Read our review of

Third Federal Savings and Loan Mortgage Review 2025

Written by

Andrew Dehan

Edited by

Suzanne De Vita

Updated Dec 6, 2024

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

NMLS: 449401

Editor's take

Third Federal works with mortgage borrowers in half of U.S. states. Among the benefits of working with this lender: its low-fee Rate Relock program, for borrowers who have an adjustable-rate mortgage; and its Lowest Rate Guarantee, which promises purchase loan borrowers it’ll beat a competitor’s offer or pay you $1,000.

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.

4.3

Bankrate Score

Customer Rating

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.

4.5

166 ratings

Loans offered

Conventional, jumbo, refinancing and more

Min. credit score required

Undisclosed

Nationwide availability

25 states and Washington, D.C.

Min. down payment

3% for conventional loans

Recent customer reviews

The customer 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.

Misleading On Credit Score Requirements

Their website doesn't list any credit score requirements, yet I was denied for having a low credit score despite my good credit history and substantial home equity. It's frustrating to have provided confidential information and taken a credit hit for nothing. I wouldn't recommend them.

John .
US (Sep 18, 2024)

The rates and terms on our loan were honored,which was a relief. The application process was simple and not too time consuming. I found them to be more responsive closer it was time to close, though. Representatives were pretty professional and polite from my experience and most of the time a pleasu...

Anonymous Reviewer
(Jul 1, 2024)

Read 22 customer reviews for Third Federal Savings And Loan

Third Federal Savings and Loan overview

Third Federal Savings and Loan is a mid-sized bank based in Cleveland and founded in 1938. 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.

Pros and cons of Third Federal Savings and Loan

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

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

How Bankrate scored Third Federal Savings and Loan

Affordability: 5/5

Third Federal Savings and Loan’s mortgage rates were largely below Bankrate's averages at the time of this review, and you can save on upfront closing costs with the bank’s low-cost options. (You’ll get a higher interest rate in this case, however.) It scores a perfect 5 out of 5 stars for affordability.

Interest rates: Third Federal offers competitive mortgage rates, with APRs often below market average.
Down payment: You can get a conventional mortgage with Third Federal with as little as 3 percent down.
Closing costs: Closing costs from lender to lender and are based on many factors. Third Federal offers both fixed- and adjustable-rate mortgages for just $395 in closing costs.

Availability: 4.1/5

Third Federal Savings and Loan doesn’t offer any government-backed loans and is only available in 25 states, knocking its score down to 4.1 out of 5 stars for availability.

Home loans offered: Third Federal offers conventional, jumbo loans, construction loans and refinancing.
Footprint: The bank is available in 25 U.S. states and Washington, D.C.
Where to find: You can apply for a mortgage with Third Federal online or in person at a branch location, most of which are located in Ohio and Florida.

Borrower experience: 3.7/5

Third Federal Savings and Loan scores 3.7 out of 5 stars for borrower experience, in part due to limited conveniences and a lack of a customizable rate tool on its website.

Preapproval and application process: Third Federal offers fully underwritten preapprovals (called “Early Approvals”) good for six months, giving you more time to find a home to purchase.
Transparency: Third Federal only offers one promotional rate online. You’ll have to contact the bank directly to get an accurate APR for your situation.
Customer service: You can reach Third Federal’s customer service team at 844-798-7784, by submitting an online contact form or through a secure message in the bank’s online portal. Its phone hours are Monday through Thursday, 8:30 a.m. to 5 p.m. ET, Friday 8:30 a.m. to 6 p.m. ET and Saturday 8:30 a.m. to 1:30 p.m. ET.

Third Federal Savings and Loan reputation

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, but it’s not accredited by the organization.

What consumers say about Third Federal Savings and Loan

Borrowers on Bankrate applaud Third Federal’s smooth application process, mobile payment options and competitive rates. However, some complain about poor communication with loan officers and underwriters.

Third Federal Savings and Loan special offers

Third Federal Savings and Loan boasts several perks for mortgage borrowers, including:

Low-closing cost mortgages: These loans come with a flat rate of $295.
Rate Relock: This program allows adjustable-rate mortgage borrowers to relock their rate for another three or five years for just $395.
Lowest Rate Guarantee: This guarantees that the bank will match a competitor offer or give you $1,000.
Extended rate lock: After preapproval, you can lock your rate with the bank for up to 240 days at no extra cost.
No mortgage insurance with 15 percent down: Typically, you have to put at least 20 percent down to avoid paying mortgage insurance. With Third Federal, you only have to put down 15 percent.

Refinancing with Third Federal Savings and Loan

Third Federal Savings and Loan offers both rate-and-term and cash-out refinancing options. The bank’s low-cost loans ($295) are also available for refinances.

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

You can apply for a mortgage with Third Federal in-person at a branch location, online or by phone at 1-800-THIRD-FED.

Learn more: How to get a mortgage

To determine a mortgage lender’s Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender’s products and services. To assign our ratings, we assessed each mortgage lender across three core areas:
1. Affordability: Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%
2. Availability: Loan products - 50%; licensing - 40%; credit score - 10%
3. Borrower experience: Rate transparency - 35%; customer service - 35%; convenience - 20%; rate locks - 10%; reputation (if applicable)
Learn more about our methodology.

Compare mortgage lenders

4.3

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.

4.5

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.

Read full review

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.

Read full review

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

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

25 states and Washington, D.C.

Nationwide availability

All U.S. states

Nationwide availability

All U.S. states

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

NMLS: 449401

4.5

166 ratings

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 below are limited to only those that this advertiser has received during the past 12 months.

This lender has 22 recent reviews.

Knowledge

Level of service

Professionalism

Responsiveness

5 stars

4 stars

3 stars

2 stars

1 star

83%

11%

88% of customers would recommend this lender.

of 22 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 750 homeowners 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.

Show reviews that mention

Sort reviews by