Third Federal Savings and Loan: 2026 Home Equity Review

How Bankrate scored Third Federal Savings and Loan 

Affordability: 5 stars

The lack of application fees and closing costs makes the lender'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. 

• APR: Third Federal advertises HELOC rates on its website that are half a percentage point 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 product 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.

Availability: 4.3 stars

While Third Federal offers loan products with both fixed and adjustable rates, its high credit score requirement and limited footprint earn the lender a 4.3 out of 5 rating for availability. 

• Loan products: Third Federal Savings and Loan offers HELOCs and home equity loans with fixed and adjustable rates. 
• Footprint: Third Federal's home equity products are available in Washington D.C. and 29 states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington and Wisconsin. However, not all home equity products are available in all markets.
• Credit score: Third Federal requires a credit score of 700 or better to qualify for its HELOC.

Borrower experience: 4.6 stars

Third Federal Savings and Loan has a clear, easy-to-navigate website, but its limited reach and the requirement to close loans in person drop the lender to a 4.6 out of 5 rating for borrower experience. 

• 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’s customer care phone center is open six days a week. You can call the company directly or fill out an online form to receive a call back from a loan representative. When Bankrate called Third Federal’s customer service line to ask about its home equity products, we reached a live agent within a few seconds. We were then transferred to a loan officer, who provided more information about Third Federal’s requirements for getting a home equity loan.

Third Federal Savings and Loan reputation

Third Federal is not accredited by the Better Business Bureau but has an A- rating from the organization. As of this writing, the lender has a 2.5 rating on TrustPilot based on six reviews.

What Bankrate users 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 and 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.