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Third Federal is one of an increasingly rare breed: a savings and loan association, dedicated to home financing and savings products for individuals. This heritage shows in its competitive rates, variety of loan loan options and lack of fees, all of which make it a very viable choice for home equity borrowers. Unfortunately, some other traditional characteristics may be a deterrent, like its limited footprint, in-person closings and undisclosed (but apparently stringent) criteria.
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.
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:
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.
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.
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.
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.
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 is not Better Business Bureau accredited, but it gets an A + rating. As of this writing, they have a 2.9 rating on TrustPilot.
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.
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.
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.
Selected lender
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Third Federal Savings and Loan
NMLS: 449401
Bankrate score
4.3
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
3.8
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.
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Bankrate score
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
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.
|
Bankrate score
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
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.
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Loan amount |
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$10,000-$300,000 |
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Min. credit score required |
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Undisclosed |
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Repayment terms |
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10-year draw period, 30-year total repayment period for HELOCs; up to 30 years for home equity loans |
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Funds available in |
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Undisclosed |
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Recent customer review |
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Horrible scam company I should have received my loan I was approved but I never received anything gorilla1964 |
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NMLS: 449401
3.8
121 ratings
72% of customers would recommend this lender.
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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.
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