Third Federal Savings & Loan mortgage review 2026

Core View - Third Federal Savings & Loan offers various borrower incentives for home buyers, including low closing costs and down payment assistance, but does not provide government-backed loans and operates in only 28 states [1][2][3]. Group 1: Company Overview - Third Federal Savings & Loan is a financial institution established in 1938, serving 28 states and Washington, D.C., with physical branches primarily in Ohio and Florida [2]. - The bank provides a range of mortgage products, including conventional, jumbo, and home equity loans, but lacks government-backed options like FHA, USDA, or VA mortgages [2][7]. Group 2: Borrower Incentives - Key borrower incentives include a flat closing cost fee of $495, a buy-now-refinance-later program, a lowest-rate guarantee, and up to $13,000 in down payment assistance, varying by location [3][11]. - First-time buyers can benefit from a $750 credit and no private mortgage insurance (PMI) with a minimum 5% down payment [3][11]. Group 3: Loan Products - Third Federal offers various home loan types, including fixed-rate mortgages, adjustable-rate mortgages, and home equity lines of credit (HELOCs) [8][13]. - The bank's HELOC allows borrowing up to $300,000 with a 10-year draw period and a 20-year repayment period, subject to a maximum 80% loan-to-value ratio [16]. Group 4: Loan Costs and Rates - In 2024, Third Federal's mortgage rates were reported at 6.79%, which is higher than the median, while total loan costs averaged $3,427.15, lower than the industry median [23][33]. - The lender's total loan costs score is 4 out of 5 stars, indicating competitive pricing despite higher interest rates [23][33]. Group 5: Application Process - The mortgage application process can be completed online, over the phone, or at physical branches, typically taking 30 minutes or less [24]. - Third Federal offers fully underwritten preapprovals, ensuring accurate quoted rates and loan amounts before home shopping [26]. Group 6: Comparison with Competitors - Compared to larger lenders like Chase and Bank of America, Third Federal has fewer mortgage product offerings, particularly lacking government-backed options, but excels in home equity products [31][32][33]. - Third Federal's suite of online tools and resources, including calculators and guides, is more comprehensive than some competitors, enhancing user experience [33].