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Third Federal Home Loans offers a variety of mortgage products, including the basics like conventional loans, FHA loans, VA loans, USDA loans. They have in-house underwriting, which allows us to provides clients with a consistent level of customer service throughout the entire loan application process and claim to keep your loan and service it in house after closing.  There is certainly something to be said to be consistently working with the same institution throughout. Such an arrangement reduces the borrower’s  concerns to the singular contractual relationship with one service provider. Of course that usually implies a local lender, which is exactly what flat branch is: a Cleveland based retail home loan institution.

Unique Opportunities to Decrease Application Costs

Third Federal offers a fair number of different loan programs from the usual offerings. For example, their Lowest Rate Guarantee program, if you find a lower purchase mortgage rate, they claim that they will beat it or pay you $1,000. This requires that you provide them with the other lender’s advertisement, webpage, email, rate sheet, or other documentation of mortgage rates. In most cases, they say that you will have a rate decision the same day. \They also have a rate lock program that is one way; it can’t go up, but  if rates go down further, you can lock again. They also have a program that allows you to lock in your rate at the preapproval stage as opposed to approval for 60 days. This is somewhat rare, but it is true that there is usually a charge for locking into a rate and you should inquire as to the cost of the different lengths of time you can purchase.

Closing Costs and Surprise Endings

Borrowers are often shocked by huge closing costs at the end the refinance process. Third Federal offers $295 closing costs on all Smart ARMs and 10-year fixed refinances. They also claim to offer lower closing costs on other loan products, but are much less specific on the website about those savings.