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Third Federal Savings and Loan: 2025 Home Equity Review

Written by
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Updated on May 14, 2025

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Third Federal Savings and Loan Association of Cleveland logo
NMLS: 449401
Bankrate score

4.3

Rating: 4.3 stars out of 5
Our methodology
Customer score

3.8

Rating: 3.78 stars out of 5
Read reviews

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Third Federal Savings and Loan overview

Like many S&Ls, Third Federal Savings and Loan Association dates from the Great Depression: It was founded in 1938 in Cleveland, OH, with an initial $50,000 in capital. Run by the son of the original founders, it now has assets of more than $14 billion. It now lends in more than half of U.S. states and operates full-service branches in Ohio and Florida. 

Home equity loan products offered

Third Federal Savings and Loan offers home equity loans and lines of credit (HELOCs). With both products, you can borrow between $10,000 and $300,000. There are two types of home equity loans available:

  • Fixed-rate loans with a five-, 10, 15 or 20-year repayment term
  • Adjustable-rate loans with fixed interest for the first five years and a 30-year repayment term; the variable rate is the prime rate minus 1 percent

Third Federal’s HELOC, meanwhile, comes with a 10-year draw period and a 30-year repayment term. The HELOC rates are variable, which means they’ll change based on the current prime rate.

How Bankrate scored Third Federal Savings and Loan 

Affordability: 5/5

  • APR: Third Federal advertises HELOC rates on its website that are a half percent below the prime rate, which it says saves the typical customer about $5,000 over the life of their line of credit. 
  • Fees: You don’t need to worry about application or origination fees with either home equity loan type from Third Federal, and you can pay off your debt early without a penalty. The only extra charge you’ll need to pay is the $95 HELOC annual fee.

The lack of application fees and closing costs makes the S&L’s APRs virtually the same as its interest rates. And its interest rates are low, below prime. As a result, Third Federal earns a 5 out of 5 for affordability. 

Availability: 4.4/5

  • Loan products: Third Federal Savings and Loan offers HELOCs and home equity loans with fixed and adjustable rates. 
  • Footprint: Third Federal has operations in Washington D.C. and 27 states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington and Wisconsin, but not all home equity products are available in all markets.
  • Credit score: Third Federal doesn’t disclose the minimum credit score needed for its loans on its website, a definite drawback. To qualify for a HELOC or home equity loan, you generally need at least a “fair” FICO score — in the mid-600s.

While Third Federal offers loan products with both fixed and adjustable rates, the lack of transparency around credit score requirements and limited footprint slightly limits the lender to a 4.4 out of 5 rating on availability. 

Borrower experience: 3.4/5

  • Transparency: While Third Federal discloses APRs and the maximum loan-to-value (LTV) amounts on its website, it isn’t forthcoming about other qualification requirements. 
  • Convenience: Third Federal offers a host of educational resources on its website, including a home equity guide and calculators. It also provides the usual online banking services.
  • Customer service: Third Federal is only available in 27 states and Washington D.C. Loan closings have to take place in one of their branches. Its customer care phone center is open six days a week.

While Third Federal has a clear, easy-to-navigate website, its limited reach and the requirement to close loans at a branch drops the lender a 3.4 out of 5 rating for borrower experience. 

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Bankrate insights

You can tap your home equity — the difference between your home's worth and what you owe on your mortgage — with a home equity loan or a HELOC. With those funds, you can tackle a variety of expenses, like debt consolidation or home renovations. 

However, before you dive in, it's important to figure out your loan-to-value ratio (LTV). Lenders use your LTV to determine how much of your equity stake you can actually borrow. (It’s typically 80 percent, although some lenders allow you to access as much as 90 percent.) The amount of equity they’ll let you tap is one consideration when choosing a lender. Be it a retail bank, online lender or credit union, it may offer different home equity loan rates and terms, too. That’s why it’s important to shop around for the best deal.

Third Federal Savings and Loan reputation

Third Federal is not Better Business Bureau accredited, but it gets an A + rating. As of this writing, they have a 2.9 rating on TrustPilot. 

What consumers say about Third Federal Savings and Loan 

Customers on Bankrate rave about Third Federal’s loan rates (“the lowest I could find”), “fast and painless” application/closing process, and “fantastic” customer service with “courtesy thrown in.” The downside? Some cite the “ultra-conservative lending policy, not so friendly” if you’re self-employed or have a credit score under 700.

How to qualify for a HELOC with Third Federal Savings and Loan

Third Federal doesn’t disclose many details on the exact qualifications for a HELOC or home equity loan. However, when applying, you’ll need to provide two consecutive months’ worth of pay stubs for each borrower, as well as the last two years’ W-2 forms — pretty standard paperwork. To be eligible, you also must have at least 20 percent equity in your home, for loan amounts up to $200,000 — again, a standard percentage among lenders. For larger loan amounts, other LTV ratios may apply.

How to apply with Third Federal Savings and Loan

You can apply for a Third Federal home equity loan or line of credit online through the bank’s website. You’ll start by providing your email address and some other information to set up the application. If you have any questions, you can reach the customer service team at 844-798-7784, 8:30 am to 5:00 pm (ET) Monday through Thursday, 8:30 am to 6:00 pm (ET) on Friday and 8:30 am to 1:30 pm (ET) on Saturday. 

Compare Third Federal Savings and Loan with other lenders

Selected lender
Third Federal Savings and Loan logo
NMLS: 449401
Bankrate score
Rating: 4.3 stars out of 5
4.3
Customer score
Rating: 3.8 stars out of 5
3.8
BMO Bank logo
NMLS: 401052
Bankrate score
Rating: 4.9 stars out of 5
4.9
Customer score
Rating: 2.6 stars out of 5
2.6
Aven logo
NMLS: 462289
Bankrate score
Rating: 4.6 stars out of 5
4.6
Customer score
Rating: 3.2 stars out of 5
3.2

Loan amount

$10,000-$300,000

$25,000-$1,000,000

Up to $400,000 (up to $100,000 in some states)

Min. credit score required

Undisclosed

700

640

Repayment terms

10-year draw period, 30-year total repayment period for HELOCs; up to 30 years for home equity loans

10-year draw period and 20-year repayment term for HELOC (5-year to 20-year repayment term for fixed-rate HELOC); 5 years to 20 years for home equity loan

Standard credit card repayment (at least 1% of the statement balance plus interest); with cash-outs, you can lock in payments for 5-10 years

Funds available in

Undisclosed

Undisclosed

With 7 business days

Recent customer review

Horrible scam company

Rating: 1 stars out of 5

I should have received my loan I was approved but I never received anything

gorilla1964

The absolute worst HELOC underwriting ever!

Rating: 1 stars out of 5

Hello- I have been in underwriting for five weeks. I'm 62, I've been through about 15 mortgage applications. I can assure you that they don't have a clue what they are doing. ...

Jim .

Low offer and extremely high rates and fees

Rating: 1 stars out of 5

They offered me a very low amount compared to other lenders and on top of that offered a rate of 9.99% plus 4.5% cash out ( this cash out is a scam because it is an origination fee...

Heloc

Third Federal Savings and Loan Association of Cleveland customer ratings and reviews

NMLS: 449401

logo

3.8

Rating: 3.78 stars out of 5

121 ratings

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 3.8 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 3.9 stars out of 5

72% of customers would recommend this lender.

10 of 85 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.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 450 users nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. Submissions with user ratings that are materially inconsistent with written sentiment have been removed. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.

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.

Search Icon
Caret Down Icon
Rating: 1 stars out of 5

Horrible scam company

gorilla1964
florida (May 14, 2025)

I should have received my loan I was approved but I never received anything

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 2 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 2 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Rating: 5 stars out of 5

Home Equity Credit Line Awesome!

Tom D.
Hixson, TN (May 12, 2025)

Great product, just what we were looking for. Best rate structure we could find. Perfect fit for our needs. The application process was straight forward, efficient, with great friendly service. Stephanie was awesome. Checklist of what was needed was provided. Stephanie was proactive with communication and follow up. Nice people who do their job professionally and efficiently. Recommend them to anyone looking for a home equity line of credit.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

So far so good

Ed S.
San Diego (May 10, 2025)

From the moment I contacted them thru this point in the process, everything has been smooth. Their online process has been easy, the people on the phone have been friendly and responsive, the appraiser was out within a few days, and so far I’m very happy with the process. And they had best rates and fees!

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Couldn'tve been easier

Audrey
Basking Ridge (May 9, 2025)

From the first person I spoke to up to the closing, this was a very pleasant experience. Honest, transparent, easy. Thank you Bank rate.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Customer Service

Gary K.
Woodstock, GA (April 17, 2025)

This is the second HELOC I have had with Third Federal. The application process is always easy and the costs are very reasonable. My customer care rep, Bert, was great. He was responsive to all my questions and if he wasn't in when I needed something, there was always someone else willing and able to help me.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

HELOC Refinance

Brogers
Sugar Hill GA (April 17, 2025)

I refinanced and increased a credit line on a HELOC. Process smooth, everyone helpful, easy close. Not one issue from start to finish.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Very good follow up

Susan
Ocala Florida (April 2, 2025)

So far so good

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Competitive Rates

Michael H.
Los Ángeles, California (March 20, 2025)

Third Federal was very nice to work with. The process was very smooth and fast. The rates are very competitive and so far can’t be beat. I highly recommend them.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Quick & Easy process

AZ
Cincy OH (March 14, 2025)

Quick & easy process, no hidden fees.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Rating: 2 stars out of 5

Low rate but not much else positive

Greg
Ohio (March 14, 2025)

I was checking rates for a home equity loan and inquired with them. They were extremely quick to reply and did give the lowest rate, however then proceeded to spam me via text and email five times a day for the next three days. I replied to both people who sent me information asking them to stop, as I was not ready to apply for several weeks, but neither replied to that and it just kept happening until I unsubscribed from all their communication. The lowest rate is not worth being badgered for years by their spam marketing. I went with my local credit union for .25% higher.

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 3 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 3 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No