Third Federal Bank, based out of Philadelphia, has a very nice home equity loan special available. The current APR with this promotion sits at just 3.74% APR. To put this offer in perspective the current national national average sits at roughly one percentage point higher (4.71% APR).
Details, Terms and Conditions Regarding this special offer:
- 3.74% Annual Percentage Rate available on secured loans of at least $5,000 for 36 months when payments are automatically deducted from a 3rd Federal Bank checking account. Example: The monthly payment for each $1,000 borrowed at 3.74% APR for 36 months would be $29.41.
- Payment does not include taxes and insurance premiums, if applicable, so actual payment may be greater. This example is for a home equity loan in a first lien position and reflects a 0.25% discount to our published rate for that type of loan.
- Other rates and terms are available.
- The 0.25% rate discount is applicable to all of our published fixed rate term loans when the payment is automatically deducted from a 3rd Federal Bank checking account.
- Loan application must be received by 5/31/2010 to receive 0.25% promotional discount.
- Offer may be withdrawn at any time.
- Consult your tax adviser on the potential deductions on interest.
- Property insurance required.
- Title insurance may be required on loans over $500,000.
- Owner occupied single family dwellings only.
- Subject to credit approval.
Third Federal Bank of Pennsylvania is a medium to smaller sized institution despite having it’s roots date back to 1921. As of 2012 they are just barely within the top 50 financial institutions of PA coming in at the 49th spot. They have just 15 locations throughout the east and employee roughly 175 full-time individuals. They control almost $570 million in consumer deposits and service nearly $495 million in loans.
If you have any experience in obtaining a home equity loan through Third Federal Bank, please share by leaving a comment!