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Third Federal Savings and Loan: 2025 Home Equity Review

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Updated on May 14, 2025

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Third Federal Savings and Loan Association of Cleveland logo
NMLS: 449401
Bankrate score

4.3

Rating: 4.3 stars out of 5
i
Our methodology
Customer score

3.8

Rating: 3.78 stars out of 5
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Third Federal Savings and Loan overview

Like many S&Ls, Third Federal Savings and Loan Association dates from the Great Depression: It was founded in 1938 in Cleveland, OH, with an initial $50,000 in capital. Run by the son of the original founders, it now has assets of more than $14 billion. It now lends in more than half of U.S. states and operates full-service branches in Ohio and Florida. 

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 $300,000. There are two types of home equity loans available:

  • Fixed-rate loans with a five-, 10, 15 or 20-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.

How Bankrate scored Third Federal Savings and Loan 

Affordability: 5/5

  • APR: Third Federal advertises HELOC rates on its website that are a half percent below the prime rate, which it says saves the typical customer about $5,000 over the life of their line of credit. 
  • Fees: 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 extra charge you’ll need to pay is the $95 HELOC annual fee.

The lack of application fees and closing costs makes the S&L’s APRs virtually the same as its interest rates. And its interest rates are low, below prime. As a result, Third Federal earns a 5 out of 5 for affordability. 

Availability: 4.4/5

  • Loan products: Third Federal Savings and Loan offers HELOCs and home equity loans with fixed and adjustable rates. 
  • Footprint: Third Federal has operations in Washington D.C. and 27 states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington and Wisconsin, but not all home equity products are available in all markets.
  • Credit score: Third Federal doesn’t disclose the minimum credit score needed for its loans on its website, a definite drawback. To qualify for a HELOC or home equity loan, you generally need at least a “fair” FICO score — in the mid-600s.

While Third Federal offers loan products with both fixed and adjustable rates, the lack of transparency around credit score requirements and limited footprint slightly limits the lender to a 4.4 out of 5 rating on availability. 

Borrower experience: 3.4/5

  • Transparency: While Third Federal discloses APRs and the maximum loan-to-value (LTV) amounts on its website, it isn’t forthcoming about other qualification requirements. 
  • Convenience: Third Federal offers a host of educational resources on its website, including a home equity guide and calculators. It also provides the usual online banking services.
  • Customer service: Third Federal is only available in 27 states and Washington D.C. Loan closings have to take place in one of their branches. Its customer care phone center is open six days a week.

While Third Federal has a clear, easy-to-navigate website, its limited reach and the requirement to close loans at a branch drops the lender a 3.4 out of 5 rating for borrower experience. 

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Bankrate insights

You can tap your home equity — the difference between your home's worth and what you owe on your mortgage — with a home equity loan or a HELOC. With those funds, you can tackle a variety of expenses, like debt consolidation or home renovations. 

However, before you dive in, it's important to figure out your loan-to-value ratio (LTV). Lenders use your LTV to determine how much of your equity stake you can actually borrow. (It’s typically 80 percent, although some lenders allow you to access as much as 90 percent.) The amount of equity they’ll let you tap is one consideration when choosing a lender. Be it a retail bank, online lender or credit union, it may offer different home equity loan rates and terms, too. That’s why it’s important to shop around for the best deal.

Third Federal Savings and Loan reputation

Third Federal is not Better Business Bureau accredited, but it gets an A + rating. As of this writing, they have a 2.9 rating on TrustPilot. 

What consumers say about Third Federal Savings and Loan 

Customers on Bankrate rave about Third Federal’s loan rates (“the lowest I could find”), “fast and painless” application/closing process, and “fantastic” customer service with “courtesy thrown in.” The downside? Some cite the “ultra-conservative lending policy, not so friendly” if you’re self-employed or have a credit score under 700.

How to qualify for a HELOC with Third Federal Savings and Loan

Third Federal doesn’t disclose many details on the exact qualifications for a HELOC or home equity loan. However, when applying, 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 — pretty standard paperwork. To be eligible, you also must have at least 20 percent equity in your home, for loan amounts up to $200,000 — again, a standard percentage among lenders. For larger loan amounts, other LTV ratios may apply.

How to apply with Third Federal Savings and Loan

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, 8:30 am to 5:00 pm (ET) Monday through Thursday, 8:30 am to 6:00 pm (ET) on Friday and 8:30 am to 1:30 pm (ET) on Saturday. 

Compare Third Federal Savings and Loan with other lenders

Selected lender
Third Federal Savings and Loan logo
Third Federal Savings and Loan
NMLS: 449401
Bankrate score
4.3
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Customer score
3.8
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Bankrate score
Info Icon
Customer score
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Bankrate score
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Customer score
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Loan amount

$10,000-$300,000

Min. credit score required

Undisclosed

Repayment terms

10-year draw period, 30-year total repayment period for HELOCs; up to 30 years for home equity loans

Funds available in

Undisclosed

Recent customer review

Horrible scam company

I should have received my loan I was approved but I never received anything

gorilla1964

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

NMLS: 449401

logo

3.8

Rating: 3.78 stars out of 5

121 ratings

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 3.8 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 3.9 stars out of 5

72% of customers would recommend this lender.

of 85 reviews

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