Is Third Federal Savings & Loan a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Third Federal Savings & Loan to those of other lenders for a comparable set of borrowers. Here is our review of Third Federal Savings & Loan nationally:
|Review Item||Third Federal Savings & Loan|
|Interest Rate||lower than other lenders (-0.27%)|
|Loan Related Closing Costs||lower than other lenders (-$269)|
|National Rate and Closing Cost Star Rating||(5)|
On average, Third Federal Savings & Loan’s interest rates were lower than those of other lenders (-0.27%). Its loan related closing costs were also lower than those of other lenders, with a difference of -$269. Overall, combining interest rates and closing costs we estimate that Third Federal Savings & Loan tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 5 out of 5 stars. This is a fantastic rating and places it among the top 5% of lenders nationwide.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Third Federal Savings & Loan, check out its website at: https://www.thirdfederal.com.
Third Federal Savings & Loan’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Third Federal Savings & Loan was most active in:
In addition, Third Federal Savings & Loan is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- Columbus, OH, overall
- Cincinnati, OH, overall
- North Ridgeville, OH, overall
- Canton, OH, overall
Third Federal Savings & Loan’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Third Federal Savings & Loan originated Conforming and Jumbo mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.
|New Purchase Mortgages||Conforming||Jumbo|
|Interest Rate Difference||-0.30%||-0.01%|
|Loan Related Closing Cost Difference||-$341||-$4|
|Cost Adjusted Rate Difference||-0.33%||-0.01%|
|National Star Rating|
|Interest Rate Difference||-0.23%||+0.00%|
|Loan Related Closing Cost Difference||-$119||+$2|
|Cost Adjusted Rate Difference||-0.26%||+0.00%|
|Average Star Rating|
As a summary, Third Federal Savings & Loan is cheap for Conforming purchase mortgages. It is similar to other lenders for Jumbo purchase mortgages. For refinancing, Third Federal Savings & Loan is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about Third Federal Savings & Loan:
Registered city and state: Cleveland, OH, 44105
Regulator: Consumer Financial Protection Bureau (CFPB)
Top holder: THIRD FEDERAL SAVINGS AND LOAN ASSOCIATION OF CLEVELAND, MHC
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Third Federal Savings & Loan’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.