Third Federal HELOC... Does it usually take this long?

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corp_sharecropper
Posts: 529
Joined: Thu Nov 07, 2013 2:36 pm

Third Federal HELOC... Does it usually take this long?

Post by corp_sharecropper »

I began the process of opening a HELOC with Third Federal back on April 14th. We have been quite prompt providing all necessary documents and e-signing documents, almost always within 24hrs of the request. It is now in the final review (5 days ago). This is taking WAY longer than I imagined. Is this normal? I'm a little disappointed with the process. When I first spoke with them in April the rep said the whole thing would probably take 21 days, we're way beyond that. I have not received any indication that there's anything unique to our situation. Anyone else with a recent HELOC with Third Federal?
bkslaintesj
Posts: 5
Joined: Tue Jul 10, 2018 8:32 am

Re: Third Federal HELOC... Does it usually take this long?

Post by bkslaintesj »

Not sure if normal but here's my recent experience. Applied on April 8th and was approved on May 28th. Longer than expected and the few times I called, they mentioned abnormal volumes. Now waiting on next steps but have not heard anything since May 28th.
fireman
Posts: 18
Joined: Wed Feb 07, 2018 8:36 am

Re: Third Federal HELOC... Does it usually take this long?

Post by fireman »

Mine took about 2 months. Applied early March. Complete early to mid May. We didn't need the line of credit for anything specific so it was no issue but I did think that it was unnecessarily long (and would have been annoyed had we obtained the line for something specific).
Count of Notre Dame
Posts: 312
Joined: Fri Oct 11, 2013 1:08 pm

Re: Third Federal HELOC... Does it usually take this long?

Post by Count of Notre Dame »

They seem to have the lowest rates in the nation, so their volume must be off the charts?
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simplesimon
Posts: 4035
Joined: Mon Feb 25, 2008 8:53 pm

Re: Third Federal HELOC... Does it usually take this long?

Post by simplesimon »

I'm in the early stages, I submitted an app a couple of weeks ago. They quoted me 75 business days originally but then I got a follow up email that it may "take longer than originally anticipated". I don't need the funds...still optimistic this will eventually happen.
rascott
Posts: 2652
Joined: Wed Apr 15, 2015 10:53 am

Re: Third Federal HELOC... Does it usually take this long?

Post by rascott »

Mine took less than 30 days, but that was last fall.
tonyclifton
Posts: 217
Joined: Sat Feb 08, 2020 5:25 pm

Re: Third Federal HELOC... Does it usually take this long?

Post by tonyclifton »

Ours started 2/11/21 and closed on 3/26/21. When we signed the paper work and I made mention of how long it seemed to take they said ours was fairly fast.
giddyup969
Posts: 31
Joined: Mon Nov 30, 2020 10:27 am

Re: Third Federal HELOC... Does it usually take this long?

Post by giddyup969 »

Answered my own question
tbone555
Posts: 207
Joined: Thu Apr 13, 2017 1:28 pm

Re: Third Federal HELOC... Does it usually take this long?

Post by tbone555 »

I applied a little over a week ago. Just got notice that we are in review for final closing. Using a local credit union. 1.99% for first year then prime plus zero. 15 year term.
jharkin
Posts: 2753
Joined: Mon Mar 28, 2016 7:14 am
Location: Boston suburbs

Re: Third Federal HELOC... Does it usually take this long?

Post by jharkin »

I have one in progress right now. My loan officer warned me that their volume is off the charts and the underwriting department is the hold up and to be ready for it to take 3 months. Appraisal came in low so I'm negotiating with them at the moment.

I had a prior HELOC with them on former house 3 years ago and that one took less than 3 weeks application to close so I believe this is a temporary slowdown.
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