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Third Federal Savings and Loan Mortgage Review 2022

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At a glance

Third Federal Savings and Loan

NMLS: 449401


Rating: 4.6 stars out of 5
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Bankrate Score

Mortgage Percent

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


Nationwide Availability

Available in 25 states and Washington, D.C.

Credit Good

Min. credit score required


Pros and cons

Checkmark 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

Close X 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 mortgages 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.

Third Federal Savings and Loan is good for

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

Breakdown of Third Federal Savings and Loan overall score

  • Affordability: Third Federal’s mortgage rates are largely below Bankrate’s averages, and you can save on upfront closing costs with the bank’s low-cost options.

  • Availability: The bank only serves borrowers in 25 states and Washington, D.C., and doesn’t offer government loans.

  • Borrower experience: Third Federal has a broad range of customer service hours and lots of online resources to help guide you through the mortgage process.


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.

Affordability: 5/5

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 offers a $750 closing cost credit to first-time homebuyers.

Availability: 4/5

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.

Borrower experience: 4.7/5

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.

If you have questions about a mortgage, you can contact Third Federal Monday through Thursday, 8:30 a.m. to 5 p.m. ET, Friday 8:30 a.m. to 6 p.m. ET or Saturday 8:30 a.m. to 1:30 p.m. ET.

Refinancing with Third Federal Savings and Loan

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.

Alternatives to Third Federal Savings and Loan

Third Federal Savings and Loan consumer reviews


NMLS: 449401


Rating: 4.5 stars out of 5

148 reviews

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Customer service rating

Rating: 4.6 stars out of 5
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Rating: 4.5 stars out of 5
Rating: 4.5 stars out of 5
Rating: 4.5 stars out of 5

89% of reviews would recommend this lender

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The consumer reviews posted on ("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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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

Suzanne De Vita

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Mortgage editor