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Third Federal Mortgage Rates Review


ConsumersAdvocate.org Rating: 4.2 / 5 (Excellent)
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Third Federal Savings and Loan Association of Cleveland is a financial institution that offers home mortgage loans and savings accounts. Although the company services 25 states and the District of Columbia, its branches are mostly located in Ohio and Florida. Founded in 1938, Third Federal operates as a subsidiary of TFS Financial Corp.
 
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How is Third Federal rated?

Breakdown

4.5/5
Lender Types
4.3/5
Available Mortgage Types
4.5/5
Customer Experience
3.9/5
Reputation & Transparency

Overall Rating: 4.2 / 5 (Excellent)

Third Federal gets high marks from us. Its wide variety of fixed- and adjustable-rate mortgage offerings have very competitive interest rates and flexible terms. Third Federal pays the bulk of the closing costs with customers potentially paying as low as $295 in costs. This, needless to say, is a good alternative to the thousands of dollars in closing costs typically required in most mortgage loans.

The company also offers some significant perks with its adjustable rate mortgages, including its "rate relock" option. With this, customers with good payment history can request a renewal of their lower rate when the time for a rate increase comes.

Third Federal also shines in customer experience. It offers online loan tracking and gives customers the ability to submit and review documents online, which can potentially make the process much faster and smoother.

Reviews on specialized real estate websites such as Zillow.com are overwhelmingly positive, with customers praising their loan representatives (who do not work on commission) and quick loan processing. Given all this and their 83-year-long history, Third Federal can be a great choice for customers in the 26 states they serve.

Third Federal Loan Specifics

Available Mortgage Types - 4.3 / 5

Third Federal provides a wide variety of loan types, including some that many other lenders don't. Aside from the traditional offerings (30-year fixed and adjustable rates), it also offers low-cost mortgages which significantly reduce closing costs for the borrower, potentially lowering them to as little as $295. Further, loan term lengths can be customized to fit the consumer's preference, even for "odd" numbers of years or months.

Their adjustable rate mortgages also offer some great features. For one, when it's time for the rate to increase, customers with good payment history can request a "rate relock," effectively freezing their lower rate for the same amount of time as their original terms.

Types of Mortgage Loans Offered

  • Fixed Rate 10 Year
  • Fixed Rate 15 Year
  • 30+ Fixed Rate Mortgage
  • 3/1 ARM
  • 5/1 ARM
  • Jumbo Fixed Rate
  • Jumbo Adjustable Rate

Minimum Loan Amount

$10,000

Third Federal Customer Experience

Customer Experience - 4.5 / 5

Third Federal's easy to use and well-organized website offers sample rates using the customer's state, how much they would borrow, and the property's value. It also lets customers apply online, as well as providing mortgage calculators, a fairly extensive FAQ database, and educational articles.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
Mortgage Calculator
Check Today's Rates
SSN Required for Quote
No

Third Federal Qualification Requirements

Qualification Requirements - 4.5 / 5

Third Federal states that they cater to borrowers from all income levels. Unlike many other lenders - who will give higher interest rates to customers with lower credit scores - Third Federal offers the same rate to all customers, regardless of credit.

They also provide online loan tracking and borrowers are able to submit and store documents online, which makes the process a lot smoother and quicker.

Key Requirements at a Glance

Non-Traditional Credit History Considered?
No

Third Federal Lender Reputation

Reputation & Transparency - 3.9 / 5

Third Federal enjoys an A- rating from the Better Business Bureau, with only six complaints filed. It is not listed on Trustpilot.com, but does appear on real estate website, Zillow.com. There, it garners glowing reviews with customers praising their customer service, quick application process, and lower rates. However, the company has also been the subject of 165 complaints at the Consumer Financial Protection Bureau, with a 139 of these relating to their mortgage division.

Key Facts

Lender Type
Direct Lender
Year Founded
1938
BBB Rating
A-
BBB Positive Reviews
0
BBB Negative Reviews
6
Collection Date
2018-08-30

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
44940
Consumer Financial Protection Bureau Complaints
165

Company Profile

Full Name
Third Federal Mortgage Rates
Company Website
https://www.thirdfederal.com/
Headquarters
7007 Broadway Ave, Cleveland, OH, 44105

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Customer Comments & Reviews

Loading Reviews ...
Robert C
8/5/2021
I started an application with Third Federal in mid April 2021 (after answering all their questions the application was submitted April 21st. They promised up front that the process would take from 45 to 60 days from start to finish. I submitted everything they asked for the same day they asked. As others have complained, they asked for things I had already submitted - sometimes twice before. My loan was finally approved mid June and I was sent a letter congratulating me which also said I would be contacted soon to sign documents. It is now August 2021, well over three months later, and my loan has not closed! If you are thinking it is just me, poor credit, bad debt, etc., well... Read More

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