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Third Federal Savings and Loan: 2022 Home Equity Review

Third Federal Bank
Courtesy of Third Federal
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Founded in 1938 in Cleveland, Ohio, Third Federal Savings and Loan has just over 35 branches across Ohio and Florida. Third Federal has been rated a 5-star institution by independent rating agency Bauer Financial for over 100 quarters in a row. 

You can find both home equity loans and lines of credit (HELOCs) with Third Federal. Its HELOCs are available in 25 states and Washington, DC. The home equity loans are available in eight states: Ohio, Florida, Kentucky, California, Pennsylvania, New Jersey, Virginia and North Carolina. 

Third Federal home equity loans and lines of credit offer low interest rates and long repayment terms. If you live in one of the states where these products are available, you may want to consider Third Federal for your home equity needs.

Third Federal snapshot

Loan types offered Home equity loan, HELOC
APR range Home equity loan: Starting at 3.29%
HELOC: Starting at 2.24%
Loan amount range Home equity loan: $10,000 to $200,000
HELOC: $10,000 to $200,000
Minimum credit score required Not specified
Repayment terms Home equity loan: 5 to 30 years
HELOC: 10-year draw period and 30-year repayment period
Average time to approval Not specified


Third Federal may be a good choice for some borrowers for a few reasons:

  • Lowest-rate guarantee: With Third Federal, you could qualify for either a rate match or a $1,000 check if you find a lower rate with a competitor.
  • Flexible loan options: If you’re getting a home equity loan, you can choose between fixed-rate or adjustable-rate terms.
  • Light on fees: There is no application or origination fee, and no prepayment penalty. There is a $65 annual fee on the home equity line of credit, but it’s waived in the first year.


Third Federal does have a few downsides that are worth considering:

  • Limited availability: Home equity lines of credit are available in more states than home equity loans, but Third Federal’s reach is still relatively limited, serving about half the country.
  • Annual fee on the HELOC: A $65 annual fee is charged for as long as you have a HELOC with First Third, but it is waived in the first year.
  • Unknown eligibility requirements: Minimum credit score and income requirements are not publicly disclosed — meaning you must apply to find out whether you qualify.

Types of fees charged

You don’t need to worry about application or origination fees with either loan type, and you can pay off your debt early without a penalty. The only fee you need to worry about is the $65 HELOC annual fee, which is waived in the first year.

Loan products offered

Third Federal Savings and Loan offers home equity loans and lines of credit. With both products, you can borrow between $10,000 and $200,000.

Home equity loans

Third Federal Savings and Loan offers home equity loans and lines of credit. With both products, you can borrow between $10,000 and $200,000.

Two types of home equity loans are available: 

  • Fixed-rate loans: Repayment terms are five or 10 years, and interest rates remain the same.
  • Adjustable-rate loans: Fixed interest for five years and adjustable once a year after. The rate is the prime rate minus 1 percent, and the maximum term for the 5/1 home equity loan is 30 years.

Home equity line of credit

A home equity line of credit comes with a 10-year draw period and a 30-year repayment period. Interest rates are variable, which means that they’ll change based on the current prime rate.

How to qualify for a home equity loan with Third Federal

Third Federal doesn’t disclose its eligibility requirements publicly. However, during the application process, you will need to provide two consecutive months’ worth of pay stubs for each borrower, as well as the last two years’ W-2 forms.

To qualify, you also must have at least 20 percent equity in your home — or a loan-to-value ratio of 80 percent.

How to get started

You can apply for a Third Federal home equity loan or line of credit online through the bank’s website.

You’ll start by providing your email address and some other information to set up the application. Some additional information about yourself and the property, your desired loan and your assets, income and monthly expenses are also required.

If you have any questions, you can reach the lender’s customer service team at 844-798-7784. Representatives are available Monday through Saturday.

How Bankrate rates Third Federal Savings and Loan

Overall Score 4.4 Scoring factors
Availability 3.6 Several products are available, but eligibility requirements are unavailable and states served are limited.
Affordability 4.9 Minimal fees and competitive APRs offered, along with a rate-match program.
Customer Experience 4.8 Customer support is available most days, application and account access are available online and 5 star rating from Bauer Financial.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

Written by
Raija Haughn
Raija Haughn is an associate writer for specializing in personal and home equity loans. She is passionate about helping people make financial decisions that will benefit them long term.