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Third Federal Savings and Loan: 2024 Home Equity Review

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At a glance

NMLS: 449401

Bankrate Score
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4.5
Rating: 4.5 stars out of 5
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Bankrate Score

Customer Rating
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4.1
Rating: 4.1 stars out of 5

14 ratings

Moneybag

Loan amount

$10,000-$200,000

Credit Good

Min. credit score required

Undisclosed

Rates

Repayment terms

30 years for HELOC; 5 years to 30 years for home equity loan

Funds available in

Undisclosed

Third Federal Savings and Loan features

Here's a breakdown of some of the benefits and drawbacks of Third Federal Savings and Loan home equity loans.

Benefits

  • With Third Federal, you could qualify for either a rate match or a $1,000 check if you find a lower rate with a competitor.
  • If you’re getting a home equity loan, you can choose between fixed-rate or adjustable-rate terms.

Drawbacks

  • The bank’s HELOCs are available in more states than home equity loans, but its reach is still relatively limited, serving borrowers in about half the states in the U.S.
  • You’ll pay a $65 annual fee for as long as you have a HELOC with Third Federal (this is waived for the first year, however).

Home equity loan products offered

Third Federal Savings and Loan offers home equity loans and lines of credit (HELOCs). With both products, you can borrow between $10,000 and $200,000. There are two types of home equity loans available:

  • Fixed-rate loans with a five-year or 10-year repayment term
  • Adjustable-rate loans with fixed interest for the first five years and a 30-year repayment term; the variable rate is the prime rate minus 1 percent

Third Federal’s HELOC, meanwhile, comes with a 10-year draw period and a 30-year repayment term. The HELOC rates are variable, which means they’ll change based on the current prime rate.

Types of fees charged

You don’t need to worry about application or origination fees with either home equity loan type from Third Federal, and you can pay off your debt early without a penalty. The only fee you’ll need to pay is the $65 HELOC annual fee, which is waived in the first year.

How to qualify for a home equity loan with Third Federal

When applying for a HELOC or home equity loan, you’ll need to provide two consecutive months’ worth of pay stubs for each borrower, as well as the last two years’ W-2 forms. To qualify, you also must have at least 20 percent equity in your home.

How to apply with Third Federal

You can apply for a Third Federal home equity loan or line of credit online through the bank’s website. You’ll start by providing your email address and some other information to set up the application. If you have any questions, you can reach the customer service team at 844-798-7784, Monday through Saturday.

How Bankrate scored Third Federal

Affordability   9.6/10  
Availability   8/10  
Borrower experience   9.1/10  

 

Third Federal Savings and Loan Association of Cleveland customer ratings and reviews

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NMLS: 449401

4.1

Rating: 4.14 stars out of 5

14 ratings

Info

This lender has 9 recent reviews.

Knowledge
Rating: 4.6 stars out of 5
Level of service
Rating: 4.5 stars out of 5
Professionalism
Rating: 4.6 stars out of 5
Responsiveness
Rating: 4.5 stars out of 5
5 stars
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1 star
79%
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21%

79% of customers would recommend this lender.

of 9 reviews

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