 Should I refinance? |
 What to consider:
Have interest rates gone as low as you think they will in the near future?
Check articles in The Wall Street Journal, the business section of newspapers,
and business magazines for expert opinions on economic trends.
Compare your existing interest rate with current market rates.
Is there enough of a difference to warrant paying the closing costs and points
associated with refinancing?
Do you plan to remain in your home long enough to recapture the costs involved
in refinancing? Even though there are up-front costs involved in refinancing,
you will save money over time because your new interest rate is lower. Contact
a Third Federal Customer Service Representative to analyze the numbers for your
own situation.
What you need to know:
The maximum amount that you can borrow can not exceed 89.99% (80% if the home
is a secondary residence) of the value of the home and includes rolling the
closing costs into the loan or getting cash out.
Your debt-to-income ratios must be able to support your new monthly mortgage
payment. Contact a Third Federal Customer Service Representative to help you
analyze the numbers for your own situation.
Your property must be owner-occupied or a secondary residence and either a single-family
or double-family home.
Applications are eligible for properties located in Broward, Charlotte, Collier,
Dade, Hernando, Hillsborough, Lake, Lee, Manatee, Martin, Orange, Osceola, Palm
Beach, Pasco, Pinellas, Polk, Sarasota, Saint Lucie, Seminole, and Volusia counties
in Florida; Boone, Campbell, and Kenton counties in Kentucky; and the state
of Ohio.
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