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This old-line lender is suited for borrowers who want a longer-term preapproval, reasonable rates and multiple mortgage options. Its geographic coverage is limited, but if you’re in Third Federal’s footprint, the lender has some compelling offers.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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.
Loans offered
Conventional, jumbo, fixed-rate, adjustable-rate; refinancing; HELOC, home equity loan; construction and renovation loans; bridge loan; investment property
Min. credit score required
Undisclosed
Nationwide availability
Available in 25 states and Washington, D.C.
Min. down payment
3% for conventional loans
NMLS: 449401
4.6
Bankrate Score
Loans offered
Conventional, jumbo, fixed-rate, adjustable-rate; refinancing; HELOC, home equity loan; construction and renovation loans; bridge loan; investment property
Nationwide Availability
Available in 25 states and Washington, D.C.
Min. credit score required
Undisclosed
Third Federal Savings and Loan is a mid-sized bank based in Cleveland. Through Third Federal Savings and Loan, you can obtain a fully underwritten preapproval (called “Early Approval”) good for six months, giving you more time to find a home to purchase, and a lower-cost loan that only requires $295 upfront in exchange for a higher interest rate. The bank's “Rate Relock Program,” for borrowers who have an existing adjustable-rate mortgage with the lender, also comes with a similarly lower-cost fee: $295 to $595 depending on the state you live in. Another perk: Third Federal’s Lowest Rate Guarantee promises if you find a lower purchase mortgage rate, the lender will beat it or pay you $1,000.
Fully underwritten preapproval lasts for six months
Can request to reduce your interest rate if rates fall, even after locking it
Offers down payment assistance up to $3,000 for eligible borrowers
Offers discount on jumbo loan rates
Only available in 25 states and Washington, D.C.
No FHA, VA or USDA loans
No eligibility requirements available online
Can’t apply through the mobile app
This old-line lender is suited for borrowers who want a longer-term preapproval, reasonable rates and multiple mortgage options. Its geographic coverage is limited, but if you’re in Third Federal’s footprint, the lender has some compelling offers.
To determine Third Federal Savings and Loan’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:
Affordability differs from lender to lender, so comparing costs is key. Third Federal Savings and Loan clearly displays mortgage rates on its website. These rates are generally competitive and updated regularly, and you can set up automatic rate alerts to get a notification when rates drop below a certain level. If you input some details about your desired loan, you can get even more information, such as the estimated payment and closing costs or how much you could save on the interest rate by paying for points.
The bank charges common closing costs that can include an origination fee, but also offers a lower-upfront cost option for virtually every type of loan that keeps these costs to just $295. These low-cost loans have a higher interest rate, however, so you’ll have a higher monthly payment and your borrowing costs could amount to much more over the life of your loan. Additionally, while there’s no fee to get a preapproval, you might be charged an application fee depending on the type of mortgage you’re seeking. Notably, the bank also offers a $750 closing cost credit to first-time homebuyers.
This factor can make the overall mortgage application process smoother or more challenging. Third Federal Savings and Loan works with borrowers in 25 states, so you’ll need to confirm whether it services yours before you apply for a mortgage with the bank. Its loan offerings include conventional loans as well as construction loans and financing for investment properties. The bank doesn’t offer government-insured mortgages, however.
Know what to expect when you work with a specific lender. 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. Its website makes it easy to check available rates, get preapproved, apply for a loan and sign the required paperwork. Before you apply, you can use the bank’s useful calculators to determine how much home you can afford and to estimate your monthly payment. Once you get your loan online, you can use the Third Federal app to manage it; however, you can’t apply for the loan itself directly through the app.
You can apply for a purchase loan or a refinance in person at one of the bank’s branches, on Third Federal’s website or by calling 1-800-THIRD-FED.
Here are some tips to prepare for the process:
Third Federal Savings and Loan offers refinancing at competitive rates in line with Bankrate’s averages. You can apply to refinance your loan through the bank’s website, either to take equity out of your home, refinance your existing balance to a lower rate or shorter term (or both) or consolidate debt. The bank’s low-cost loans ($295 closing costs) are also available for refinances.
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Rating: 4.6 stars out of 5
4.6
Bankrate Score
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Loans offered Conventional, jumbo, fixed-rate, adjustable-rate; refinancing; HELOC, home equity loan; construction and renovation loans; bridge loan; investment property |
Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans |
Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term |
Min. credit score required Undisclosed |
Min. credit score required 620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans |
Min. credit score required 620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans |
Down payment 3% for conventional loans |
Down payment 3.5% for FHA loans |
Down payment 3% for conventional loans; 10%-15% for jumbo loans; 3.5% for FHA; none for VA loans |
Nationwide availability Available in 25 states and Washington, D.C. |
Nationwide availability Available in all U.S. states |
Nationwide availability All U.S. states |
NMLS: 449401
4.5
144 ratings
This lender has 1 reviews.
89% 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.
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?