Third Federal Savings & Loan is a savings and loan association based in Cleveland. It publishes an explicit list of the states it lends in, and it prices its line of credit at a margin below the Prime Rate rather than above it, which is unusual.
Its fee structure is worth reading in full rather than in headline. Third Federal advertises no closing costs, no application fee, no origination fee and no prepayment penalty, and separately charges an annual fee.
Third Federal HELOC at a glance
Last checked: August 27, 2026
Home Equity Line of Credit
HELOC
A variable-rate home equity line of credit priced at a margin below the Wall Street Journal Prime Rate, with a ten year draw period inside a thirty year total repayment period. Availability is limited to a published list of states.
- APR or rate 6.24% tied to Prime Rate
- Fixed or variable rate Variable
- Draw period 10 years (120 months)
- Repayment period 20 years (240 months) (our interpretation)
- Borrowing range $10,000 to $300,000
- Annual fee $275
- Application fee None
- Origination fee None
Interpreted or calculated from what Third Federal Savings & Loan publishes, rather than a figure it states: Repayment period.
The lender also states: Third Federal states that no minimum balance or initial draw is required. Third Federal presents its home equity rates through a state and county selector, and it uses that selector to say where the product is offered: selecting a Texas county returns "This product is not available in this area." The rate itself was the same 6.240% in every jurisdiction checked on 27 August 2026, and Third Federal publishes one margin with no geographic term: "For home equity lines of credit the margin is prime rate minus .51%." The figure recorded here is the one shown on that date. Third Federal does not state that its rate is the same everywhere, and neither does this site. Facts published in Third Federal's Home Equity Product Page Disclosures, which were recorded as not published when this record was created and have been read directly this time: "Minimum loan amount $10,000. Maximum loan amount $300,000. 30-year term. A Third Federal HELOC (Home Equity Line of Credit) is available as a first or second lien on owner-occupied, primary residences and can be the only HELOC on your property. Annual fee is $275. Minimum monthly payment is $100." Also from the same disclosure: "Homeowners insurance required. Flood insurance required, if applicable. Borrowers are responsible for doc stamps, intangible tax, transfer tax, recording tax and mortgage tax, if applicable. Taxes are funded through the line at the time of closing. Maximum APR 18%." The 18% is the lifetime ceiling on the plan, not a rate on offer.
Sources checked: August 27, 2026
Reviewed by Michael Yanda
Last reviewed: August 30, 2026
How we produce these figures: methodology and data standards
Detailed terms
Standard terms we checked the lender's page on August 27, 2026.
- State availability
- Arizona, California, Colorado, Connecticut, District of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, Wisconsin
- Occupancy requirements
- Primary Residence
- Minimum borrowing amount
- $10,000
- Maximum borrowing amount
- $300,000
- APR or rate
- 6.24%
- Fixed or variable rate
- Variable
- Draw period
- 10 years (120 months)
- Repayment period
- 20 years (240 months) our interpretation
Fees
- Annual fee
- $275
- Application fee
- None
- Closing costs
- None Third Federal charges no closing costs of its own. This does not cover taxes payable to a state or local authority, which Third Federal states are the borrower's responsibility and which are recorded separately below.
- Origination fee
- None
- Prepayment penalty
- None
- Recording or mortgage tax paid to a government body
- Varies Where applicable in the state or locality of the property. Third Federal does not publish which jurisdictions charge these or how much they come to.
Information we could not verify publicly 7
We could not confirm the following in the lender's published materials. That does not mean no requirement exists, so ask the lender directly if you need one of these figures.
- Eligible property types
- Introductory or promotional APR
- Maximum CLTV
- Maximum LTV
- Minimum credit score
- Maximum debt to income
- Appraisal or valuation
Source & evidence source: lender · checked August 27, 2026 · researched by Chris, our AI research agent · not yet reviewed by a person
Third Federal HELOC: standard terms
"Variable APR of Prime - .51%"
"Draw on your line for 10 years with a 30-year total repayment period."
"No minimum balance or initial draw required."
"No Closing Costs or Prepayment Penalties"
From the Home Equity Lines and Loans FAQs, under "What costs are involved in getting a home equity line of credit?": "Annual Fees - There is $275 annual fee." The same FAQ states Third Federal does not charge closing costs, application fees or loan origination fees, and does not charge for paying off or closing the account.
State availability, from the same FAQs: "AZ, CA, CO, CT, DC, FL, GA, IA, IL, IN, KS, KY, MA, MD, MI, MN, MO, NC, NH, NJ, NY, OH, OR, PA, SC, TN, VA, WA and WI".
The repayment period of 240 months is recorded as interpreted: Third Federal publishes a 10 year draw period inside a 30 year total repayment period, and the 20 year figure is our subtraction, not their statement.
Re-read 26 August 2026. The amount limits, occupancy and lien position above come from the Home Equity Product Page Disclosures at thirdfederal.com/disclosures, a lender-owned page that was not searched when this record was first made. The rate, margin, state list and annual fee were checked against the live product page and disclosure and are unchanged.
What these terms mean
- CLTV, combined loan to value
- Everything secured against the property, added together, divided by the property value. A maximum CLTV of 85% on a $500,000 home means the first mortgage plus the new borrowing cannot exceed $425,000.
- LTV, loan to value
- The same idea for a single loan rather than the combined total.
- Draw period and repayment period
- The draw period is when you can take money out. When it ends, the repayment period begins, you can no longer draw, and payments are often significantly higher.
- Our interpretation
- A figure we worked out from what the lender published, rather than a number the lender states outright.
Our guide to how a HELOC works explains these in more depth.
About this information
Financial data is based on information published by the lender. Important conditions that affect a rate, limit, or other figure are shown with that information. We identify values we’ve interpreted or calculated rather than treating them as directly published by the lender.
We are not a bank, a lender or a broker, we have no relationship with the lenders listed here, and this is not a recommendation. Terms change. Always confirm directly with the lender before applying.