, your 1% commitment deposit will be forfeited.

After you submit an application and obtain a rate lock online, a confirmation email is sent to the email address you provided during your online application.

Loan Revisions: Your interest rate is locked at the time you submit a full application. If you revise your loan for any reason after speaking with your loan officer, you will be required to pay a revision fee and are subject to prevailing products, rates and fees. When purchasing a home, one revision of the loan amount only will be permitted without charge. All revisions are subject to review and approval by our underwriters. Requests for a revision should be communicated to a loan advisor promptly. The additional processing required to handle your request can result in delayed closings.

If you have secured a 360 Day Loan Commitment and want to revise your loan in order to change the interest rate, loan product, term of loan or extension of the commitment you will incur a Revision Fee, lose the 1% commitment deposit and be subject to the prevailing products, rates and fees.

Lock Changes: If your lock period expires before your loan closes and you would like to lock a rate for another 30 days, you can do so without being required to pay a fee. However, your interest rate will be either the Third Federal rate in effect for your product on the day your request is processed or your original rate, whichever is greater.

The maximum loan amount for purchases is 90% of the appraised value or the sales price whichever is lower.

The maximum loan amount for a refinance is up to 85% of the appraised value, minus the balance of any other loans on the property.

After your refinance or purchase application is submitted, your rate will be locked for 60 days.

If you are interested in locking your interest rate for more than 60 days or are interested in paying discount points, please call us toll-free at 1-800-944-7828.

By choosing to pay a discount point, you will lower your interest rate for the life of your loan (possibly saving thousands of dollars).  Each point is equal to one percent of the loan amount. On a purchase, they are paid at loan closing in exchange for a lower interest rate on your home loan. If you are refinancing, the discount points can be rolled into the new loan amount.

On a fixed-rate loan, the lower rate lasts for the life of your loan. On an adjustable rate mortgage (ARM), the lower rate only lasts for the initial fixed rate period.

To determine if it makes sense for you to pay a discount point(s), compare the cost of the discount points to the monthly savings created by the lower interest rate. Divide the total cost of the discount points by the savings in each monthly payment. This calculation provides the number of payments you'll make before you recoup the cost of the discount points. If the length of time you plan on having this mortgage is longer than the time it will take to recoup the cost, you may consider paying the discount points.

Yes. The Third Federal Preapproval is a FREE process that prequalifies income and credit for a specific loan amount and locks the rate in for 60 days at the time of a Preapproval application. It is a true preapproval, not a prequalification.

A Third Federal Preapproval will give you the credibility and clout to get the paperwork rolling faster. You'll know up front how much house you can afford and show sellers and agents that you're a serious buyer, enabling you to negotiate better deals.

Here's a quick overview:

60 Day Rate Lock! - while shopping for a house, get preapproved and lock in your rate for 60 days. So you don't have to worry about rates going up.

Are rates decreasing? - If rates go down while you're house hunting, lock into that lower rate just for asking.

Lowest Rate Guarantee! - Find a rate even lower than the one we're offering? We'll match it or beat it!

When you convert your preapproval to a full application, you'll get an additional 60 days locked at that rate.

A home loan often involves many fees. These fees vary from state to state and also from lender to lender. Any lender or broker should be able to give you an estimate of their fees. To assist you in evaluating our fees, we've defined them below.

Lender Fees: Discount points and origination fees are retained by the lender and are used to provide you with the lowest rates possible. This is the category of fees that you should compare very closely from lender to lender before making a decision.

Third Party Fees: We collect these fees and pass them on to the vendor who actually performed the service. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee and a title company or an attorney is paid the title insurance fees.

State/Local Taxes and Recording Fees: These fees will most likely have to be paid regardless of the lender you choose. If some lenders don't quote you fees that include taxes and recording fees, don't assume that you won't have to pay them. It probably means that the lender who doesn't tell you about the fee hasn't done the research necessary to provide accurate closing costs.

Required Advances: You may be asked to prepay some items at closing that will actually be due in the future.

One of the more common required advances is called "per diem interest" or "interest due at closing". All of our mortgages have payment due dates of the 1st of the month. You are required to pay interest from the date the loan closes to the last day of the month. For example, if the loan is closed on June 15, at the closing we'll collect interest from June 15 through June 30th. This also means that you won't make your first mortgage payment until August 1st. This type of charge should not vary from lender to lender. All lenders will charge you interest beginning on the day the loan funds are disbursed; it is simply a matter of when it will be collected.

If an escrow account will be established, you will make an initial deposit into the escrow account at closing so that sufficient funds are available to pay the bills when they become due.

If your loan is a purchase, your insurance carrier may require that you pay the first year's insurance in advance. We consider this to be a required advance. Third Federal does not escrow for homeowner's insurance.

We offer a "Low Cost" option on all of our Smart Rate Adjustable Mortgages. You pay an origination fee of $295 - $595. This fee is collected at closing. All other closing costs (exclusive of pre-paid items and certain transfer taxes) are paid by Third Federal.

These "Low Cost" options have a slightly higher initial interest rate than our Smart Rate mortgages with full closing costs.

We also offer a "Low Cost" option on our 10 year fixed rate mortgages.

An adjustable rate mortgage (ARM) has a fixed interest rate for an initial time period (usually 1, 3, 5 or 7 years). Once the initial rate period has ended, the ARM rate will generally adjust once a year based on an index plus a margin. For example, a common index and margin would be the 1-Year Treasury Bill plus a margin of 2.75%.

Third Federal's Smart Rate Adjustable mortgage differs from most ARMs in two ways. First, we use the Wall Street Journal Prime Rate as our index. We feel this index is more commonly understood by consumers. Second, we offer borrowers the option to relock their rate at anytime with the payment of a Rate Relock Fee. The fee amount is based on the state where the property is located and ranges from $295 - $595.

If you have a 5/1 Smart Rate, at any time, you can relock for another five years at whatever the current rate is for our 5/1 Smart Rate mortgage. If you have a 3/1 Smart Rate, your relock period is three years and your relock rate would be the current rate for our 3/1 Smart Rate product. There is no limit on how many times you can relock over the life of the loan.

None of the loan programs we offer have penalties for prepayment. You can pay off your mortgage any time with no prepayment penalty.

An escrow account is set up so that a portion of your monthly mortgage payment can be deposited into the account. Your mortgage servicer uses this money to pay your tax payments and/or flood insurance premiums. Having an escrow account means you don't have to set aside money for these expenses.

In order to get the rates listed online we require that our customers have their mortgage payment automatically deducted from a Third Federal checking account, where available.

When a Third Federal account is not available, the payment must be automatically deducted from another institution's checking account. 

Private mortgage insurance (PMI) protects the lender against default and allows you to buy a home with a lower down payment.  Third Federal offers no PMI on as little as 5% down payment.

If your loan can't close and disburse by your rate lock expiration date, please contact your Loan Administrator to discuss other options. 

If you have decided to change loan programs, contact your Loan Administrator to discuss your options.

We'd be happy to review your preapproval for a higher loan amount or to change your loan type. Just contact your loan administrator.

The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You, and especially your mortgage lender, want to make sure the property is indeed yours and that no individual or government entity has any right, lien, claim, or encumbrance on your property.

The function of a title insurance company is to make sure your rights and interests to the property are clear, that transfer of title takes place efficiently and correctly, and that your interests as a homebuyer are fully protected.

Title insurance companies provide services to buyers, sellers, real estate developers, builders, mortgage lenders and others who have an interest in real estate transfer. Title companies typically issue two types of title policies:

1) Owner's Policy.  This policy covers you, the homebuyer and the lending institution. This protects the homebuyer for the entire time they own the property and only protects the lender until the loan is paid off.

2) Lender's Policy. This policy covers the lending institution over the life of the loan.

Both types of policies are issued at the time of closing for a one-time premium, if the loan is a purchase. If you are refinancing your home, you probably already have an owner's policy that was issued when you purchased the property, so the lender will only require that a lender's policy be issued.

Before issuing a policy, the Title Company performs an in-depth search of the public records to determine if anyone other than you has an interest in the property. If any title problems are found they can usually be cleared up prior to your purchase of the property. Once a title policy is issued, if any claim which is covered under your owner's policy is ever filed against your property, the title company will pay the legal fees involved in the defense of your rights, plus any covered loss arising from a valid claim. This protection remains in effect as long as you or your heirs own the property.

Third Federal does NOT provide financing for manufactured homes.

Manufactured homes include any dwelling unit built on a permanent chassis whether or not it is attached to a permanent foundation. Manufactured homes are factory built with a steel undercarriage that remains as a structural component. These types of manufactured homes are sometimes known as mobile homes. WE DO NOT OFFER FINANCING FOR THESE TYPES OF MANUFACTURED HOMES.

If you have any questions, please contact us at 1-877-525-3729 .

Third Federal does not offer construction to permanent loans for second home properties.  However,  we do offer a 360-day rate lock to allow you to purchase a newly constructed second home.

Yes, Third Federal will consider conversion condominiums as security for our loan products.

Yes. The HomeReady mortgage option offers great benefits for low to moderate borrowers.  It combines free homebuyer education, budgeting counseling along with flexible lending products.  For more information, please call 1-800-844-7333.

If you are applying online and want a 360 day rate lock, please note this in the Comments section at the end of the application.  Keep in mind that a 360 date rate lock is available for purchases only. 

Third Federal's Bridge Loan is a one-year loan where the proceeds can be used as the down payment on a new owner-occupied home. Approval for this product is contingent on Third Federal financing the new home.

With this Bridge Loan, Third Federal will lend a maximum of 80% of the value of your current home (70% for condos), minus the existing first mortgage. If there are any existing second mortgages or equity lines of credit, these loans can be paid off through the proceeds of the Bridge Loan. The maximum loan amount is $300,000.

With Third Federal's Bridge Loan, no payments are required until either your home sells or the loan reaches the one year maturity. At this time, your payoff will consist of the principal balance plus accrued interest (Interest is calculated on a daily basis). You may make payments to the interest that has accrued on this loan at any time. Third Federal does not accept payments to the principal balance of this loan until the home is sold and the entire mortgage amount can be paid off. 

Third Federal's Bridge Loan offers NO prepayment penalty and NO appraisal fees. There is a $595 closing cost for the bridge loan, which will be funded through the bridge loan.  Customers are responsible for doc stamps and intangible taxes if required by the state.

Bridge loans are available in all purchase markets in OH, FL, NC, VA, MD, PA, NJ, KY, IN, IL, GA, MO and TN.

If you are interested in applying for a bridge loan, a loan officer can assist you once you have submitted your purchase application.

First, you'll complete our online application. The application will ask you questions about the home and your finances and takes less than 20 minutes to complete. Once you've finished the application, you may be asked to authorize us to charge an application fee to your credit card (depending on the type of loan product you choose). You will need to provide this authorization before we can accept your application.

After submitting your application, a Loan Administrator will contact you to review your application and to answer any questions you may have. You may be asked for additional information required to make a decision about your loan.

A few days after you apply, you'll receive initial documents either through the mail or through the MyLoan Center web portal. The initial documents will contain papers for you to sign, the appropriate disclosures, and a list of items we'll need to verify.

We'll order an appraisal from an appraiser who is familiar with home values in your area.

Title insurance will be necessary. In order to procure title insurance, a title search or exam must be completed. If you're purchasing a home, we'll work with the title company or attorney’s office to insure the title exam is ordered as soon as possible. If you are refinancing, we'll take care of ordering the title exam for you. We'll use the title exam results to confirm the legal status of your property and to prepare the closing documents.

Once we receive your completed application kit and the appraisal, we will make a decision on your application. Your Loan Administrator will keep you informed along the way, making frequent contact via e-mail and phone. Status information is also available online 24 hours a day.

Once your loan has been approved, you will be contacted to coordinate your closing date. Once the title exam is complete, we'll contact you to schedule your loan closing. If you are purchasing a home, we'll also schedule the closing with the real estate broker and the seller.

The closing will take place either at a Third Federal branch or at a title company in your area which will act as our agent. A few days before closing your Loan Administrator will contact you to walk through the final information.

The maximum loan amount for purchases is 90% of the appraised value or the sales price whichever is lower.

The maximum loan amount for a refinance is up to 85% of the appraised value, minus the balance of any other loans on the property.

If you submit a preapproval application, there is no application fee. The Third Federal Preapproval is a FREE, fully underwritten process that pre-approves income and credit for a specific loan amount and locks the rate in for 60 days at the time of the Preapproval application.

If you submit a purchase or refinance application an application fee is required for some products and your rate is locked from the time you submit your application.

Your loan officer will collect the fee during the follow up with you.

Third Federal also offers a "Low Cost" option on all of our Smart Rate Adjustable Mortgages. You pay a one-time fee of $295 - $595. This fee is collected at closing. All other closing costs (exclusive of pre-paid items and certain transfer taxes) are paid by Third Federal.

These "Low Cost" options have a slightly higher initial interest rate than our Smart Rate mortgages with full closing costs.

We also offer a "Low Cost" option on our 10 year fixed rate mortgages.

Generally, the income of self-employed borrowers is verified by obtaining copies of personal federal tax returns for the most recent two-year period. We may also require financial statements, which normally include an Income Statement and Balance Sheet, dated within 120 days of application. The statement must be prepared or reviewed by a third-party accountant to verify current income.

Please use the average of your adjusted gross income for the last two years when inputting income from self-employment.

In order for bonus, overtime, or commission income to be considered, you must have a history of receiving it and it must be likely to continue. We'll usually need to obtain copies of W-2 statements for the previous two years and one month's pay stubs to verify this type of income. If a major part of your income is commission earnings, we may need to obtain copies of recent tax returns to verify the amount of business related expenses, if any. We'll average the amounts you have received over the past two years to calculate the amount that can be considered as a regular part of your income.

Typically, income from a second job will be considered if a one-year history of secondary employment can be verified.

We will ask for copies of your two most recent bank statements showing your direct deposit. We can also verify your income with a copy of your most recent award letter or 1099. Sometimes it will also be necessary to verify that this income will continue for at least 3 years. This can be verified with a copy of your awards letter. If you're receiving tax-free income, such as social security earnings, we'll consider the fact that taxes will not be deducted from this income when reviewing your request.

If you own rental properties, we'll generally ask for the most recent two year's federal tax return. We'll review the Schedule E of the tax return to verify your rental income, after all expenses. Since depreciation is only a paper loss, it won't be counted as an expense.

If you haven't owned the rental property for a complete tax year, we'll ask for a copy of any leases you've executed and we'll estimate the expenses of ownership. We may also ask for coppies of the canceled security deposit or rent checks to show proof of payment.

Generally, your most recent two years of personal tax returns are required to verify the amount of your dividend and/or interest income so that an average of the amounts you receive can be calculated. In addition, we will need to verify your ownership of the assets using copies of bank statements, brokerage statements, stock certificates or Promissory Notes.

Typically, income from dividends and/or interest must be expected to continue for at least three years to be considered for repayment.

Information about child support, alimony, or separate maintenance income does not need to be provided unless you wish to have it considered for repaying this mortgage loan. If you are obligated to pay alimony or child support you must disclose the amount of the monthly payment.

If you will be working for the same employer, complete the application as such but enter the income you anticipate you'll be receiving at your new location.

If you're employment is with a new employer, complete the application as if this were your current employer and indicate that you have been there for one month. The information about the employment you'll be leaving should be entered as a previous employer. You will be required to provide us with a copy of your offer letter from the new company or a copy of the transfer letter if your employment is with the same company. We may need to verify you have started your new employmebnt before we close your loan.

Generally, only income reported on your tax return can be considered when applying for a mortgage, unless the income is legally tax-free and isn't required to be reported or the income started in the current year.

If you've been with your current employer less than two years, list the school that you attended as the prior employer and the length of time you were in school in the "length of employment" fields. You can enter a position of "student" and an income of "0."

If you are purchasing a home, we'll have to use the lower of the appraised value or the sales price to determine your down payment requirement.

It's still a great benefit for your financial situation if you are able to purchase a home for less than the appraised value, but our investors don't allow us to use this "instant equity" when making our loan decision.

If you'll be withdrawing funds from a 401(K) or retirement account to fund your down payment, we'll probably ask you to provide evidence that you have the funds available by providing a recent statement. We may also need to verify whether or not repayment is required. If repayment is required, it's not a problem. We'll just consider that monthly payment when making your loan decision.

If you're selling your current home to purchase your new home, we may ask you to provide a copy of the settlement or closing statement you'll receive at the closing to verify that your current mortgage has been paid in full and that you'll have sufficient funds for our closing. Often the closing of your current home is scheduled for the same day as the closing of your new home. If that's the case, we may just ask you to bring your settlement statement with you to your new mortgage closing.

A few days after submitting your application, you will receive an email with instructions on how to access My Loan Center. There you will be able to view and sign your application package. You will also be able to upload the income information and supporting documentation required to process your application. If you are not eligible to use My Loan Center, your loan officer will provide you with instructions on where to send your documents.

If you can't provide one of the items we're asking for, contact your Loan Administrator right away.  

Congratulations! Finding the perfect home is the hard part, completing your application is as easy as 1-2-3!   Simply contact your Loan Administrator and we'll collect information about the home.  Once this is complete, we'll get the closing process moving.

We offer a "Low Cost" option on all of our Smart Rate Adjustable Mortgages. You pay an origination fee of $295 - $595. This fee is collected at closing. All other closing costs (exclusive of pre-paid items and certain transfer taxes) are paid by Third Federal.

These "Low Cost" options have a slightly higher initial interest rate than our Smart Rate mortgages with full closing costs.

We also offer a "Low Cost" option on our 10 year fixed rate mortgages.

You may cancel your application at anytime. However, depending on the product selected, you may be required to pay an application fee upon submitting your application.

If you decide to cancel or withdraw your loan application, you can do so at anytime prior to closing. But, the application fee is non-refundable.

For purchases only, if the application is denied, the application fee will be refunded.

At least one of the borrowers must be in title.

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All customer information is encrypted using Secured Socket Layer (SSL) technology supported with digital certificates provided by Equifax. This means that your loan application information is safe and secure as it travels over the Internet.

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We use leading firewall and network security technology to protect our internal computer systems from unauthorized access. Our customers can be confident that their personal information is completely safe and private after they apply.

If you've moved frequently, it will not affect your ability to obtain a mortgage. We may require additional information to validate your current residence.

An installment debt is an amortized loan that you make regularly scheduled payments on until the loan is paid off.  Examples include an auto loan, home improvement loan, a student loan or a debt consolidation loan. Do not include payments on other living expenses, such as insurance costs or utility bills. We'll include any installment debts that will not be paid off prior to you loan closing.

We'd be happy to review your preapproval for a higher loan amount or to change your loan type. Just contact your loan administrator.

Yes. The HomeReady mortgage option offers great benefits for low to moderate borrowers.  It combines free homebuyer education, budgeting counseling along with flexible lending products.  For more information, please call 1-800-844-7333.

Based on your location, you'll be closing with your local branch associate or a title company representative will meet with you at your home. 

The closing may take place at one of our branch locations or in your home, depending on your location.  If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you.  In some states, these two events actually happen separately.

During the closing you will be reviewing and signing several loan papers. The closing agent or attorney conducting the closing should be able to answer any questions you have or you can feel free to contact your Loan Administrator if you prefer.

The most important documents you will be signing at the closing include:

Final Closing Disclosure

This document provides an itemized listing of the final fees charged in connection with your loan. If your loan is a purchase, the settlement statement will also include a listing of any fees related to the transaction between you and the seller. If this loan will be a refinance, the settlement statement will show the payoff amounts of any mortgages that will be paid in full with your new loan. Most items on the statement are numbered according to a standardized system used by all lenders. These numbers will correspond to the numbers listed on the Loan Estimate that will be provided in your application package. This document is also commonly known as the closing statement and both the buyer and seller must sign this document. Note: The HUD-1 is not available at the time of signing if the seller is not present, unless the document is requested ahead of time.

Truth-in-Lending Statement (TIL)

This document provides full written disclosure of the terms and conditions of a mortgage, including the annual percentage rate (APR) and other fees. It is the same as the TIL that you received immediately after your initial application, except it has been updated to reflect the final rate and fee information.

The Mortgage Note

This is the document you sign to agree to repay your mortgage. The note will provide you with all of the details of your loan including the interest rate and the length of time to repay the loan. It also explains the penalties that you may incur if you fall behind in making your payments.

Mortgage / Deed of Trust

This document pledges a property to the lender as security for repayment of a debt. Essentially this means that the lender can foreclose on your property in the event that you cannot make the mortgage payments. The Mortgage restates the basic information contained in the note, as well as details the responsibilities of the borrower. In some states, the document is called a Deed of Trust instead of a Mortgage.

Notice of Right To Cancel or Right of Recission

This pertains to you if your loan is a refinance.  Federal Law requires that you have three days to decide positively that you want a new mortgage after you sign the documents. The closing agent will provide more details at the closing.

If you have decided to change loan programs, contact your Loan Administrator to discuss your options.

If your loan can't close and disburse by your rate lock expiration date, please contact your Loan Administrator to discuss other options. 

We'd be happy to review your preapproval for a higher loan amount or to change your loan type. Just contact your loan administrator.

In order to get the rate listed online, we require that our customers have their mortgage payments automatically deducted from a Third Federal checking or savings account, where available. When a Third Federal account is not available, the payment must be automatically deducted from another institution's checking or savings account. A copy of the ACH authorization form will be provided to you.

An escrow account is set up so that a portion of your monthly mortgage payment can be deposited into the account. Your mortgage servicer uses this money to pay your tax payments and/or flood insurance premiums. Having an escrow account means you don't have to set aside money for these expenses.