Third Federal Savings and Loan Mortgage Review 2021

Written by
TJ Porter
Edited By

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At a glance

Third Federal Savings and Loan

4.4

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Bankrate Score

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Loans offered

Conventional, jumbo, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; home equity line of credit (HELOC), home equity loan; construction and renovation loans; bridge loan; investment property
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Nationwide availability

Available in 25 states and the District of Columbia
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Min. credit score required

Minimum credit score requirements not available

Pros and cons

Pros

  • 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

Cons

  • 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

Third Federal Savings and Loan overview

Third Federal Savings and Loan is a mid-sized bank based in Cleveland, Ohio, offering loans in 25 states and Washington, D.C. 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. Third Federal Savings and Loan was established in 1938 and continues to serve the Cleveland community, specifically the Slavic Village neighborhood where it was founded.

Good for

Borrowers who want a longer-term preapproval, reasonable rates and multiple mortgage options

Loan types

  • Conventional
  • Jumbo
  • Fixed-rate
  • Adjustable-rate (Third Federal calls these “Smart Rate” mortgages)
  • Rate-and-term and cash-out refinancing
  • Home equity line of credit (HELOC)
  • Home equity loan
  • Construction and renovation loans
  • Bridge loan
  • Investment property

Lender fees 

Third Federal Savings and Loan 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, so you’ll have a higher monthly payment and your borrowing costs could be amount to much more over the life of your loan. Additionally, while there is no fee to get a preapproval, you might be charged an application fee depending on the type of mortgage you’re seeking.

Rates

Third Federal offers a variety of different mortgages and clearly displays the rates for its loans on its website. The rates are 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 expected 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.

Reputation

Third Federal Savings and Loan has 80 years of experience lending to borrowers in Ohio and throughout the U.S. The lender has an A- rating from the Better Business Bureau (it is not accredited by the organization, however).

Online services

Third Federal Savings and Loan’s 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.

Minimum borrower requirements 

Third Federal Savings and Loan does not disclose minimum borrower requirements online. In general, you can expect to need a credit score of at least 620 and a down payment of at least 3 percent to qualify for a conventional loan.

Refinancing with Third Federal Savings and Loan

Third Federal Savings and Loan offers refinancing at competitive rates that are in line with the national average. 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.

Not sure if Third Federal Savings and Loan is right for you? Consider these alternatives

Breakdown of Third Federal Savings and Loan overall review score 

  • Affordability: 14.75/15
  • Availability: 16/20
  • Borrower experience: 9/10

Review methodology

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.

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Third Federal Savings and Loan consumer reviews

4.5

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124 reviews

5 stars
4 stars
3 stars
2 stars
1 stars
104
3
1
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15

Customer service rating

Knowledge
4.5
Level of service
4.4
Professionalism
4.4
Responsiveness
4.4

87% of reviews would recommend this lender

10 of 10 rates honored

Review this lender

Write a review of your experience with Third Federal Savings and Loan Association of Cleveland.

10 of 11 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.

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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Savings ! Savings !

KKPATEL1 | FAIRFAX STATION,VIRGINIA | 9/25/2020

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Easy Refinance

Lee Rosenfeld | Lake Worth, FL | 10/8/2020

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Third Federal is the best in the country!

Annemarie | Waynesville, NC | 10/8/2020

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Great customer service and Great online experience

PG | Lakeland, FL | 11/5/2020

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Perfect fit

Chad McDonald | Sarasota, FL | 12/18/2020

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Super helpful

Maureen Fugate | Galloway | 12/26/2020

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Customer for Over 15 Years

Matthew C | Columbus, OH | 1/14/2021

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Absolutely the best refinancing experience

Pkd | Pleasant Hill, CA | 1/21/2021

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Great Customer Service and Great Rate!

Great Customer Service! | Cincinnati Ohio | 2/11/2021

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3rd Federal is fantastic

Very satisfied! | Broadview Heights, Ohio | 8/9/2021

Written by
TJ Porter
Contributing writer
TJ Porter is a contributing writer for Bankrate. TJ writes about a range of subjects, from budgeting tips to bank account reviews.
Edited by
Mortgage editor