AFFILIATE POST: Third Federal Bridge Loan Enables Qualified Borrowers to Buy Before They Sell
Third Federal Savings and Loan is a proud member and supporter of the Akron Cleveland Association of REALTORS(R), the leading local resource and advocate for the real estate community. Third Federal is proud to offer innovative financial products that give ACAR REALTORS a competitive advantage in delivering maximum value to their customers.
These products include our Bridge Loan, which helps qualified borrowers buy a home before they sell their existing home. This financial flexibility in today’s competitive marketplace can mean the difference between a sale and a lost opportunity. Specifically, Third Federal’s bridge loan enables homebuyers to buy before they sell by providing them with funds for a down payment, allowing them to pay off their existing mortgage so they only have one mortgage payment on their new house. Third Federal defers loan payments on the bridge loan until the old house is sold. This also helps homebuyers qualify for their new mortgage payment with less income.
Other bridge loan features include:
- Up to 12 months to sell old house
- No application, cancellation fee, or prepayment fee
- 99% APR (principal and interest payments deferred)
- Borrow up to 80% of the property’s appraisal value
In addition to leading products, ACAR Realtors can be confident their customers will receive the best service in the industry from Third Federal, from application through the life of their mortgage. When a customer calls Third Federal, they speak to a professional located right here in Cleveland, OH. It’s important that our professionals live and work in the same communities as ACAR REALTORS. It’s how we’ve always done business.
For more information about Third Federal, please contact one of the following ACAR members who oversee our business development activities:
- Kathy Gibbons, Strongsville – 440-238-4333
- Debra Branske, Brecksville – 440-526-3001
- Jennifer Rodgers, Cleveland – 216-429-5391
For 80 years, Third Federal has been making the dream of home ownership a reality for residents in Northeast Ohio. And today, our association with ACAR is a true partnership with like-minded professionals focused on delivering value and satisfaction during and after a home purchase.