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Third Federal Savings and Loan: 2026 Home Equity Review

Written by

Linda Bell,

Edited by

Katie Lowery, CFHC

Expert verified

Updated on Jul 07, 2026

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NMLS: 449401

Bankrate score

4.4

Our methodology

Customer score

3.8

Read reviews

SCORE BREAKDOWN

Affordability

5.0

Availability

4.0

Borrower experience

4.2

EDITOR'S TAKE

Third Federal is a savings and loan association that offers competitive rates, a variety of loan options and no fees, all of which make it a viable choice for home equity borrowers. Unfortunately, some other characteristics may be a deterrent, like its limited footprint, in-person closings and undisclosed (but apparently stringent) criteria.

PROS

• No closing costs, minimum draws or prepayment penalties
• Offers a “lowest rate guarantee” program — if you find a lower home equity line of credit rate, Third Federal will beat that rate or pay you $1,000
• HELOCs are available as a first or second lien for owner-occupied properties

CONS

• Not available in nearly half the U.S.
• Closing has to take place in person, preferably at a Third Federal branch
• HELOCs have a $95 annual fee

Affordability

5.0

Availability

4.0

Borrower experience

4.2

• No closing costs, minimum draws or prepayment penalties
• Offers a “lowest rate guarantee” program — if you find a lower home equity line of credit rate, Third Federal will beat that rate or pay you $1,000
• HELOCs are available as a first or second lien for owner-occupied properties

• Not available in nearly half the U.S.
• Closing has to take place in person, preferably at a Third Federal branch
• HELOCs have a $95 annual fee

Find competitive home equity rates near you

Third Federal Savings and Loan overview

Like many S&Ls, Third Federal Savings and Loan Association dates from the Great Depression: It was founded in 1938 in Cleveland, Ohio, with an initial $50,000 in capital. Run by the son of the original founders, it now has assets of more than $17 billion. It operates in more than half of the U.S. states and has full-service branches in Ohio and Florida.

Third Federal Savings and Loan offers the following home equity products:

Home equity loans: There are two types of home equity loans available: fixed-rate loans (with a five-, 10-, 15- or 20-year repayment term) and adjustable-rate loans (with a fixed interest rate for the first five years and a 30-year repayment term; the variable rate is the prime rate). You can borrow between $10,000 and $300,000.
Home equity lines of credit (HELOCs): Third Federal’s HELOC comes with a 10-year draw period and a 20-year repayment term. HELOC rates are variable, which means they’ll change based on the current prime rate. Like the home equity loan, HELOC amounts range from $10,000 to $300,000.

How Bankrate scored Third Federal Savings and Loan

Affordability: 5 stars

The lack of application fees and closing costs makes the lender'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.

APR: Third Federal advertises HELOC rates on its website that are half a percentage point below the prime rate, which it says saves the typical customer about $5,000 over the life of their line of credit.
Fees: You don’t need to worry about application or origination fees with either home equity product from Third Federal, and you can pay off your debt early without a penalty. The only extra charge you’ll need to pay is the $275 HELOC annual fee.

Availability: 4.3 stars

While Third Federal offers loan products with both fixed and adjustable rates, its high credit score requirement and limited footprint earn the lender a 4.3 out of 5 rating for availability.

Loan products: Third Federal Savings and Loan offers HELOCs and home equity loans with fixed and adjustable rates.
Footprint: Third Federal's home equity products are available in Washington D.C. and 29 states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington and Wisconsin. However, not all home equity products are available in all markets.
Credit score: Third Federal requires a credit score of 700 or better to qualify for its HELOC.

Borrower experience: 4.6 stars

Third Federal Savings and Loan has a clear, easy-to-navigate website, but its limited reach drops the lender to a 4.6 out of 5 rating for borrower experience.

Transparency: While Third Federal discloses APRs and the maximum loan-to-value (LTV) amounts on its website, it isn’t forthcoming about other qualification requirements.
Convenience: Third Federal offers a host of educational resources on its website, including a home equity guide and calculators. It also provides the usual online banking services.
Customer service: Third Federal’s customer care phone center is open six days a week. You can call the company directly or fill out an online form to receive a call back from a loan representative. When Bankrate called Third Federal’s customer service line to ask about its home equity products, we reached a live agent within a few seconds. We were then transferred to a loan officer, who provided more information about Third Federal’s requirements for getting a home equity loan.

Third Federal Savings and Loan reputation

Third Federal is not accredited by the Better Business Bureau but has an A- rating from the organization. As of this writing, the lender has a 2.5 rating on TrustPilot based on six reviews.

What Bankrate users say about Third Federal Savings and Loan

Customers on Bankrate rave about Third Federal’s loan rates (“the lowest I could find”), “fast and painless” application and 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.

To determine a home equity 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:
- Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
- Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10%
- Borrower experience: Rate transparency - 35%; convenience - 35%; customer service - 20%; fixed-rate options - 10%
When a lender has entered a consent decree, been assessed a penalty in a case brought by a federal regulator or in a certified, federal class-action lawsuit, or received a federal judgment for harming home-equity borrowers within the past three years, we deduct one point for each penalty received from its total Bankrate Score.

Learn more about our methodology.

Compare Third Federal Savings and Loan with other lenders

Selected lender Third Federal Savings and Loan NMLS: 449401 Bankrate score 4.4 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.	Bankrate score 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 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. Read review	Bankrate score 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 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. Read review
Loan amount
$10,000-$300,000
Min. credit score required
Undisclosed
Repayment terms
10-year draw period, 30-year total repayment period for HELOCs; up to 30 years for home equity loans
Funds available in
Undisclosed
Recent customer review
Customer review No reviews available yet. N/A

To help you make the most informed decisions, our home equity lender reviews team suggests an alternative home equity lender for each lender reviewed. In most cases, this alternative 1.) shares the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rates highly for Bankrate Score. In the event more than one lender meets these standards, we suggest the one with the higher Bankrate Score.

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

NMLS: 449401

3.8

94 ratings

Knowledge

Level of service

Professionalism

Responsiveness

69% of customers would recommend this lender.

Third Federal Savings and Loan: 2026 Home Equity Review

4.4

3.8

Score breakdown

Editor's take

Pros

Cons