Third Federal Savings and Loan Mortgage Review 2025

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

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.

To help you better understand what types of borrowers are interested in this lender, here’s more information about Bankrate users who submitted a form to this lender through our site:

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.