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Third Federal Savings and Loan Mortgage Review 2023

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At a glance

Third Federal Savings and Loan
NMLS: 449401
Editor's take

 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 Score
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4.6
Rating: 4.6 stars out of 5
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Customer Rating
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4.5
Rating: 4 stars out of 5

144 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, fixed-rate, adjustable-rate; refinancing; HELOC, home equity loan; construction and renovation loans; bridge loan; investment property

Credit Good

Min. credit score required

Undisclosed

Location

Nationwide availability

Available in 25 states and Washington, D.C.

Dollar Coin

Min. down payment

3% for conventional loans

At a glance

Third Federal Savings and Loan

NMLS: 449401

4.6

Rating: 4.6 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, fixed-rate, adjustable-rate; refinancing; HELOC, home equity loan; construction and renovation loans; bridge loan; investment property

Location

Nationwide Availability

Available in 25 states and Washington, D.C.

Credit Good

Min. credit score required

Undisclosed

Third Federal Savings and Loan overview

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.

Pros and cons of Third Federal Savings and Loan

Pros
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    Fully underwritten preapproval lasts for six months

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    Can request to reduce your interest rate if rates fall, even after locking it

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    Offers down payment assistance up to $3,000 for eligible borrowers

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    Offers discount on jumbo loan rates

Cons
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    Only available in 25 states and Washington, D.C.

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    No FHA, VA or USDA loans

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    No eligibility requirements available online

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    Can’t apply through the mobile app

Our Editor’s Take on Third Federal Savings and Loan

 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. 

How Bankrate scored Third Federal Savings and Loan

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: 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 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.

Affordability: 5/5

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.

Availability: 4/5

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.

Borrower experience: 4.7/5

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.

How to apply for a mortgage with Third Federal Savings and Loan

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:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

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.

Compare Third Federal Savings and Loan to other lenders

Third Federal Savings and Loan
Rating: 4.6 stars out of 5
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4.6

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LoanDepot
Rating: 4.4 stars out of 5
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4.4

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Read full review
Rocket Mortgage
Rating: 4.5 stars out of 5
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4.5

Bankrate Score
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Read full review

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

Third Federal Savings and Loan customer ratings and reviews

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NMLS: 449401

4.5

Rating: 4 stars out of 5

144 ratings

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This lender has 1 reviews.

Knowledge
Rating: 4.6 stars out of 5
Level of service
Rating: 4.5 stars out of 5
Professionalism
Rating: 4.5 stars out of 5
Responsiveness
Rating: 4.5 stars out of 5
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86%
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10%

89% of customers would recommend this lender.

of 1 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.

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