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Third Federal is one of an increasingly rare breed: a savings and loan association, dedicated to home financing and savings products for individuals. This heritage shows in its competitive rates, variety of loan loan options and lack of fees, all of which make it a very viable choice for home equity borrowers. Unfortunately, some other traditional characteristics may be a deterrent, like its limited footprint, in-person closings and undisclosed (but apparently stringent) criteria.
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.
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:
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.
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.
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.
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.
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 is not Better Business Bureau accredited, but it gets an A + rating. As of this writing, they have a 2.9 rating on TrustPilot.
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.
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.
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.
Selected lender
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NMLS: 449401
Bankrate score
4.3
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
3.8
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.
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![]() NMLS: 401052
Bankrate score
4.9
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
2.6
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.
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![]() NMLS: 462289
Bankrate score
4.6
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
3.2
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.
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Loan amount |
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$10,000-$300,000 |
$25,000-$1,000,000 |
Up to $400,000 (up to $100,000 in some states) |
Min. credit score required |
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Undisclosed |
700 |
640 |
Repayment terms |
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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 |
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Undisclosed |
Undisclosed |
With 7 business days |
Recent customer review |
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Horrible scam company I should have received my loan I was approved but I never received anything gorilla1964 |
The absolute worst HELOC underwriting ever! 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 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 |
NMLS: 449401
3.8
121 ratings
72% of customers would recommend this lender.
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.
Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?
Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?
Horrible scam company
gorilla1964
florida (May 14, 2025)
I should have received my loan I was approved but I never received anything
Simple application process?
No
Closed loan with this lender?
No
Would you recommend this lender?
No
Simple application process?
No
Closed loan with this lender?
No
Would you recommend this lender?
No
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.
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
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!
Simple application process?
Yes
Closed loan with this lender?
No
Would you recommend this lender?
Yes
Simple application process?
Yes
Closed loan with this lender?
No
Would you recommend this lender?
Yes
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.
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
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.
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
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.
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
Very good follow up
Susan
Ocala Florida (April 2, 2025)
So far so good
Simple application process?
Yes
Closed loan with this lender?
No
Would you recommend this lender?
Yes
Simple application process?
Yes
Closed loan with this lender?
No
Would you recommend this lender?
Yes
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.
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
Quick & Easy process
AZ
Cincy OH (March 14, 2025)
Quick & easy process, no hidden fees.
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
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.
Simple application process?
Yes
Closed loan with this lender?
No
Would you recommend this lender?
No
Simple application process?
Yes
Closed loan with this lender?
No
Would you recommend this lender?
No