Written by
Jeff Ostrowski
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he spent more than 20 years writing about real estate, business, the economy and politics.
Edited by
Suzanne De Vita
Suzanne De Vita is a senior editor on Bankrate’s Home Lending team, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters.
Updated May 30, 2024 Bankrate logoAt Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity , this post may contain references to products from our partners. Here's an explanation for how we make money .
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On This Page Jump toThird 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.
Bankrate ScoreBankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Rating: 4.2 stars out of 5Star 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.
Rating: 4.48 stars out of 5Conventional, jumbo, refinancing and more
Min. credit score required
Available in 25 states and Washington, D.C.
Min. down payment
3% for conventional loans
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.
Rating: 1 stars out of 5Third Federal's online process was standard for a loan application, but our representative neglected to make us aware that the line-of-credit closing needed to be in-person at one of their branches in Florida. Then our representative was abruptly no longer with the company. We were away for the summ.
Liz A.
Tarpon Springs, FL (Jun 10, 2024)
Angie worked very hard to help me successfully navigate and close a unique and difficult mortgage process. I am grateful for her knowledge, patience, perseverance and assistance.
Shannon
Ohio (Feb 25, 2024)
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.
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.
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How we suggest lenders to compare
To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.
