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Third Federal serves mortgage borrowers in half of U.S. states. If you’re within its footprint, the bank offers both conventional purchases and refinance options. It doesn’t offer FHA, VA or USDA loans, but it does offer down payment assistance and discounts for qualifying borrowers.
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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.
Loans offered
Conventional, jumbo, refinancing and more
Min. credit score required
Undisclosed
Nationwide availability
Available in 25 states and Washington, D.C.
Min. down payment
3% for conventional loans
Third Federal Savings and Loan is a mid-sized bank based in Cleveland. Through Third Federal, 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.
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
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
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.
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.
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-backed mortgages.
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.
You can apply for a mortgage with Third Federal in-person at a branch location, online or by phone at 1-800-THIRD-FED. Here are some tips to prepare for the process:
Third Federal Savings and Loan offers both rate-and-term and cash-out refinancing options. The bank’s low-cost loans ($295 closing costs) are also available for refinances.
Rating: 4.2 stars out of 5
4.2
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Rating: 4.6 stars out of 5
4.6
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
|
Rating: 4.9 stars out of 5
4.9
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Loans offered Conventional, jumbo, refinancing and more |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing |
Min. credit score required Undisclosed |
Min. credit score required 620 for conventional loans, 600 for FHA loans, 620 for VA loans |
Min. credit score required 620 for conventional loans, 620 for VA loans |
Down payment 3% for conventional loans |
Down payment Undisclosed |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Nationwide availability Available in 25 states and Washington, D.C. |
Nationwide availability All U.S. states |
Nationwide availability All U.S. states |
NMLS: 449401
4.5
166 ratings
This lender has 22 recent reviews.
88% of customers would recommend this lender.
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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.
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?