Third Federal Savings and Loan Mortgage Review 2026

Third Federal Savings and Loan overview

Third Federal Savings and Loan is a mid-sized bank based in Cleveland and founded in 1938. Its footprint includes many states along the East Coast and in the Midwest.

Pros and cons of Third Federal Savings and Loan

How Bankrate scored Third Federal Savings and Loan

Affordability: 5 stars

Third Federal Savings and Loan’s mortgage rates were largely below Bankrate's averages at the time of this review, and you can save on upfront closing costs if you’re willing to pay a higher interest rate. with the bank’s low-cost options. (You’ll get a higher interest rate in this case, however.) It scores a perfect 5 out of 5 stars for affordability.

• Interest rates: Third Federal offers competitive mortgage rates, with APRs often below market average. It also promises to beat competitor offers or pay you $1,000. 
• Down payment: You can get a conventional mortgage with Third Federal with as little as 3 percent down.
• Closing costs: Third Federal offers both fixed- and adjustable-rate mortgages for just $495 in closing costs — though if you choose this option, you’ll pay slightly higher rates. You can also get closing-cost discounts for using the lender’s Early Rate Lock program, and if you’re a first-time buyer, you may qualify for a $750 discount on closing costs. 

Availability: 4.1 stars

Third Federal Savings and Loan doesn’t offer any government-backed loans, and it lends in about half of U.S. states.

• Home loans offered: Third Federal offers conventional, jumbo loans, construction loans and refinancing. It also offers HomeReady loans for lower income borrowers, and it has a program called Rate Relock through which adjustable-rate mortgage borrowers can relock their rates for up to five years at any point during the loan term without an application or an appraisal. 
• Footprint: The bank only offers mortgages in 23 states and Washington, D.C., and some of those states are limited to just refinances — not new purchase loans.
• Where to find: You can apply for a mortgage with Third Federal online or in person at a branch location, which are all located in Ohio and Florida.

To help you better understand what types of borrowers are interested in this lender, here’s more information about Bankrate users who submitted a form to this lender through our site:

Borrower experience: 3.7 stars

Third Federal Savings and Loan has a lower score for borrower experience, due in part to limited conveniences and a lack of a customizable rate tool on its website.

• Preapproval and application process: Third Federal offers preapprovals, along with a 60-day rate lock. You can apply for a mortgage with Third Federal in-person at a branch location, online or by phone at 1-800-THIRD-FED. 
• Transparency: Third Federal displays sample rates online based on where you’re buying, your loan type and how much you need to borrow.
• Customer service: You can reach Third Federal’s customer service team at 844-798-7784, by submitting an online contact form or through a secure message in the bank’s online portal. Its phone hours are Monday through Thursday from 8:30 a.m. to 5 p.m. ET, Friday from 8:30 a.m. to 6 p.m. ET and Saturday from 8:30 a.m. to 1:30 p.m. ET. 

Third Federal Savings and Loan reputation

Third Federal Savings and Loan has 80 years of experience lending to borrowers in Ohio and elsewhere in the U.S. The bank has an A+ rating from the Better Business Bureau, but it’s not accredited by the organization. 

What Bankrate users say about Third Federal Savings and Loan

Borrowers on Bankrate applaud Third Federal’s smooth application process, mobile payment options and competitive rates. However, some complain about poor communication with loan officers and underwriters.