Skip to Main Content

Third Federal Savings and Loan: 2024 Home Equity Review

Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

NMLS: 449401

Bankrate Score
Info
4.5
Rating: 4.5 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star Empty
  • Star Empty
  • Star Empty
  • Star Empty
  • Star Empty

Bankrate Score

Customer Rating
Info
3.5
Rating: 3.5 stars out of 5

41 ratings

Moneybag

Loan amount

$10,000-$300,000

Credit Good

Min. credit score required

Undisclosed

Rates

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

logo

NMLS: 449401

3.5

Rating: 3.51 stars out of 5

41 ratings

Info

This lender has 36 recent reviews.

Knowledge
Rating: 3.9 stars out of 5
Level of service
Rating: 3.7 stars out of 5
Professionalism
Rating: 3.8 stars out of 5
Responsiveness
Rating: 3.8 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 star
54%
7%
5%
5%
29%

63% of customers would recommend this lender.

of 36 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

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.

Search
Caret Down