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Third Federal Mortgage Refinance Review


ConsumersAdvocate.org Rating: 4.7 / 5 (Excellent)
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Third Federal is a bank headquartered in Cleveland, Ohio. It offers checking accounts, savings accounts, certificates of deposit (CDs), retirement accounts, and mortgages, including mortgage refinancing. The company has been in business since 1938.
 
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How Do We Rate Third Federal?

Breakdown

5.0/5
Loan Variety
4.5/5
Ease of Process
4.7/5
Customer Service and Reputation
4.0/5
Discounts and fees

Our Overall Rating: 4.7 / 5 (Excellent)

Third Federal offers all the typical refinancing terms you'd expect, but it also has a few offerings you wouldn't. It enables you to refinance jumbo loans and it offers fixed closing costs so you aren't surprised by a big bill. You can check out rates and reviews on its website, but you'll need to fill out its online application form or contact the company for more detailed information about its mortgages.

Loan Options

Lender Type
Lender
Loans Offered
Rate & Term
Cash-out
Loan Programs
Conventional
Jumbo
Fixed Year Terms
30 Year Fixed
15 Year Fixed
10 Year Fixed
Adjustable Rate Mortgage Terms
5/1 ARM
3/1 ARM

Loan Variety - 5 / 5

Third Federal enables customers to refinance conventional and jumbo mortgages with fixed- or adjustable-rate terms. Cash-out refinances and low-cost options are available as well. Its low-cost options include closing costs of $295, which are much lower than you find with many other lenders. There aren't a lot of different loan terms available, but Third Federal nails all the basics, so most people should be able to find one or more options that suit them.

Application Process

Ease of Process - 4.5 / 5

Third Federal does not disclose qualification requirements on its website. Few mortgage lenders list this information because they consider all aspects of your application as a whole rather than setting hard minimums for each criteria. If you want to find out if you qualify for a mortgage refinance with Third Federal, you can get a quote online or call the company to get the process started.

Third Federal Reputation

Memberships & Regulatory Info.

Memberships
FDIC
Nationwide Mortgage Licensing System ID
449401
Nationwide Mortgage Regulatory Actions
0
NMLS Collection Date
2020-05-19

Online Reviews

BBB Rating
A-
BBB Positive Reviews
0
BBB Negative Reviews
10
BBB Neutral Reviews
0
Date Collected
2020-05-19

Customer Service and Reputation - 4.7 / 5

Third Federal has been in business since 1938, yet it's difficult to find many reviews about its products apart from those on its website, which are all overwhelmingly positive. But in some cases, no news is good news. There doesn't appear to be any complaints against Third Federal with the Consumer Financial Protection Bureau or the Nationwide Mortgage Licensing System. Third Federal also maintains a pretty high rating with the Better Business Bureau, indicating it's pretty responsive to customer complaints in the unlikely event they arise.

Contact & Additional Information

Homepage URL
https://www.thirdfederal.com/
Company Phone
(800) 844-7333
Headquarters Address
7007 Broadway Ave., Cleveland, OH, 44105
Year Founded
1938

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