Third Federal Savings and Loan: 2024 Home Equity Review
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At a glance
NMLS: 449401
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loan amount
$10,000-$300,000
Min. credit score required
Undisclosed
Repayment terms
20 years for HELOC; 5 years to 30 years for home equity loan
Funds available in
Undisclosed
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-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 20-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 $95 HELOC annual fee.
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
3.5
66 ratings
This lender has 60 recent reviews.
62% of customers would recommend this lender.
of 60 reviews
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To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?
Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?