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Third Federal Savings and Loan: 2023 Home Equity Review

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At a glance

Rating: 4.4 stars out of 5
Bankrate Score
  • Availability
    Rating: 3.6 stars out of 5
  • Affordability
    Rating: 4.9 stars out of 5
  • Customer Experience
    Rating: 4.8 stars out of 5

About Third Federal Savings and Loan

  • Moneybag

    Loan amount

    $10,000-$200,000 for HELOC and home equity loan

  • Credit Good

    Min. credit score

    Not specified

  • Rates

    Repayment terms

    10-year draw period and 30-year repayment term for HELOC; 5 years to 30 years for home equity loan

  • Funds available in

    Not specified

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.

Third Federal Savings and Loan overview

Founded in 1938 in Cleveland, Ohio, Third Federal Savings and Loan offers both home equity lines of credit (HELOCs) and home equity loans. The bank has been rated a five-star institution by independent rating agency Bauer Financial for over 100 quarters in a row. Its HELOCs are available in 25 states and Washington, D home equity loans are available in eight states: Ohio, California, Florida, Kentucky, New Jersey, North Carolina, Pennsylvania and Virginia.

Third Federal Savings and Loan snapshot

Home equity loan types Home equity line of credit (HELOC)
Home equity loan
Loan amounts $10,000-$200,000 for HELOC and home equity loan
Credit score minimum Undisclosed
Repayment terms 10-year draw period and 30-year repayment term for HELOC; 5 years to 30 years for home equity loan
Average time to approval Undisclosed

How Bankrate rates Third Federal Savings and Loan

Bankrate Score 4.4
Affordability 4.9/5
Availability 3.6/5
Borrower experience 4.8/5


To create our Bankrate Scores, we evaluated lenders based on availability, affordability and borrower experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Borrower experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.


  • 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.


  • 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).

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 need to pay is the $65 HELOC annual fee, which is waived in the first year.

Home equity loan products offered

Third Federal Savings and Loan offers home equity loans and lines of credit. 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.

How to qualify for a home equity loan with Third Federal Savings and Loan

Third Federal doesn’t disclose its eligibility requirements upfront. During the application process, 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, or a loan-to-value (LTV) ratio of 80 percent.

How to get started

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.